FORM 51-102F3

MATERIAL CHANGE REPORT

1. NAME AND ADDRESS OF COMPANY

Leocor Mining Inc.
Suite 303, 750 West Pender Street
Vancouver, BC
V6C 2T7

2. DATE OF MATERIAL CHANGE

August 6, 2025

3. PRESS RELEASE

The press release was issued on August 6, 2025 and was disseminated through the facilities of a recognized newswire services. A copy of the press release was filed on SEDAR.

4. SUMMARY OF MATERIAL CHANGE

Leocor Mining Drills 28.5 g/t Au over 0.4m at Dorset Gold Project, Baie Verte, Newfoundland

5. FULL DISCLOSURE OF MATERIAL CHANGE

Full Description of Material Change

Vancouver, British Columbia – August 6, 2025 – Leocor Mining Inc. (the “Company” or “Leocor”) (CSE: LECR, OTCQB: LECRF; Frankfurt: LGOO) (formerly Leocor Gold Inc.), a junior resource company focussed on the exploration and development of precious metals projects in Eastern Canada, is pleased to report final assay results from its recently completed drill program at the Dorset prospect, located within the Company’s 2,002-ha contiguous Baie Verte gold-copper exploration project. The Baie Verte project (“The Project”) is situated on the north central coast of the island of Newfoundland in the province of Newfoundland and Labrador, Canada.

The complete geochemical results received from SGS Canada, support the results of previous exploration at the project and confirm the presence of orogenic gold mineralization at Dorset.

Gold Highlights Include:

Drillhole 25-DR-001

0.5m of 3.25 g/t Au within 1.1m of 1.61 g/t Au beginning at 42.5m downhole
0.3m of 1.07 g/t Au beginning 100.3m downhole

Drillhole 25-DR-005

0.6m of 1.13 g/t Au within 1.1m of 0.67g/t beginning 37.0m downhole
0.4m of 28.5 g/t Au beginning 76.9m downhole

Further significant results from the drilling program are presented in Table 1, and images of the 25-DR-005 highlights are presented below in Figures 1 and 2.

Figure 1. Samples 229763 and 229764 in hole 25-DR-005 which ran $0.12\mathrm{g / t}$ Au and $1.13\mathrm{g / t}$ Au respectively for a length weighted composite of $0.67\mathrm{g / t}$ over $1.1\mathrm{m}$ from $42.5\mathrm{m}$ downhole

Figure 2. Sample 229771 in hole 25-DR-005 which ran $28.5\mathrm{g / t}$ Au over $0.4\mathrm{m}$ drilled length.

The Dorset drill holes successfully followed up the Copper Creek drill program, the results of which were announced in the Company's News Release dated July 8, 2025. These results support preliminary interpretations that the claims represent the stockwork feeder zone of a Volcanogenic Massive Sulphide ("VMS") mineralizing system. In addition to stockwork chalcopyrite mineralization the program identified additional hallmarks of VMS systems including anomalous zinc mineralization and lenses of massive and semi-massive pyrite.

Results reported July 8 include the following Copper highlights:

$3.6\mathrm{m}$ of $1.49\%$ Cu Including $0.9\mathrm{m}$ of $3.22\%$ Cu within $6.1\mathrm{m}$ of $0.99\%$ Cu in hole CC-25-001 beginning at $31.7\mathrm{m}$ downhole
$6.6\mathrm{m}$ of $0.44\%$ Cu Including $0.6\mathrm{m}$ of $1.97\%$ Cu in hole CC-25-002 beginning at $15.2\mathrm{m}$ downhole
$3.6\mathrm{m}$ of $0.66\%$ Cu Including $1.8\mathrm{m}$ of $0.92\%$ Cu Within $6.0\mathrm{m}$ of $0.45\%$ Cu in hole 25-CC-006 beginning at $19.0\mathrm{m}$ downhole.
$4.1\mathrm{m}$ of $0.56\%$ Cu Including $1.4\mathrm{m}$ of $1.43\%$ Cu in hole 25-CC-014 beginning at $45.7\mathrm{m}$ downhole.

