Dr. Graham Carman reports

TINKA ANNOUNCES COMMENCEMENT OF FIRST DRILL PROGRAM AT SILVIA GOLD-COPPER PROJECT

Tinka Resources Ltd. has commenced the first-ever drill program at the company's 100-per-cent-owned Silvia gold-copper project.

Key highlights:

1. Commencement of drilling: The first-ever drill program has commenced at the company's Silvia gold-copper project in central Peru acquired from BHP in 2021; drilling is targeting high-grade gold and copper mineralization hosted by skarn and porphyry.
2. Drill program to test compelling gold and copper exploration target: The initial program consists of four diamond holes planned to a depth of up to 400 metres to test beneath outcrops of high-grade gold-copper skarn mineralization at Area A.
3. Check sampling confirms high-grade gold and copper: Recent sampling by a third party has confirmed high grades of gold and copper in zones previously sampled by Tinka, with the best individual sample grading 28.5 grams per tonne gold and 1.2 per cent copper over 0.6 metre (full results presented below).
4. Favourable structural setting identified: Gold and copper mineralization interpreted to be controlled by a favourable dilational pull-apart between two regional north-northeast-trending faults.
5. Initial drill results: First results are expected to be reported before the end of December, 2025, with subsequent drill results to be reported early 2026.
6. Multiple targets: Area A is one of multiple targets along a four-kilometre northeast-trending orientation at Silvia.

Dr. Graham Carman, president and chief executive officer, stated: "I am thrilled to announce that a drill rig is now turning for the very first time to test the high-grade gold and copper discovery at our 100-per-cent-owned Silvia gold-copper project in central Peru. The drill rig will be operating 24/7 until late December. Our team, with the assistance of local stakeholders, have done a fantastic job to prepare the site for the drill program on time and on budget. Silvia is a highly compelling, untested target in a world-class gold, copper and base metal belt, the notable example being the giant Antamina copper-zinc skarn deposit some 100 kilometres along trend to the north. It is also noteworthy there are two other areas of high prospectivity for gold and copper at Silvia outside of Area A. Areas B and C will be assessed at a later stage in the exploration program.

"The gold and copper mineralization at Silvia is associated with stocks and dikes of monzonite porphyry, which have intruded a thick limestone unit (Jumasha formation). Gold-copper mineralization occurs both within the intrusions and the limestone, forming skarn with additional quartz stockwork veining. The skarn at Area A occurs in sporadic outcrops in the core of a high-altitude valley, with colluvial cover material or scree in between. The presence of altered limestones in the periphery indicates a potentially large system. This initial drill program will be an excellent first test of the grade and extent of the mineralization.

"Silvia has returned some impressive high-grade surface samples especially for gold, with sampling by Tinka returning up to 18 grams per tonne gold and 12 per cent copper, while a continuous trench returned 46 metres at 1.9 grams per tonne gold and 0.8 per cent copper, including six metres at 12.8 grams per tonne gold and 2.7 per cent copper. The tenor of these results was recently confirmed by a third party, where the validation channel samples graded up to 28 grams per tonne gold and 1.9 per cent copper. We look forward to reporting results for the first hole once assays are received and interpreted."

Technical discussion

Gold-copper mineralization at Silvia

Gold and copper mineralization is hosted by skarn, which occurs in sporadic outcrops in the core of an isolated high-altitude valley. Mineralization at Area A occurs over a discontinuous area of approximately 400 metres by 200 metres with widespread scree cover. The gold-copper-bearing skarn is the main target of this initial drill program. There are two styles of skarn depending on the host rock: (1) endoskarn, which consists of potassic-altered intrusive rock (monzonite) overprinted by a mineral assemblage including green garnet, pyroxene with later vesuvianite, chlorite and carbonate; (2) exoskarn, which consists of limestone altered to a mineral assemblage including green garnet, pyroxene with later carbonate and chlorite. Sulphides occur with the later alteration dominated by chalcopyrite, pyrite and sphalerite. Quartz veining is noted especially in the highly mineralized intrusive outcrops. Minor magnetite is also present. Outward from the skarn, limestone is altered to coarse-grained marble or to recrystallized limestone that has abundant veinlets of calcite.

