Dr. Graham Carman reports

TINKA LAUNCHES PEA UPDATE EVALUATING COMBINED COLQUIPUCRO AND AYAWILCA DEVELOPMENT SCENARIOS

Tinka Resources Ltd. has commenced a preliminary economic assessment update for the Ayawilca zinc-silver-tin project in Peru. The PEA update will incorporate a Colquipucro open-pit silver development ahead of an underground zinc-silver-lead mining scenario at Ayawilca, for the first time.

Key highlights:

• A 2026 preliminary economic assessment update has commenced at the Ayawilca project to incorporate a staged development concept involving a Colquipucro silver open-pit ahead of a higher-grade Ayawilca zinc-silver-lead mine plan scenario. Results of the PEA update are expected by early 2027.
• The PEA update will include an updated mineral resource estimate for the Colquipucro silver deposit and the Ayawilca polymetallic zinc-silver-lead-tin deposits.
• Tinka is also advancing preparations for a fully financed5,000-metre diamond drilling program at Ayawilca. The drill program will focus on resource expansion as well as improving the confidence of high-grade silver and polymetallic zinc-silver-lead resources at West Ayawilca. New drilling data acquired in this coming program will not be used in the PEA update.

Dr. Graham Carman, president and chief executive officer of Tinka, stated: "We are pleased to commence an updated preliminary economic assessment (PEA) at Ayawilca, evaluating a staged development strategy that would begin with an open-pit silver operation at Colquipucro, followed by an underground zinc-silver mine at Ayawilca. The significant increase in silver prices provides a compelling reason to revisit the Colquipucro silver deposit, which was last assessed in 2016, when silver was trading below $20 (U.S.) per ounce. Silver prices have nearly trebled since the company's previous PEA in February, 2024. The updated study will also incorporate a revised mineral resource estimate covering the mineralized zones at Ayawilca, including Colquipucro.

"The PEA update will evaluate whether a Colquipucro-first development scenario could reduce initial capital requirements for the Ayawilca zinc-silver sulphide operation. A staged development concept, therefore, has the potential to enhance project value.

"In parallel, we are advancing preparations for a fully funded 5,000-metre drilling program at Ayawilca, which we expect to commence in late Q4 2026. Drilling will initially target high-grade, relatively shallow and underexplored silver-rich veins and polymetallic sulphide zones at West Ayawilca, with the objective of improving and expanding mineral resources. The silver-rich veins are particularly attractive exploration targets given that they have been only sparsely drilled historically. Additional zinc and tin targets are expected to be tested during 2027."

2026 PEA update and mineral resource estimate

The 2026 PEA update has commenced, with SRK Consulting (United Kingdom) appointed as the principal study consultant. The new study will evaluate a staged development strategy, commencing with an open-pit silver operation at Colquipucro, followed by an underground sulphide development at Ayawilca focused on the higher-grade zinc-silver-lead mineralization at West and South Ayawilca. The study will also assess potential synergies between the two operations, including opportunities to reduce capital expenditure and infrastructure costs. The most recent PEA, which has an effective date of Feb. 28, 2024, assessed an underground polymetallic mining scenario at Ayawilca and did not include a Colquipucro open-pit development option.

The PEA update will incorporate an updated mineral resource estimate (MRE) for all mineralized zones at Ayawilca, including the zinc-silver-lead and tin polymetallic zones as well as the Colquipucro silver deposit. SLR Consulting (Canada) has been appointed to undertake the MRE update.

Although no new drilling has been completed since the 2024 PEA, the company has undertaken a reinterpretation of the structural controls on the mineralization at Ayawilca, informed by an improved understanding of the deposit following a geological relogging program in 2025. This work has resulted in the delineation of three distinct mineralization domains at West and South Ayawilca, compared with two previously, as well as an improved structural model. The mineralized domains are now modelled as:

1. Zinc domain: characterized by high-grade zinc mineralization with low to very low lead and silver content;
2. Polymetallic zinc-silver-lead domain: comprising high-grade zinc mineralization with associated silver and lead;
3. Silver domain: characterized by silver-rich, vein-style mineralization with accompanying zinc and lead;
4. Tin domain: characterized by tin mineralization (as cassiterite) typically hosted by iron sulphides with minor chalcopyrite (copper) mineralization.