Zinc highlights include:

$3.0\mathrm{m}$ of $0.34\%$ Zn Including $1.0\mathrm{m}$ of $0.69\%$ Zn in hole 25-CC-006 beginning at $47\mathrm{m}$ downhole.

"The overall results of the 2025 drill program at our Baie Verte project proved fruitful," said Alex Klenman, CEO of Leocor Mining. "We were able to confirm the presence of a VMS system in a maiden effort at Copper Creek. The Dorset claims continue to generate positive gold values. We are immediately planning follow up work to prepare for further drilling. We're pleased with the results to date and are eager to continue development of the Baie Verte project," continued Mr. Klenman.

Modelling work is underway to place these results within the geological context of the project and the Company is planning follow-up exploration activities to evaluate the potential of this mineral system. Specifics of the next round of work will be announced shortly.

Significance of These Results

The Baie Verte Peninsula hosts a well-documented mineral endowment, including several significant gold occurrences and mines associated with the regional Baie Verte Lineament (BVL). This geological setting is conducive to the development of epigenetic gold mineralization, which is supported by a strong correlation with iron-rich rock types. Similar mineralization is documented at nearby prospects, including the past producing Goldenville and Nugget Pond Mines as well as currently producing Pine Cove and Stogertite Deposits. Gold associated with proximal VMS deposits in the region is also interpreted to be epigenetic in origin Figure 3 below outlines notable mineral deposits within the Baie Verte Peninsula.

Figure 3. Notable Mineral deposits on the Baie Verte Peninsula

Dorset Drilling

At the end of March 2025, the company completed a campaign comprising six diamond drillholes totalling 732 meters at Dorset. The program was designed to follow up on significant gold anomalism in field sampling, trenching, and historical drillhole campaigns which were originally focused on

surficial alteration and outcropping veins. The 2025 program represents the first diamond drilling campaign undertaken at Dorset by Leocor. Drillhole Collar information is detailed in Table 1.

Table 1. Drillhole Collar information for the 2025 Dorset diamond drilling program

Hole ID	Easting	Northing	Dip	Azimuth	Length
25-DR-001	555060.8	5527022.5	-45	140	173
25-DR-002	555034.3	5527067.0	-45	140	125
25-DR-003	555061.7	5527020.5	-70	140	128
25-DR-004	555107.8	5526982.8	-45	140	131
25-DR-005	555376.6	5527045.0	-45	120	86
25-DR-006	555359.8	5527075.2	-45	140	89

Table 2. Significant Gold intercepts from the Dorset Prospect, Baie Verte Project, Newfoundland and Labrador. Core lengths are presented, and true widths are unknown currently. Significant intervals defined as composite intervals with a length weighted average grade above $0.1\mathrm{g / t}$ Au over any drilled length

Hole ID		From (m)	To (m)	Length (m)	Grade (g/t Au)
25-DR-001	Including	14.8	16.8	2.0	0.09
		16.4	16.8	0.4	0.23
25-DR-001		32.9	33.4	0.5	0.10
25-DR-001		37.5	38.0	0.5	0.22
25-DR-001	Including	42.5	43.6	1.1	1.61
		42.5	43.0	0.5	3.25
25-DR-001		49.0	49.5	0.5	0.27
25-DR-001	including and within	72.4	75.5	3.1	0.38
		72.7	73.3	0.6	0.70
		74.7	75.5	0.8	0.57
		67.5	75.5	8.0	0.20
25-DR-001		100.3	100.6	0.3	1.07
25-DR-001		105.7	106.1	0.4	0.29
25-DR-001		117.8	118.4	0.6	0.14
25-DR-001		140.3	140.8	0.5	0.12
25-DR-001		146.8	147.8	1.0	0.21
25-DR-001		158.2	158.5	0.3	0.36
25-DR-002	Including	14.9	16.2	1.3	0.41
		15.6	16.2	0.6	0.62
25-DR-002	Including	20.6	21.9	1.3	0.24
		21.5	21.9	0.4	0.34
25-DR-003		7.7	8.1	0.4	0.40
25-DR-004		12.0	13.0	1.0	0.14
25-DR-004		35.8	36.1	0.3	0.77
25-DR-004		62.4	62.7	0.3	0.14
25-DR-004		64.8	65.1	0.3	0.22
25-DR-004		75.4	76.1	0.7	0.11
25-DR-004		79.9	80.9	1.0	0.33
25-DR-005	Including	36.5	37.6	1.1	0.67
		37.0	37.6	0.6	1.13

