Mr. Victor Feng reports

TINCORP ADVANCES PHASE 1 - 10,000 METRE DRILL PROGRAM AT THE SANTA BARBARA GOLD-COPPER PROJECT, ECUADOR

Tincorp Metals Inc. has provided an update on its 10,000-metre (m) phase 1 drill campaign at the Santa Barbara gold-copper project, located in the Zamora copper-gold belt of southeastern Ecuador. Drilling commenced on April 14, 2026, and is currently being executed by four drill rigs on site. Five holes have been completed to date, with core currently being cut and prepared for shipment to the laboratory. Assay results will be reported as they become available.

Victor Feng, chief executive officer, commented: "Phase 1 drilling is well under way at Santa Barbara and this initial program is designed to lay the foundation for a future mineral resource upgrade. We look forward to reporting assay results as they become available. Once phase 1 is complete, we will advance into phase 2, where we will step out and test targets at depth."

Phase 1 drill program

The phase 1 program is designed to: (i) confirm historical drill results; (ii) complete infill drilling to upgrade the existing mineral resources; and (iii) obtain fresh drill core to further the company's understanding of the mineralization controls and metallurgy at Santa Barbara. A subsequent phase 2 program, which is expected to dovetail with the conclusion of phase 1 drilling, will focus on step-out drilling and resource extension, including testing targets at depth.

Santa Barbara gold-copper project overview

Santa Barbara is a large-scale, gold-copper porphyry system located in the Zamora copper-gold belt in the province of Zamora-Chinchipe in southeastern Ecuador. The project is situated adjacent to Silvercorp's Condor project and the two were historically explored as part of the same district.

The Zamora copper-gold belt hosts a number of significant operating mines and advanced development projects, including Lundin Gold's Fruta del Norte mine (36 kilometres (km) from Santa Barbara), the Mirador copper-gold mine (56 km from Santa Barbara) and Solaris Resources' Warintza project.

In connection with the acquisition of Santa Barbara, the company filed an updated mineral resource estimate, titled: "Independent Technical Report for the Santa Barbara Gold and Copper Project, Ecuador," on the project on April 9, 2026, prepared in accordance with National Instrument 43-101, Standards of Disclosure for Mineral Projects, by SRK Consulting (Canada) Inc., with an effective date of March 23, 2026. The technical report sets out the following updated mineral resource estimate for the project:

• Total indicated mineral resources of 29.8 million tonnes (t) at an average grade of 0.73 gram per tonne (g/t) gold (Au) and 0.10 per cent copper (Cu) containing 697,000 ounces (oz) Au and 68.2 million pounds (lb) Cu, or collectively 722,000 oz gold equivalent (AuEq) (1);
• Total inferred mineral resources of 205.7 million t at an average grade of 0.52 g/t Au and 0.09 per cent Cu containing 3.42 million oz of Au and 425.9 million lb of Cu, or collectively 3.58 million oz AuEq.

Notes

Mineral resources are reported within a conceptual 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; and mineral resources are reported on a 100-per-cent basis and not the portion attributable to Tincorp. Mineral resources constrained by open pit shell are reported at an NSR (net smelter return) cut-off value of $25 (U.S.) per t, with open-pit optimization considering a gold price of $3,200 (U.S.) per oz and a copper price of $12,000 (U.S.) per t metal. Open-pit optimization was conducted using Studio NPVS (Version 2.1.308.0) and considered the following inputs: mining cost of $3 (U.S.) per t material; processing cost of $11 (U.S.) per t run of mine (ROM); G&A (general and administrative) of $2 (U.S.) per t ROM; average processing recoveries of 85.5 per cent Au and 19.6 per cent Cu; payability of 99.5 per cent Au and 96.5 per cent Cu; royalty of 5.0 per cent of revenue; and overall pit slope angle of 45 degrees, with costs and slope angle based on SRK benchmarks and assumptions (pit slope angle is assumed and is not based on a geotechnical stability assessment).

Material within the weathered profile was included in the mineral resource in accordance with the recommendations of the Section 13 QP. Tonnage is in metric tonnes and ounces are in troy ounces. Gold equivalent is defined as AuEq (g/t) equals Au (g/t) plus Cu (per cent) times 0.259.

See the company's news release of April 9, 2026, for more details. The technical report can be found on the company's website and under the company's profile on SEDAR+.

Qualified person

This news release has been reviewed and approved by Alex Zhang, director of the company, who is the designated qualified person for the company.

About Tincorp Metals Inc.

Tincorp Metals is a mineral exploration company that holds a 100-per-cent interest in the Santa Barbara gold-copper project in the Zamora copper-gold belt of southeastern Ecuador. The Santa Barbara project is a large-scale porphyry system, which hosts a National Instrument I 43-101 mineral resource estimate (SRK Consulting, effective March 23, 2026), comprising indicated resources of 29.8 million tonnes grading 0.73 gram per tonne gold and 0.10 per cent copper containing 697,000 ounces gold and 68 million pounds copper, and inferred resources of 205.7 million tonnes grading 0.52 gram per tonne gold and 0.09 per cent copper containing 3,418,000 ounces gold and 426 million pounds copper.

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