ZENITH MINERALS LIMITED — Capital/Financing Update 2021

Jun 23, 2021

24[th] June 2021

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Corporate Details

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

Issued Shares 294.4M Unlisted options 16.55M Mkt. Cap. ($0.27) A$79M Cash (31-Mar-21) A$3.1M Debt Nil

SUPPLEMENTARY INFO ON DIVESTMENT OF FLANAGANS

Further to an announcement dated 23 June 2021 regarding the divestment of Flanagans copper-gold project, Zenith Minerals Limited (Zenith) advises that the binding heads of agreement Bindi Metals Limited (Bindi) is conditional on the successful listing via an initial public offering (IPO) of Bindi on the Australian Securities Exchange (ASX) before 31 December 2021, and other customary regulatory approvals such as ASX admission and ministerial approval to transfer tenement title.

While the actual date of completion is unknown at this stage, the agreement will lapse in the event conditions precedent are not satisfied by 31 December 2021 (unless extended by both parties). Upon completion Zenith will receive $200,000 cash and IPO shares valued at $250,000. Cash proceeds from the sale will go towards project expenditure and general working capital of the Company.

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 CFO & Co Sec

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 – 24[th] June 2021

For further information contact Zenith Minerals Limited:

Major Shareholders	Major Shareholders
Directors	~7%
HSBC Custody. Nom. BNP Paribas. Nom. Citicorp Nom	10.4% 5.0% 4.3%
Granich	4.1%

Directors Michael Clifford or Peter Bird E: mick@zenithminerals.com.au / peter@zenithminerals.com.au Phone +61 8 9226 1110

Competent Persons Statement

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.

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 information in this report that relates to Exploration Results 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

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:

• Red Mountain Gold Project in Queensland (100% owned) where ongoing drilling is following-up the highgrade 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), including:

• 13m @ 8.0 g/t Au & 3.2 g/t Ag from surface

• 15m @ 3.5 g/t Au, incl. 2m @ 22.4 g/t Au

• o 5m @ 10.4 g/t Au, and

• 12m @ 4.9 g/t Au

• Split Rocks Gold Project in Western Australia (100% owned), where recent 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, 15Ja-21, 11-Mar-21, 21-Apr-21), including:

• Dulcie North: 32m @ 9.4 g/t Au, incl 9m @ 31.4 g/t Au.

• Dulcie Laterite Pit:

  • § 2m @ 14.5 g/t Au, incl. 1m @ 20.8 g/t Au,

  • § 18m @ 2.0 g/t Au (EOH) incl. 1m @ 23.7 g/t Au &

  • § 14m @ 3.5 g/t Au

• Estrela Prospect: 2m @ 9.8 g/t Au (open to north & south)

• Dulcie Far North: 5m @ 5.6 g/t Au incl. 4m @ 6.8 g/t Au

• Water Bore: 3m @ 6.6 g/t Au

• Develin Creek Copper-Zinc Project in Queensland (100% owned) – maiden drill test of the new Snook copper target located 30km south of Zenith’s JORC resources discovers massive copper-zinc sulphides (ASX Release 17-Dec-20).

• Jackadgery Gold Project in New South Wales (option to earn initial 90%), historic trenching returned 160m @ 1.2 g/t Au. No drilling to date. Zenith planning maiden drill test (ASX Release 10-Sep-20).

• Earaheedy Zinc Project in Western Australia (25% free carry to end 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).