Mr. Ian McGavney reports

COLIBRI & PARTNER DRILL 83.5 METRES AT 1.3 GRAMS PER TONNE GOLD (INCLUDING 10.3 GRAMS PER TONNE GOLD OVER 9.7 METRES) AT EL PILAR GOLD & SILVER PROJECT IN SONORA MEXICO

Colibri Resource Corp. has released the assay results from the first two holes drilled in its recent 10-hole diamond drilling program (1,167.5 metres (m)) at the El Pilar gold and Silver project in Sonora, Mexico. Colibri holds a 49-per-cent interest of the El Pilar alongside its partner, Tocvan Ventures, which holds a 51-per-cent ownership in this advanced-stage exploration project. Tocvan is the operator of the El Pilar.

"We are very pleased with the results from these first two drill holes. The near-surface nature of this additional higher-grade mineralization only strengthens our belief that the El Pilar could become a profitable near-term gold and silver production asset for Colibri. The work programs planned for Pilar this year, which includes an up to 50,000-tonne bulk sample/test mine and a maiden resource estimate, should further demonstrate this theory. We look forward to releasing the results from the additional eight holes of this program in due course as data is received from the operator," commented, Colibri president and chief executive officer Ian McGavney.

Highlights:

• Highest gold grade result since prospect discovery in 1996:
  • 10.3 grams per tonne gold (Au) over 9.7 m, including 1.6 m of 60.6 g/t Au (hole JES-25-104):
    • Only surpassed by historic drill hole S-10, 16.5 m of 53 g/t Au (1996 discovery);
  • Anomalous mineralization from 14.1 to 97.6 m averaging 1.3 g/t Au;
  • Next to trench opened in 2023 for bulk sample material:
    • Surface channels averaged 1.9 g/t Au and nine g/t silver (Ag) over 14 m (TR-2023-03);
• Northwestern hole JES-25-103 returned 3.7 m of 0.4 g/t Au, 39 g/t Ag and 2.6 per cent copper (Cu):
  • Anomalous mineralization from 19.7 to 54.4 m averaging 0.1 g/t Au, eight g/t Ag and 0.54 per cent Cu.

Ten core drill holes totalling 1,167.5 m were completed earlier this year within the main zone. Results are highlighted by 10.3 g/t Au over 9.7 m, including 60.6 g/t Au over 1.6 m starting at 87.8 m vertical depth (JES-25-104). The high-grade mineralization correlates with at surface mineralization and lies within a broader anomalous zone drilled that averages 1.3 g/t Au over 83.5 m from 14.1 m below surface. In 2023, a trench exposed material adjacent to the drill hole that averaged 1.9 g/t Au and nine g/t Ag over 14 m. Material from the trench was used in the 2023 bulk sample completed by Tocvan. JES-25-104 is also on the same section as RC (reverse circulation) hole JES-20-36 (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) and later core hole JES-22-58 (21.7 m of 0.9 g/t Au, including 4.0 m of 4.2 g/t Au). The highest-grade mineralization intersected is related to a fault structure known to host high-grade gold and silver. The result is the highest gold value recorded since initial discovery drilling was completed in 1996 by Lundin-controlled company Santa Catalina Mining Corp., where historic hole S-10 returned 53 g/t Au over 16.5 m (as reported on July 30, 1996, by Santa Catalina Ming Corp.). Farther to the northwest, 145 m, core hole JES-25-103 returned anomalous gold, silver and copper averaging 0.1 g/t Au, eight g/t Ag and 0.54 per cent Cu over 34.7 m starting from 19.7 m downhole. A higher-grade zone averages 3.7 m of 0.4 g/t Au, 39 g/t Ag and 2.6 per cent Cu. Elevated copper values are consistent with results recorded in the North Hill area and seen in trench exposures that may be related to granitoid intrusive rocks first recorded in recent RC drilling farther north.

"These near-surface high-grade results showcase the rapid development potential of Pilar" commented Tocvan chief executive officer Brodie Sutherland. "Core drilling has again yielded some of the best results ever from the property. Results are in line with our initial observations of key styles of significant mineralization. The very-high-grade interval in JES-25-104 coincides with a fault and adjacent intense, texture destructive hematite and silica alteration. Understanding these high-grade structures is essential for upgrading resource potential and identifying focus areas for initial mining. Further to the north, hole JES-25-103 has yielded some of the best results to date on the northwestern edge of the main zone, where surface mapping has outlined key controlling structures with elevated copper and silver. We look forward to sharing the remaining drill results as they become available."

