Tocvan: Initial Pilot Trench Samples Point to Grades Well Above Planning Assumptions

Disclaimer and Forward-Looking Information: Rockstone and Tocvan Ventures Corp. (“Tocvan”; “the Company”) expressly point out that all forward-looking information contained in this report does not represent a guarantee of future results or performance. Actual results may differ materially from those projected. Readers are referred to Tocvan’s public filings, available on SEDAR+ at www.sedarplus.ca, for a more detailed discussion of risk factors and their potential impact. All statements in this report, other than statements of historical fact, constitute forward-looking statements. This report includes expectations, interpretations, projections, calculations and assumptions based on information available at the time of writing, including public disclosures by Tocvan Ventures Corp., statements made by its management and publicly available disclosures by other mining companies. Forward-looking statements include, but are not limited to, statements, expectations and assumptions regarding: The interpretation, significance and potential economic relevance of the initial trench results from the Gran Pilar Gold-Silver Project; the extent to which the reported trench results are indicative of the grade of the approximately 5,945 tonnes of stockpiled material and of the remaining material intended as feed for the planned 50,000-tonne pilot facility; the tonnage-weighted average grade of approximately 2.1 g/t gold calculated by the author for the stockpiled material; the comparison of this estimated average grade with the Company’s planning assumption of 1.2 g/t gold and the interpretation that this planning assumption may prove conservative; the classification of Stockpile 1 by the Company’s field team as higher-grade material from Trench 20; the interpretation that oxidized material at Gran Pilar may be favourable for heap-leach processing; the significance of the gold and silver values reported from the new zone approximately 1.3 km east of the pilot area; the conversion of silver grades into approximate gold-equivalent values using an assumed gold-to-silver price ratio of approximately 75:1; the potential for mineralization at Gran Pilar to extend beyond the Main Zone, including at El Mezquite and the silver zone to the east; the four pilot scenarios prepared by the author, including assumed grades of 1.2 g/t to 2.1 g/t gold, assumed gold recoveries of 70% to 82%, contained and potentially recoverable gold ounces and gross values of approximately US$5.4 million to US$10.1 million; the assumed silver-to-gold ratio of approximately 5:1, the assumed silver recovery of 55% and the resulting potential silver ounces and gross value; the per-tonne gross value examples presented in this report; the applicability of column-test recoveries to pilot-scale heap-leach operations; the comparison of grades, recoveries, cost assumptions and production figures at Gran Pilar with those of La Herradura, La Yaqui Grande and Santana; the significance of pending trench and drill results; the completion, commissioning and operation of the permitted Gran Pilar pilot facility; the start of leaching and the targeted first doré pour in late 2026; the timing of a maiden mineral resource estimate and a preliminary economic assessment (PEA); the potential transition of Tocvan from exploration toward pilot-scale production; and the potential impact of these events on the share price of Tocvan Ventures Corp. The trench results referred to in this report are based on a limited number of samples, namely 23 samples with a combined weight of approximately 146 kg taken from three trenches. Average grades derived from these samples are not necessarily representative of all stockpiled material, of the material in each trench or of the remaining feed for the pilot facility. Individual high-grade samples, such as the reported 24.4 g/t gold sample from Trench 19, can significantly influence average grades. Trenches are typically excavated in areas of known mineralization and their results may not be representative of the broader project area. The tonnage-weighted average grade of approximately 2.1 g/t gold, the contained gold estimate of approximately 12 kg or roughly 400 ounces and all pilot scenarios presented in this report are simplified calculations prepared by the author. They are not projections, estimates or guidance of the Company and have not been reviewed or approved by a qualified person. They are based on assumed metal prices of US$4,000 per ounce of gold and US$53 per ounce of silver and on assumed grades, tonnages and recoveries. They represent gross values before mining, crushing, processing, transport, refining and administrative costs, royalties and taxes and are not an indication of revenue, profits or cash flows. The upside case assumes that the entire 50,000 tonnes would have an average grade similar to the estimated grade of the first stockpiled material. There can be no assurance that this will be the case, and the actual average grade of the pilot feed may be materially lower. Gold-equivalent values derived from silver grades are approximations that depend on metal prices and do not take into account differences in gold and silver recoveries. Statements regarding the suitability of Gran Pilar material for heap leaching are forward-looking. The Company has not published a strip ratio for the pilot operation, and the references in this report to oxidation, near-surface mineralization and climate describe general conditions that are typically considered favourable for heap leaching and should not be interpreted as confirmation of low mining or processing costs. The column-test recovery of approximately 82% gold was achieved under laboratory conditions and should not be interpreted as a guarantee that comparable recoveries will be achieved in the pilot facility or in any future commercial-scale operation. Laboratory and column-test performance may differ materially from larger-scale operating conditions due to variations in feed grade, mineralogy, oxidation, particle-size distribution, permeability, solution flow, stacking, irrigation, climate, reagent consumption, leach kinetics and operating practices. Comparisons with La Herradura, La Yaqui Grande, Santana and other mines in Sonora are based on public disclosures by the respective operators, have not been independently verified by the author and are provided for context only. These operations differ significantly from Gran Pilar in scale, geology, mineralogy, cost structure, infrastructure, stage of development and regulatory status. The figures cited for these mines refer to different categories, including mineral reserves, measured and indicated mineral resources, annual guidance