ZENITH MINERALS LIMITED — Investor Presentation 2021

Feb 4, 2021

5 February 2021

INVESTOR PRESENTATION - UPDATE

==> picture [117 x 90] intentionally omitted <==

Corporate Details

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

Issued Shares 294.4M Unlisted options 16.55M Mkt. Cap. ($0.13) A$38M Cash (31st Dec 20) A$3.85M Debt Nil

The Company is pleased to provide an updated investor presentation.

An audio presentation recorded with Reach Markets and is available at the following link*: https://reachmarkets.com.au/webcast/zenith-mineralsinvestor-briefing-3-february/

• The presentation is an updated overview incorporating results that have previously been released to the ASX.

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 – 5[th] February 2021

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 contact:

Zenith Minerals Limited

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

Major Shareholders

Directors	~8%
HSBC Custody. Nom. J P Morgan Granich	10.8% 5.3% 4.6%
Citicorp Nom	4.3%

Media Enquiries

Fraser Beattie E: fbeattie@canningspurple.com.au Phone +61 8 6314 6300

Competent Persons Statement

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

==> picture [57 x 57] intentionally omitted <==

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 drill program (ASX Releases 3 Aug 20 & 13 Oct 20), including:

• 13m @ 8.0 g/t Au & 3.2 g/t Ag from surface, incl. 6m @ 16.7 g/t Au & 5.3g/t Ag

• o 15m @ 3.5 g/t Au, incl. 2m @ 22.4 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, 19-Oct-20, 28-Oct-20), including: o Dulcie North: 32m @ 9.4 g/t Au, incl 9m @ 31.4 g/t Au with the highest individual 1m sample returning 199.2 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

• 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).

P R E S E N TAT I O N R E A C H M A R K E T S 3[r d] F e b r u a r y 2 0 2 1 F o c u s e d E x p l o r a t i o n o n C o r e G o l d & C o p p e r P r o j e c t s

==> picture [202 x 138] intentionally omitted <==

Why Zenith?

==> picture [60 x 51] intentionally omitted <==

1. Our Strategy - very focused on precious and base metals

2. Very active on 3 Gold & 1 Copper Project in Australia – drilling 3 projects this quarter

3. Gold projects are in Tier 1 regions that have proven multi-million ounce historic and current gold endowment

4. Strategy is to target large scale deposits capable of making a significant value impact to the Company

5. Projects are given priority in what is an extensive portfolio and are ranked by their technical merit, as evaluated by a very experienced team

6. Sufficient cash to significantly advance the portfolio with reserves of ~$3.8m

==> picture [780 x 27] intentionally omitted <==

Corporate Structure

==> picture [60 x 51] intentionally omitted <==

==> picture [378 x 221] intentionally omitted <==

----- Start of picture text -----

Share Price
Source: CommSec.com.au
----- End of picture text -----

Major Shareholders
Directors	8%
HSBC Custody Nom	10.8%	Top 40 hold 67%
J P Morgan Nom.	5.3%
Granich	4.6%
City Corp	4.3%

Capital Structure			ASX:ZNC
Share Price (1 Feb 21)			$0.13
Shares on Issue - ZNC fully paid ordinary			294.4m
Market Capitalisation			$37m
Cash (31 Dec 20)			$3.8m
Listed Equities 4.1m RTR Shares (31	Dec	20)	$0.5m
Contact Details:
Level 2 / 33 Ord Street			Listed in 2007
West Perth, WA, 6005		Limiting Shareholder Dilution
Mail: PO Box 1426			Tightly Held
West Perth, WA, 6872	Experienced Board & Management
T: +61 8 9226 1110
E: info@zenithminerals.com.au
W: www.zenithminerals.com.au
Zenith Minerals Limited ABN: 91 119 397 938

==> picture [780 x 27] intentionally omitted <==

Our most active Projects

==> picture [60 x 51] intentionally omitted <==

1. Red Mountain Gold Project – Queensland (100% owned)

• High-grade near surface gold & silver in Zenith’s maiden drill campaign[1] - drilling continuing

• 13m @ 8.0 g/t Au incl 6m @ 16.7 g/t Au from surface

• 15m @ 3.5 g/t Au, 2m @ 8.0 g/t Au & 109.4 g/t Ag

2. Split Rocks Gold Project - Western Australia (100% owned)

• Targets over 18km - beneath & along strike from current mines & resources, 2km long target for RC testing

• 32m @ 9.4 g/t Au, 16m @ 3.7 g/t Au, 18m @ 2.0 g/t Au, 2m @ 14.5 g/t Au, 5m @ 5.6 g/t Au[2]

3. Develin Creek Copper-Zinc Project (100% owned) - Queensland

• Maiden drill test of the new Snook copper target located 30km south of Zenith’s JORC resources discovers .

