Dr. Graham Carman reports

TINKA DRILLS 7.1 METRES AT 604 G/T SILVER IN HIGH-GRADE SILVER ZONE AT SOUTH AYAWILCA

Tinka Resources Ltd. has released results for four drill holes from the continuing resource expansion and exploration drill program at the company's Ayawilca project in Peru. Highlights include a new intersection of high-grade silver mineralization from the "Silver Zone" in hole A23-220 located on the edge of the massive sulphide "Zinc Zone" at South Ayawilca. The Silver Zone has been reinterpreted with data from current and previous drill holes to have been emplaced along a northeast-trending sub-vertical fault bordering the massive sulphides. High-grade, structurally controlled, silver mineralization is confirmed along a strike length of approximately 250 metres, open along-strike in both directions and at depth.

Key Highlights:

New "Silver Zone" drill hole intercepts:

Hole A23-220

• 29.5 metres at 182 g/t silver, 2.4 per cent zinc & 0.8 per cent lead from 289.65 metres depth,
  • including7.1 metres at 604 g/t silver, 2.7 per cent zinc & 1.6 per cent lead from 310.9 metres depth,
    • including 0.65 metres at 2,565 g/t silver, 4.2 per cent zinc & 5.7 per cent lead from 313.7 metres depth.
• The Silver Zone is interpreted as a northeast-trending structure on the edge of the Zinc Zone sulphides along a strike length of approximately 250 metres.
• A follow-up drill hole targeting a 100-metre extension of the Silver Zone is in progress.
• Mineralization is associated with a low abundance of sulphide minerals including 'ruby silvers' with sphalerite and galena in a carbonate-rich vein matrix.

Hole A17-095

• 8.7 metres at 135g/t Ag, 1.1 per cent Zn & 0.6 per cent Pb from 307.3 metres depth.

Silver Zone intercepts previously released:

Hole A17-072

• 11.5 metres at 781 g/t silver, 2.9 per cent zinc & 2.3 per cent lead from 294.5 metres depth,
• including2.0 metres at 3,167 g/t silver, 5.6 per cent zinc & 5.5 per cent lead from 302.0 metres depth.

Hole A19-167

• 29.6 metres at 152 g/t silver, 3.1 per cent zinc & 0.4 per cent lead from 412.7 metres depth in hole A19-167,
• including7.3 metres at 366 g/t silver, 4.9 per cent zinc & 0.5 per cent lead from 412.7 metres depth,
• including1.7 metres at 1,130 g/t silver, 14.5 per cent zinc & 0.3 per cent lead from 412.7 metres depth.

True thicknesses of the intercepts in the Silver Zone are estimated to be 65-75 per cent of the downhole thicknesses.

Dr. Graham Carman, Tinka's President and CEO, stated: "The Silver Zone intersection in hole A23-220 is important for the Ayawilca project as it highlights the potential for high-grade structurally-controlled silver mineralization hosted within a steeply-dipping northeast-trending fault on the edge of the massive sulphides at South Ayawilca that has seen limited past drilling. So far, silver mineralization is defined over 250 metres of the structure and remains open in both directions to the east and west. A follow-up drill hole is in progress, targeting a further 100 metre strike extension of the Silver Zone to the east as well as additional Zinc Zone mineralization."

Dr. Carman continued: "Seven infill drill holes targeting high-grade Zinc Zone mineralization predominantly at West Ayawilca remain to be reported. The drill hole information is currently being compiled and we expect to have final results reported in May."

A total of 11,350 metres have now been drilled for 33 drill holes in the 2022-23 resource definition drill program at Ayawilca, mostly at the West and South Ayawilca areas. Two holes at Central were drilled for the dual purposes of exploration and hydrological studies. A drill hole map showing all holes in the 2022-23 drill program is shown in Figure 1. A map focussing on the Silver Zone intersection drill holes only is shown in Figure 2.

Geological discussion of the "Silver Zone"

The new high-grade drill intercept in A23-220 has led to a reinterpretation of silver-rich intersections in several other holes at Ayawilca which have a low sulphur content with relatively minor sphalerite and galena but contain visible silver sulphides (including pyrargyrite also known as 'ruby silver') and abundant hydrothermal carbonate. Following a detailed review of past drill holes, this style of mineralization is believed to be structurally controlled and emplaced along a northeast-trending fault zone (the "060 Fault") on the northern flank of the massive sulphide mineralization at South Ayawilca. Four drill holes are interpreted to have intersected the Silver Zone along the 060 Fault within the favourable Pucara limestone host. These Silver Zone drill intersections include:

