Mr. Mike Wilson reports

NEVADA ZINC ANNOUNCES TERMINATION OF NON-BROKERED PRIVATE PLACEMENT

Nevada Zinc Corp. has decided, at this time, to terminate the non-brokered private placement, disclosed in the company's news releases dated Aug. 23, 2023, and Aug. 30, 2023, and not to proceed to close a second tranche. The board's decision to terminate the offering is the result of the company's current review of several financing options and the need for additional time to assess and pursue the financing structure, which is optimal for the company. Further announcements will be made in due course.

The first tranche of the offering, disclosed by the company on Aug. 30, 2023, consisted of the issuance of 1.75 million units at a price of four cents per unit for aggregate gross proceeds of $70,000. Each unit consisted of one common share of the company and one common share purchase warrant. Each warrant entitles the holder thereof to purchase one common share at a price of 10 cents for a period of 18 months from the date of issuance. Under applicable securities legislation and the policies of the TSX Venture Exchange, the securities issued in the private placement are subject to a four-month hold period, expiring on Dec. 31, 2023. Completion of the offering is subject to the receipt of all regulatory approvals, including final approval of the TSX-V.

Directors and officers of the company subscribed for all of the units issued in the offering. The participation of such directors and officers in the offering constitutes a related-party transaction for the purposes of Multilateral Instrument 61-101 (Protection of Minority Security Holders in Special Transactions). The company is relying on the exemption from the requirements to obtain a formal evaluation and minority shareholder approval in connection with the insider participation in reliance on sections 5.5(a) and 5.7(1)(a) of MI 61-101, as neither the fair market value of the securities to be issued, nor the fair market value of the consideration for the securities to be issued will exceed 25 per cent of the company's market capitalization as calculated in accordance with MI 61-101.

About Nevada Zinc Corp.

Nevada Zinc is a development-stage company focused, along with strategic partners, on the production of zinc-based products, including zinc oxide and zinc-based micronutrient fertilizers from its Lone Mountain zinc deposit in Nevada. The company will be completing project studies for the rest of 2023 and 2024 in addition to concurrently beginning the permitting process for a zinc oxide production plant adjacent to the Lone Mountain deposit.

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