South American Tin Industry acquired the Santa Barbara gold and copper mine in Ecuador and simultaneously initiated financing of 16 million Canadian dollars.

South American Tincorp Metals Inc. (Tincorp Metals Inc.) (TSXV: TIN) announced on February 25th that it has signed a Equity Purchase Agreement with Hillwey Metals Mining Limited and its wholly-owned subsidiary Adventus Mining Corporation. According to the agreement, Tincorp Metals will pay the seller $13.5 million in cash, approximately $4.5 million in stock, and a 1.5% royalty (with the option for Tincorp Metals to repurchase 1% of the royalty for $10 million) to acquire the 100% equity of its wholly-owned subsidiary Santa Barbara Metals Inc., which owns the Santa Barbara gold-copper mine located in the Santa Barbara copper-gold metallogenic belt in southeastern Ecuador. The Santa Barbara gold-copper mine has a 52 square kilometer exploration permit. According to a NI43-101 technical report published in July 2021, the measured mineral reserves total 39.8 million tonnes, with 26.71 tonnes of gold, 4.23 tonnes of copper, and 31 tonnes of silver, averaging 0.67 grams per ton of gold, 0.11% copper, and 0.8 grams per ton of silver. In addition, there are inferred mineral resources of 166.7 million tonnes, with 86 tonnes of gold, 16 tonnes of copper, and 152 tonnes of silver, with average grades of 0.52 grams per ton of gold, 0.1% copper, and 0.9 grams per ton of silver. The project is located in the Zamora-Chinchipe province in southeastern Ecuador, approximately 76 kilometers from the city of Zamora, within the Santa Barbara copper-gold metallogenic belt and adjacent to several large producing or under construction mines. It is located 10 kilometers south of Hillwey's Condor project, 36 kilometers from Lundin Gold's Fruta del Norte gold mine, 56 kilometers from the Mirador copper-gold mine, and 96 kilometers from Solaris Resources' Warintza project, in the core radiation range of a mature mining cluster, with significant location advantages. From 1999 to 2018, the project completed a total of 56 drill holes, for a cumulative 22,027 meters of drilling, confirming a 1.2 kilometer mineralized zone with potential for further exploration in all directions and at depth, demonstrating good resource upgrading and development potential. At the same time, Tincorp Metals is simultaneously conducting a private placement financing with a total fundraising of up to $16 million Canadian dollars to provide financial support for the transaction and subsequent exploration of the project. Tincorp Metals CEO Victor Feng stated, "We are pleased to acquire this large gold-copper asset, marking the company's official entry into Ecuador, which is one of the world's fastest-growing emerging mining jurisdictions. This acquisition will benefit all shareholders. We hope to complete this transaction as soon as possible, and then immediately start project resource confirmation and further exploration work to create more value for all shareholders." Tincorp Metals is a mineral exploration company listed on the TSX Venture Exchange in Toronto, with the stock trading under the symbol TIN. The company's assets include the Porvenir tin project and the SF tin project in Bolivia. Completing this acquisition will give Tincorp Metals a large gold-copper asset in Ecuador with high exploration potential, further expanding its development boundaries, enhancing its core competitiveness, and increasing the company's attractiveness in the capital market.