• massive copper-zinc sulphides[3]

4. Jackadgery Gold Project – (earning 90% owned) – New South Wales

• Historic trench 160m @ 1.2 g/t Au, drilling in early 2021

1 ASX Release 3 Aug 20 & 13 Oct 20 2 ASX Release 2 Sep 20, 19 & 29 Oct 20 3 ASX Release 7 Dec 20

==> picture [780 x 27] intentionally omitted <==

Queensland Project Locations

==> picture [60 x 51] intentionally omitted <==

15 Moz Au Gold Region[1]

Red Mountain Gold Project (100% ZNC) Flanagans Gold Project (100% ZNC) – to be further advanced in early 2021 Develin Creek Copper Zinc Project (100% ZNC)

==> picture [361 x 411] intentionally omitted <==

15m oz Au gold district. Located b/w Cracow (2Moz), Mt Rawdon (2.5Moz) & Mt Morgan (8.5Moz) gold projects (not ZNC projects)1

==> picture [780 x 27] intentionally omitted <==

==> picture [349 x 475] intentionally omitted <==

Red Mountain Gold

Discovery History[1]

• 1200m long high-order gold anomaly: soils 2.2g/t Au,

• 1.6 g/t Au, 1.3 g/t Au, 0.56 g/t Au,

• Gold in rocks to 2.0 g/t Au & 114 g/t Ag (silver);

• Previously unknown volcanic breccia complex

• Gold mineralisation - western margin of breccia

• Analogous to known large scale commercial gold deposits in Queensland – eg Mt Rawdon & Mt Wright.

• Zenith’s maiden drill test in May-Jun 2020 returned

• highly encouraging near surface high grade results – drilling continues

==> picture [258 x 23] intentionally omitted <==

----- Start of picture text -----

Red Mountain Plan Showing Gold Zones, Targets and
Planned Drilling
----- End of picture text -----

==> picture [780 x 27] intentionally omitted <==

1 ZNC ASX Releases 24 Sep 19, 25 Oct 19 & 25 Nov 19, Drill results 17 Jun 20, 19 Oct 20 & 29 Oct 20

Cross Section - Red Mountain Western Zone High-Grade Gold

Drill Results

==> picture [354 x 446] intentionally omitted <==

==> picture [300 x 28] intentionally omitted <==

----- Start of picture text -----

Red Mountain Plan with West Zone High-Grade
Gold Results
----- End of picture text -----

==> picture [304 x 421] intentionally omitted <==

Next Step: Further Diamond drilling

==> picture [60 x 51] intentionally omitted <==

ZNC ASX Releases 17 Jun 2020 3 Aug 2020 24 Aug 2020 19 Oct 2020 29 Oct 2020 30 Nov 2020 21 Jan 2021

Red Mountain Gold M t W r i g h t A n a l o g y

==> picture [572 x 428] intentionally omitted <==

==> picture [60 x 51] intentionally omitted <==

Zenith’s Red Mountain gold mineralisation like that at the Mount Wright gold mine

Split Rocks Gold

Ownership: 100% Location: WA Commodity: Gold & Lithium Stage: Drilling

==> picture [60 x 51] intentionally omitted <==

Located halfway between Perth & Kalgoorlie

>10Moz Au gold district 650 sq km of tenure, most licences 100% owned 18 targets defined over 18km strike extent First large anomaly now being RC tested

==> picture [503 x 409] intentionally omitted <==

DHLGO = Dulcie Heap Leach Gold Operation, Zenith has subsurface rights (gold below 6m)[1]

==> picture [780 x 27] intentionally omitted <==

Split Rocks Gold

Recent ZNC results[2] : Dulcie Laterite Pit

• 16m @ 3.7 g/t Au

• • 18m @ 2.0 g/t Au (eoh)

• • 10m @ 1.8 g/t Au

• 2m @ 14.5 /t Au

• 4m @ 2.7 g/t Au

• • 8m @ 1.1 g/t Au

• • 4m @ 1.7 g/t Au

• • 16m @ 0.8 g/t Au (eoh)

• • 14m @ 0.9 g/t Au (eoh)

Dulcie North - 32m @ 9.4 g/t Au, incl 9m @ 31.4 g/t Au Dulcie Far North - 5m @ 5.6 g/t Au

Historic results[1] :

