ZENITH MINERALS LIMITED — Capital/Financing Update 2021

Apr 27, 2021

28[th] April 2021

EARAHEEDY ZINC DISCOVERY TO BE FAST TRACKED

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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. ($0.30) A$88M Cash (31-Dec-20) A$3.85M Debt Nil

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• Earaheedy zinc discovery to be fast tracked via an extensive accelerated exploration program, including RC and large diameter diamond core drilling to test the scale and extent of this significant discovery.

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• The exploration program is to be solely funded by project partner Rumble Resources Limited (ASX:RTR) using funds from a $40m capital raising announced by RTR today.

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• The Earaheedy zinc project, located in Western Australia, and is a joint venture between Zenith and Rumble Resources Limited (ASX:RTR). Zenith holds a 25% interest in the Earaheedy Joint Venture, with Zenith’s interest free carried until completion of a Bankable Feasibility Study.

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• Details of the Earaheedy drill program and first two drill hole results are detailed in ZNC:ASX Release dated 19[th] April 2021. Results for the remaining 24 holes at the Chinook prospect are pending.

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

Commenting on the Rumble announcement Chairman Peter Bird said: “We welcome the news that RTR are going to fast track the Earaheedy zinc discovery with an extensive accelerated exploration program underpinned by their A$40m capital raise. We look forward to working with the Rumble team in unlocking the value of this exciting discovery for the benefit of the shareholders of both groups”.

Major Shareholders

Directors HSBC Custody. Nom. BNP Paribas. Nom.	~7% 10.4% 5.0%
Granich	4.6%
Citicorp Nom	4.3%

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

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

Authorised for release by the Zenith Minerals Limited Board of Directors – 28 April 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 Media Enquiries Fraser Beattie E: fbeattie@canningspurple.com.au Phone +61 8 6314 6300

Competent Persons Statement

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:

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• 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

• 5m @ 10.4 g/t Au, and

• 12m @ 4.9 g/t Au

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• 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), 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: 4m @ 10.4 g/t Au

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• 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).

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• 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).