The highest-grade polymetallic zinc-silver mineralization identified to date at Ayawilca occurs at West and South Ayawilca. Accordingly, the underground development scenario to be assessed in the PEA update will focus on these higher-grade zones.

Colquipucro silver deposit

The Colquipucro silver deposit is located approximately two kilometres north of the polymetallic Ayawilca deposit. Colquipucro has a history of small-scale mining, dating back to the 19th century and possibly earlier, which accessed relatively narrow silver-rich oxidized structures. A previous explorer subsequently developed several adits into Colquipucro hill. Tinka's original resampling of these adits confirmed that the silver mineralization at Colquipucro is disseminated within the sandstone host rock.

Tinka explored Colquipucro between 2009 and 2014, completing a drilling program comprising 49 diamond drill holes for a total of approximately 8,700 metres. The most recent mineral resource estimate (MRE), dated May 25, 2016, was reported in the company's 2024 preliminary economic assessment (PEA) for Ayawilca, although Colquipucro was not included in the PEA's economic analysis. There has been no drilling at the Colquipucro deposit since the initial mineral resource estimate by RPA (now SLR) dated Feb. 23, 2015. In 2016, RPA reviewed the mineral resource and underlying parameters, updated the Colquipucro mineral resource estimate as of May 25, 2016, and prepared a National Instrument 43-101 technical report. SLR reported the same Colquipucro mineral resource in the 2024 PEA. The Colquipucro mineral resource estimate remains current as of the effective date of May 25, 2016 (see Table 1).

Silver mineralization at Colquipucro is hosted predominantly by sandstone within several high-grade lenses surrounded by a broader low-grade halo. The deposit extends approximately 550 metres north-south, 380 metres east-west and 75 metres in thickness, with mineralization remaining open to the west. Much of the higher-grade mineralization occurs close to surface, supporting the evaluation of a potential open-pit mining scenario. Silver mineralization is predominantly oxidized and amenable to recovery by leaching. Minor to trace amounts of primary sulphide mineralization occur as disseminated and veinlet-style pyrite, pyrargyrite and galena.

An updated MRE will be incorporated into the 2026 PEA update using remodelled wire frames and a significantly higher silver price as well as recent cost assumptions.

The 2026 PEA update will reassess Colquipucro's potential as the first stage of a sequenced development strategy for the broader Ayawilca project. The study will evaluate a potential open-pit silver operation at Colquipucro ahead of an underground zinc-silver development at Ayawilca, including opportunities to identify synergies between the two operations and optimize overall project capital requirements.

2026 Ayawilca drilling program

Tinka is well advanced in its preparations for a fully financed 5,000-metre drilling program at Ayawilca, expected to commence late Q4 2026. The initial program will target high-grade, relatively shallow silver-rich veins hosted in sandstone at West Ayawilca, occurring adjacent to and above the limestone-hosted zinc-silver mineralization.

The silver-rich veins represent attractive exploration targets that have been only sparsely drilled historically. In addition to silver, the veins contain zinc and lead mineralization, providing an opportunity to improve the company's understanding of these zones and potentially expand the known mineral resources.

Preparations for the drilling program are progressing, with agreements with the local community in the final stages of preparation and expected to be finalized shortly. The company has received proposals from potential drilling contractors, which are being evaluated, with the appointment of the preferred contractor expected during October, 2026.

Further drilling is planned through 2027 to test additional exploration targets, including zinc-rich areas at East Ayawilca and the tin zone.

About Tinka Resources Ltd.

Tinka is an exploration and development company focused on base and precious metals projects in Peru. The company's flagship property is the Ayawilca project, which has substantial mineral resources of zinc and silver, a separate tin resource, and the near-surface Colquipucro silver deposit. The nearby Silvia NW copper-gold project is a skarn and porphyry target. The company filed an NI 43-101 technical report on an updated PEA for the Ayawilca project on April 15, 2024.

Qualified person

Dr. Graham Carman, FAusIMM, president and chief executive officer of Tinka, is a qualified person as defined by NI 43-101 and is not independent of the company. Dr. Carman has reviewed and approved the scientific and technical information in this news release. He verified the data disclosed by reviewing the drill hole database, assay certificates and quality assurance/quality control results underlying the Colquipucro mineral resource estimate and the 2025 relogging data. Data verification for the mineral resource estimates is described in the technical report. Dr. Carman is a fellow of the Australasian Institute of Mining and Metallurgy and is a qualified person as defined by NI 43-101.

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