Tincorp Completes Acquisition of the Santa Barbara Gold-Copper Project, Ecuador

Vancouver, British Columbia--(Newsfile Corp. - May 13, 2026) - Tincorp Metals Inc. (TSXV: TIN) ("Tincorp" or the "Company") is pleased to announce that, further to its news release dated February 25, 2026, the Company has completed the acquisition (the "Acquisition") of Santa Barbara Metals Inc. (the "Holding Company"), a wholly-owned subsidiary of Silvercorp Metals Inc. (TSX: SVM) (NYSE American: SVM) ("Silvercorp") and its wholly-owned subsidiary, Adventus Mining Corporation ("Adventus", and together with Silvercorp, the "Vendors"). The Holding Company holds a 100% interest in the Santa Barbara Gold-Copper Project (the "Santa Barbara Project") located in the Zamora Copper-Gold Belt of southeastern Ecuador.

Victor Feng, Interim CEO of Tincorp, commented, "The closing of this acquisition marks the beginning of a new chapter for Tincorp. Santa Barbara is a large-scale, gold-copper porphyry system with an existing resource and significant exploration upside in one of the world's most prolific gold-copper metallogeny belts. With our financing in place and technical team mobilized, we are fully focused on unlocking the potential of this asset for our shareholders."

Transaction Summary

All conditions precedent to the closing of the Acquisition have been satisfied, including receipt of prior approval of the TSX Venture Exchange ("TSXV") and the requisite disinterested shareholder approval in accordance with TSXV Policy 5.3 – Acquisitions and Dispositions of Non-Cash Assets, and minority approval (as defined in Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions ("MI 61-101")) obtained at the Company's annual general and special meeting of shareholders held on May 5, 2026 (the "Meeting").

In connection with the closing of the Acquisition, the Company has: (i) paid to Silvercorp the first staged cash payment of US$1,500,000; (ii) issued to Silvercorp 15,000,000 common shares of the Company (as described below); (iii) entered into a net smelter return royalty agreement with Silvercorp providing for a 1.5% NSR royalty on the Santa Barbara Project, of which the Company has the right to repurchase two-thirds (being 1.0% of the total 1.5%) for US$10,000,000 (the "NSR Royalty"); and (iv) entered into security agreements with Silvercorp pursuant to which, as security for the deferred purchase price payments and the NSR Royalty, the Company has granted to Silvercorp a pledge over the shares of the Holding Company and a security interest over the mining concessions comprising the Santa Barbara Project.

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