Tincorp Announces Filing of Updated Mineral Resource Estimate for the Santa Barbara Project, Ecuador

Tincorp Metals Inc. has filed an updated technical report and mineral resource estimate (MRE) for its Santa Barbara Gold and Copper Project in southeastern Ecuador. The technical report, titled “Independent Technical Report for the Santa Barbara Gold and Copper Project, Ecuador,” has an effective date of March 23, 2026.

Regulatory filing and methodology

The update was prepared in accordance with Canadian Securities Administrators’ National Instrument 43-101 (NI 43-101). The MRE update was independently prepared by qualified persons associated with SRK Consulting (Canada) Inc. The technical report has been filed on the company’s website and on SEDAR+.

MRE highlights

The company summarized the updated resource estimate as follows:

• Indicated resources: 29.8 million tonnes (Mt) at an average grade of 0.73 g/t gold (Au) and 0.10% copper (Cu), containing 0.697 million ounces (Mozs) Au and 68.2 million pounds (Mlbs) Cu, or 0.722 Mozs Au equivalent (AuEq).
• Inferred resources: 205.7 Mt at an average grade of 0.52 g/t Au and 0.09% Cu, containing 3.42 Mozs Au and 425.9 Mlbs Cu, or 3.58 Mozs AuEq.
• Metallurgical test work: initial results indicate gold recoveries of up to 85.5% and copper recoveries of 19.6%.

Gold equivalent definition: AuEq (g/t) = Au (g/t) + Cu (%) x 0.259.

Technical report details

The MRE is based on 56 core drill holes totaling 22,026.7 meters completed by previous operators between 1999 and 2018. The drillhole database includes collar, survey, assay, geological, geotechnical, density, geophysical and QA/QC data and is described as adequate in quality and coverage to support the MRE.

A 3D block model was constructed, with gold and copper grades estimated by ordinary kriging within six mineralized domains. Resources in the main South domain with higher drillhole density are classified as Indicated, while the remainder—including the North domain and surrounding low-grade fault blocks—is classified as Inferred.

Open-pit constrained resource statement (NSR cut-off)

The resource estimate is constrained by an open pit shell using a net smelter return (NSR) cut-off value of US$25/t. The NSR cut-off is derived from assumed metal prices, recoveries, and estimated mining, processing and general and administrative (G&A) costs.

Table 1: Open Pit Mineral Resource Statement for Santa Barbara (as of March 23, 2026)

• Indicated: 29.8 Mt; 0.73 g/t Au; 0.10% Cu; 0.75 g/t AuEq; 697 koz Au; 68,198 (lb’000) Cu; 722 koz AuEq.
• Inferred: 205.7 Mt; 0.52 g/t Au; 0.09% Cu; 0.54 g/t AuEq; 3,418 koz Au; 425,870 (lb’000) Cu; 3,579 koz AuEq.

Key assumptions used in open pit optimization

Open pit optimization considered a gold price of US$3,200/oz and a copper price of US$12,000/t metal. Inputs included: mining cost of US$3/t material; processing cost of US$11/t run-of-mine (ROM); G&A of US$2/t ROM; average processing recoveries of 85.5% Au and 19.6% Cu; payability of 99.5% Au and 96.5% Cu; royalty of 5.0% of revenue; and an overall pit slope angle of 45°.

Deposit description and geology

The Santa Barbara Project is located in the Cordillera del Condor within the Zamora copper-gold metallogenic belt and includes three main deposits: the Santa Barbara porphyry gold-copper deposit, the El Hito porphyry copper-molybdenum deposit, and the Nayumbi epithermal gold-silver prospect.

At Santa Barbara, gold-copper mineralization is described as a coherent, continuous zone approximately 1,200 m long along a north-south trend and up to 600 m wide east-west, traced over 900 m in depth. The zone is reported as open to the east, northwest, and at depth. The company states that drill hole correlation on a nominal 60 m spacing supports the geological and grade model.

Next steps and project work

The company noted that it recently closed a C$17.5 million concurrent brokered and non-brokered offering of subscription receipts, subject to final approval of the TSX Venture Exchange (TSXV). The offering is connected to the company’s previously announced definitive agreement to acquire Santa Barbara Metals Inc. from Silvercorp Metals Inc. and Adventus Mining Corporation.

Completion of the proposed acquisition is subject to closing conditions, including TSXV approval. Tincorp plans to hold its annual general and special meeting on May 5, 2026 to obtain minority and disinterested shareholder approval, with closing expected shortly thereafter, subject to remaining conditions.

The company also plans an exploration drilling program totaling approximately 10,000 m with a budget of US$3.75 million. The program is intended to confirm historical drill results, complete infill drilling to upgrade existing mineral resources, and obtain fresh drill core to further understand mineralization controls and metallurgy.

Quality assurance and qualified person

The technical report describes sampling and analytical procedures used by previous operators, including half-core sampling on 1–2.5 m intervals, secure chain-of-custody, and assaying by accredited commercial laboratories. From 2008 onward, QA/QC programs included certified reference materials and blanks, as well as field and coarse reject duplicates. The QP concluded that historical sampling, preparation, security and analytical procedures are consistent with industry standards and that the resulting datasets are adequate to support the MRE.

Ms. Sheila Ulansky, P.Geo., of SRK Consulting (Canada) Inc., is identified as the independent qualified person under NI 43-101 who prepared and is responsible for the MRE and data verification described in the news release. The company also states that Alex Zhang, P.Geo., Director of the company, reviewed and approved the scientific and technical information as the designated qualified person.