Tincorp appoints Feng as CEO

• Tincorp Metals Inc. has appointed Victor Feng as Chief Executive Officer, effective immediately on May 15, 2026.
• Mr. Feng transitions from his interim role (held since January 12, 2024) to a permanent position following the completion of the Santa Barbara acquisition.
• The appointment coincides with the successful closing of the C$17.5 million financing and the acquisition of the Santa Barbara Gold-Copper Project in Ecuador from Silvercorp Metals Inc.
• The company is proceeding with its strategic focus on the Zamora Copper-Gold Belt, leveraging existing infrastructure and permits.

• Expectation vs. Reality: This news was largely anticipated given Mr. Feng's long tenure as Interim CEO (over two years) and the completion of the acquisition which required shareholder approval in early May 2026.
• Market Pricing: The stock price has already reacted significantly to the financing and acquisition announcements, rising from ~$0.50 in March to over $1.10 by mid-May. This administrative appointment adds no new financial upside or strategic pivot.
• Materiality: The news is Routine - Positive. It confirms management stability but does not alter the investment thesis established during the financing and acquisition phases.
• Comparison: Unlike the February 2026 acquisition announcement which was Material - Positive, this event is a procedural follow-up to closing conditions already met.

• Flagship Project: Santa Barbara Gold-Copper Project, Ecuador (Zamora Copper-Gold Belt).
• Project Type: Large-scale porphyry system with open-pit potential.
• Resource Estimate (NI 43-101):
  • Indicated: 29.8 million tonnes @ 0.73 g/t Au and 0.10% Cu (697,000 oz Au).
  • Inferred: 205.7 million tonnes @ 0.52 g/t Au and 0.09% Cu (3.42M oz Au).
• Status: Development/Resource stage; no production yet. Benefits from existing infrastructure and environmental permits.
• Jurisdiction: Ecuador, described as a proven mining jurisdiction with low costs.