25-DR-005	76.9	77.3	0.4	28.50
25-DR-006	8.1	8.4	0.3	0.22
25-DR-006	42.6	43.6	1.0	0.19

Figure 4: Location of the Baie Verte Project, NW Newfoundland

For more information regarding Leocor's Baie Verte Project, including detailed figures, assessment details, and historic data, please visit our website.

Qualified Person

David Murray, P.Geo., Principal Consultant at Resourceful Geoscience Solutions, A Consultant to Leocor is an Independent Qualified Person within the meaning of National Instrument 43-101

Standards of Disclosure for Minerals Projects, has reviewed and approved the technical information presented herein.

Laboratory Technical Note

Analytical services were provided by SGS Canada, which is an independent, CALA-accredited analytical services firm registered to ISO 17025 standard. A 3rd party contractor was employed to half drill core by sawing. This contractor transported core between the logging, sawing and Laboratory locations. Sample Preparation took place at SGS' facility in Grand Falls-Windsor, Newfoundland and Labrador, analysis was conducted at SGS Burnaby British Columbia. Samples were crushed to 75% passing 2 mm, riffle split 250 g and pulverized to 85% passing 75 microns. Au assays were conducted on 30g of pulverized material using the Fire Assay method with a 4-acid digestion. Multi-element analyses, including base metals, were conducted on pulverized material using the ICP method for 40 elements. Laboratory over-limits analysis methods were applied as required. A systematic QAQC protocol was employed that includes systematic insertion in the sample stream of certified reference materials and blank samples, plus analysis of duplicate pulp splits and ¼ core duplicates.

Technical Reference

Hibbard, J., 1983, Geology of the Baie Verte Peninsula, Newfoundland: Mineral Development division Department of Mines and Energy, Government of Newfoundland and Labrador

About Leocor Mining Inc. (Formerly Leocor Gold Inc.)

Leocor Mining Inc. is a British Columbia-based resource company involved in the acquisition and exploration of precious metal projects, with a current focus in Atlantic Canada. Leocor, through outright ownership and earn-in agreements, currently controls several gold-copper projects in prime exploration ground located within the prolific Baie Verte Mining District. Leocor's Bae Verte portfolio includes the Dorset, Dorset Extension, Copper Creek and Five Mile Brook projects, creating a contiguous ~2,000-hectare exploration corridor. For more information, sign up for news alerts, watch our corporate video, or view our presentation at our website.

Contact Information

Leocor Mining Inc.
Alex Klenman, Chief Executive Officer
Email: [email protected]
Telephone: (604) 970-4330

6. RELIANCE ON SUBSECTION 7.1(2) OF NATIONAL INSTRUMENT 51-102

Not applicable.

7. OMITTED INFORMATION

No information has been intentionally omitted from this form.

8. EXECUTIVE OFFICER

The name and business number of an officer of the Company through whom an executive officer who is knowledgeable about the material change and this report may be contacted is:

Alex Klenman
Chief Executive Officer
Tel: 604-970-4330

9. DATE OF REPORT

DATED this 6th day of August, 2025.

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