Colibri Announces Definitive Agreement to Sell Remaining 49% Interest in Pilar for C$3.6 Million While Retaining 1% NSR

NEWS RELEASE - Dieppe, New Brunswick – July 9, 2026 – Colibri Resource Corporation (TSXV: CBI) ("Colibri" or the "Company") is pleased to announce that it has entered into a definitive Arm's Length purchase and sale agreement, dated July 8th, 2026 with Tocvan Ventures Corp. (CSE: TOC) ("Tocvan"), pursuant to which Tocvan has agreed to acquire Colibri's remaining 49% interest in the Pilar Gold & Silver Project ("Pilar") located in Sonora, Mexico.

The transaction is expected to significantly strengthen Colibri's financial position while allowing shareholders to retain long-term exposure to the Pilar Project through the retained 1% Net Smelter Return ("NSR") royalty. The proceeds are expected to provide the Company with increased financial flexibility to advance its wholly owned EP Gold Project and broader exploration portfolio in Sonora, while continuing to evaluate additional exploration and development opportunities to enhance shareholder value.

Under the terms of the agreement, Colibri will receive total cash consideration of C$3.6 million comprised of:

• C$2.0 million payable upon closing; and

• C$1.6 million payable twelve (12) months following closing.

In addition, Colibri will retain a 1.0% Net Smelter Return ("NSR") royalty on the Pilar Project. Tocvan will retain the right to repurchase the NSR for a one-time cash payment of C$1.0 million.

Closing of the transaction remains subject to customary closing conditions, including completion of the required Mexican transfer documentation and TSX Venture Exchange approval. The parties currently anticipate closing the transaction shortly following satisfaction of the closing conditions. 

No finder's fees are payable in connection with the transaction.

Ian McGavney, President, CEO and Director of Colibri, stated:

"We believe this transaction represents a compelling outcome for Colibri shareholders. The agreement unlocks significant value from our minority interest in Pilar, substantially strengthens the Company's financial position without shareholder dilution, while allowing Colibri shareholders to maintain long-term exposure to Pilar through the retained royalty interest.

Most importantly, the transaction allows Colibri to focus its financial and technical resources on advancing its wholly owned EP Gold Project and broader exploration portfolio in Sonora while maintaining long-term exposure to Pilar through the retained royalty. We believe this creates a strong foundation for the Company's next phase of growth."

About the EP Gold Project

Colibri’s wholly owned EP Gold Project hosts multiple high-priority target areas across a broader district scale land package, several of which have already returned encouraging drill results supporting the Company’s belief that the project has the potential host one or more significant gold zones, while numerous additional targets remain.

Recent drilling previously reported by the Company at the Plomo Claims within the EP Gold Project returned several notable near-surface gold intercepts including:

• 7.5 metres grading 2.92 g/t gold from 6 metres, including 1.5 metres grading 9.95 g/t gold;

• 30.0 metres grading 0.73 g/t gold from 3 metres, including 1.5 metres grading 7.51 g/t gold;

• 30.0 metres grading 0.45 g/t gold from surface, including 6.0 metres grading 1.16 g/t gold; and

• 19.5 metres grading 0.44 g/t gold from 3 metres, including 4.5 metres grading 1.29 g/t gold.

The Company recently reported gold mineralization intersected in 18 of 22 holes completed during its Phase 1 drill program across the San Perfecto and Banco de Oro target areas at EP, supporting the interpretation of a broad mineralized structural corridor extending across the property. For more details, please refer to the Company's news release dated March 13, 2026.

The EP Gold Project is strategically situated within the Caborca Gold Belt of Sonora, Mexico and lies within and adjacent to extensive regional concession holdings of Fresnillo plc. The EP Gold Project is located approximately 25 kilometres east of Fresnillo's La Herradura Mine, 8 kilometres from the Noche Buena Mine and approximately 17 kilometres north of Fresnillo's Tajitos gold deposit. Regional information is provided for context only and there can be no assurance that mineralization, geological characteristics or economic results observed on nearby properties are indicative of mineralization on the EP Gold Project.

The technical information contained in this news release has been reviewed and approved by Jamie Lavigne, P.Geo., an independent Qualified Person as defined by National Instrument 43-101. The locations of Fresnillo's Caborca Belt gold assets are based on information available on Fresnillo plc's website.