vTribeca Resources Corporation announced that it has reached an agreement (extension agreement) with the owners (the Vendors) of the Gaby-Totito property located in the Coquimbo province of Chile (Property) to extend a purchase option agreement entered into between the Company and the Vendors on March 15, 2019, as amended, restated, supplemented or otherwise modified from time to time (the "Purchase Option Agreement"), under which the Company has the option to purchase a 100% interest in the Property (the "Purchase Option"). Under the Extension Agreement, the deadline of the final purchase payment due to the Vendors under the Purchase Option Agreement has been extended for a period of twelve months (the "Extension") in consideration of the Company paying the Vendors a one-time USD 50,000 premium upon execution of the Extension Agreement and making a 10% partial payment on the original Purchase Option expiry date. The revised acquisition timetable significantly reduces the Company's funding requirements for 2024 and provides Tribeca with additional time to focus on growing the Gaby discovery towards a first resource estimate.

The Company will continue to pay to the Vendors exploration levy payments (the "Exploration Levy Payments") equal to 5% of exploration expenditures incurred on the Property during the Extension. Further, during the Extension, the frequency of the Exploration Levy Payments will change from annual to semi-annually. Cumulative Exploration Levy Payments will remain capped at USD 500,000.