• Hole A23-220: 29.5 metres at 182 g/t Ag, 2.4 per cent Zn & 0.8 per cent Pb from 289.65 metres (including 7.1 m at 604 g/t Ag 2.7 per cent Zn & 1.6 per cent Pb from 310.9 metres (new drill hole);
• Hole A17-095: 8.7 metres at 135 g/t Ag, 1.1 per cent Zn & 0.6 per cent Pb from 307.3 metres (new intercept in past hole);Hole 17-072: 11.5 metres at 781 g/t Ag, 2.9 per cent Zn & 2.3 per cent Pb from 294.5 metres (including 2.0 m at 3,167 g/t Ag, 5.6 per cent Zn and 5.5 per cent Pb from 302 metres); See previous news release dated July 17, 2017
• Hole A19-167: 29.6 metres at 152 g/t Ag, 3.1 per cent Zn & 0.4 per cent Pb from 412.7 metres (including 7.3 m at 366 g/t Ag, 4.9 per cent Zn & 0.5 per cent Pb from 412.7 metres). See previous news release dated October 8, 2019

True thicknesses of the Silver Zone intercepts are estimated to between 65-75 per cent of the downhole thicknesses.

The Silver Zone mineralization has so far been identified along a 250 metres strike length of the northeast-trending structure. A follow-up hole to A23-220 is in progress to test a further 100 m strike extension of the silver mineralization in hole A23-223. A cross section of the Silver Zone mineralization intersected in hole A23-220 is shown in Figure 3. A longitudinal section along the 060 Fault highlights the along-strike potential of the Silver Zone in Figure 4.

The Silver Zone mineralization is interpreted to have occurred late-stage in the mineralization history at Ayawilca (i.e., post main-stage zinc). The silver-rich mineralization is relatively low in total sulphide content (<20 vol. per cent). The main gangue minerals are complex hydrothermal carbonates containing variable amounts of Mn, Mg and Fe and are cream to pale brown in colour. The texture of the hydrothermal carbonates in the high-grade silver zones is indicative of open space filling (i.e., with banded and drusy carbonate textures). Complex carbonates also replace the original limestones on the margins of the fault structure. Core photos of the typical Silver Zone mineralization are shown in Figure 5.

Other new Zinc Zone drill results from South Ayawilca include:Hole A23-218: 66.85 metres at 6.4 per cent zinc from 229.0 metres depth, including11.9 metres at 11.4 per cent zinc from 231.4 metres depth; and7.1 metres at 14.8 per cent zinc from 272.9 metres depth.Hole A23-220: 10.55 metres at 9.6 per cent zinc from 269.45 metres depth.Hole A23-221: 13.8 metres at 6.8 per cent zinc from 290.0 metres depth.

True thicknesses of the mineralized intercepts are estimated to be between 65-75 per cent of the downhole thicknesses.

Note on sampling and assaying

Drill holes are diamond HQ size core holes with recoveries generally above 80 per cent and often close to 100 per cent. The drill core is marked up, logged, and photographed on site. The cores are cut in half at the Company's core storage facility, with half-cores stored as a future reference. Half-core was bagged on average over 1 to 2 metre composite intervals and sent to SGS laboratory in Lima for assay in batches. Standards and blanks were inserted by Tinka into each batch prior to departure from the core storage facilities. At the laboratory samples are dried, crushed to 100 per cent passing 2mm, then 500 grams pulverized for multi-element analysis by ICPMS using multi-acid digestion. Samples assaying over 1 per cent zinc, lead, or copper and over 100 g/t silver were re-assayed using precise ore-grade AAS techniques. Samples within massive sulphide zones were also assayed for tin using fusion and AAS finish.

The Qualified Person, Dr. Graham Carman, Tinka's President and CEO, and a Fellow of the Australasian Institute of Mining and Metallurgy, has reviewed and verified the technical contents of this release.

Readers are encouraged to read the NI 43-101 Technical Report entitled "Ayawilca Polymetallic Project, Central Peru, NI 43-101 Technical Report on Updated Preliminary Economic Assessment" available for download on Tinka's website at www.tinkaresources.com. The Technical Report was prepared by Mining Plus Peru S.A.C. ("Mining Plus") as principal consultant, Transmin Metallurgical Consultants ("Transmin"), Envis E.I.R.L ("Envis"), and SLR Consulting (Canada) Ltd ("SLR").

About Tinka Resources Limited

Tinka is an exploration and development company with its flagship property being the 100 per cent-owned Ayawilca zinc-silver-tin project in central Peru. The Zinc Zone deposit has an estimated Indicated Mineral Resource of 19.0 Mt @ 7.15 per cent Zn, 16.8 g/t Ag & 0.2 per cent Pb and Inferred Mineral Resource of 47.9 Mt @ 5.4 per cent Zn, 20.0 g/t Ag & 0.4 per cent Pb (dated August 30, 2021). The Ayawilca Tin Zone has an estimated Inferred Mineral Resource of 8.4 Mt grading 1.0 per cent Sn. Tinka is currently completing an 11,500 metre resource definition drill program at West Ayawilca and South Ayawilca Zinc Zone.

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