ZENITH MINERALS LIMITED — Board/Management Information 2021

Oct 10, 2021

11[th] October 2021

STRATEGIC REVIEW AND BOARD CHANGES

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• The Company has conducted a review of the required capability within the business overall to ensure it executes its value-based Strategy.

• The Strategy focusses on a core base & precious metals portfolio which is now transitioning and growing via exploration investment.

• This review has considered several matters with two of the key issues addressed in this release.

Corporate Details

Zenith Minerals Limited (ASX:ZNC) ABN: 96 119 397 938

Issued Shares 323.1M Unlisted options 15.7M Mkt. Cap. ($0.22) A$71.1M Cash (5-Aug-21) A$7.5M Investments (9-Sep-21) A$6.3M Debt Nil

Directors

Peter Bird Exec Chair Michael Clifford Director-CEO Stan Macdonald Non-Exec Director Julian Goldsworthy Non-Exec Director Graham Riley Non-Exec Director Nicholas Ong Co Sec Nick Bishop………..CFO

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• Taking the correct strategic approach in relation to assets within the portfolio and

• Consider the closely related human capital requirements to ensure execution of the Strategy has few skill gaps.

• Strategic Approach - leading advisory firm Grant Samuel have been engaged to assist Zenith in this regard. Work in this area is broad based and will be ongoing over the coming months. Grant Samuel provides important insight and market intelligence having assisted many leading and emerging resource companies in relation to matters such as asset value maximisation, corporate action and business structuring.

• Human Capital - One of the key human capital requirements is to proactively transition and fine tune the leadership in lock step with projected changes in the Company’s assets. The first part of this process begins with the Board. In relation to the Board the following steps will now take place:

• At the upcoming AGM Mr Graham Riley has elected to retire from his position as a Non-Executive Director to pursue private interests.

Major Shareholders

Directors	6.3%
HSBC Custody. Nom.	9.8%
Citicorp Nom	7.6%
BNP Paribas. Nom.	6.5%
Granich	3.8%

• Immediately subsequent to the AGM, a new Non-Executive Director with strong corporate finance experience including project financing and deal structuring will be appointed. A suitable candidate has been identified and once engagement arrangements and related due diligence are completed more details will be disclosed.

Our Vision

Zenith has a vision to build a gold and base metals business with a team of proven project finders.

Focus is on 100% owned Zenith projects, whilst partners progress multiple additional opportunities using partner funds.

Executive Chairman Mr Peter Bird said “In the early part of CY2020 the Company refocussed its Strategy with the key emphasis being on base and precious metals. Since that time the core projects have all been advanced and a series of non-core assets have been divested or partnered (restructured).

As many readers would be aware some of the highlight events include:

Contact Us

Level 2, 33 Ord Street WEST PERTH WA 6005 PO Box 1426 WEST PERTH WA 6872 Telephone: (08) 9226 1110 Email:info@zenithminerals.com.au Web:www.zenithminerals.com.au

• The major base metal discovery at the Earaheedy JV (ZNC 25% free carried to BFS)

• The advancement of Split Rocks (ZNC 100%) with a likelihood of a maiden resource in early CY2022

• A very focussed exploration and drilling campaign at the Develin Creek Copper project (ZNC 100%)

• Firming up the balance sheet of the Company and

• Major value accretion for listed investment assets in the past 12 – 18 months.

Each of these events has caused the Company to focus its strategic thinking as to what should be the likely pathway for the business over the coming 12 - 24 months.

It is clear that the business has the potential to change from that of a small scale “general explorer” into one that is likely to be directly and indirectly involved in pre-development drill outs, project prefeasibility work, development funding and potential corporate actions. It is therefore important to position the business for that likely pathway. Strategy is set and being implemented, the parallel action is to ensure the group has the appropriate spread of skills, experience and expertise.

With the announced retirement of Graham, the Board would like to take this opportunity to acknowledge his contribution to the business both as a strong common sense Non-Executive Director and significant shareholder. In my tenure with the business one cannot underestimate Graham’s contribution on matters of substance. Graham has had a very well documented career both as a lawyer and in a series of senior company and board roles. His career extends over several decades and includes the following: He kicked off having gained his Bachelor of Law and Bachelor of Jurisprudence Degrees. After 10 years legal practice as a partner of a commercial firm in Perth, he resigned to pursue private interests in the resources and exploration sector. Graham previously served as NonExecutive Chairman of Giralia Resources NL, Buru Energy NL, Entek Energy Limited, Red Hill Iron Limited and a Director of Adelphi Energy NL. He was also a Non-Executive Director of Arc Energy Limited.

