NEWS RELEASE

Colibri And Partner Commences Diamond Drilling At Pilar Gold & Silver Project

January 8, 2025

NEWS RELEASE - Dieppe, NB., January 8th, 2025 - Colibri Resource Corporation (TSX.V:CBI) (OTC:CRUCF) ("Colibri" or the "Company") is pleased to announce that the Company and its partner Tocvan Ventures Corp. (“Tocvan”) (CSE:TOC) have commenced a diamond core drilling program of up to 1,250 metres focussed on the Main Zone target at the Pilar Gold & Silver Project in Sonora Mexico.


Ian McGavney, President & CEO of Colibri commented,"We believe that 2025 will be a transformational year for Colibri shareholders in terms of project advancement and value creation. We firmly believe that Pilar contains the potential to be a modest low-cost gold producing asset and the new geochemical assays and other geological data derived from this drilling program at Pilar will enhance the geological model and be utilized in an upcoming maiden resource estimate. In conjunction, we are also rapidly advancing our plans for a test mine/bulk sample of up to 50,000 tonnes of material, which is forecast for Q3 this year. The partners are presently reviewing several proposals which will potentially allow for a non-dilutive method to fully finance the test mine."


Test Mine / Bulk Sample Plans


With the price of gold continuing to be very strong, the advancement plans at Pilar include a near term program for the extraction and processing of up to 50,000 tonnes of materials as bulk sample/ test mine in the third quarter of 2025. The ground preparation for the test mine is expected in the first quarter of 2025 and will include systematic trenching and channel sampling.


About the Pilar property


The Pilar gold-silver property has returned some of the region's best drill results. Coupled with encouraging gold and silver recovery results from metallurgical test work, Pilar is primed to be a potential near-term producer. The project is interpreted as a structurally controlled low-sulphidation epithermal system hosted in andesite rock. Initially, three primary zones of mineralization were identified on the original property from historic surface work and drilling, and are referred to as the Main zone, North Hill and 4-T. Each trend remains open to the southeast and north, and new parallel zones have been discovered. Structural features and zones of mineralization within the structures follow an overall northwest-southeast trend of mineralization. Mineralization extends along a 1.2-kilometre trend. Only half of that trend has been drill tested so far.


Pilar drill highlights:


  • 2022 phase 3 diamond drilling highlights include (all lengths are drilled thicknesses):
  • 116.9 metres of 1.2 grams per tonne gold, including 10.2 m of 12 g/t Au and 23 g/t silver;
  • 108.9 m of 0.8 g/t Au, including 9.4 m of 7.6 g/t Au and 5 g/t Ag;
  • 63.4 m of 0.6 g/t Au and 11 g/t Ag, including 29.9 m of 0.9 g/t Au and 18 g/t Ag;


  • 2021 phase 2 RC drilling highlights include (all lengths are drilled thicknesses):
  • 39.7 m of 1.0 g/t Au, including 1.5 m of 14.6 g/t Au;
  • 47.7 m of 0.7 g/t Au, including three m of 5.6 g/t Au and 22 g/t Ag;
  • 29 m of 0.7 g/t Au;
  • 35.1 m of 0.7 g/t Au;


  • 2020 phase 1 RC drilling highlights include (all lengths are drilled thicknesses):
  • 94.6 m of 1.6 g/t Au, including 9.2 m of 10.8 g/t Au and 38 g/t Ag;
  • 41.2 m of 1.1 g/t Au, including 3.1 m of 6.0 g/t Au and 12 g/t Ag;
  • 24.4 m of 2.5 g/t Au and 73 g/t Ag, including 1.5 m of 33.4 g/t Au and 1,090 g/t Ag;


  • 15,000 m of historic core and RC drilling; highlights include:
  • 61.0 m of 0.8 g/t Au;
  • 21.0 m of 38.3 g/t Au and 38 g/t Ag;
  • 13.0 m of 9.6 g/t Au;
  • 9.0 m of 10.2 g/t Au and 46 g/t Ag.


