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Canterra Minerals has two main exploration areas in central Newfoundland: the Buchans critical minerals district, where thy control seven projects, with drilling focused on the former mine area, and the Wilding Gold Project along the same regional shear zone that hosts Equinox’s Valentine mine. Main topics were 2025 exploration outcomes (meters drilled and what was found), 2026 work plans (winter drilling plus top-of-bedrock targeting), and how the 2026 budget is split across Buchans and Wilding.

TLDR;

At Buchans, they drilled about 9,800 m in 2025 and said drilling showed the Lundberg Deposit can extend at depth and laterally and that they also made a higher-grade-style discovery they call the Two Level Zone.At Wilding, they reported their highest-grade gold intercept to date on their ground, while acknowledging a meaningful miss-rate consistent with narrow orogenic veins. For 2026, they said they are funded, will start winter work in February, and plan to split spending roughly 50/50 between Buchans and Wilding, with that split explicitly able to change based on results.

1. What have they done for shareholders lately?
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   Chris told me that 2025 work was district-scale exploration at Buchans with most drilling there, including extensions to the Lundberg Deposit and a new higher-grade-style zone (Two Level Zone), plus drilling at targets including Pumphouse and Clementine, while deferring West Clementine because it was too boggy to drill outside the winter window. A smaller late-2025 Wilding program (~1,200m) produced their best gold intercept to date on the property and added a new blind geophysics-based target (Aspen) that they described as a mineralized quartz vein with low-grade gold.
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2. How much money do they have and what are they spending it on?
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   CEO Pennimpede said they finished the year with C$1.4M in hard dollars plus C$5.7M in flow-through that must be spent within the calendar 2026, which he said makes them fully funded for the year without necessarily needing another raise. Exploration spend will be split roughly 50% to Buchans and 50% to Wilding, noting it can shift depending on winter results (for example, if West Clementine delivers a high-grade massive sulphide-style discovery, it would get more capital). Chris cited approximately C$700k for G&A and said marketing spend would increase versus last year within that G&A envelope.
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3. Upcoming catalysts
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   Winter 2026 drilling at Buchans (including West Clementine and additional resource drilling around the Lundberg Deposit) is one of the biggest catalysts Chris told me about. Another one was early-Q1 top-of-bedrock work at Wilding to improve targeting under cover, followed by additional drilling to add pierce points at the Elm Zone area to better constrain true width, plus potential drilling of another Aspen-like geophysical target that they said remains untested. Mobilizing is expected in February, working through March before spring breakup, then returning around April or May, with winter results intended to drive how the rest of the year’s drilling meters are allocated.
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4. Risks
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   Chris said discovery risk is the biggest 2026 risk, even with existing resources, because he said they still need more tonnes/scale and must deliver at the drill bit. Near-term execution risks also implied by their plan include winter-only access constraints at West Clementine, extensive cover at Wilding that they said causes misses when stepping off outcrop (hence the top-of-bedrock program), and the inherent variability of narrow orogenic veins that can pinch and swell and create orientation-driven misses.

Canterra Minerals CEO Interview with Chris Pennimpede

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