Mr. Brodie Sutherland reports

TOCVAN PROVIDES 2025 YEAR IN REVIEW

Tocvan Ventures Corp. has highlighted a year of significant progress and milestones in 2025. This year marked a pivotal shift from exploration to development, with groundbreaking drilling results, new discoveries, key permits and advancements toward pilot mine production. These achievements position Tocvan for continued growth and value creation in 2026. Prior to the end of the year, over 130 channel samples have been collected across new South block targets that will potentially feed the fully permitted pilot facility.

2025 highlights:

• Exploration and drilling breakthroughs: achieved record high-grade gold and silver intercepts through core and RC (reverse circulation) drilling, expanded mineralization targets with new discoveries in the North and South blocks, and conducted airborne surveys to identify untapped potential across the 22-square-kilometre project area;
• Permitting and development milestones: secured critical permits for drilling, extraction and a 10-year pilot mine facility with 50,000-tonne capacity, enabling trenching, infrastructure set-up and progression toward near-term production;
• Corporate and strategic advancements: strengthened the team with key appointments, secured significant financing to support continuing growth and shareholder value, and further secured interest from multiple producers in the region through advanced discussions and due diligence visits.

"Two thousand twenty-five has been a banner year for Tocvan, with exceptional drilling results, strategic discoveries and regulatory milestones that pave the way for near-term production at Gran Pilar," said Brodie Sutherland, chief executive officer. "We are excited to build on this momentum and deliver further value to our shareholders. Happy new year to all our shareholders and thank you for your continued support. We look forward to continuing to unlock our potential in 2026."

Key milestones achieved:

• Commencement of core drilling (Jan. 8): initiated core drilling at the Pilar Main zone, signalling the start of an ambitious year focused on resource expansion and pilot mine development;
• Surface exploration expands targets (Jan. 22): surface sampling and mapping expanded mineralization targets, enhancing the project's potential;
• First drilling in expansion area yields high-grade gold (Feb. 25): conducted first-ever RC drilling in the 100-per-cent-controlled expansion area north of known mineralization, returning 106.8 metres at 0.6 gram per tonne gold, including 3.1 metres at 19.4 g/t Au, six metres from surface -- a major discovery of new high-grade corridors;
• Record high-grade gold interval (March 11): core drilling delivered the highest-grade interval since project discovery -- 10.3 g/t Au over 9.7 m within 83.5 metres at 1.3 g/t Au, including 60.6 g/t Au over 1.6 m, confirming robust mineralization at depth;
• Discovery of near-surface high-grade corridor (May 7): RC drilling in the expansion area intersected 41.2 metres at 1.0 g/t Au, including 6.1 metres at 5.4 g/t Au, 20 metres from surface;
• Broadest silver zone ever drilled (June 24): achieved the widest silver intercept to date: 42.7 metres at 41 g/t Ag from surface, including 10.7 metres at 136 g/t Ag (4.4 ounces per ton), 15 metres from surface (included a mine void), expanding the silver potential in the expansion area;
• Permit approval for drilling and extraction (July 30): secured permits for all drilling and extraction activities at Gran Pilar, advancing pilot mine development;
• Full permit approval for pilot mine facility (Aug. 14): obtained 10-year approval for a 50,000-tonne-capacity heap-leach pad and 4.5-hectare infrastructure, a critical step toward production;
• Team strengthening (Aug. 20): appointed Christopher Gordon as head of corporate development to bolster strategic initiatives;
• Fieldwork and airborne magnetics survey (Sept. 16): began fieldwork, including an airborne magnetics survey, to accelerate drilling, trenching and pilot mine preparations;
• Drone magnetic survey findings (Oct. 7): revealed a structural complex in the South block aligning with permitted drill targets, enhancing exploration strategy;
• New target discovery in North Alteration zone (Oct. 9): identified a new target with historic underground workings, indicating untapped potential;
• Advancements in drilling, trenching and pilot mine prep (Oct. 20): mobilized equipment to North and South blocks for continuing operations;
• Two new target areas discovered (Oct. 23): found additional mineralized targets with historic workings in the North block;
• Maiden drill program at North block (Nov. 12): launched maiden drilling over a 3.2-kilometre-by-1.5-kilometre zone with strong mineralization indicators;
• Positive surface results (Dec. 4): reported encouraging surface sampling from North block and updates on continuing drilling;
• Pilot mine trenching and infrastructure (Dec. 22): began trenching material for pilot mine feed and advanced infrastructure, with community approval secured.