Previous Pilar bulk sample summary:


  • 62-per-cent recovery of gold achieved over 46-day leaching period;
  • Head grade calculated at 1.9 g/t Au and seven g/t Ag; extracted grade calculated at 1.2 g/t Au and three g/t Ag;
  • Bulk sample only included coarse fraction of material;
  • Fine fraction indicates rapid recovery with agitated leach:
  • Agitated bottle roll test returned rapid and high recovery results: 80-per-cent recovery of gold and 94-per-cent recovery of silver after rapid 24-hour retention time.


Additional metallurgical studies:


  • Gravity recovery with agitated leach results of five composite samples returned:
  • 95- to 99-per-cent recovery of gold;
  • 73- to 97-per-cent recovery of silver;
  • Includes the recovery of 99 per cent Au and 73 per cent Ag from drill core composite at 120-metre depth.


Technical information expressed in this news release is the view of Brodie A. Sutherland, chief executive officer for Tocvan, a qualified person as defined by Canadian National Instrument 43-101, has reviewed and approved the technical information contained in this release.



About Colibri Resource Corporation:

Colibri is a Canadian-based mineral exploration company listed on the TSX-V (CBI) and is focused on acquiring, exploring, and developing prospective gold & silver properties in Mexico. The Company holds four high potential precious metal projects: 1) 100% of the 4,766 hectare EP Gold Project in the significant Caborca Gold Belt which has delivered highly encouraging exploration results and is surround by Mexico’s second largest major producer of gold on four sides, 2) 49% Ownership of the Pilar Gold & Silver Project which is believed to hold the potential to be a near term producing mine, and 3) two highly prospective interests in the Sierra Madre (Diamante Gold & Silver Project and Jackie Gold & Silver Project).


For more information about all Company projects please visit: www.colibriresource.com.


Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.


Notice Regarding Forward-Looking Statements:


This news release contains “forward-looking information” which may include, but is not limited to, statements with respect to the activities, events or developments that the Company expects or anticipates will or may occur in the future. Forward-looking information in this news release includes statements regarding the use of proceeds from the offering. Such forward-looking information is often, but not always, identified by the use of words and phrases such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or variations (including negative variations) of such words and phrases, or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved.


These forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect our current judgment regarding the direction of our business. Management believes that these assumptions are reasonable. Forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include, among others, risks related to the speculative nature of the Company’s business, the Company’s formative stage of development and the Company’s financial position. Forward-looking statements contained herein are made as of the date of this news release and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results, except as may be required by applicable securities laws.


There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information.



For information contact:

Ian McGavney, President, CEO and Director, Tel: (506) 383-4274, ianmcgavney@colibriresource.com


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Colibri Congratulates JV Partner on Test Mine Permit; Pilar Positioned as Near-Term Bulk Sample Opportunity

