Mr. Ian McGavney reports

COLIBRI RETAINS 49% INTEREST IN PILAR AND WILL ENTER INTO A JV

Colibri Resource Corp. has noted that Tocvan Ventures Corp. has elected not to exercise its right of first refusal to purchase 49-per-cent ownership in the Pilar gold and silver project held by Colibri. As per the original agreement, the two companies will now form a joint venture (JV) on a 51-per-cent Tocvan/49-per-cent Colibri basis to advance the project.

"The Pilar gold and silver project has advanced significantly since we entered into the option and joint venture agreement in September, 2019. We believe that the Tocvan team has done an excellent job in creating substantial project value and has positioned Pilar to potentially become a low-cost gold producer in the near term. The head grade of the bulk sample reported in May, 2022, of 1.9 g/t [grams per tonne] Au [gold] is very encouraging, as are the recovery factors for gold and silver attained from various metallurgical tests. Further potential expansion of known mineralization is indicated by mineralized trends that are open to the southeast and by detailed interpretation of geophysical surveys completed in 2020 which indicate the potential continuity of controlling structures at depth. We are extremely excited about the potential opportunities that Colibri now has on the table for its 49-per-cent ownership at Pilar," said Ian McGavney, president and chief executive officer of Colibri.

About the Pilar project agreement and JV

The Pilar gold and silver project is an advanced exploration project located near the town of Suaqui Grande in central Sonora, Mexico. In September, 2018, the two companies entered into a five-year option work one agreement whereby Colibri granted Tocvan the right to earn 51-per-cent ownership of Pilar by:

1. Issuing a total of five million shares of Tocvan to Colibri;
2. Completing a total of $2-million of exploration expenses;
3. Making cash payments totalling $400,000.

The agreement also granted Tocvan, upon earning its 51-per-cent interest in Pilar, a six-month exclusivity period to purchase the remaining 49 per cent owned Colibri by paying $2-million and granting Colibri a 2-per-cent net smelter royalty (NSR). Tocvan successfully completed its earn-in of 51-per-cent ownership of Pilar on Sept. 18, 2023, triggering the exclusivity clause which expired at the end of business on March 18, 2024. As a result, 49-per-cent ownership of Pilar remains with Colibri and the companies will now form a JV to advance the project toward production.

About the Pilar gold and silver project

Pilar is interpreted as a structurally controlled, low-sulphidation, gold-silver system similar in many respects to current and past-producing deposits in the Sierra Madre epithermal district. Prior to Tocvan ownership, the Pilar property had been the target of three main exploration initiatives. During the period 1995 to 1998, Santa Catalina Mining Corp., a wholly owned subsidiary of Lundin Mining Corp., completed extensive trenching, channel sampling and two phases of reverse circulation drilling in 29 holes. The results of the drilling included the intersection of wide zones of mineralization, including locally very high grades and defined the core footprint of the Main zone of mineralization. During the period 2010 to 2013, Minera Bestep SA de CV completed geological mapping and rock sampling, reopened the trenches created by Santa Catalina and collected 590 rock chip samples over approximately five-metre lengths, and completed an induced polarization (IP) and magnetic survey. During this period, Bestep drilled a total of 7,192 metres in 61 holes (10 core holes and 51 RC holes) and commissioned preliminary metallurgical test work. Collectively, the trenching, sampling and drilling completed by Santa Catalina and Bestep defined the Main zone, North Hill and four-trench zones of mineralization. In May, 2017, Colibri purchased Bestep and the Pilar project, and completed further geological mapping, sampling and a comprehensive GIS (geographic information system) compilation of historical exploration data. During the period March to May, 2018, Colibri completed 2,965.5 metres of RC drilling in 27 holes. The drilling by Colibri demonstrated continuity in Main zone and expanded the footprint of mineralization to the southeast. Highlights of drilling over the three historical campaigns are illustrated in the table entitled "Historical drill intercepts from the Pilar gold and silver project."

Tocvan has completed three phases of drilling which include both RC and diamond programs. The drilling is consistent with historical drilling, and provide both stepout expansion and infill confirmation. Significant intercepts reported by Tocvan are contained in the table entitled "Significant drill intercepts in Tocvan drilling from drill campaigns in 2021 and 2022." Tocvan has completed programs of geological mapping and sampling, trenching, and geophysical surveys, including magnetic and CSMAT (controlled-source audio-frequency magnetotellurics) surveys. To support advancing the project toward gold production, Tocvan has completed a 1,400-tonne bulk sample, a diagnostic leach study and other metallurgical test work. Results of bulk sample and additional metallurgical studies include:

Pilar bulk sample summary:

• 62-per-cent recovery of gold achieved over 46-day leaching period;
• Head grade calculated at 1.9 g/t Au and seven g/t silver (Ag) -- extracted grade calculated at 1.2 g/t Au and 3 g/t Ag;
• Bulk sample only included coarse fraction of material (plus-three-quarter-inch to plus-one-eighth-inch);
• Fine fraction (minus-one-eighth-inch) indicates rapid recovery with agitated leach:
  • Agitated bottle roll test returned rapid and high recovery results: 80-per-cent recovery of gold and 94-per-cent recovery of silver after rapid 24-hour retention time.

Additional metallurgical studies:

• Gravity recovery with agitated leach results of five composite samples returned:
  • 95-per-cent-to-99-per-cent recovery of gold;
  • 73-per-cent-to-97-per-cent recovery of silver;
  • Includes the recovery of 99 per cent Au and 73 per cent Ag from drill core composite at 120-metre depth.

About Colibri Resource Corp.

Colibri is a Canadian-based mineral exploration company listed on the TSX Venture Exchange (CBI), and is focused on acquiring and exploring prospective gold and silver properties in Mexico. The company holds six high-potential precious metal projects in the mining-friendly state of Sonora, Mexico.

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