• 6.0m @ 16.91 g/t Au

• • 2.0m @ 32.73 g/t Au

• 2.0m @ 16.53 g/t Au

Multiple Drill Targets in Multi-Million Ounce Gold District

==> picture [369 x 512] intentionally omitted <==

----- Start of picture text -----

Figure 2
----- End of picture text -----

2 ZNC ASX Release 21 Oct 19, 28 Oct 19, 5 Aug 20 & 2 Sep 20, 19 Oct 20, 29 Oct 20,

1 ZNC ASX Release 12 Sep 19

DHLGO = Dulcie Heap Leach Gold Operation, Zenith has subsurface rights

==> picture [60 x 51] intentionally omitted <==

2km long target

==> picture [649 x 416] intentionally omitted <==

Next Steps: 2km long drill target – Further Drilling 2021

==> picture [780 x 27] intentionally omitted <==

==> picture [60 x 51] intentionally omitted <==

Develin Creek Copper

==> picture [329 x 463] intentionally omitted <==

• 100% owned VMS copper – zinc play

• 2.57Mt @ 1.76% copper, 2.01% zinc, 0.24g/t gold and 9.6g/t silver (2.62% CuEq)[1]

• Control of 50km of prospective host sequences

• New Snook copper prospect maiden drill test returns massive copper-zinc sulphides, incl 3m @ 1.6% copper, 1.1% zinc, 43 g/t silver, 0.2 g/t gold

==> picture [343 x 174] intentionally omitted <==

Next Steps: Follow-up Drilling

1 ZNC ASX Release 15 Feb 2015, 2 ZNC ASX Release 3 May 2020, 7 Dec 2020

Jackadgery Gold Project

==> picture [60 x 51] intentionally omitted <==

==> picture [273 x 327] intentionally omitted <==

Jackadgery Gold Project - Location

==> picture [320 x 329] intentionally omitted <==

Jackadgery Project – Target Summary (Zenith planned drill hole locations are subject to final design, access & permitting)

Next Steps:

Permitting for maiden drill test Q1 2021

Historic Trench 160m @ 1.2 g/t Au

ZNC ASX Release 30 Oct 20

Newsflow

==> picture [60 x 51] intentionally omitted <==

Red Mountain Gold Project – Queensland (100%) DD drilling continuing

==> picture [49 x 51] intentionally omitted <==

Drilling Feb

Split Rocks Project Gold - Western Australia (100%) Follow-up RC drill program to extend gold mineralisation

==> picture [49 x 50] intentionally omitted <==

Drilling Feb

Develin Creek Copper Zinc Project – Queensland (100%) Follow-up drill test of Snook copper target

==> picture [49 x 50] intentionally omitted <==

Drilling Q1-Q2 2020

Jackadgery Gold – New South Wales (earning 90%) Ground magnetics & structural mapping – Oct 2020, drill permitting.

==> picture [49 x 51] intentionally omitted <==

Drill Permitting

– Earaheedy Zinc Project Western Australia (ZNC free carried to BFS)

– Partner funded drilling of new near surface zinc discovery further follow-up drilling planned Mar 2021

==> picture [49 x 51] intentionally omitted <==

Drilling Mar

==> picture [780 x 27] intentionally omitted <==

Disclaimer & JORC Statements

==> picture [60 x 51] intentionally omitted <==

Forward looking statements

Some statements in this presentation regarding estimates or future events are forward looking statements. They involve risk and uncertainties that could cause actual results to differ from estimated results. Forward-looking statements include estimates of future production, reserve and mineralised material estimates, capital costs, and other estimates or prediction of future activities. They include statements preceded by words such as "believe", "estimate", "expect", "intend", "will" and similar expressions. Actual results could differ materially depending on such things as political events, labour relations, currency fluctuations and other general economic conditions, market prices for Zenith Minerals Limited products, timing of permits and other government approvals and requirements, change in operating conditions, lower than expected ore grades, unexpected ground and mining conditions, availability and cost of materials and equipment, and risks generally inherent in the ownership and operation of mining properties and investment in foreign countries.

Information presented is a summary

This presentation aims to provide a high-level summary of various technical aspects of the Company's projects. For more details on the underlying technical parameters the reader is referred to the ASX Reports on the Zenith Minerals Limited’s website: www.zenithminerals.com.au

JORC competent persons statements

The information in this report that relates to Zenith 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. 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.

The information in this Report that relates to in-situ Mineral Resources at the Develin Creek project is based on information compiled by Ms Fleur Muller an employee of Geostat Services Pty Ltd. Ms Muller takes overall responsibility for the Report. She is a Member of the AusIMM and has sufficient experience, which is relevant to the style of mineralisation and type of deposit under consideration, and to the activity she is undertaking, to qualify as a Competent Person in terms of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code 2012 Edition). Ms Muller consents to the inclusion in the report of the matters based on her 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.

Material ASX releases related to the results reported in this report are listed on the respective project pages.

==> picture [780 x 27] intentionally omitted <==

==> picture [60 x 51] intentionally omitted <==

w w w . z e n i t h m i n e r a l s . c o m . a u