Tinka Announces Filing of Technical Report on an Updated Preliminary Economic Assessment of the Ayawilca Polymetallic (Zinc - Tin - Silver - Lead) Project

VANCOUVER, BC / ACCESSWIRE / April 15, 2024 / Tinka Resources Limited ("Tinka" or the "Company") (TSXV:TK)(BVL:TK)(OTCQB:TKRFF) announces that the Company has filed a National Instrument 43-101 Technical Report entitled "NI 43-101 Technical Report on a Preliminary Economic Assessment of the Ayawilca Polymetallic Project, Peru" ("Technical Report") in support of the Company's news release dated February 28, 2024 (the "News Release"). There are no material differences in the Technical Report from the information disclosed in the News Release. The effective date of the Technical Report is February 28, 2024.

Dr. Graham Carman, Tinka's President and CEO stated: "We are pleased to release the Technical Report for the updated 2024 Preliminary Economic Assessment ("PEA") which showcases Ayawilca as an attractive polymetallic project with a mix of critical metals and excellent economics using conservative metal prices. The updated PEA introduces significant improvements from the previous study, including a streamlined operation with a more efficient zinc-silver-lead plant and a dedicated tin plant. In addition, the Ayawilca Mineral Resource has a stronger level of confidence following drilling completed in 2023 while the updated conceptual mine footprint is more compact. Ayawilca has a mix of essential critical metals for the modern hi-tech economy, and we look forward to continuing to move the project towards development."

Ayawilca Updated PEA Highlights:

• Robust economics: After-tax Net Present Value ("NPV") at 8% discount of US$434 million (pre-tax NPV8% of US$732 m) and after-tax Internal Rate of Return ("IRR") of 25.9% (pre-tax IRR of 34.8%).
• Payback period after-tax of 2.9 years (pre-tax of 2.4 years).
• Initial Capital Expenditure ("Capex") of US$382 m.
• Long 21-year life of mine ("LOM") for a 2.0 million tonnes per annum (Mtpa) zinc-silver-lead operation with 15years of tin production at 0.3 Mtpa.
• Average C1 cash cost of US$0.55/pound (lb) zinc and all in sustaining cost ("AISC") of US$0.68/lb zinc.
• Average annual metal production in concentrate of 200 Mlb zinc (90,000 tonnes Zn), 3.3 Mlb tin (1,500 tonnes Sn), 560,000 ounces silver and 5.7 Mlb lead (2,590 tonnes Pb).
• Large Mineral Resource base with approximately half of the resources in the PEA mine plan classified as Indicated.
• Location in a world-class mining jurisdiction, close to a zinc smelter and port.
• Use of filtered tailings technology provides the lowest risk and most water-efficient solution for tailings storage with 40% of tailings to be stored underground as backfill.
• Significant exploration potential remains for more discoveries.
• Metal prices assumptions for the PEA: US$1.30/lb zinc; US$11.00/lb tin; US$22/oz silver; US$1.00/lb lead.

The NI 43-101 Technical Report was prepared by independent consulting firm SRK Consulting (UK), as principal consultants, with contributions from other independent Qualified Persons (as the term is defined in NI 43-101) with specific subject matter expertise including, SLR Consulting (Canada) Ltd. for mineral resource estimation, Transmin Metallurgical Consultants, UK, for processing, metallurgical and recovery inputs, MineFill Services, Seattle, for mine backfill inputs, and Envis Peru S.A.C. (Envis) for processing and costs for surface tailings storage. The Technical Report may be found under the Company's profile on SEDAR+ at www.sedarplus.ca and on the Company's website at www.tinkaresources.com