Mr. Ronald Goguen reports

COLIBRI ANNOUNCES EXTENSION TO ITS PREVIOUSLY ANNOUNCED NON-BROKERED PRIVATE PLACEMENT

Colibri Resource Corp. has been granted an extension by the TSX Venture Exchange to complete its previously announced non-brokered private placement by Sept. 13, 2023 (see the company's news release dated June 30, 2023).

The Company is offering up to 1,000 units, each unit being comprised of: (i) a US$1,000 principal amount of 10% unsecured convertible debenture (a "Debenture") with a maturity date ("Maturity Date") of 2 years from the date of issuance; and (ii) 5,416 common share purchase warrants of the Company (each, a "Warrant").

Each Debenture will bear interest at 10% per annum, calculated in US dollars, from the date of issuance, payable in arrears quarterly and upon maturity or redemption. The Debentures will mature on the date that is two (2) years from the date of issuance. All interest accrued on the Debentures will be payable in cash only.

The principal amount of the Debentures are convertible into Common Shares, at the holder's option, at a price of (i) C$0.08 per Common Share upon issuance and 12 months; and (ii) at C$0.10 per Common Share between 12 months and one day to the Maturity Date (the "Conversion Price"), at any time prior to the Maturity Date. The Debentures carry a fixed foreign exchange rate of C$1.30 for each US$1 of principal for conversion purposes only.

Each Warrant is exercisable to acquire one Common Share at an exercise price of $0.12 per share for a period of 24 months from the date of issuance.

The Company has already closed a first tranche of the Offering on August 1, 2023 (see the Company's news release dated August 4, 2023) for gross proceeds of US$487,000 and anticipates closing a second and final tranche shortly.

The Offering, including the terms of the Offering, received the conditional approval of the Exchange prior to closing but is subject to the final approval of the Exchange. The Debentures, Warrants and any Common Shares resulting from the conversion of the Debentures, or the exercise of the Warrants will be subject to a hold period of four months and one day after the date of issuance thereof. The Company intends to use the proceeds of the Offering for general working capital purposes and exploration expenses including drilling on the Evelyn/Plomo and Diamante/El Mezquite/Jackie projects.

About Colibri Resource Corporation:

Colibri is a Canadian-based mineral exploration company listed on the TSX-V (CBI) and is focused on acquiring and exploring prospective gold & silver properties in Mexico. The Company holds six high potential precious metal projects, all of which have planned exploration programs for calendar 2023.

We seek Safe Harbor.