Mr. Loren Komperdo reports

ZEPHYR RECEIVES NOTICE OF REJECTION OF ZIMBABWE EPO APPLICATIONS

Zephyr Minerals Ltd.'s Zimbabwe subsidiary, Sutter Mining Pvt. Ltd., has received notice from the Ministry of Mines and Mining development that its exclusive prospecting order (EPO) applications numbered 17/2021 and 33/2021 have been rejected. The EPO applications, originally submitted in 2021, cover approximately 124,000 hectares in the Manicaland and Mashonaland Central mining districts of Zimbabwe. The company is currently preparing a formal appeal to seek full reconsideration of the applications.

The company notes that the notice of rejection did not provide specific reasons for the decision. "We are disappointed by the decision, particularly given the length of time the applications have been under consideration," stated Loren Komperdo, president and chief executive officer of Zephyr Minerals. "Accordingly, we are preparing an appeal seeking reconsideration of the applications and clarification regarding the basis for the rejection. We remain committed to advancing opportunities that we believe can create long-term value for shareholders."

The company will provide further updates regarding the appeal process and the status of the applications as additional information becomes available.

About Zephyr Minerals Ltd.

Zephyr Minerals is focused on obtaining a mining permit for its 100-per-cent-owned Dawson gold project in Colorado and advancing the project to the next stage of development. The company intends to appeal the rejection of its two Zimbabwean EPO applications, covering 124,000 hectares prospective for gold and lithium.

We seek Safe Harbor.