Colibri Provides Update on Diamante Project Acquisition and Jackie Project Disposition

Rhea-AI Summary

Colibri Resource (OTC:CRUCF) updated investors on its Diamante acquisition and Jackie disposition. Colibri will own 100% of Yaque Minerals and an effective 60% interest in Diamante by forgiving $80,000 of exploration expenditures to Silver Spruce, subject to TSX Venture approval.

Colibri agreed to sell its 50% Jackie interest to Silver Spruce for $25,000 in shares (166,667 shares) plus a 1% net smelter return royalty. The moves align with a strategy to focus capital and technical efforts on EP Gold, Pilar Gold & Silver, and Diamante. Common director Kevin O'Connor abstained from voting.

AI-generated analysis. How Rhea-AI works. Not financial advice.

Positive

• Diamante ownership increases to an effective 60% with no cash payment or share dilution
• Colibri to own 100% of Yaque Minerals, simplifying Diamante project ownership
• Forgiveness of only $80,000 in exploration expenditures for additional Diamante exposure
• Sale of 50% Jackie interest brings 166,667 Silver Spruce shares plus a 1% NSR royalty
• Transactions support focus on core assets: EP Gold, Pilar, Diamante

Negative

• Both Diamante and Jackie transactions are non-arm's length and require TSX Venture Exchange approval
• Disposition removes Colibri's 50% working interest in the Jackie project, leaving only a royalty

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Dieppe, New Brunswick--(Newsfile Corp. - June 15, 2026) - Colibri Resource Corporation (TSXV: CBI) (the "Company") wishes to provide the following updates regarding its acquisition of an additional 10% in its Diamante project to 60% and the disposition of its 50% interest in the Jackie project to Silver Spruce Resources Inc. (see the Company's news release dated May 12, 2025).

Diamante Project

As previously disclosed on May 12, 2025, the Company and SSE entered into an agreement whereby SSE will transfer its 50% ownership in Yaque Minerals Inc. ("Yaque") to the Company in exchange for the forgiveness of $80,000 of outstanding exploration expenditures owed to the Company by SSE. The transaction will result in the Company owning 100% of Yaque and an effective 60% interest in the Diamante Project. As there is a common director between the Company and SSE (Kevin O'Connor), the transaction is deemed to be non-arm's length under TSX Venture Exchange rules (the "Exchange") and is therefore subject to Exchange approval. The transaction, however, is not subject to Multilateral Instrument 61-101 or TSXV Policy 5.9 and as such, minority shareholder approval or valuation requirements are not required.

The acquisition will result in Colibri holding 60% interest in the Diamante Project. The transaction simplifies the ownership structure, provides the Company with greater flexibility in managing its investment in Diamante, and eliminates the need to coordinate future decisions through a joint venture ownership arrangement. Management believes the transaction represents an attractive opportunity to increase the Company's exposure to a highly prospective gold-silver project without share dilution or additional cash consideration.

Since earning its initial interest in the Diamante Project, Colibri and its partners have completed drilling, geophysical surveys, geological mapping and geochemical sampling programs that have identified multiple mineralized targets and expanded the project's exploration potential. The Company remains encouraged by the exploration results generated to date and believes Diamante continues to represent a valuable component of its Mexican precious metals portfolio.

Jackie Property

As previously disclosed, on May 12, 2025, the Company and SSE entered into an agreement whereby the Company agreed to sell its 50% interest in the Jackie Property to SSE in exchange for $25,000 of shares of SSE and a 1% Net Smelter Return royalty on any future production from the Jackie Project. The agreement was amended on November 12, 20225 whereby it was confirmed that SSE would be issuing 166,667 common shares to the Company. As there is a common director between the Company and SSE (Kevin O'Connor), the transaction is deemed to be non-arm's length and is therefore subject to Exchange approval. The transaction, however, is not subject to Multilateral Instrument 61-101 or TSXV Policy 5.9 and as such, minority shareholder approval or valuation requirements are not required. SSE has already obtained conditional approval from the Exchange (see SSE's news release dated June 5, 2026).

The disposition of the Company's 50% interest in the Jackie Project is consistent with management's strategy of focusing capital and technical resources on its core assets, including the EP Gold Project, the Pilar Gold & Silver Project and the Diamante Project. The Company also retains a 1% Net Smelter Return royalty on the Jackie Project, preserving exposure to potential future project success.

