Mr. Sean Charland reports

ZIMTU CAPITAL ANNOUNCES PROPERTY TRANSACTION

Zimtu Capital Corp. has entered into an agreement with Todd River Resources to sell 37 mineral claims located approximately 250 kilometres northeast of Yellowknife, NWT, collectively known as the Munn Lake properties (the Halo-Yuri lithium project). Zimtu will receive a cash payment of $80,000 in addition to 32.24 million shares of Todd River Resources for the transaction. Zimtu will retain a 1-per-cent net smelter returns royalty (NSR) on all metals and minerals and a 1-per-cent gross overriding royalty (GOR) on lithium and/or diamond production from 33 of the 37 mineral claims, which constitute the Halo property.

Halo-Yuri lithium project

The Halo-Yuri lithium project covers approximately 450 square kilometres and comprises 37 contiguous claims. It is located approximately 250 km northeast of Yellowknife on the Gahcho Kue annual winter road which provides access for exploration programs and is within a few hundred metres of the OIG spodumene occurrence. Historically, exploration on the project has focused on diamonds with little or no previous work on lithium-bearing pegmatites albeit there is documented spodumene (Li bearing mineral) bearing pegmatites with numerous unexplored targets.

Approximately 40 kilometres to the northeast of the Halo-Yuri lithium project is the Alymer Lake pegmatite field that contains both the Big Bird lithium pegmatite (1,280 m in strike with 34 m at 1.24 per cent Li2O in drilling) and the Curlew lithium pegmatite (400 m strike length and 14.8 m at 1.72 per cent Li2O in drilling). No assurances can be given that a similar or any mineral resource estimate will be determined at the Halo-Yuri lithium project.

Historical work across the project by Southern Era noted that most outcrop occurrences on the property consisted of various types of granitoids, metasediments and pegmatites with large NW-SE (northwest-southeast) trending pegmatites of the MacKenzie dike swarm crosscutting the property.

Spodumene is mapped at the OIG pegmatites in the northwest of the project, and at the Sweet pegmatite which is located a few hundred metres to the east of the project. The OIG pegmatites are described in a 1991 master's thesis by Paul Tomascak submitted to the University of Manitoba which states: "The four dikes of this series all contain spodumene and little K-feldspar, although OIG-4 is largely aplitic and the spodumene is not as coarse as it is in all other dikes of the series. Despite the presence of extensive spodumene, dikes are poorly zoned. Dikes are elongated, in general striking north south. Contact relations are incomplete, but most dikes appear concordant with metasediment schistosity. Lengths of dikes range from six to 18 m. Texturally and mineralogically these dikes appear to belong to Cerny's (1982) albite-spodumene type, bearing similarities to the King's Mountain pegmatites of North Carolina, U.S.A. (Kesler, 1976)."

Furthermore, Mr. Tomascak goes on to say: "OIG-1, 2, 3: These dikes are spodumene-rich and poorly zoned. They consist of a random assemblage of 0.5 to 4.0 cm spodumene plus quartz plus plagioclase (usually cleavelandite) plus or minusmuscovite plus or minusK-feldspar (some megacrysts up to five cm). Randomly distributed pods of blocky spodumene plus K-feldspar plus or minus cleavelandite also are present in these dikes. Aside from spodumene they remarkably lack other rare-element minerals.

"OIG-4: This dike is much smaller than the others and appears extensively metasomatized. It contains a near-homogeneous and relatively fine-grained assemblage of cleavelandite plus spodumene plus muscovite plus quartz."

High-resolution satellite-based targeting and mapping will be utilized to filter out high-priority areas prior to undertaking detailed fieldwork. A field program is proposed to start in fall of 2023.

Private placement update

The company announces that it does not intend to proceed at this time with the third tranche of its non-brokered private placement as previously announced in its news releases of March 14, 2023, May 2, 2023, May 16, 2023, June 16, 2023, and July 17, 2023, for the issuance of up to 18.75 million units at a price of eight cents per unit for gross proceeds of up to $1.5-million.

On May 2, 2023, the company closed the first tranche of the offering pursuant to which it sold an aggregate of 13,759,042 units for gross proceeds of $1,100,723.36. On July 17, 2023, the company closed a second tranche of the offering pursuant to which it sold an aggregate of 2,312,500 units for gross proceeds of $185,000. Each unit consists of one common share in the capital of the company and one non-transferable share purchase warrant. Each warrant is exercisable into one additional share at a price of 10 cents per warrant share for a period of three years from the closing date.

National Instrument 43-101 disclosure

Nicholas Rodway, PGeo, (licence No. 46541) (permit to practice No. 100359) is a qualified person as defined by National Instrument 43-101 -- Standards of Disclosure for Mineral Projects. Mr. Rodway has reviewed and approved the technical content in this release.

About Zimtu Capital Corp.

Zimtu Capital is a public investment issuer that aspires to achieve long-term capital appreciation for its shareholders. Zimtu Capital companies may operate in the fields of mineral exploration, mining, technology, life sciences or investment. The company trades on the TSX Venture Exchange under the symbol ZC and Frankfurt under symbol ZCT1.