Oroco Resource adds second drill rig at Santo Tomas

• Oroco Resource Corp. has mobilized a second diamond drill rig to its Santo Tomas copper project in Mexico as of April 22, 2026.
• The expanded drilling activity is intended to accelerate Phase 2 drilling programs and support an updated Mineral Resource Estimate (MRE) and Pre-Feasibility Study (PFS).
• Progress update indicates six drill holes have been completed with two additional holes currently in progress.
• Core from drill holes STPH2-22 and STPH2-23 has been logged, sampled, and submitted for assay.
• The program focuses on infill and confirmation drilling to upgrade resource classification in the South zone.
• Workstreams include hydrogeological, geotechnical, and metallurgical inputs required for the PFS.

• Expectation vs. Reality: This news is consistent with previous announcements regarding Phase 2 mobilization (February 2026) and the January 2026 financing which earmarked funds specifically for this drilling program. It does not contain unexpected data or resource upgrades.
• Operational Continuity: Despite the CEO resignation announced on March 30, 2026, operations continue under existing senior management and technical teams, mitigating immediate operational risk.
• Capital Efficiency: The addition of a second rig increases cash burn rates but aligns with the C$23 million raised in January to fund PFS workstreams.
• Market Reaction: As this is expected progress rather than a fundamental value inflection point (like a resource upgrade or financing close), the material impact on stock price is likely neutral to mildly positive, serving as confirmation of execution rather than a catalyst for re-rating.

• Company: Oroco Resource Corp. is a development-stage mining company focused on the Santo Tomas porphyry copper project in Sinaloa, Mexico.
• Flagship Project: Santo Tomas Copper Porphyry Project.
  • Location: Municipality of Choix, Sinaloa, Mexico (near Port of Topolobampo).
  • Status: Development (PEA completed; moving toward PFS).
  • Ownership: 87% net interest in Core Concessions (1,173 ha) and 80% interest in surrounding concessions.
• Resource Estimate (August 2024):
  • Indicated Resource: 540.6 million tonnes at 0.37% CuEq.
  • Inferred Resource: 530.3 million tonnes at 0.35% CuEq.
• Economic Study (PEA):
  • Life of Mine: 22.6 years.
  • After-tax NPV (8%): US$1.48 billion.
  • IRR: 22.2%.