Kevin O'Connor, the common director of the Company and SSE, has abstained from voting on both transactions.

About Colibri Resource Corporation

Colibri Resource Corporation is a Canadian-based mineral exploration company listed on the TSX Venture Exchange (TSXV: CBI) and focused on acquiring, exploring, and developing prospective gold and silver properties in Mexico. The Company holds four high-potential precious-metal projects: (1) 100% ownership of the highly prospective EP Gold Project in the prolific Caborca Gold Belt, (2) 49% of the advanced exploration staged Pilar Gold & Silver Project, and (3) a 60% interest in the Diamante Gold & Silver Project in the Sierra Madre region.

For more information, please visit: www.colibriresource.com

Contact:

Ian McGavney
President, CEO & Director
Tel: (506) 383-4274
Email: ianmcgavney@colibriresource.com

Forward-Looking Statements

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. This news release includes certain "forward-looking statements". These statements are based on information currently available to the Company and the Company provides no assurance that actual results will meet management's expectations. Forward- looking statements include estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as "believes", "anticipates", "expects", "estimates", "may", "could", "would", "will", or "plan". Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results relating to, among other things, results of exploration, project development, reclamation and capital costs of the Company's mineral properties, and the Company's financial condition and prospects, could differ materially from those currently anticipated in such statements for many reasons such as: changes in general economic conditions and conditions in the financial markets; changes in demand and prices for minerals; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; technological and operational difficulties encountered in connection with the activities of the Company; and other matters discussed in this news release. This list is not exhaustive of the factors that may affect any of the Company's forward-looking statements. These and other factors should be considered carefully, and readers should not place undue reliance on the Company's forward-looking statements. The Company does not undertake to update any forward-looking statement that may be made from time to time by the Company or on its behalf, except in accordance with applicable securities laws.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/301587

FAQ

What did Colibri Resource (OTC:CRUCF) announce about the Diamante project on June 15, 2026?

Colibri announced it will increase its effective interest in the Diamante project to 60%. According to Colibri, this comes through acquiring 100% of Yaque Minerals by forgiving $80,000 of exploration expenditures owed by Silver Spruce, pending TSX Venture Exchange approval.

How is Colibri Resource (OTC:CRUCF) increasing its ownership in Yaque Minerals and the Diamante project?

Colibri is acquiring Silver Spruce’s 50% stake in Yaque Minerals in exchange for forgiving $80,000 in exploration expenditures. According to Colibri, this results in 100% ownership of Yaque and an effective 60% interest in the Diamante gold-silver project, subject to Exchange approval.

What are the terms of Colibri Resource’s sale of its 50% Jackie project interest (OTC:CRUCF)?

Colibri agreed to sell its 50% Jackie interest to Silver Spruce for $25,000 in shares and a 1% NSR royalty. According to Colibri, the agreement confirms issuance of 166,667 Silver Spruce common shares, with the deal subject to TSX Venture Exchange approval.

How do the Diamante and Jackie transactions affect Colibri Resource’s strategy (OTC:CRUCF)?

The transactions concentrate Colibri’s efforts on its core Mexican precious metals assets. According to Colibri, divesting Jackie while increasing Diamante exposure supports focusing capital and technical resources on the EP Gold Project, Pilar Gold & Silver Project, and Diamante project.

Are Colibri Resource’s Diamante and Jackie deals related-party transactions (OTC:CRUCF)?

Both transactions are considered non-arm’s length due to a common director with Silver Spruce. According to Colibri, they are subject to TSX Venture Exchange approval but are not subject to Multilateral Instrument 61-101 or TSXV Policy 5.9 minority approval or valuation requirements.

What ongoing exposure does Colibri Resource retain to the Jackie project after the sale (OTC:CRUCF)?

Colibri will no longer hold a 50% working interest but keeps royalty exposure. According to Colibri, it retains a 1% net smelter return royalty on any future Jackie production, preserving potential upside if the project advances successfully under Silver Spruce’s ownership.

Did Colibri Resource’s common director vote on the Diamante and Jackie transactions (OTC:CRUCF)?

No, the common director abstained from voting on both transactions involving Silver Spruce. According to Colibri, Kevin O’Connor, who sits on both companies’ boards, did not participate in approvals, reflecting governance considerations around the non-arm’s length nature of the deals.