The current Mineral Resource Estimate ("MRE") for the Santa Barbara Gold-Copper Project was prepared by SRK Consulting (Canada) Inc. ("SRK") and has an effective date of March 23, 2026. The MRE was prepared in accordance with the CIM Definition Standards (2014) and CIM Estimation of Mineral Resources and Mineral Reserves Best Practice Guidelines (2019), and is reported under National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101"). Ms. Sheila Ulansky, P.Geo., Senior Geologist with SRK, is the independent Qualified Person responsible for the estimate.

Open Pit Mineral Resource Estimate for Santa Barbara, effective March 23, 2026

Notes:

1. Mineral Resources are reported within a conceptual open pit shell. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. All figures are rounded to reflect the relative accuracy of the estimate; totals may not sum due to rounding.
2. Open pit Mineral Resources are reported at a net smelter return ("NSR") cut-off value of US$25/t.
3. The open pit optimization was undertaken using metal prices of US$3,200/oz for gold and US$12,000/t for copper.
4. Open pit optimization considered the following inputs: mining cost of US$3/t material; processing cost of US$11/t ROM; G&A of US$2/t ROM; average processing recoveries of 85.5% Au and 19.6% Cu; payability of 99.5% Au and 96.5% Cu; royalty of 5.0% of revenue; and overall pit slope angle of 45°.
5. Metallurgical recoveries applied in the pit optimization and NSR calculation are 85.5% for gold and 19.6% for copper.
6. Gold equivalent grades (AuEq) were calculated using the formula: AuEq (g/t) = Au (g/t) + Cu (%) × 0.259.
7. Gold and copper grades were estimated using Ordinary Kriging in Leapfrog Edge for all estimation domains.
8. Specific gravity was estimated using Inverse Distance Squared for the North and South domains; lithology-based default values were applied to the low-grade zones.

The MRE is supported by 56 core drill holes totalling 22,026.7 metres completed by previous project operators between 1999 and 2018. Mineralization is hosted within andesite and diorite porphyry dykes and is controlled by a structural wedge defined by three key faults, with the highest grades developed in the basaltic andesite in proximity to the diorite porphyry dykes. Resources were classified as Indicated where blocks were informed by a minimum of four drill holes within an average distance of ≤85 m, and as Inferred where informed by at least two drill holes within an average distance of ≤200 m. Reasonable prospects for eventual economic extraction were demonstrated through open-pit optimization.

The Santa Barbara deposit remains open along strike and at depth, and a 10,000-metre Phase 1 drill program is currently underway to support resource expansion and conversion of Inferred resources to higher confidence categories.

Cautionary Note

Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. Inferred Mineral Resources are considered too speculative geologically to have economic considerations applied to them that would enable them to be categorized as Mineral Reserves. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves. The estimate of Mineral Resources may be materially affected by geology, environmental, permitting, legal, title, socio-political, marketing, or other relevant issues. Additional exploration will be required to potentially upgrade the classification of Inferred Mineral Resources.

The scientific and technical information contained herein has been reviewed and approved by Alex Zhang, P.Geo., Director of Tincorp Metals Inc., who is a Qualified Person for the purposes of NI 43-101. The MRE was prepared by Ms. Sheila Ulansky, P.Geo., Senior Geologist with SRK Consulting (Canada) Inc., who is the independent Qualified Person responsible for the estimate. Verification activities included a site visit by Ms. Ulansky to the Project in March 2026.

Please refer to the NI 43-101 Technical Report titled "Independent Technical Report for the Santa Bárbara Gold and Copper Project, Ecuador" with an effective date of March 23, 2026, filed under the Company's profile on SEDAR+ at www.sedarplus.ca, for full details.