Pilar drill highlights

2024 RC drilling highlights include (all lengths are drilled thicknesses):

• 42.7 m at 1.0 g/t Au, including 3.1 m at 10.9 g/t Au;
• 56.4 m at 1.0 g/t Au, including 3.1 m at 14.7 g/t Au;
• 16.8 m at 0.8 g/t Au and 19 g/t Ag.

2022 phase III diamond drilling highlights include (all lengths are drilled thicknesses):

• 116.9 m at 1.2 g/t Au, including 10.2 m at 12 g/t Au and 23 g/t Ag;
• 108.9 m at 0.8 g/t Au, including 9.4 m at 7.6 g/t Au and five g/t Ag;
• 63.4 m at 0.6 g/t Au and 11 g/t Ag, including 29.9 m at 0.9 g/t Au and 18 g/t Ag.

2021 phase II RC drilling highlights include (all lengths are drilled thicknesses):

• 39.7 m at 1.0 g/t Au, including 1.5 m at 14.6 g/t Au;
• 47.7 m at 0.7 g/t Au, including three m at 5.6 g/t Au and 22 g/t Ag;
• 29 m at 0.7 g/t Au;
• 35.1 m at 0.7 g/t Au.

2020 phase I RC drilling highlights include (all lengths are drilled thicknesses):

• 94.6 m at 1.6 g/t Au, including 9.2 m at 10.8 g/t Au and 38 g/t Ag;
• 41.2 m at 1.1 g/t Au, including 3.1 m at 6.0 g/t Au and 12 g/t Ag;
• 24.4 m at 2.5 g/t Au and 73 g/t Ag, including 1.5 m at 33.4 g/t Au and 1,090 g/t Ag.

15,000 m of historical core and RC drilling. Highlights include:

• 61.0 m at 0.8 g/t Au;
• 21.0 m at 38.3 g/t Au and 38 g/t Ag;
• 13.0 m at 9.6 g/t Au;
• 9.0 m at 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 (plus three-fourth inch to plus one-eighth inch)
• Fine fraction (minus one-eighth inch) indicates rapid recovery with agitated leach:
  • Agitated bottleroll 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-per-cent to 99-per-cent recovery of gold;
  • 73-per-cent to 97-per-cent recovery of silver;
  • Includes the recovery of 99 per cent Au and 73 per cent Ag from drill core composite at 120 m depth.

Based on management's strong belief in the project's potential, the Company is outlining a permitting and operations strategy for a pilot facility at Pilar. The facility would underpin a robust test mine scenario with aims to process up to 50,000 tonnes of material. Timelines and budget are being prepared with the aim of moving forward with the development early in 2025. With gold prices hitting all-time highs, the Company believes the onsite test mine will provide key economic parameters and showcase the mineral potential of the area. In 2023, the Company completed an offsite bulk sample that produced important data showcasing the potential to recover both gold and silver through a variety of methods including heap leach, gravity and agitated leach (see August 22, 2023, news release for more details).

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 (more 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 (inductively coupled plasma) finish. Overlimit analyses for silver (more than 100 g/t) were reassayed using an ore-grade four-acid digestion with ICP-AES (inductively coupled plasma atomic emission spectroscopy) 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.

Mr. Sutherland, a qualified person (QP) as defined by Canadian National Instrument 43-101, has reviewed and approved the technical information contained in this news release.

About Colibri Resource Corp.

Colibri is a Canadian-based mineral exploration company listed on the TSX Venture Exchange (symbol CBI), and is focused on acquiring, exploring and developing prospective gold and silver properties in Mexico. The company holds four high-potential precious metal projects: (1) a 49-per-cent ownership of the Pilar gold and silver project, which is believed to hold the potential to be a near-term producing mine; (2) 100 per cent of EP gold project in the significant Caborca gold belt, which has delivered highly encouraging exploration results and is surround by Mexico's second-largest major producer of gold on four sides; and (3) two highly prospective interests in the Sierra Madre (the Diamante gold and silver project, and the Jackie gold and silver project).

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