We very much appreciate Graham’s contribution and we will continue to interact with him as a significant shareholder. Graham will be available over the ensuing period to ensure an appropriate handover to the new incumbent, and be available for consultation regarding any ongoing corporate matters where his past experience may assist.

The business is well placed to capitalise on the success to date and we believe that the only thing that will remain constant in the upcoming 12 months is change. This change will take place in several areas. We will continue to adjust human capital needed to match the Strategy, continue to plan for ongoing asset growth and always consider business restructuring - all aimed at delivering value to shareholders.”

For further information please refer to the Company’s website or contact the Company directly.

Authorised for release by the Zenith Minerals Limited Board of Directors – 11[th] October 2021

For further information contact Zenith Minerals Limited:

Directors Michael Clifford or Peter Bird

E: mick@zenithminerals.com.au / peter@zenithminerals.com.au (Phone +61 8 9226 1110)

Competent Persons Statement

The information in this report that relates to Exploration Results and Mineral Resources is based on information compiled by Mr Michael Clifford, who is a Member of the Australian Institute of Geoscientists and an employee of Zenith Minerals Limited. Mr Clifford has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr Clifford consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

Material ASX Releases Previously Released

The Company has released all material information that relates to Exploration Results, Mineral Resources and Reserves, Economic Studies and Production for the Company’s Projects on a continuous basis to the ASX and in compliance with JORC 2012. The Company confirms that it is not aware of any new information that materially affects the content of this ASX release and that the material assumptions and technical parameters remain unchanged.

About Zenith Minerals Limited (ASX:ZNC)

Zenith has a vision to build a gold and base metals business with a team of proven project finders. Focus is on 100% owned Zenith projects, whilst partners progress multiple additional opportunities using third party funds. Zenith is continuing to focus on its core Australian gold and copper projects including:

Earaheedy Zinc		Western Australia	25% free carry to BFS
New major zinc discovery to be fast tracked with extensive accelerated exploration program underpinned by a
recent $40M capital raising by partner Rumble Resources	Limited (ASX:RTR) (ASX Releases 28-Apr-21, 2-Jun-21, 8-
Jun-21).
Develin Creek Copper - Zinc		Queensland	100% Owned
Inferred Mineral Resource 2.57Mt @ 1.76% Cu, 2.01% Zn, 0.24% Au & 9.6g/t Ag (ASX Release 15-Feb-15). Testing 8
targets with multi-rig drill campaign.
Sulphide City (ASX Release 5-Jul-21). 34m @ 3.5% Cu+Zn		29m @ 3.5% Cu+Zn
incl 10m @ 6.0% Cu+Zn		incl 12.3m @ 6.7% Cu+Zn
Red Mountain Gold		Queensland	100% Owned
Drilling is following-up the high-grade near surface gold and silver intersected in the			maiden & subsequent drill
programs (ASX Releases 3-Aug-20 & 13-Oct-20, 9-Nov-20,	21-Jan-21).
Results incl: 13m @ 8.0 g/t Au		15m @ 3.5 g/t Au
5m @ 10.4 g/t Au		12m @ 4.9 g/t Au
Split Rocks Gold		Western Australia	100% Owned
Zenith drilling returned - high-grade near surface gold mineralisation at multiple targets (ASX Release 5-Aug-20, 2-
Sep-20, 19-Oct-20, 28-Oct-20, 15-Jan-21, 11-Mar-21, 21-Apr-21,		24-Jun-21, 30-Sep-21).	Results include:
Dulcie North 32m @ 9.4 g/t Au, incl 9m @ 31.4 g/t Au 16m @ 1.3 g/t Au
Dulcie Laterite Pit 2m @ 14.5 g/t Au		18m @ 2.0 g/t Au
14m @ 3.5 g/t Au
Estrella 2m @ 9.8 g/t Au
Dulcie Far North 5m @ 5.6 g/t Au		4m @ 10.2 g/t Au
Water Bore 3m @ 6.6 g/t Au
Scotts Grey 12m @ 1.7 g/t Au		2m @ 7.6 g/t Au

Investments

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