Mr. Thomas Wood reports

TRINITY ONE METALS CLOSES ACQUISITION OF "SILVER-1" HISTORIC SILVER MINE IN SOUTHERN ECUADOR

Trinity One Metals Ltd. has closed its previously announced acquisition of 100 per cent of the issued and outstanding shares of 1560287 B.C. Ltd. The target owns 100 per cent of Ecuador Gold SA, the registered titleholder of the San Bartolome project, composed of the Silver-1 concession.

The Silver-1 mine is a past-producing, high-grade silver system with multiple clear pathways for modern verification and expansion. Trinity One has obtained full corporate control of the entity that holds the Silver-1 mine concession and associated historical project data, permitting information and documentation.

The transaction closed on Feb. 4, 2026, following receipt of final acceptance from the TSX Venture Exchange.

Management commentary

"The acquisition of the Silver-1 mine represents a significant milestone for Trinity One, securing full ownership of a high-grade, past-producing silver mine with substantial geological upside," said Thomas Wood, chief executive officer of Trinity One.

"With complete control of the concession and access to extensive historical technical and permitting records, the company is well positioned to efficiently validate prior work and advance Silver-1 toward a modern, compliant resource estimate."

"The Silver-1 mine positions Trinity as one of the lowest market cap companies on the TSX-V with a past-producing silver asset. We're excited to advance this project quickly and responsibly, starting with a focused confirmation program."

Transaction summary

Under the transaction, total consideration consisted of: (i) $540,000 (U.S.) in cash; and (ii) five million common shares of the company. The cash consideration is payable as follows, with all timelines commencing from the closing: $90,000 (U.S.) paid on the closing; $50,000 (U.S.) payable on the six-month anniversary of the closing; $200,000 (U.S.) payable on the 13-month anniversary of the closing; and $200,000 (U.S.) payable on the 18-month anniversary of the closing.

The consideration shares that have been issued are subject to a statutory four-month hold period under applicable Canadian securities laws and will also be subject to additional voluntary resale restrictions such that one-third of the consideration shares may not be transferred or resold until 12 months after the closing date, one-third may not be transferred or resold until 24 months after the closing date, and one-third may not be transferred or resold until 36 months after the closing date.

The transaction was an arm's-length transaction. No finders' fees were paid in connection with the transaction. The company assumed known liabilities and obligations of the target as at closing, including a $43,500 (U.S.) balance payment obligation. The company also intends to progress a structured process to bring EGE and the Silver-1 mine concession into good standing, including addressing outstanding governmental, administrative and concession-related obligations, as such liabilities arise and are quantified, and subject to continuing legal and regulatory review.

About the Silver-1 mine

The Silver-1 mine concession comprises approximately 3,108 hectares and is located in Azuay province, southern Ecuador, approximately 20 kilometres southeast of the city of Cuenca. The project area lies at elevations ranging from approximately 2,800 to 3,300 metres above sea level and is accessible by road from Cuenca, providing established regional infrastructure and access.

Mineralization at Silver-1 consists of numerous subparallel, near-vertical sulphide veins arranged in elongated, step-like zones striking east-northeast. The deposit is classified as an epizonal silver-lead-zinc vein system and forms part of the broader Canar-Azuay silver belt of southern Ecuador, a metallogenic belt that has been the subject of multiple regional geological studies and documented mineral occurrences.

The Silver-1 mine was initially discovered in 1966 following a regional geochemical survey conducted by the United Nations Development Program. This early work identified anomalous silver and base metal signatures, which prompted a series of follow-up exploration programs aimed at delineating the extent and character of mineralization within the area.

Subsequent exploration undertaken between 1969 and 1972 included geophysical surveys, detailed soil geochemistry, trenching and eight diamond drill holes. These programs identified mineralization in two principal sectors: the Shunaste sector, located immediately north of the town of San Bartolome, and the Ocashuaico sector, situated to the northwest. Both sectors are fully contained within the boundaries of the Silver-1 mine concession, and represent the core focus of historical exploration and development activity.

Between 1976 and 1978, the United Nations Rotary Foundation conducted more advanced investigations across both sectors. This work program included additional trenching, drilling and the excavation of exploration pits, further confirming the continuity and structural control of the mineralized vein systems and supporting the advancement of the project toward small-scale production.

From 1989 to 1994, a joint venture between Nissho Iwai of Japan and Ag-Armeno Mines & Minerals Inc. of Canada conducted further exploration and small-scale mining activities at the Silver-1 mine. During this period, mining operations were carried out on two principal vein structures accessed from three main levels through adits, employing standard underground mining methods. Approximately 3,570 metres of underground development was completed during this phase of operations. During this time, a 100-tonne-per-day mill was reported to have been in operation. The average silver price over this period was approximately $4 to $5 per ounce. A historical tailings dam has been identified on site and will be subject to further economic assessment by the company. The company has not yet verified historical site infrastructure.

A 1993 publication on the mine reported that operations were exploiting a mineralized zone approximately 500 m by 100 m, with a vertical extent of about 90 m, accessed through four haulage levels, with a fifth level under development at the time. That publication also reported estimates of tonnage and grade. However, as the underlying primary source report is not currently available and key estimation methodologies and assumptions are not disclosed, the company is not treating these figures as a current mineral resource or mineral reserve. Accordingly, the company is treating the tonnage and grade solely as an exploration target, expressed as ranges and derived from the secondary source, with a potential quantity of approximately 200,000 to 700,000 tonnes grading between 15 and 25 ounces per ton silver, with associated zinc grades of 2.2 per cent to 3.6 per cent and lead grades of 0.9 per cent to 1.4 per cent. The potential quantity and grade of the exploration target are conceptual in nature, there has been insufficient exploration by Trinity One to define a current mineral resource, and it is uncertain if further exploration will result in the target being delineated as a mineral resource.

Published literature indicates that mineralization at the Silver-1 mine remains open both along strike and downdip beyond the limits of the historical underground workings (Mulshaw and Puig, 1994, and Mulshaw et al., 1997).

Qualified person

The scientific and technical information in this news release has been reviewed and approved by Enkhtuvshin Khishigsuren, PEng, an independent geological consultant to the Company, a qualified person as defined by National Instrument 43-101.

About Trinity One Metals Ltd.

Trinity One is a precious and base metal explorer focused on building a portfolio of high-growth projects with exposure to some of the world's most in-demand metals. The company's strategy is to acquire and advance assets with strong geological fundamentals, clear catalysts, and the ability to deliver discovery and growth through disciplined modern exploration.

The company further announces that it has granted an aggregate of 2.8 million incentive stock options to directors, officers and consultants of the company pursuant to its incentive stock option plan. Each stock option is exercisable to acquire one common share of the company at an exercise price of 30 cents per share for a period of five years from the date of grant. The stock options vest immediately, and are subject to the terms and conditions of the plan and the policies of the TSX Venture Exchange.

We seek Safe Harbor.