August 19, 2025
NEWS RELEASE - DIEPPE, N.B., August 19, 2025 -- Colibri Resource Corporation (“Colibri” or the “Company”) (CBI: TSX-V) congratulates its joint venture partner, Tocvan Ventures Corp. (“Tocvan”), on receiving permit approval for a 50,000-tonne pilot mine facility in Sonora, Mexico (announced August 14, 2025). Located in close proximity to the Pilar Gold & Silver Project (“Pilar”), a 49% Colibri – 51% Tocvan joint venture, the facility presents an excellent opportunity to consider processing a bulk sample at a time when gold prices remain near record highs. The permitted facility will be located in very close proximity to the “Pilar Gold & Silver Project “(“Pilar”), a 49% Colibri – 51% Tocvan joint venture. Although no plans have been finalized regarding the use of the facility for Pilar material, its location and scale present a highly compelling opportunity for the partners to consider processing a bulk sample from Pilar in an efficient, cost-effective manner. Pilar is particularly well suited for this purpose: a 1,400‑tonne bulk sample completed in 2023 returned an average head grade of 1.9 g/t Au with recoveries of approximately 62% using simple heap leach methods. Combined with extensive drilling and surface work, sufficient material could be sourced quickly—making Pilar an immediately available, high‑quality feed source for the newly permitted facility at a time when gold prices remain near historical highs. “With a permitted processing facility now secured nearby, Pilar stands out as a ready and logical candidate for a larger bulk sample program,” said Ian McGavney, President & CEO of Colibri. “With a prior bulk sample already delivering an average grade of 1.9 g/t Au and demonstrating recoveries above 60%, and with significant amounts of mineralized material already identified to move quickly, Pilar is clearly positioned for near-term evaluation. Advancing Pilar in this way would be highly advantageous to both Colibri and Tocvan shareholders, particularly with gold trading near all-time highs.” Previously Released Drill Highlights at Pilar (Colibri/Tocvan JV licenses): 2025 Diamond Drilling (all lengths are drilled thicknesses): 83.5 m at 1.3 g/t Au from surface, including 10.3 g/t over 9.7 m 64.9 m at 1.2 g/t Au, including 3.0 m at 21.6 g/t Au and 209 g/t Ag — first high-grade intercept along the North Hill trend 116.9 m at 1.2 g/t Au, including 10.2 m at 12.0 g/t Au and 23 g/t Ag 2024 RC Drilling (all lengths are drilled thicknesses): 42.7m @ 1.0 g/t Au, including 3.1m @ 10.9 g/t Au 56.4m @ 1.0 g/t Au, including 3.1m @ 14.7 g/t Au 16.8m @ 0.8 g/t Au and 19 g/t Ag 2022 Phase III Diamond Drilling (all lengths are drilled thicknesses): 116.9m @ 1.2 g/t Au, including 10.2m @ 12 g/t Au and 23 g/t Ag 108.9m @ 0.8 g/t Au, including 9.4m @ 7.6 g/t Au and 5 g/t Ag 63.4m @ 0.6 g/t Au and 11 g/t Ag, including 29.9m @ 0.9 g/t Au and 18 g/t Ag 2021 Phase II RC Drilling (all lengths are drilled thicknesses): 39.7m @ 1.0 g/t Au, including 1.5m @ 14.6 g/t Au 47.7m @ 0.7 g/t Au including 3m @ 5.6 g/t Au and 22 g/t Ag 29m @ 0.7 g/t Au 35.1m @ 0.7 g/t Au 2020 Phase I RC Drilling Highlights include (all lengths are drilled thicknesses): 94.6m @ 1.6 g/t Au, including 9.2m @ 10.8 g/t Au and 38 g/t Ag; 41.2m @ 1.1 g/t Au, including 3.1m @ 6.0 g/t Au and 12 g/t Ag ; 24.4m @ 2.5 g/t Au and 73 g/t Ag, including 1.5m @ 33.4 g/t Au and 1,090 g/t Ag 15,000m of Historic Core & RC drilling (all lengths are drilled thicknesses): 61.0m @ 0.8 g/t Au 21.0m @ 38.3 g/t Au and 38 g/t Ag 13.0m @ 9.6 g/t Au 9.0m @ 10.2 g/t Au and 46 g/t Ag Pilar Bulk Sample Summary : 62% Recovery of Gold Achieved Over 46-day Leaching Period Head Grade Calculated at 1.9 g/t Au and 7 g/t Ag; Extracted Grade Calculated at 1.2 g/t Au and 3 g/t Ag Bulk Sample Only Included Coarse Fraction of Material (+3/4” to +1/8”) Fine Fraction (-1/8”) Indicates Rapid Recovery with Agitated Leach Agitated Bottle Roll Test Returned Rapid and High Recovery Results : 80% Recovery of Gold and 94% Recovery of Silver after Rapid 24-hour Retention Time Additional Metallurgical Studies: Gravity Recovery with Agitated Leach Results of Five Composite Samples Returned 95 to 99% Recovery of Gold 73 to 97% Recovery of Silver Includes the Recovery of 99% Au and 73% Ag from Drill Core Composite at 120-meter depth

Colibri Resource Corporation Announces Director Change

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Colibri Announces Proposed Amendments to Debentures and Warrants

