Mr. Loren Komperdo reports

ZEPHYR ANNOUNCES PRIVATE PLACEMENT

Zephyr Minerals Ltd. intends to issue, by way of a non-brokered private placement financing, up to eight million units at a price of four cents per unit for gross proceeds of $320,000. Each unit consists of one common share and one transferable common share purchase warrant of the company. Each warrant will entitle the holder thereof to acquire one additional share at a price of eight cents for a period of three years from issuance.

Proceeds received from the private placement will be used for general working capital purposes and to advance permitting on the Dawson gold project. It is anticipated that certain insiders of the company will participate in the private placement.

Finders' fees of cash and warrants issued on the same terms as noted above may be paid to qualified parties. All securities will be subject to a statutory hold period of four months and one day.

The private placement remains subject to customary closing conditions, including approval from the TSX Venture Exchange.

About Zephyr Minerals Ltd.

Zephyr Minerals is mission focused on obtaining a mining permit for its 100-per-cent-owned Dawson gold project in Colorado with the view to continuing to advance this project to the next stage of development. The company continues to review gold properties for potential acquisition and/or joint venture throughout Zimbabwe as these are received from third parties. The company continues to wait for the Zimbabwean government to grant two exclusive prospecting orders (EPOs), covering 124,000 hectares applied for in 2021. The areas covered by the EPO applications are prospective for gold and lithium.

We seek Safe Harbor.