100-per-cent-controlled priority targets for trenching and drilling:

1. South block main zone expansion:
   1. Follow-up on 2025 drill success:
      1. 19.4 g/t Au over 3.1 metres within 106.6 metres of 0.6 g/t Au (Feb. 25, 2025, news release);
      2. 5.4 g/t Au over 6.1 metres within 41.2 metres of 1.0 g/t Au (May 7, 2025, news release);
      3. 136 g/t Ag over 10.7 metres within 42.7 metres of 41 g/t Ag (June 25, 2025, news release);
2. South block (Nov. 12, 2024, news release):
   1. Placer corridor (900-metre strike length):
      1. Soil samples up to 21.2 g/t Au and greater than 2,000 g/t Ag;
   2. Placer source area:
      1. Soil samples up to 2.4 g/t Au and 22 g/t Ag;
      2. Rock samples up to 7.3 g/t Au and 389 g/t Ag;
3. North block:
   1. North alteration zone (3.2-kilometre-by-1.5-kilometre area):
      1. Two-metre chip sample -- 5.6 g/t Au and 106 g/t Ag (Oct. 19, 2023, news release);
      2. Historic mine working sample -- 3.2 g/t Au and 1,225 g/t Ag (March 8, 2024, news release).

Gran Pilar drill highlights:

• 2025 diamond drilling highlights include:
  • 83.5 m of 1.3 g/t Au, including 9.7 m of 10.3 g/t Au (March 11, 2025, news release);
  • 97.4 m of 0.7 g/t Au, including 36.3 m of 1.6 g/t Au (March 19, 2025, news release);
  • 64.9 m of 1.2 g/t Au, including 3.0 m of 21.6 g/t Au and 209 g/t Ag (March 26, 2025, news release);
  • 46.9 m of 0.5 g/t Au, including 2.6 m of 7.2 g/t Au and 80 g/t Ag (April 16, 2025, news release);
• 2025 RC drilling highlights include:
  • 106.8 m of 0.6 g/t Au, including 3.1 m of 19.4 g/t Au (Feb. 25, 2025, news release);
  • 41.2 m of 1.0 g/t Au, including 6.1 m of 5.4 g/t Au (May 7, 2025, news release);
• 2024 RC drilling highlights (all lengths are drilled thicknesses):
  • 42.7 m of 1.0 g/t Au, including 3.1 m of 10.9 g/t Au;
  • 56.4 m of 1.0 g/t Au, including 3.1 m of 14.7 g/t Au;
  • 16.8 m of 0.8 g/t Au and 19 g/t Ag;
• 2022 phase 3 diamond drilling highlights (all lengths are drilled thicknesses):
  • 116.9 m of 1.2 g/t Au, including 10.2 m of 12 g/t Au and 23 g/t Ag;
  • 108.9 m of 0.8 g/t Au, including 9.4 m of 7.6 g/t Au and five g/t Ag;
  • 63.4 m of 0.6 g/t Au and 11 g/t Ag, including 29.9 m of 0.9 g/t Au and 18 g/t Ag;
• 2021 phase 2 RC drilling highlights (all lengths are drilled thicknesses):
  • 39.7 m of 1.0 g/t Au, including 1.5 m of 14.6 g/t Au;
  • 47.7 m of 0.7 g/t Au, including three m of 5.6 g/t Au and 22 g/t Ag;
  • 29 m of 0.7 g/t Au;
  • 35.1 m of 0.7 g/t Au;
• 2020 phase 1 RC drilling highlights (all lengths are drilled thicknesses):
  • 94.6 m of 1.6 g/t Au, including 9.2 m of 10.8 g/t Au and 38 g/t Ag;
  • 41.2 m of 1.1 g/t Au, including 3.1 m of 6.0 g/t Au and 12 g/t Ag;
  • 24.4 m of 2.5 g/t Au and 73 g/t Ag, including 1.5 m of 33.4 g/t Au and 1,090 g/t Ag;
• 15,000 m of historic core and RC drilling; highlights include:
  • 61.0 m of 0.8 g/t Au;
  • 21.0 m of 38.3 g/t Au and 38 g/t Ag;
  • 13.0 m of 9.6 g/t Au;
  • 9.0 m of 10.2 g/t Au and 46 g/t Ag.