and expected recoveries, which are not directly comparable with one another or with the trench results and planning assumptions for Gran Pilar. The cost assumptions cited for Santana were used in a 2023 resource estimate at a materially lower gold price, and costs at Santana and elsewhere may have increased since then. The fact that other operators mine material at lower grades should not be interpreted as an indication that Gran Pilar can be mined economically. Statements describing Tocvan as moving from pure explorer toward pilot-scale production, approaching a first gold pour or similar expressions represent forward-looking expectations based on the current construction status of the pilot facility, permitting, metallurgical test work and statements made by Tocvan management. Such statements should not be interpreted as confirmation that commercial production has commenced or will commence, that the project has demonstrated economic viability or that Gran Pilar constitutes an economically mineable mineral deposit. Although Tocvan reports that the leach pad, the processing facility and the metallurgical work are well advanced, there can be no assurance that construction or commissioning will be completed according to the current schedule, that leaching will commence as planned, that a first doré pour will occur in late 2026 or at all or that the facility will achieve anticipated throughput, feed grades, recoveries, reagent consumption, production rates, operating costs or other technical and economic parameters. Pilot-scale production is not equivalent to demonstrated commercial-scale economic viability. Any references in this report to first gold, a first doré pour, initial revenue, potential catalysts for shareholders or similar expressions should be understood in the context of the planned pilot-scale operation and not as confirmation of sustainable commercial production. Successful pilot operations would not, by themselves, establish a mineral resource or mineral reserve, demonstrate economic mineability or confirm that a full-scale commercial mine will be developed. There are currently no mineral resources and no mineral reserves defined for the Gran Pilar Project. The decision to proceed with a pilot operation is not based on a feasibility study, which entails increased technical and economic uncertainty. Mineralized material processed through the pilot facility does not necessarily constitute ore in the economic sense. There can be no assurance that a maiden mineral resource estimate or a PEA will be completed within any particular timeframe or at all, that pending or future trench and drill results will return similar grades or confirm current geological interpretations, or that exploration success will translate into mineral resources, mineral reserves or an economically viable operation. Further drilling, mineral resource estimation, metallurgical testing, engineering, mine planning, permitting, financing and economic studies may be required before any future commercial-scale mining operation could be developed. Forward-looking statements are subject to numerous known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied. These include, but are not limited to: The speculative nature of mineral exploration, development and pilot-scale mining; geological, sampling and metallurgical uncertainty; the limited number and representativeness of trench samples; variability in feed grade, mineralogy, oxidation and gold-silver deportment; uncertainty regarding laboratory-to-pilot-scale recovery performance; heap permeability, solution flow and leach kinetics; reagent availability and consumption; water availability and quality; weather events, including heavy rainfall; processing, construction, commissioning and operating risks; equipment availability and performance; contractor performance; labour availability and costs; delays in completing or commissioning the pilot facility; the possibility that the targeted first doré pour in late 2026 may be delayed or not achieved; the possibility that gold or silver recoveries may be lower than laboratory results, the author’s assumptions or management expectations; the possibility that operating costs may be higher than anticipated; uncertainty regarding product specifications and marketability; the possibility that prospective buyers may not enter into commercial arrangements; financing and liquidity risks; future shareholder dilution; commodity-price risk; gold and silver price volatility; exchange-rate fluctuations; energy, reagent, labour and capital-cost inflation; permitting, environmental, water, infrastructure, land-access and community-relations risks; political, legal, regulatory, taxation, security and social risks associated with operating in Mexico; capital-market conditions; and other risks beyond the Company’s control. Any references in this report to the estimated average grade of the stockpiled material, grades above the planning assumption, potential upside, potentially recoverable ounces, gross values, comparisons with other mines in Sonora, first production, transition from explorer toward producer, project scale, growth potential, potential catalysts, share-price appreciation or similar expressions represent expectations, interpretations, calculations or opinions based on publicly available information at the time of publication and, where applicable, statements made by Tocvan management. Such statements should not be interpreted as confirmation of future grades, recoveries, operating costs, economic viability, binding commercial agreements, future revenues, profitability, commercial production, financing, share-price appreciation or investment returns. The description of potential events as catalysts for shareholders does not constitute investment advice. Forward-looking statements are inherently subject to significant risks and uncertainties and there can be no assurance that such statements will prove accurate. Assumptions made by management or interpretations and calculations made by the author may prove to be incomplete, overly optimistic or incorrect. Actual trench and drill results, construction progress, commissioning, pilot production, metal prices, commercial negotiations, operating results, economic conditions and future events may differ materially from those expressed or implied in this report. Readers are cautioned not to place undue reliance on forward-looking statements and should review the risk factors described in Tocvan Ventures Corp.’s public filings before making any investment decision. Neither Rockstone, the author nor Tocvan Ventures Corp. undertakes any obligation to update or revise forward-looking statements, except as required by applicable law.

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