Mr. Victor Feng reports

TINCORP ANNOUNCES FILING OF UPDATED MINERAL RESOURCE ESTIMATE FOR THE SANTA BARBARA PROJECT, ECUADOR

Tincorp Metals Inc. has filed a technical report with a mineral resource estimate update for the Santa Barbara gold and copper project located in the Zamora copper-gold belt in southeastern Ecuador titled: "Independent Technical Report for the Santa Barbara Gold and Copper Project, Ecuador." The effective date of the technical report is March 23, 2026.

The technical report was prepared in accordance with Canadian Securities Administrators' National Instrument 43-101 (Standards of Disclosure for Mineral Projects). The MRE update was independently prepared by certain qualified person associated with SRK Consulting (Canada) Inc. The technical report can be found on the company's website and under the company's profile on SEDAR+.

Highlights of MRE

The following is a summary of the MRE with more detailed information presented in table below:

• Total indicated mineral resources of 29.8 million tonnes at an average grade of 0.73 gram per tonne gold and 0.10 per cent copper containing 697,000 ounces Au and 68.2 million pounds Cu, or collectively 722,000 ounces gold equivalent (1);
• Total inferred mineral resources of 205.7 Mt at an average grade of 0.52 g/t Au and 0.09 per cent Cu containing 3.42 million ounces of Au, and 425.9 Mlb of Cu, or collectively 3.58 Moz AuEq.
• Favourable initial metallurgical testwork indicates gold recoveries of up to 85.5 per cent and copper recoveries of up to 19.6 per cent.

(1) Gold equivalent is defined as AuEq (g/t) equals Au (g/t) plus Cu (per cent) times 0.259.

Technical report details

The MRE was prepared in accordance with National Instrument 43-101, and is based on 56 core drill holes totalling 22,026.7 metres completed by previous operators between 1999 and 2018. The drill hole database includes collar, survey, assay, geological, geotechnical, density, geophysical and quality assurance/quality control data, and is considered adequate in quality and coverage to support the MRE. A 3-D block model was constructed, and gold and copper grades were estimated by ordinary kriging within six mineralized domains. Resources with a higher density of drill holes in the main South domain are classified as indicated, with the rest, including the North domain and surrounding low-grade fault blocks, classified as inferred.

The information in this news release is qualified in its entirety by the technical report, which has been filed under the company's profile on SEDAR+ and contains detailed supporting information regarding data inputs, assumptions, methodologies and resource tables.

Resource statement table

A mineral resource estimate constrained by an open-pit shell for the project is reported using a net smelter return cut-off value of $25 (U.S.) per tonne, as summarized in the table. The NSR cut-off is derived from assumed metal prices, recoveries, and estimated mining, processing, and general and administrative costs, as outlined in the footnotes to the table.

Deposit descriptions

The project is located in the Cordillera del Condor within the Zamora copper-gold metallogenic belt, and encompasses three main deposits: the Santa Barbara porphyry gold-copper deposit, El Hito porphyry copper-molybdenum deposit and the Nayumbi epithermal gold-silver prospect, underscoring the project's geological complexity and strong exploration potential.

At Santa Barbara, gold-copper mineralization forms a coherent, continuous zone approximately 1,200 m in length along a north-south trend and up to 600 m wide in east-west width, with mineralization traced over 900 m in depth. The zone remains open to the east, to the northwest and at depth. Good correlation between drill holes on a nominal 60-metre spacing supports a robust geological and grade model.

The project's gold-copper mineralization is hosted mainly in a fine-grained green basaltic andesite and a series of northwest-trending diorite porphyry dikes, measuring two to 30 metres wide, that are related to a larger diorite stock in the northwest of the prospect. The volcanic rocks are overlain by conglomerate, quartz sandstone and limestone associated with local garnet skarn. Mineralization is best developed, and locally higher grade, in basaltic andesite near the diorite dikes. Mineralization is associated with quartz vein stockwork and potassic alteration marked by secondary biotite and K-feldspar. Higher-grade gold mineralization is linked to B-type quartz veins hosting chalcopyrite, disseminated pyrite and associated biotite alteration. The mineralized zones are interpreted as moderately to steeply dipping structures overprinting a broader disseminated gold-copper system within a structural wedge controlled by three principal faults.

