Dr. Graham Carman reports

TINKA DRILLS 98 METRES AT 8.8% ZINC INCLUDING 36 METRES AT 19.0% ZINC AT AYAWILCA AND PROVIDES EXPLORATION UPDATE

Tinka Resources Ltd. has released results for five recent drill holes from the Ayawilca project and has provided an update on the company's exploration activities. All five drill holes were resource confirmation holes from West Ayawilca, and all intersected strong zinc mineralization. The company has now successfully completed its 11,000-metre drill program at Ayawilca which commenced midway through 2022. Two drill rigs were demobilized during May, 2023, and independent mining consultants have now been engaged to complete an updated mineral resource estimate.

The 2022/2023 drill program has significantly improved the geological model of the mineralized zinc bodies at West and South Ayawilca and improved the confidence in the continuity of mineralization. One exploration hole at South Ayawilca has results pending. The next steps for the project include an updated resource estimate to be announced during Q3 2023 and the continuation of low-impact exploration.

Key highlights -- drill hole results from West Ayawilca

Hole A23-216:

• 97.9 metres at 8.8 per cent zinc and 16 grams per tonne silver from 197.90 metres depth, including:
  • 35.8 metres at 19.0 per cent zinc and 35 g/t silver from 260.0 metres depth, including:
    • 13.5 metres at 25.3 per cent zinc and 44 g/t silver from 265.5 metres depth.

Hole A23-217:

• 71.9 metres at 5.5 per cent zinc and eight g/t silver from 186.1 metres depth, including:
  • 45.8 metres at 6.4 per cent zinc and 10 g/t silver from 210.4 metres depth, including:
    • 4.85 metres at 15.2 per cent zinc and 23 g/t silver from 210.4 metres depth.

Hole A23-213:

• 30.4 metres at 6 per cent zinc from 180 metres depth, including:
  • 1.2 metres at 37.2 per cent zinc from 207.3 metres depth;
• 30.5 metres at 5.1 per cent zinc from 260 metres depth.

Hole A22-211:

• 38.15 metres at 6.3 per cent zinc, 1.1 per cent lead and 28 g/t silver from 151 metres depth, including:
  • 6.6 metres at 9.2 per cent zinc, 5.2 per cent lead and 81 g/t silver from 182.55 metres depth.

Hole A22-214:

• 13.1 metres at 3.7 per cent zinc from 243.9 metres depth.

True thicknesses of these intercepts are estimated to be at least 75 per cent of the down-hole thicknesses.

Dr. Graham Carman, Tinka's president and chief executive officer, stated: "The 2022/2023 drill program has been one of the most successful drill programs since Tinka began exploring at Ayawilca. The latest results highlight the quality of the zinc mineralization at Ayawilca in terms of both grade and thickness and provide strong confidence in the geological resource.

"We have confirmed at West Ayawilca that two pipe-like sulphide bodies hosted by brecciated limestones extend through the 100-to-200-metre-thick limestones and are connected by massive sulphides at the base. At South Ayawilca, very high-grade massive sulphide zinc mineralization is concentrated in a folded limestone at shallower depth -- this discovery has the potential to be a starter mine which could provide early payback.

"Our contention that Ayawilca is one of the best zinc exploration and development projects in the Americas has been reinforced by the recent drill program. I wish to thank our staff, our stakeholders at the project and our drilling contractor for their hard work which has enabled this drill program to be successfully completed. We now look forward to the mineral resource update for the Ayawilca zinc zone and tin zone deposits, which will be released during Q3 2023. In the meantime, low-impact exploration is continuing at Ayawilca and at our nearby Silvia copper-gold project."

Discussion -- geology of the zinc zone deposits at Ayawilca

A total of 11,115 metres were drilled in 33 holes at Ayawilca during the 2022/2023 drill program. Around 90 per cent of the drill holes were focused at West and South Ayawilca for resource confirmation and definition purposes. Two holes were also drilled at Central Ayawilca for the dual purposes of exploration and a hydrological study.

The 2022/2023 drill program has considerably improved the company's understanding of the geology of the Ayawilca zinc zone and improved the confidence in the geometry of the mineralized bodies at West and South. Two of the most important conclusions from the drilling include:

1. At West Ayawilca, two pipe-like zinc sulphide bodies hosted by brecciated limestones extend through the 100-to-200-metre-thick limestone sequence along a northwest-southeast trend and are connected by massive sulphide mineralization at the base of the limestone.
2. At South Ayawilca, very high-grade massive sulphide zinc mineralization is concentrated within a tightly folded limestone at relatively shallow depth -- this discovery has the potential to be a starter mine which could provide early payback of capital.

