Silver Spruce Resources Inc. Provides an Update On Jackie and Diamante Projects

• The most recent release dated May 5, 2026, details a transaction between Silver Spruce Resources Inc. and Colibri Resource Corporation regarding the Jackie and Diamante projects in Sonora, Mexico.
• Colibri is acquiring Silver Spruce's 50% interest in the Jackie Au-Ag property, bringing its total ownership to 100%. (Note: This contradicts May 2025 news where Colibri sold Jackie; this appears to be a finalization or reversal of terms).
• Simultaneously, Colibri will relinquish its 25% interest in the Diamante Project.
• Consideration for these transactions involves the issuance of C$25,000 in common shares and forgiveness of approximately C$80,000 in outstanding exploration expenditures incurred by Silver Spruce on behalf of Colibri.
• Both transactions are subject to final approval by the TSX Venture Exchange.
• Director Kevin O'Connor abstained from voting due to dual directorship with Silver Spruce.

• The May 5, 2026 news represents a minor asset realignment rather than a transformative event for Colibri's core value proposition.
• The financial consideration ($25k shares + $80k debt forgiveness) is immaterial relative to the company's market capitalization (approx. $4M-$7M).
• Relinquishing 25% of the Diamante Project reduces the company's land package and potential upside, which is a negative signal for long-term growth prospects despite the debt relief.
• The acquisition of Jackie interest appears inconsistent with May 2025 announcements where Colibri sold this asset to Silver Spruce; if this confirms a reversal or finalization, it suggests ongoing negotiation complexity rather than strategic clarity.
• Given the stock price has already declined significantly from January highs ($0.31) to current lows ($0.11), this news does not provide a new catalyst to reverse the trend but reinforces the lack of major near-term value creation events.

• Company Name: Colibri Resource Corp. (TSXV: CBI).
• Strategy: Leverage historic artisanal mining districts in Sonora, Mexico to advance two flagship gold-silver projects toward near-term production.
• Flagship Project 1 - El Pilar Gold & Silver Project: Advanced Stage Exploration/Development; 49% owned by Colibri (51% Tocvan Ventures); planned bulk sample of 50,000 tonnes in Q1 2026.
• Flagship Project 2 - EP Gold Project (Evelyn/Plomo): Drill-stage Exploration; 100% owned; located in the Caborca Orogenic Belt near Fresnillo plc concessions.
• Management: Ian McGavney (CEO), Ron Goguen (Executive Chairman).
• Qualified Persons: Jamie Lavigne, P.Geo., and Mark Smethurst, P.Geo.