Mr. Ian McGavney reports

COLIBRI PROVIDES UPDATE ON DIAMANTE PROJECT ACQUISITION AND JACKIE PROJECT DISPOSITION

Colibri Resource Corp. wishes to provide the following updates regarding its acquisition of an additional 10 per cent in its Diamante project to 60 per cent and the disposition of its 50-per-cent interest in the Jackie project to Silver Spruce Resources Inc. (see the company's news release dated May 12, 2025).

Diamante project

As previously disclosed on May 12, 2025, the company and Silver Spruce entered into an agreement whereby Silver Spruce will transfer its 50-per-cent ownership in Yaque Minerals Inc. to the company in exchange for the forgiveness of $80,000 of outstanding exploration expenditures owed to the company by Silver Spruce. The transaction will result in the company owning 100 per cent of Yaque and an effective 60-per-cent interest in the Diamante project. As there is a common director between the company and Silver Spruce (Kevin O'Connor), the transaction is deemed to be non-arm's length under TSX Venture Exchange rules and is therefore subject to exchange approval. The transaction, however, is not subject to Multilateral Instrument 61-101 or TSX-V Policy 5.9, and, as such, minority shareholder approval or valuation requirements are not required.

The acquisition will result in Colibri holding a 60-per-cent interest in the Diamante project. The transaction simplifies the ownership structure, provides the company with greater flexibility in managing its investment in Diamante and eliminates the need to coordinate future decisions through a joint venture ownership arrangement. Management believes the transaction represents an attractive opportunity to increase the company's exposure to a highly prospective gold-silver project without share dilution or additional cash consideration.

Since earning its initial interest in the Diamante project, Colibri and its partners have completed drilling, geophysical surveys, geological mapping and geochemical sampling programs that have identified multiple mineralized targets and expanded the project's exploration potential. The company remains encouraged by the exploration results generated to date and believes Diamante continues to represent a valuable component of its Mexican precious metals portfolio.

Jackie property

As previously disclosed, on May 12, 2025, the company and Silver Spruce entered into an agreement whereby the company agreed to sell its 50-per-cent interest in the Jackie property to Silver Spruce in exchange for $25,000 of shares of Silver Spruce and a 1-per-cent net smelter return royalty on any future production from the Jackie project. The agreement was amended on Nov. 12, 2025, whereby it was confirmed that Silver Spruce would be issuing 166,667 common shares to the company. As there is a common director between the company and Silver Spruce (Mr. O'Connor), the transaction is deemed to be non-arm's length and is therefore subject to exchange approval. The transaction, however, is not subject to Multilateral Instrument 61-101 or TSX-V Policy 5.9, and, as such, minority shareholder approval or valuation requirements are not required. Silver Spruce has already obtained conditional approval from the exchange (see Silver Spruce's news release dated June 5, 2026).

The disposition of the company's 50-per-cent interest in the Jackie project is consistent with management's strategy of focusing capital and technical resources on its core assets, including the EP gold project, the Pilar gold and silver project, and the Diamante project. The company also retains a 1-per-cent net smelter return royalty on the Jackie project, preserving exposure to potential future project success.

Mr. O'Connor, the common director of the company and Silver Spruce, has abstained from voting on both transactions.

About Colibri Resource Corp.

Colibri Resource is a Canadian-based mineral exploration company listed on the TSX Venture Exchange and focused on acquiring, exploring and developing prospective gold and silver properties in Mexico. The company holds four high-potential precious-metal projects: (1) 100-per-cent ownership of the highly prospective EP gold project in the prolific Caborca gold belt; (2) 49 per cent of the advanced-exploration-staged Pilar gold and silver project; and (3) a 60-per-cent interest in the Diamante gold and silver project in the Sierra Madre region.

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