West Ayawilca

The footprint of the zinc mineralization hosted by limestones at West Ayawilca covers an area of approximately 700 metres by 300 metres projected to surface. Drilling in 2022/2023 focused on defining the geometry of two pipe-like breccia bodies which host continuous, semi-massive sulphide (SMS) mineralization within the limestone. The breccia bodies have surface dimensions of between 100 and 200 metres and are elongated along a northwest-southeast direction. Zinc mineralization extends over a vertical thickness of between 100 and 150 metres through the entire brecciated limestone sequence up to the overlying sandstones. The breccia bodies are connected by massive sulphide (MS) zinc mineralization at the base of the limestone.

Zinc sulphide (as sphalerite) is the dominant economic mineralization. Silver and lead (as silver sulphosalts and galena) are typically more common around the edges of the zinc bodies and in carbonate-rich veins. Iron sulphides are common, including pyrite, marcasite and pyrrhotite. Carbonate (siderite, an iron-rich variety) is the dominant gangue mineral.

The new interpretation of the geology at West Ayawilca is the result of a redesigned drill program in 2022/2023 which targeted the northwest-southeast trend rather than the late-stage east-west-trending veins which outcrop. All 13 holes at West Ayawilca in the 2022/2023 program were drilled on an east-west orientation (mostly angled to the west) in contrast to previous holes which were mostly orientated north-south. The improvement in vertical continuity of the mineralization is positive for the project, as it will likely lead to more cost-effective mining with less dilution.

The brecciation of the limestones is interpreted to have occurred as result of karst dissolution and collapse of the limestones, possibly during the early stages of hydrothermal activity. The mineralization is focused within the hinge of a major anticline fold immediately adjacent to the Colquipucro fault.

South Ayawilca

The highest-grade area of zinc mineralization at the project is located at South Ayawilca. Massive sulphide (MS) mineralization has been identified over an area (projected to surface) of approximately 400 metres by 200 metres elongated in a northeast-southwest direction. Very high-grade massive sulphide zinc mineralization is focused in the hinge zone of an anticline fold structure. Drill results including cross-sections from South Ayawilca can be reviewed in the following disclosures -- see news release dated Jan. 9, 2023, and news release dated March 6, 2023.

Update on exploration activities at Ayawilca

Tinka's geologists have recently sampled manganese-altered outcrops at Ayawilca which are interpreted to be surface expressions of the silver zone discovery (see news release May 2, 2023). The results of this sampling, together with the final drill hole at South Ayawilca, will be announced as soon as assays become available and interpreted.

Other news: Tinka recently received approval for the extension of the environmental permit (EIAsd) at Ayawilca for a period of three more years until May, 2026. The modified and extended EIAsd has combined the two previous individual permits at Ayawilca and Colquipucro into one large permit which also incorporates several undrilled exploration targets as well as potential future mine components. The successful approval of the EIAsd is an important milestone for the project, as it will allow the company to continue with its exploration and development plans into the medium term.

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 one-to-two-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 two millimetres, then 500 grams pulverized for multielement analysis by inductively coupled plasma mass spectrometry using multiacid digestion. Samples assaying over 1 per cent zinc, lead or copper and over 100 g/t silver were reassayed using precise ore-grade atomic absorption spectroscopy techniques. Samples within massive sulphide zones were also assayed for tin using fusion and AAS finish.

The qualified person, Dr. 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. The technical report was prepared by Mining Plus Peru SAC as principal consultant, Transmin Metallurgical Consultants, Envis EIRL and SLR Consulting (Canada) Ltd.

About Tinka Resources Ltd.

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 million tonnes at 7.15 per cent Zn, 16.8 g/t Ag and 0.2 per cent Pb and inferred mineral resource of 47.9 Mt at 5.4 per cent Zn, 20 g/t Ag and 0.4 per cent Pb (dated Aug. 30, 2021). The Ayawilca tin zone has an estimated inferred mineral resource of 8.4 Mt grading 1 per cent Sn. Tinka is recently completed an 11,000-metre resource definition drill program at West Ayawilca and South Ayawilca.

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