Buchans Resources Limited (“Buchans” or the “Company”), a Canadian mineral exploration and development company, reports that it held its Annual Meeting of Shareholders in Toronto, Canada on June 24, 2025.

At the meeting, John Kearney, Chairman and Chief Executive, provided shareholders with a review of the current position and outlook for the Company.

“I am pleased to provide an update on the significant strides Buchans Resources has made in recent months, further reinforcing our commitment to unlocking long-term value through targeted exploration and strategic partnerships.

In April 2025, Buchans announced that it had expanded its land position at South Voisey’s Bay that covers multiple historical drilled mineralized intercepts.  The newly acquired claims provide additional coverage of geophysical targets identified by past explorers, including an untested, deep AMT conductive anomaly identified in 2012.

In addition, a central focus of our recent activity has been our equity investment in Canterra Minerals Corporation, which continues to yield promising results at the Buchans Project in central Newfoundland. Canterra recently commenced an extensive 10,000-metre drill program, and early results are highly encouraging and validate our long-standing belief in the world-class nature of the Buchans camp.

These developments underscore our strategic direction: advancing high-potential critical mineral assets and capitalizing on partnerships to unlock exploration value. With a strengthened portfolio and ongoing discovery momentum, Buchans Resources is well-positioned for a transformative year ahead.”

Buchans continues to hold 35,501,054 common shares of Canterra Minerals Corporation (TSXV:CTM) (OTCQB: CTMCF) (FSE:DXZB) with a total estimated value of $2,840,085, determined based on the quoted market price of Canterra shares at March 31, 2025 of $0.08 per share.

Buchans is seeking partners to joint venture or invest in its key Labrador nickel and gold projects.  At this time, Buchans continues to consider programs for the 2025 field season.  Future programs may include diamond drilling, as several of Buchans’ Labrador projects have identified “drill ready” targets.

Paul Moore, Buchans’s Vice President of Exploration, also provided shareholders with an update on the Company’s projects in Labrador and an update on the recent developments announced by Canterra Minerals on its Buchans Project in the Central Newfoundland Mining District.

“It was an exiting start for Canterra Minerals’ 2025 drill season. On June 23, 2025, Canterra reported the latest results from their ongoing 10,000 m drill programme for 2025. These latest results continue to extend mineralization beyond the current Lundberg resource – a positive development towards potentially expanding the resource. Importantly, Lundberg’s resource was last estimated using a copper price of US$3.00/lb, well below current prevailing prices. With an additional 8,000 metres of drilling still to come in 2025, we are excited about the upside potential for the Buchans Project.”

MATTERS AT THE ANNUAL MEETING OF SHAREHOLDERS

ELECTION OF DIRECTORS AT AGM

All of the nominees for re-election as director were re-elected to serve until the next annual general meeting of shareholders. Election results are as follows:

RE-APPOINTMENT OF AUDITOR

McGovern Hurley LLP Chartered Professional Accountants were re-appointed as the Auditor for the current year and the directors were authorized to fix the remuneration of the Auditor with 8,568,180 shares voted in favour and nil shares withheld.

Qualified Person

Paul Moore M.Sc., P.Geo. (NL), Vice President Exploration of Buchans Resources Limited and a Qualified Person as defined by National Instrument 43-101, has approved the scientific and technical disclosure contained in this Management’s Discussion and Analysis.

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