Mr. Loren Komperdo reports

ZEPHYR PROVIDES DAWSON GOLD UPDATE

Zephyr Minerals Ltd. has successfully completed the second quarter of its comprehensive groundwater monitoring and analytical program at and surrounding the Dawson gold deposit. The third quarter program is scheduled for mid-June, 2026, keeping the company on track to complete the full five-quarter program by year-end. Upon receipt of all analytical of all analytical data, Zephyr intends to resubmit 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.

Due to a delay in the availability of a key participant and recovery equipment, the exploratory trenching program at its 100-per-cent-owned Judith patented placer claim has been postponed until the second quarter of 2026. The trenching program will target the gulch that directly drains from the Windy Gulch gold deposit and Windy Point gold showings. The Windy Gulch deposit, in particular, contains significant gold at surface that is eroding downslope into the gulch. Previous bedrock trenching conducted in 2017 at Windy Gulch returned 5.8 grams per tonne (g/t) gold over 31.7 metres, while a trench located approximately 40 metres downslope returned 7.6 g/t gold over 11.9 metres.

About 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 g/t cut-off with no top cut and 116,300 ounces of gold at 10.55 g/t with a 40 g/t 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 NI 43-101 with an effective date of March 21, 2017. Utilizing a gold price of $1,250/oz, 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 (EPO), covering 124,000 hectares applied for in 2021. The areas covered by the EPO applications are prospective for gold and lithium.

Qualified person

Brian Arkell, BS, geology, and MS, economic geology, SME (registered member), AusIMM (fellow) and SEG (fellow), a director of the company, and a qualified person as the term is defined under National Instrument 43-101, has reviewed and approved the scientific and technical disclosure contained in this press release.

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