South American Tin Industry acquires the Santa Barbara gold and copper mine in Ecuador, simultaneously initiating a 16 million Canadian dollar financing.

Tincorp Metals Inc. (TSXV: TIN) announced on February 25 that it has signed a Share Purchase Agreement with Hillwey Metals Mining Ltd. and its wholly-owned subsidiary, Adventus Mining Corporation. According to the agreement, Tincorp Metals will pay the seller $13.5 million in cash, approximately $4.5 million in stocks, and a 1.5% royalty (Tincorp Metals has the right to repurchase 1% of the royalty for $10 million), to acquire 100% of the shares of Santa Barbara Metals Inc., a subsidiary owned by Hillwey, and obtain the Santa Barbara gold-copper mine located in the Santa Barbara Cu-Au Belt in southeast Ecuador. The Santa Barbara gold-copper mine has a 52-square-kilometer exploration license. According to a NI43-101 Technical Report released in July 2021, there are 39.8 million tonnes of controlled ore reserves with 26.71 tonnes of gold, 42,300 tonnes of copper, and 31 tonnes of silver, with average grades of 0.67 grams per tonne of gold, 0.11% copper, and 0.8 grams per tonne of silver. Additionally, there are inferred ore reserves of 166.7 million tonnes with 86 tonnes of gold, 160,000 tonnes of copper, and 152 tonnes of silver, with average grades of 0.52 grams per tonne of gold, 0.1% copper, and 0.9 grams per tonne of silver. The project is located in the Zamora-Chinchipe province in southeast Ecuador, approximately 76 kilometers from the city of Zamora, within the Santa Barbara Cu-Au Belt, adjacent to several large operating or under-construction mines. It is 10 kilometers south of Hillwey's Condor project, 36 kilometers from Lundin Gold's Fruta del Norte gold mine, 56 kilometers from the Mirador copper-gold mine, and 96 kilometers from Solaris Resources' development project, Warintza. The project is in the core radiation range of a mature mining cluster, with significant location advantages. From 1999 to 2018, the project completed 56 drill holes totaling 22,027 meters of drilling, confirming a 1.2 km mineralized zone with potential for further exploration in all directions and at depth, indicating good resource upgrading and development potential. At the same time, Tincorp Metals is also conducting a private placement of up to $16 million CAD to provide funding support for the transaction and subsequent exploration of the project. Victor Feng, CEO of Tincorp Metals, stated: "We are pleased to acquire this large gold-copper asset, marking the official entry of the company into Ecuador, one of the world's fastest-growing emerging mining jurisdictions. This acquisition benefits all shareholders. We hope to close this transaction as soon as possible, then immediately commence project resource verification and further exploration work to create more value for all shareholders." Tincorp Metals is a mineral exploration company listed on the TSX Venture Exchange in Toronto, with the stock trading under the symbol TIN. The company's assets include the Porvenir Tin Project and the SF Tin Project in Bolivia. The completion of this acquisition will provide Tincorp Metals with a large gold-copper asset in Ecuador with high exploration potential, further expanding its development boundaries, enhancing its core competitiveness, and increasing its attractiveness in the capital markets.