Launch of New Public Mining Company with Advanced Stage Minera Vetas Gold Project in Colombia

The October 23, 2025 news release announces the launch of Terra Rossa Gold Ltd. (TRR) as a new public mining company on the TSX Venture Exchange. This follows the completion of a reverse takeover (RTO) of Baroyeca Gold & Silver Inc. The company is recommencing exploration and development at its advanced-stage Minera Vetas Gold Project in Colombia.

The release highlights compelling, but historical, high-grade drill intercepts from a 2010-2013 program conducted by a previous operator. Key results include: - 0.74 meters @ 506.69 g/t Au (Arias zone) - 40.89 meters @ 17.17 g/t Au (Real Minera area) - 8.25 meters @ 31.35 g/t Au (Real Minera area) - 9.28 meters @ 11.62 g/t Au (La Botella area) The historical program comprised 162 diamond drill holes totaling 71,035 meters.

This news is material and positive as it marks the official operational launch of the new entity, Terra Rossa Gold, following a year-long restructuring and RTO process. It confirms that the transaction is complete, the company is listed, and work is set to begin on its flagship asset.

The strategic re-publication of very high-grade historical drill results is a clear marketing effort to attract investor attention to the newly minted stock. The grades are exceptional and suggest the Vetas project has significant potential.

However, a critical, risk-averse view is necessary: 1. Historical Data: These are selected results from over a decade ago. They are not NI 43-101 compliant for the current company and have not been verified by Terra Rossa. There is no guarantee that new drilling will replicate these grades or continuity. 2. Market Reaction: The news serves to support the new valuation established post-RTO and share consolidation. The stock resumed trading at $0.28, reflecting the 14-for-1 consolidation of the former BGS shares which were halted at $0.02. This press release provides the fundamental story to justify this new beginning. 3. No New Information: The release contains no new exploration data. Its value lies in confirming the business plan is moving forward. The market's real judgment will be reserved for when the company produces its own results.

The most critical factor is the pricing context. As detailed in the March 18, 2025 release, the company completed a concurrent financing of 7 million special warrants at $0.50 per unit. The fact that the stock has commenced trading at $0.28, a 44% discount to this financing price, is a significant red flag. It suggests the market believes the RTO and financing were overvalued, and it creates a substantial overhang of underwater investors.

While the news itself is a positive and necessary step, the market's initial pricing action signals deep skepticism that outweighs the excitement of the historical drill results.

Terra Rossa Gold Ltd. is a Canadian junior exploration company formed via a Reverse Takeover (RTO) of Baroyeca Gold & Silver Inc. Its flagship asset is the 100% owned Vetas Gold Project, located in the prolific California-Vetas mining district in Santander, Colombia. The project is considered advanced-stage due to extensive historical drilling (over 71,000 meters) and a non-compliant historical resource estimate from 2014. The property is located less than 10 km from Aris Mining's multi-million-ounce Soto Norte project, suggesting a well-endowed geological setting. The Vetas property appears to be royalty-free, as no royalties are mentioned in the transaction details.