Pilar bulk sample summary:

• 62-per-cent recovery of gold achieved over 46-day leaching period;
• Head grade calculated at 1.9 g/t Au and seven g/t Ag; extracted grade calculated at 1.2 g/t Au and three g/t Ag;
• Bulk sample only included coarse fraction of material (three-fourths of an inch to one-eighth of an inch);
• Fine fraction (minus one-eighth of an inch) indicates rapid recovery with agitated leach:
  • Agitated bottle roll test returned rapid and high recovery results: 80-per-cent recovery of gold and 94-per-cent recovery of silver after rapid 24-hour retention time.

Additional metallurgical studies:

• Gravity recovery with agitated leach results of five composite samples returned:
  • 95- to 99-per-cent recovery of gold;
  • 73- to 97-per-cent recovery of silver;
  • Includes the recovery of 99 per cent gold and 73 per cent silver from drill core composite at 120-metre depth.

About Tocvan Ventures Corp.

Tocvan Ventures is a dynamic exploration and development company advancing high-potential gold and silver projects in the mine-friendly jurisdiction of Sonora, Mexico. At its flagship Gran Pilar gold-silver project, Tocvan holds a 100-per-cent interest in over 21 square kilometres of prospective ground, bolstered by the pivotal 2023 land acquisition that provides ample space for scalable mine infrastructure, including a planned 50,000-tonne pilot production facility. The company also maintains a 51-per-cent interest in a one-square-kilometre joint venture area with Colibri Resources, further expanding its footprint. Recent exploration successes, including near surface 3.1 m at 19.4 g/t Au, underscore Gran Pilar's potential as a premier gold-silver asset. Additionally, Tocvan's 100-per-cent-owned Picacho gold-silver project, located in the prolific Caborca trend -- home to some of Mexico's largest gold deposits -- positions the company for further growth. With robust metallurgical results (up to 99-per-cent gold recovery and 97-per-cent silver recovery) and a strategic capital to bolster growth, Tocvan is poised to deliver significant shareholder value in a market buoyed by record-high gold prices. With approximately 59 million shares outstanding, Tocvan is committed to unlocking the full potential of its assets through innovative exploration, strategic development and investor-focused initiatives.

Quality assurance/quality control

Rock and drill samples were shipped for sample preparation to ALS Ltd. in Hermosillo, Sonora, Mexico, and for analysis at the ALS laboratory in North Vancouver. The ALS Hermosillo and North Vancouver facilities are ISO 9001 and ISO/IEC 17025 certified. Gold was analyzed using 50-gram nominal weight fire assay with atomic absorption spectroscopy finish. Overlimits for gold (greater than 10 g/t) were analyzed using fire assay with a gravimetric finish. Silver and other elements were analyzed using a four-acid digestion with an ICP finish. Overlimit analyses for silver (greater than 100 g/t) were reassayed using an ore-grade four-acid digestion with ICP-AES finish. Control samples comprising certified reference samples and blank samples were systematically inserted into the sample stream and analyzed as part of the company's robust quality assurance/quality control protocol.

Soil samples were shipped for sample preparation to ALS in Hermosillo, Sonora, Mexico, and for analysis at the ALS laboratory in North Vancouver. The ALS Hermosillo and North Vancouver facilities are ISO 9001 and ISO/IEC 17025 certified. Gold and multielement analysis of soils was completed by aqua regia digestion and ICP-MS finish using a 50-gram nominal weight. Overlimit gold values greater than one g/t were reassayed with a more robust aqua regia digestion and ICP-MS finish. Overlimit analyses for silver (greater than 100 g/t) were reassayed using an ore-grade four-acid digestion with ICP-AES finish. Control samples comprising blank samples and certified reference materials were systematically inserted into the sample stream and analyzed as part of the company's robust quality assurance/quality control protocol.

Mr. Sutherland, chief executive officer for Tocvan and a qualified person as defined by National Instrument 43-101, has reviewed and approved the technical information contained in this release.

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