Mr. Terry Christopher reports

ZONTE METALS COMPLETES NON-BROKERED PRIVATE PLACEMENT

Zonte Metals Inc. has completed its previously announced non-brokered private placement and, subject to TSX Venture Exchange approval, has issued 250,000 common share units at a price of 6.5 cents and 2,395,000 flow-through-share units at a price of eight cents for total proceeds of $207,850. Each unit consists of one common share and one share purchase warrant, expiring Dec. 27, 2025, entitling the holder to acquire one additional common share at a price of 14 cents. Following completion of the offering, the company has 72,224,961 shares issued and outstanding.

In connection with securities sold pursuant to the offering, Zonte will pay aggregate finders' fees of $12,740 in cash and will issue 159,250 finders' warrants to two eligible finders, both of whom are at arm's-length to the company. Each finder's warrant is exercisable until June 27, 2025, to purchase one common share of the company at a price of 20 cents per share, subject to exchange approval. All finders' fees are subject to and in accordance with exchange and regulatory policies.

All securities issued pursuant to the offering will be subject to a four-month-and-one-day statutory hold period.

Certain insiders of the company (two individuals) acquired 150,000 common share units and 120,000 flow-through-share units in the offering for combined proceeds to the company of $19,350, representing 9.3 per cent of the total proceeds. Participation by insiders in the offering constituted a related-party transaction as defined under Multilateral Instrument 61-101 (Protection of Minority Security Holders in Special Transactions). However, as insider participation represented less than 25 per cent of the proceeds of the offering, the company relied on the exemptions available under the instrument, and such participation was exempt from the formal valuation and minority shareholder approval requirements of MI 61-101.

The company intends to use the net proceeds of the offering for working capital purposes and exploration at the Cross Hills iron oxide copper-gold property in Newfoundland and Labrador.

About Zonte Metals Inc.

Zonte is a junior explorer focused on gold and copper. The company owns 100 per cent of the MJ project, in the Tintina gold belt, located in the Yukon territory, the Wings Point project in the new central Newfoundland gold belt, and the Cross Hills IOCG project located in Newfoundland and Labrador. In Colombia, the company has a 25-per-cent carried interest in Project X, where historic drilling intersected significant gold mineralization and the company and partner have an application over open areas sitting on top of the open-pit outline of the Gramalote deposit in Colombia, which is held by AngloGold Ashanti and B2Gold. The title issuance is being contested by the state governing the application, and the company has started legal action to protect its rights.

We seek Safe Harbor.