Mr. Gordon Neal reports

TINCORP INTERSECTS 120.35 METERS GRADING 0.60% TIN INCLUDING 21.62 METERS GRADING 2.25% TIN IN THE INAUGURAL DRILL HOLE AT THE PORVENIR PROJECT, BOLIVIA

Tincorp Metals Inc. has released the drill hole assay results for the Porvenir tin-zinc-silver project in Oruro, Bolivia. Tincorp is in the process of completing seven drill holes totalling 2,500 metres for its 2023 drill program at the project.

Hole DPOV0001 intercepted 284 grams per tonne silver equivalent (0.60 per cent tin, 1.11 per cent zinc, six grams per tonne silver and 0.07 per cent copper) over 120.35 metres, including 1,022 grams per tonne silver equivalent (2.25 per cent tin, 3.35 per cent zinc, 21 grams per tonne silver and 0.20 per cent copper) over 21.62 metres.

The principal objective of this first phase of Tincorp's drilling was to test the depth and lateral extension of the north-northwest-trending Condor Nasa structure. Condor Nasa is evident by the alignment of historic workings and labelled as NWV1. In addition to encountering mineralization in NWV1, drilling also intersected several other veins, in the hangingwall and footwall of NWV1, interpreted to be north-south-trending structures (NSV, NSV1 and NSV2). Hole DPOV0001 is a 25-metre downdip stepout of historic Dowa Mining drill hole PV-41 (0.66 per cent tin, 1.44 per cent zinc and six grams per tonne silver, or 322.8 grams per tonne silver equivalent, over 60.2 metres).

In addition to the main NWV1, there are multiple north-south veins (NSV1 and NSV 2) (see attached table), which will open up more drilling targets and, therefore, more potential for the project. The highest interval of 1,022 grams per tonne silver equivalent (2.25 per cent tin, 3.35 per cent zinc, 21 grams per tonne silver and 0.20 per cent copper) over 21.62 metres is related to the new north-south-extending vein, NSV2, which corresponds to extensive historical surface diggings.

Mineralization in DPOV0001 occurs as sulphide and gangue minerals in veins, veinlets and breccias. The sulphide minerals recognized to date are dominantly pyrite, pyrrhotite and sphalerite, with lesser amounts of galena, chalcopyrite and arsenopyrite. Sericite, siderite and quartz are the predominant gangue minerals, though they form a minor portion of the mineralized zone. The mineralization is hosted within a chlorite-sericite altered shale and argillite sequence of the Silurian-aged Llallagua formation.

Gordon Neal, chief executive officer of Tincorp, said: "We are excited with these exceptional assay results from our inaugural drill hole, DPOV0001. Our drilling has uncovered new mineralized NS zones adjacent to our main NW Condor Nasa vein. We believe these initial results, from the first of our seven planned holes, suggest potential for new mineralization proximal to the historic Condor Nasa structure."

Quality assurance and quality control (QA/QC)

Tincorp maintains tight sample security and quality assurance and quality control for all aspects of its exploration program. All Porvenir core samples were logged, photographed and split on-site by staff geologists and were shipped in securely sealed bags by company staff in the company's vehicles directly from the field to ALS Bolivia Ltda. in Oruro, Bolivia, for preparation, and the ALS Peru laboratory in Lima, Peru, for geochemical analysis. ALS Global is an ISO 17025 accredited laboratory independent from New Pacific. All samples are first analyzed by a multielement ICP package (ALS code ME-MS41) with ore-grade-specified limits for silver, lead and zinc, further analyzed using ALS code OG46. The tin grades were analyzed by fusion XRF (X-ray fluorescence) (ALS code ME-XRF15b). Company protocols included the addition of QA/QC samples, consisting of certified reference materials (CRMs), blanks and duplicates, inserted in the sample stream and a rate of 15 QA/QC samples per 100 half-core samples (15 per cent).

Qualified person

The scientific and technical information contained in this news release has been reviewed and approved by Donald J. Birak, independent consultant geologist who is a qualified person for the purposes of National Instrument 43-101, Standards of Disclosure for Mineral Resources. The qualified person visited the Porvenir property on July 31, Aug. 1, Aug. 2 and Aug. 3, 2023, to inspect core drilling sites, operations, sample handling and QA/QC protocols and believes them to be of industry standards. The qualified person is not aware of any significant risks and uncertainties that could be expected to affect the reliability or confidence in the information presented herein.

About Tincorp Metals Inc.

Tincorp Metals is a mineral exploration company focusing on tin projects in Bolivia and a gold project near Whitehorse, Yukon, Canada. The company has signed agreements to acquire up to a 100-per-cent interest in the Porvenir project and the SF tin project, which are 70 kilometres southeast of Oruro, Bolivia. The company's 100-per-cent-owned Skukum gold project is approximately 84 kilometres south of Whitehorse by road. An independent mineral resource estimate update in respect of the Skukum gold project was completed in October, 2022.

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