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, issued 3,991,924 shares including 715,000 common share units at a price of six cents per common share unit (CS unit) and 3,276,924 flow-through shares at a price of 6.5 cents per flow-through share, for total proceeds of $255,900.06. Each CS unit consists of one common share and one-half common share purchase warrant. Each full warrant is exercisable until Dec. 20, 2026, to purchase one common share of the company at a price of 10 cents per share.

Following completion of the offering, the company will have 80,904,105 shares issued and outstanding.

In connection with securities sold pursuant to the offering, the company will pay $15,680 in cash and issue 243,385 finders' warrants to two eligible finders, each of whom is at arm's length to the company. Each finder's warrant is exercisable until June 20, 2026, to purchase one common share of the company at a price of 12 cents per share. Finders' fees paid in connection with the offering are subject to and in accordance with exchange and regulatory policies.

An insider of the company acquired 150,000 CS units of the offering for proceeds to the company of $9,000. Any participation by insiders in the offering constitutes a related party transaction as defined under Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions (MI 61-101). However, the company intends to rely on the exemptions available under the instrument, and such participation will be exempt from the formal valuation and minority shareholder approval requirements of MI 61-101.

All securities issued pursuant to the offering will be subject to a four-month-and-one-day statutory hold period ending April 21, 2025.

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 Metals 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.