Mr. Gordon Neal reports

TINCORP ANNOUNCES CREDIT FACILITY AND CANCELS PRIVATE PLACEMENT

Tincorp Metals Inc. has entered into an interest-free unsecured credit facility agreement with no conversion features with Silvercorp Metals Inc. (the lender), an insider which holds 29.32 per cent of the company's shares, for a credit facility of $1-million (U.S.). The facility will provide financial flexibility to finance the company's operations and provide general working capital.

Under the terms of the agreement, the company is entitled to draw down up to $1-million (U.S.) at any time. The facility has a maturity date of Jan. 31, 2025, and contains a voluntary prepayment option, allowing the company to prepay the facility at any time without penalty. The company will make an initial drawdown of $500,000 (U.S.) and, upon receiving final approval from the TSX Venture Exchange, issue 350,000 fully paid and non-assessable shares of the common stock of the company (the bonus shares) to the lender in consideration for granting the facility.

The bonus shares will be subject to a four-month hold period from the date of issuance in accordance with applicable securities laws.

The issuance of common shares to an insider and the entering into the agreement each constitute a related-party transaction, as defined under Multilateral Instrument 61-101 -- Protection of Minority Security holders in Special Transactions. The transactions will be exempt from the formal valuation and minority shareholder approval requirements of MI 61-101, as neither the fair market value of any shares issued to, or the consideration paid for the agreement will exceed 25 per cent of the company's market capitalization.

Further, due to the evolving market conditions, the company has decided to cancel the private placement previously announced on Oct. 16, 2023.

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 a 100-per-cent interest in the Porvenir project and SF tin project, which are 70 kilometres southeast of Oruro, Bolivia. The company's 100-per-cent-owned Skukum gold project is approximately 84 km south of Whitehorse by road. An independent mineral resource estimate update in respect of the Skukum gold project was completed in October, 2022.

We seek Safe Harbor.