Tinka Provides Ayawilca Project Update - Seite 3

Mineral Resource Update

An updated Mineral Resource Estimate ("MRE") to be incorporated into the updated PEA in Q1 2024, is expected to include a significant increase in the Zinc Zone indicated classified resources as well as an increase in the Tin Zone resource tonnage. SLR Consulting (Canada) Ltd. is again responsible for updating the MRE for the Project.

Metallurgical Testwork

Tin Zone:

Metallurgical testwork was conducted on two tin composite samples from Ayawilca at ALS Burnie, Australia: a coarse-grained tin composite from South (AGC-01), thought to represent approximately 15% of the tin mineralization at the Project, and a finer-grained tin composite (AGC-02) thought to represent ~85% of the tin mineralization. Each composite sample was approximately 45 kg. The tin composites graded around 2% Sn (as cassiterite) and contained significant quantities of iron sulphides (pyrrhotite, pyrite and marcasite) with associated iron carbonate (siderite) and quartz, typical of the two styles of tin mineralization at Ayawilca. Zinc grades in these tin composite samples was low (<1% Zn).

A processing flowsheet has been developed which included sulphide flotation to remove the iron sulphides, gravity concentration of the sulphide flotation tails, and tin flotation on the sulphide concentrate following a regrind. Acid leaching was employed to remove the iron carbonates and magnetic separation was used to remove residual pyrrhotite.

Composite AGC-01 generated a concentrate grade of ~50% tin at an excellent recovery (~90%). Composite AGC-02 produced a concentrate grading 50% tin at a lower recovery (~45%), with a projected recovery in closed circuit of 50% tin. There remain opportunities to improve the recovery and product quality with further testwork.

Silver Zone:

A single composite sample, typical of the Silver Zone mineralization at the Project, is being tested by conventional flotation at Plenge Laboratories, Lima, Peru. The Silver Zone bounds the northern edge of the Zinc Zone at South within a vertical-dipping vein trending northeast-southwest and is believed to be similar in style to other epithermal silver-rich low sulphide vein deposits at various mines in central Peru. The metallurgical testwork will enable the Company to assess the economic potential of the silver-rich mineralization in the PEA update. The Silver Zone bounds the northern edge of the Zinc Zone at South Ayawilca within a vertical-dipping vein, trending northeast-southwest.