Scree and colluvium cover much of the surface of the valley floor and steep slopes at Area A, so the full extent of the skarn beyond the sporadic outcrop remains uncertain. The depth of the cover is believed to be up to a few metres thick.

First drill hole at Silvia

Drill hole S25-001 commenced on Oct. 26, 2025, using a portable diamond drill rig. The hole was spudded approximately 15 metres beyond the known eastern limit of the outcropping skarn. The hole is drilling to the west (290 degrees) at a dip of 55 degrees.

Validation sampling confirms previous high-grade results

In September, 2025, a third party mining company carried out a limited validation sampling program of the gold-copper mineralization in the skarns at areas A and B, and these results have been made available to Tinka. Samples were collected along continuous channels or chip channels at various locations at Area A, with each channel between 0.5 metre and 9.4 metres in length. The third party did not sample the entire widths of previous Tinka trenches but chose to sample narrower intervals in different parts of the same outcrops. Each channel was represented by up to five individual samples with each sample between 0.3 metre and 3.0 metres in length. Table 1 below summarizes the full results of the continuous channels.

Over all, the recent sampling confirmed the presence of gold and copper at Area A as previously disclosed by the company (see previous news releases dated Nov. 10, 2021, May 22, 2025, and Aug. 18, 2025).

Of the channel samples collected from the mineralized skarn zones summarized in Table 1, the average grade (normalized to sample length) is 1.0 gram per tonne gold, 0.43 per cent copper, four grams per tonne silver and 0.4 per cent zinc. The best individual sample returned 28.5 grams per tonne gold, 1.2 per cent copper, 19 grams per tonne silver and 5.2 per cent zinc over 0.6 metre.

Of six channels collected at Area B over lengths from 0.20 metre to 6.2 metres (not tabulated here), the average grade was 0.03 gram per tonne gold (ranging from 0.01 to 0.16 gram per tonne gold), 0.28 per cent copper (ranging from 0.01 to 1.52 per cent copper), 1.8 grams per tonne silver (ranging from 0.2 to 9.1 grams per tonne silver) and 0.08 per cent zinc (ranging from 0.01 to 1.50 per cent zinc).

Structural controls

An initial interpretation of the structural controls of the mineralization at Silvia has been carried out by Tinka geologists using existing geophysical information, surface mapping and satellite imagery. Area A is interpreted to lie between two regional north-northeast-trending shear zones approximately 500 metres apart. Lateral shear movement may have created a dilational jog or pull-apart, which has controlled the location of a deep-seated mineralizing intrusion into the highly reactive limestones of the Jumasha formation forming the skarns and gold-copper mineralization.

Area B appears to have been domed by the diorite and monzonite intrusions, which have deformed the surrounding limestones and formed breccia and skarn. Intrusive dikes form a radiating pattern away from Area B. Exploration at Area B is at an early stage, and additional exploration activities possibly including geophysics and drilling are planned for 2026.

Notes on sampling and assaying

Channel samples were collected with hammer and chisel over continuous interval from outcrop. Samples were bagged in the field and sent to ALS laboratories in Lima for drying, crushing P85 less than two millimetres and 250 grams pulverized P85 less than 75 microns. Gold was analyzed by fire assay using 30-gram aliquots and multielement analysis by ICP using multiacid digestion. Gold assays greater than 10 grams per tonne were reassayed by fire assay and gravimetric finish. Copper and zinc assays above 1 per cent were reassayed by AAS. Standards and blanks were inserted at the laboratory.

About Tinka Resources Ltd.

Tinka is an exploration and development company focused on base and precious metals projects in Peru. The company's flagship property is the Ayawilca zinc-silver-tin project, which has substantial mineral resources of zinc (with silver-lead credits) and tin in separate zones. The nearby Silvia gold-copper project is the current focus of exploration drilling. The company filed a National Instrument 43-101 technical report on an updated PEA (preliminary economic assessment) for the Ayawilca project on April 15, 2024. Dr. Carman, Tinka's president and chief executive officer, has reviewed, verified and approved the technical contents of this release. Dr. Carman is a fellow of the Australasian Institute of Mining and Metallurgy and is a qualified person as defined by NI 43-101.

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