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
Source: Colibri Resource Corporation