Next steps

Further to the news release of the company dated March 24, 2026, the company recently closed a $17.5-million concurrent brokered and non-brokered offering of subscription receipts, which remains subject to receipt of final approval of the TSX Venture Exchange. The offering was conducted in connection with the company's previously announced definitive agreement to acquire the project from Silvercorp Metals Inc. and its wholly owned subsidiary, Adventus Mining Corp., through the acquisition of the vendors' wholly owned subsidiary, Santa Barbara Metals Inc.

Completion of the proposed offering remains subject to a number of closing conditions, including receipt of final approval of the TSX Venture Exchange. The company will hold its annual general and special meeting of shareholders on May 5, 2026, to obtain the requisite minority approval and disinterested shareholder approval, with closing of the proposed acquisition expected to follow shortly thereafter, subject to satisfaction of all remaining closing conditions.

The company plans to conduct an exploration drilling program totalling approximately 10,000 metres, with a budget of $3.75-million (U.S.), designed to confirm historical drill results, complete infill drilling to upgrade existing mineral resources, and obtain fresh drill core to further understand the mineralization controls and metallurgy at the project.

Quality control and quality assurance

Drilling programs at the project were completed by several previous operators including TVX Gold Inc., Ecometals Ltd., Ecuador Gold and Copper Corp., and Lumina Gold Corp. between 1999 and 2022. All programs collected half-core samples on one- to 2.5-metre intervals, sealed them in labelled plastic bags with tamper-evident ties and retained the remaining half-core in secure core storage. Samples were transported by company staff or bonded couriers directly to commercial preparation laboratories, providing a reasonable chain of custody. Neither Silvercorp nor Tincorp has done any drilling at the project yet.

Sample preparation and assaying were carried out by accredited commercial laboratories, including Bondar Clegg/ALS Chemex, Acme, MSALABS and ALS. Standard protocols were used: Samples were dried, crushed and pulverized (to approximately 80 to 85 per cent passing 200 mesh), and approximately 250-gram pulps were generated. Gold was consistently analyzed by fire assay (30- to 50-gram charge), and copper and other elements were analyzed by multielement ICP or ICP-MS following four-acid digestion. Coarse rejects and pulps were returned to the operators and stored in secure warehouses.

From 2008 onward, operators implemented formal quality assurance and quality control programs that included routine insertion of certified reference materials and blanks, as well as field and coarse reject duplicates. At Santa Barbara, a total of 8,712 primary samples were collected between 2008 and 2018, with QA/QC samples representing approximately 17 per cent of all submissions, a proportion consistent with standard industry practice. The qualified person concludes that the historical sampling, preparation, security and analytical procedures are consistent with industry standards and that the resulting data sets are adequate to support the current MRE.

Qualified person

Sheila Ulansky, PGeo, senior geologist with SRK, is the independent QP within the meaning of National Instrument 43-101 who prepared, and is responsible for, the MRE and data verification described in this news release, and has reviewed and approved the scientific and technical information in this news release. Verification activities included a site visit by Ms. Ulansky to the project in March, 2026. The QP has verified the data disclosed herein using standard industry procedures for sampling, sample preparation, security and analytical quality control, and is not aware of any significant risks, uncertainties or limitations in the verification process that could materially affect confidence in the information reported.

This news release has been reviewed and approved by Alex Zhang, PGeo, director of the company, who is the designated QP for the company.

About Tincorp Metals Inc.

Tincorp is a mineral exploration company which has entered into a definitive agreement with Silvercorp to acquire Santa Barbara Metals, which holds a 100-per-cent interest in the Santa Barbara gold-copper project in the Zamora copper-gold belt of southeastern Ecuador. The company also owns 100 per cent of the Porvenir project and has signed an agreement to acquire a 100-per-cent interest in the nearby SF project, both located 70 kilometres southeast of Oruro, Bolivia.

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