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NEWS RELEASE - DIEPPE, N.B., July 16, 2025 -- Colibri Resource Corporation (“Colibri” or the “Company”) (CBI: TSX-V) announces its intention to amend certain terms of its currently outstanding 10% unsecured convertible debentures (the “Debentures”) that were originally issued in two tranches by the Company through private placement on August 1 and August 31, 2023 (see the Company’s news releases of August 4, September 12 and September 22, 2023). As at the date hereof, there is US$619,000 of Debentures outstanding. The Company also intends to amend the terms of 3,720,792 outstanding common share purchase warrants (the “Warrants”) and 11,049 finders’ options (the “Finder’s Options”) which were issued in conjunction with the Debentures. The Debentures mature as to US$444,000 on August 1, 2025 and US$175,000 on August 31, 2025 with 10% annual interest payable quarterly and upon maturity. 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Reasoning for the Proposed Amendments Strategic Timing to Advance Pilar and Drive Shareholder Value The Company is taking proactive steps to strengthen its balance sheet and align capital with its most compelling near-term growth opportunity, the advancement of the Pilar Gold & Silver Project. The Company’s proposed restructuring of the Debentures comes at a pivotal time, as Pilar progresses toward bulk sampling, supported by strong recent and historical exploration results. Momentum Toward Test Mining Colibri’s joint venture partner, Tocvan Ventures, announced on June 18, 2025, that engineering and design for a 50,000-tonne pilot leach facility is now complete, with the permitting process well underway. Tocvan has indicated it does not foresee delays in approvals and intends to commence construction following final permit acceptance. If successful, a pilot test mine run of Pilar materials could generate a relatively meaningful amount of cash flow over a short period, helping to reduce Colibri’s near-term capital requirements and further de-risking its 49% interest in the project. Pilar Drill & Bulk Sample Results Highlight Gold-Silver Potential Over multiple exploration phases, drilling at Pilar has consistently returned broad zones of oxidized near-surface gold mineralization, along with high-grade intercepts—critical for the economics of the upcoming test mine. Highlights include: 2025 (Diamond Drilling – JES-25 Series): 83.5 @ 1.3 g/t Au from surface, including 10.3 g/t over 9.7m 64.9 m @ 1.2 g/t Au, including 3.0 m @ 21.6 g/t Au and 209 g/t Ag—marking the first high-grade intercept along the North Hill trend (JES-25-108) 2023 Bulk Sample: A 1,200-tonne surface sample yielded an average head grade of 1.9 g/t Au with a calculated recovery rate of approximately 62%, confirming the presence of near-surface mineralization amenable to heap leach or vat leach processing. Historical Drilling (2020–2022): 116.9 m @ 1.2 g/t Au, including 10.2 m @ 12.0 g/t Au and 23 g/t Ag (Phase III) 94.6 m @ 1.6 g/t Au, including 9.2 m @ 10.8 g/t Au (Phase I) 47.7 m @ 0.7 g/t Au, including 3.0 m @ 5.6 g/t Au and 22 g/t Ag (Phase II) (Above technical information cited in Tocvan Ventures Corp. news release dated June 18th, 2025 which was reviewed and approved by Brodie A. Sutherland, qualified person for Tocvan Ventures Corp.) Together, these results demonstrate the continuity, scale, and metallurgical potential of gold mineralization at Pilar, while outlining multiple high-grade near-surface zones that could meaningfully contribute to the upcoming bulk test mine. What This Means for Shareholders The pilot plant is nearing approval, and Colibri’s 49% stake positions it to potentially benefit directly from the Pilar’s bulk sample / test phase’s outcome. The restructuring of the Debentures will reduce immediate financial obligations, freeing up capital to support the Pilar bulk sample / test mine program and broader exploration. With gold prices trading near historic highs, the ability to advance a high-grade, near-surface gold system into production under a low-capex pilot structure presents a compelling opportunity to unlock value for shareholders. By aligning its financial position with Pilar’s development timeline, Colibri is taking a disciplined, shareholder-first approach to unlocking value from one of the most advanced gold projects in Sonora. For Debenture holders, they will now have the opportunity to participate significantly in the potential upside in the Pilar Gold & Silver Project.
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