Mr. Loren Komperdo reports

ZEPHYR PROVIDES UPDATE

Zephyr Minerals Ltd. has engaged Pinyon Environmental Inc. of Lakewood, Colo., to conduct a comprehensive water monitoring and analytical program in support of resubmitting a mining permit application to the Colorado Division of Reclamation, Mining and Safety (DRMS) for its 100-per-cent-controlled Dawson gold property in Colorado, United States. The program is designed to establish baseline groundwater and surface water conditions at and around the Dawson gold deposit. Monitoring will begin this month and continue on a quarterly basis through December, 2026, after which the company intends to resubmit the application to DRMS.

Also, the company wishes to announce the retirement of Suzan Frazer as corporate secretary of the company. Ms. Frazer has served as corporate secretary since the company's inception in 2010. The board wishes to extend its gratitude to Ms. Frazer and wishes her the very best in her retirement. David Felderhof, a director and chief financial officer of the company, will succeed Ms. Frazer as corporate secretary.

About the Dawson gold property

The Dawson gold deposit hosts an inferred mineral resource prepared in accordance with National Instrument 43-101 of 343,000 tonnes grading 12.11 grams per tonne for 133,500 ounces of gold at a five-gram-per-tonne cut-off with no top cut and 116,300 ounces of gold at 10.55 grams per tonne with a 40-gram-per-tonne top cut. The estimate has an effective date of July 19, 2013. No updates to the resource estimate have been made to incorporate the results from drilling programs completed between 2017 and 2020. The deposit is open at depth, with exploration potential to the east and west. A preliminary economic assessment (PEA) was prepared in accordance with National Instrument 43-101 with an effective date of March 21, 2017. Utilizing a gold price of $1,250 per ounce, the PEA showed robust economics with an all-in sustaining cost (AISC) per ounce of $692. Mineral resources that are not mineral reserves do not have demonstrated economic viability. Given the substantial increase in the gold price since 2017, the attractiveness of the Dawson project has been significantly enhanced. The potential to expand resources is excellent at depth on the Dawson gold deposit, along strike to the east in the 700-metre-long Sentinel zone, which has not been drill tested, and through follow-up drilling of promising targets in the Windy Gulch and Windy Point zones to the west. The Dawson project features key attributes, including a small footprint associated with the proposed underground mine, ownership or control of all necessary lands by Zephyr, a climate that supports year-round operations, and nearby infrastructure and industrial support.

About Zephyr Minerals Ltd.

Zephyr Minerals is mission focused on obtaining a mining permit for its 100-per-cent-owned Dawson gold property in Colorado, with the view to continuing to advance this project to the next stage of development. 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.