Mr. Brodie Sutherland reports

TOCVAN ANNOUNCES MULTIPLE SILVER ZONES IN DEBUT DRILL RESULTS FROM THE GRAN PILAR PROJECT NORTH BLOCK

Tocvan Ventures Corp. has released the first analytical results from its maiden drill program on the North block of the Gran Pilar project in Sonora, Mexico. The initial five drill holes reported demonstrate a strong emerging silver-rich polymetallic system, with high-grade Ag zones hosted within veins tied to silicified andesitic dikes and silicified andesite, accompanied by elevated lead, zinc, antimony and arsenic, key pathfinder elements typical of productive epithermal systems.

Results include multiple wide silver-bearing intervals, strong quartz-vein and alteration intensity, and clear structural-lithological controls that together establish a compelling framework for expansion drilling.

Highlights:

• The maiden program identified 25 silver-rich composite intervals. The strongest interval, 4.58 metres at 35.7 grams per tonne silver, including 1.5 metres of 91.6 g/t Ag (JES-25-124), 200 metres vertically below artisanal underground workings that have returned up to 3.2 g/t Au and 1,225 g/t Ag. This interval also carries supportive copper, lead, zinc, antimony and arsenic values. The accompanying geologic indicators reinforce the grade significance.
• Three of five drill holes intersected greater than one ounce per ton silver, across two targets 1.8 kilometres apart. Multiple additional intervals delivering three- to five-metre composites grading 15 to more than 20 g/t Ag, with coincident gold, zinc, lead and antimony enrichments. Results include 1.5 metres of 54.3 g/t Ag (JES-25-125) and 1.5 metres of 37.2 g/t Ag, 1.2 per cent Pb and 0.4 per cent Zn (JES-25-127).
• A second drill rig has been secured with Canmex Drilling for February to accelerate follow-up drilling on priority targets.

Why this matters:

• Demonstrates a new mineralized system separate from the South block/Main zone;
• Silver mineralization correlates with strong sericite-chlorite-carbonate alteration and silicified dikes acting as fluid pathways;
• Geochemistry (silver-zinc-lead-antimony-arsenic) and alteration place the discovery in the core of a low-sulphidation epithermal system, supporting significant depth and strike potential.

Next steps for North block:

• Stepout drilling around the JES-25-124 dike corridor to test continuity along strike and downdip;
• Systematic follow-up on JES-25-126's shallow polymetallic intervals;
• Expanded alteration mapping to refine vectors using AI-CCPI zonation;
• Correlation to recently completed drone magnetic survey;
• 3-D geologic modelling integrating structure, lithology and multielement geochemistry.

"These first holes at the North block immediately confirm a new silver discovery over five kilometres from our Main zone. The combination of high-grade silver, strong polymetallic support and textbook hydrothermal alteration signals we are into a significant mineralized system. Particularly exciting is the discovery of a high-grade silver zone hosted within a silicified dike, structures like this are known to focus mineralizing fluids in productive epithermal environments. With multiple stacked intervals across several holes, we are rapidly building confidence that Gran Pilar has the grades, continuity and scale potential to make this an exciting new growth area for Tocvan. With a second drill rig arriving in February, we are positioned to rapidly build on these results," stated Brodie Sutherland, chief executive officer.

Technical discussion

Strong silver grades with polymetallic support

The maiden program identified 25 silver-rich composite intervals above the 10 g/t Ag threshold. The strongest interval, 4.58 m at 35.7 g/t Ag, including 1.5 metres of 91.6 g/t Ag, also carries supportive copper, lead, zinc, antimony and arsenic values. The accompanying geologic indicators reinforce the grade significance.

The shallow interval in JES-25-126 (79.3 to 82.35 m), yielding 3.1 metres of 28 g/t Ag (85.5 Ag parts per million metres), is enriched in antimony and zinc and occurs within moderately to strongly silicified andesite, consistent with the zoned alteration halos expected around epithermal feeder zones.

Alteration index vectoring

Alteration mapping using Ishikawa Alteration Index (AI) and Chlorite-Carbonate-Pyrite Index (CCPI) highlights zones of intense sericite-chlorite-carbonate alteration. Several of the top composite intervals plot in the high-AI, high-CCPI quadrant, indicative of proximity to mineralized fluid pathways. These zones will guide next-phase drilling.

Lithological and structural controls

The integration of lithology logs shows a strong correlation between grade and silicified dikes and andesitic hosts. No significant Ag intervals were found directly within fault gouge zones, but faults may act as feeder structures for the mineralized dikes and veins.

A particularly important control is the silicified andesitic dike in JES-25-124, which hosts the highest-ranked target and represents an excellent structural corridor for follow-up drilling.

Exploration model placement and potential

The Gran Pilar North block drilling intersects the central portion of a low-sulphidation epithermal system, positioned within the quartz-sericite-sulphide stockwork and feeder vein zone. Alteration (AI-CCPI) and lithology indicate strong silicification and sericite-illite assemblages, while metal associations (silver-zinc-lead-antimony-arsenic plus or minus copper) correspond to the mid-level silver-rich epithermal environment shown in the model -- between the shallow argillic cap and deeper base metal zones.

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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