Tinka Provides Ayawilca Project Update - Seite 2

"We are very encouraged by the improvement in the tin recovery and concentrate grades following metallurgical testwork on the Tin Zone. In addition, metallurgical test work of the Silver Zone mineralization is in progress. These final testwork results, when available, will provide support for key assumptions on silver recoveries in the PEA."

2022-2023 Drill Program

Tinka concluded an 11,000-metre zinc resource definition and expansion drill program at the Project in Q3 2023 focusing on the Zinc Zone. The drill program achieved the primary objectives of targeting high-grade zinc mineralization and enhancing the confidence in the geological model for the Ayawilca deposit. Results highlighted the quality of the zinc mineralization at the Project, both in grade and thickness, and provided additional confidence in the geological model. Key findings included:

• Definition of two pipe-like zinc sulphide bodies at West that have strong vertical continuity (between 100 and 200 metres) connected by massive zinc sulphides at the base.
• High-grade massive zinc mineralization at South was proven to be concentrated in a folded limestone ‘anticline' at shallow depth.
• A high-grade vein of silver mineralization, the "Silver Zone", truncates the massive zinc mineralization at South and could be an important third style of mineralization for the Project.

Preliminary Economic Assessment Update

As a result of the successful 2022-2023 drill campaign which returned some of the best drill results ever at the Project, the Company has made the strategic decision to update the PEA (the most recent technical report for Ayawilca has an effective date of October 14, 2021). A significant amount of new data has been acquired at the Project during the past 12 to 18 months, including:

• 11,000 metres of infill and exploration drilling at West and South Ayawilca.
• Additional metallurgical testwork resulting in improved recoveries for the Tin Zone.
• Geotechnical information from drill logs and down hole ‘televiewer' surveys.

The PEA update, expected to be completed by March 2024, will incorporate a mineral resource update and an economic assessment of a potential future mining strategy for the Zinc Zone and Silver Zone, as well as include a Tin Zone processing scenario for the first time. SRK Consulting (UK) Ltd. has been selected as the lead mining consultant for preparation of the PEA update.