Mr. Paul Gow reports

INITIAL CLOSING OF PRIVATE PLACEMENT AND EXTENSION OF GABY PROPERTY PURCHASE OPTION

Further to the news release of June 13, 2024, Tribeca Resources Corp. has completed closing of an initial tranche of the non-brokered private placement of up to 6,666,667 common shares of the company at a price of 30 cents per common share for gross proceeds of up to $2-million.

In connection with the initial tranche, the company has issued an aggregate of 3,551,243 common shares for gross proceeds of $1,065,372.90, representing approximately 5.71 per cent of the common shares currently issued and outstanding on a non-diluted basis prior to the closing of the initial tranche. The company anticipates issuing an additional 670,000 common shares for additional gross proceeds of $201,000 in the next tranche, together with additional subscribers.

In connection with closing of the initial tranche, the company paid $7,500 to Tamesis Partners LLP in consideration for introducing certain subscribers to the private placement.

All securities issued pursuant to the private placement are subject to a statutory hold period of four months and one day.

The subscription of three insiders of the company in the private placement accounted for $79,500 or approximately 7.46 per cent of the total gross proceeds. Participation by such insiders is exempt from the valuation and minority shareholder approval requirements of Multilateral Instrument 61-101, Protection of Minority Security Holders in Special Transactions by virtue of the exemptions contained in sections 5.5(b) and 5.7(1)(b) of MI 61-101.

Gaby property purchase option extension

Tribeca Resources is also pleased to announce that it has reached an agreement with the owners of the Gaby-Totito property located in the Coquimbo province of Chile to extend the purchase option agreement entered into between the company and the vendors on March 15, 2019, as amended, restated, supplemented or otherwise modified, under which the company has the option to purchase a 100-per-cent interest in the property.

Under the new extension agreement, the deadline of the final purchase payment due to the vendors under the purchase option agreement has been extended for a period of 18 months to Sept. 15, 2026, in consideration of the company paying the vendors $130,000 (U.S.); making a $50,000 (U.S.) advance payment on the final purchase payment upon execution of the extension agreement; and agreeing to make a 10-per-cent partial payment of the final purchase payment on the previous purchase option expiry date, being March 15, 2025.

The revised acquisition timetable significantly reduces the company's financing requirements in 2025 and provides Tribeca with additional time to focus on growing the Gaby discovery.

The payment terms in the purchase option agreement have been amended such that the remaining payments due, in order to exercise the purchase option, are as shown in the attached table.

Further, during the extension, the frequency of the exploration levy payments will change from annual to semi-annually. Cumulative exploration levy payments will remain capped at $500,000 (U.S.).

For further details on the purchase option agreement, please refer to the company's Oct. 24, 2022, filing statement with respect to the reverse takeover between Tribeca Resources Ltd. and Hansa Resources Ltd., located on SEDAR+.

About Tribeca Resources Corp.

Tribeca Resources is a copper exploration company focused on discovering and developing assets in the Coastal IOCG (iron oxide copper/gold) belt of northern Chile. The company's management team, whose members are significant shareholders of the company, has world-leading expertise and a discovery history with iron oxide copper-gold deposits in the world's great IOCG belts of the Carajas district in Brazil and the Gawler and Cloncurry provinces of Australia.

Tribeca Resources' objective is to provide the mineral resources for the next generation of copper mines in Chile. It is focused on building a portfolio of projects, with emphasis on mid-stage to advanced-stage copper exploration and resource development projects. To this end, mineral targets are regularly assessed in pursuit of acquisition, strategic exploration and significant discovery.

Tribeca's flagship property is the La Higuera IOCG project, which comprises 4,147 hectares of granted mining and exploration licences and is located toward the southern end of the Chilean Coastal IOCG belt in the Coquimbo region of northern Chile. Further information about the La Higuera project can be found in the National Instrument 43-101 technical report lodged by Tribeca on SEDAR+ on Oct. 24, 2022. Further, Tribeca holds an option to acquire a 100-per-cent interest in the Chiricuto property. Chiricuto hosts a rare undrilled iron oxide alteration system in the Mantoverde/Santo Domingo district, located in the Atacama region within the Chilean Coastal IOCG belt.

We seek Safe Harbor.