Mr. Loren Komperdo reports

ZEPHYR ANNOUNCES ZIMBABWE TRENCHING RESULTS

Zephyr Minerals Ltd. has released trenching results on MC and MC-2 gold properties in Zimbabwe. An excavator trenching program was completed on both properties in late November. The object of the trenching was to provide insight into the continuity of the mineralized zones prior to commencing a proposed diamond drilling program as well as to explore potential new parallel zones, which, if discovered, would assist in determining total depths for the proposed drill holes. Unfortunately, results demonstrated the gold mineralization at MC to be discontinuous, generally occurring as short, high-grade gold lenses and generally less than one metre in thickness. Previous exploration work had demonstrated that wallrock had gold grades as good as and, in some cases, better than the gold-mineralized quartz hosted in shear zones. Additional exploration and sampling have demonstrated the wallrock gold mineralization is not consistent. It was anticipated that wallrock mineralization would expand the thickness of the indicated gold zones; however, this has proved not to be the case. The search for additional parallel gold zones in highly sheared greenstones encountered only minor gold in quartz and sulphide mineralization, with no new zones of potential economic interest being discovered. Based on these results, it has been determined that the potential for a large high-grade gold deposit similar to those in the Red Lake camp in Ontario, Canada, is remote on the MC property, and, as such, no diamond drilling will be conducted. Zephyr will likely relinquish the option on the MC property at the end of the option term unless the current small-scale miner uncovers new gold zones of potential interest to Zephyr's attention during his currently active mining and prospecting activities.

On the MC-2 property, the gold-mineralized quartz veining in the shear zones has better continuity and stronger gold mineralization than at the MC property. The Main reef is presently limited to a maximum length of 70 metres as defined by trenching. Widths at the Main zone are one metre to 1.5 metres, with gold grades up to 13.3 grams per tonne and silver grades up to 176 grams per tonne. The recent trenching program has discovered a new gold-bearing quartz vein grading 5.7 grams per tonne gold over 0.10 metre. This new discovery is located 200 metres southeast of the Main reef. This may be a faulted extension of the Main reef, but additional surface exploration will need to be done to confirm this. The company has determined that additional exploration work needs to be done before embarking on a diamond drill program. This work will include additional trenching of the new discovery as well as additional exploration along trend of the Main reef to see if there is a continuation based on a pinch-and-swell model. Additional exploration work is proposed to start after the end of the rainy season in April or May, 2024.

Reviewing the magnetic and induced polarization (IP) survey at its Nyanga North property suggests that the main shear zone hosts minimal sulphides. The company was exploring for a strong conductor since the gossan hosting eluvial mining 400 metres west of the company's property boundary suggests that the gold in that area is associated with sulphides. Soil sample results across the Main shear have returned analyses up to 0.64 gram per tonne gold in the coarse fraction (up to 1,000 microns) of the soils and up to 140 parts per billion gold in the fraction finer than 125 microns. After a review of the data, it was decided that the shear zone is a low-priority target, and, as such, the company has decided to let the two special block claims expire as they come due for renewal. Zephyr still has an exclusive prospecting order (EPO) application over this area, and, as such, this area is not open for staking by others. If Zephyr is successful in receiving an EPO over this area, the Nyanga North property would be included in the EPO.

Loren Komperdo, president and chief executive officer, stated: "Exploration results at the MC property have been disappointing, but exploration potential is still demonstrated at MC-2. It is noteworthy that exploration costs are very reasonable in Zimbabwe, and, as such, the costs for exploration on both MC and MC-2 have been low. Mineral exploration is a high-risk business and exploration projects that exhibit exceptionally positive potential don't always deliver on expected results in follow-up programs. A key aspect of a successful mineral exploration company is the ability to quickly, and for minimal amount of capital outlay, decide if a project warrants additional exploration, including diamond drilling, or not. This allows maximum project review for minimum expenditure, ensuring maximum chance of potential success in discovering a large, economically viable deposit and maximum value for our shareholders."

Zephyr continues to evaluate additional projects currently being mined by small-scale miners for potential acquisition or joint venture as the company awaits the approval of its two EPO applications. These two EPOs combined cover a total of approximately 1,240 square kilometres and are host to multiple areas with favourable discovery potential for large gold deposits.

Qualified person

Samual Chimombe, an independent consultant to the company and a qualified person (as the term is defined under National Instrument 43-101), has reviewed and approved the scientific and technical information in this news release. Mr. Chimombe has visited the property.

About Zephyr Minerals Ltd.

Zephyr Minerals is conducting continuing evaluations of gold properties for potential acquisition and/or joint venture throughout Zimbabwe. The company is concentrating on projects with obvious gold potential as demonstrated through active, shallow, small-scale mining operations or previous exploration work and favourable geology. In addition, the property should be of sufficient areal extent to host a target potential of at least one million ounces of gold. To this extent, the company has signed multiple property joint venture agreements and has applied for two exclusive prospecting orders covering 124,000 hectares. The company is also actively reviewing lithium opportunities generated through in-house research and property submittals by third parties. Zimbabwe boasts favourable foreign ownership rules for mineral properties as well as prospective, underexplored Archean greenstone belts.

In Colorado, Zephyr has been focused on mine-permitting activities at its 100-per-cent-owned Dawson gold property, which is presently in hiatus pending the collection and submission of additional water well data and satisfying certain other environmental-related questions. The additional required water wells are still in the planning stage and will be drilled once available funds are in hand. Upon collection of the additional data, the company plans to reapply for a mining permit at Dawson.

We seek Safe Harbor.