Dr. Graham Carman reports

TINKA PROVIDES UPDATE ON UPCOMING DRILL PROGRAM AT AYAWILCA ZINC-SILVER PROJECT

Tinka Resources Ltd. has provided an update on exploration activities at its 100-per-cent-owned Ayawilca zinc-silver project in Peru. Preparations are under way for an about 7,000-metre drill program consisting of approximately 20 diamond drill holes. Three drill rigs are expected to mobilize to site and commence drilling by the end of September, 2020. The program will target areas where earlier drilling identified high-grade zinc and silver mineralization, often outside of the known resources. Most of these zones lie adjacent to the Colquipucro fault, an important north-northwest-trending regional structure. It is anticipated that the drill program will be completed in early 2021, subject to potential delays as a result of the COVID-19 pandemic. A framework of stringent health and safety measures has been implemented, which includes protocols to prevent the spread of COVID-19, and, as a result, the timing of the start and completion of the drill program may vary.

The 2020 drill program will focus on a combination of resource stepout drilling in areas where mineralization remains open to increase resources, and infill drilling to upgrade the category of the Ayawilca resources in areas of high-grade mineralization. Priority targets include:

• West Ayawilca: Stepout holes down dip of previous drill hole intersections, which include 10 metres grading 665 grams per tonne silver, 1.4 per cent zinc and 1.9 per cent lead in drill hole A18-131 (not included in resource estimate) and 31.9 metres grading 9.6 per cent zinc and 19 g/t silver in hole A18-118 (included in inferred resource) (see news releases dated Oct. 15, 2018, and May 24, 2018).
• West Ayawilca: Infill drilling to upgrade inferred resources into measured or indicated categories (approximately 50 per cent of program). Current inferred resource includes drill hole intercepts such as 10.4 metres grading 44.0 per cent zinc and 43 g/t silver in hole A18-129 (see news release dated June 26, 2018).
• The Colqui silver zone: Stepout holes are planned to test for possible down-dip extensions of the oxide silver mineralization. Previous drill hole highlights include 128 metres grading 91 g/t silver in CDD4, and 52 metres grading 155 g/t silver in hole CDD43.

The Ayawilca zinc zone (sulphide) contains an estimated 1.8 billion pounds zinc and 5.8 million ounces silver in the indicated category, and 5.6 billion pounds zinc and 25.2 million ounces silver in the inferred category (see news release dated Nov. 26, 2018). The Colqui silver zone (oxide) contains an estimated 14.3 million ounces silver in the indicated category and 13.2 million ounces silver in the inferred category, with mineralization starting from surface (see technical report dated July 2, 2019).

Tinka has in place a rigorous health protocol including extensive COVID-19 testing and monitoring of its employees, contractors and community workers. Lodgings at the Ayawilca camp have been increased to accommodate additional personnel including community workers, adhering to strict social distancing guidelines and minimizing movement. A doctor and an ambulance are available at site at all times with appropriate testing and monitoring equipment. Tinka has also hired a consulting specialist doctor based in Lima to assist with clinical diagnoses and the follow-up of suspect COVID-19 cases. The objective is to avoid COVID-19 infections at the Ayawilca camp site, and to keep the company's workers and communities safe.

President and chief executive officer of Tinka, Dr. Graham Carman, stated: "Tinka is excited to reinitiate its drill programs at Ayawilca. We have some great targets, including possible extensions of the zinc zone, as well as silver-rich areas not yet included in the resource estimate at West Ayawilca, and at the Colqui silver zone. We believe there is significant silver upside which is not currently realized. We are taking all necessary steps to minimize health risks to our employees and communities with strict health protocols in place. The health and well-being of our employees and neighbours is of paramount importance, and our team has gone to great lengths to ensure that the coming program is executed with as low risk as possible."

About Tinka Resources Ltd.

Tinka is an exploration and development company with its flagship property being the 100-per-cent-owned Ayawilca zinc-silver project in central Peru. The Ayawilca zinc zone (sulphide) has an estimated indicated resource of 11.7 million t grading 6.9 per cent zinc, 15 g/t silver and 0.2 per cent lead and an inferred resource of 45.0 million t grading 5.6 per cent zinc, 17 g/t silver and 0.2 per cent lead (dated Nov. 26, 2018). The Colqui silver zone (oxide) has an estimated indicated resource of 7.4 million t grading 60 g/t silver, and an inferred resource of 8.5 million t grading 48 g/t silver occurring from surface (dated May 25, 2016). A preliminary economic assessment for the Ayawilca zinc zone was released on July 2, 2019 (see release). The qualified person, Dr. Graham Carman, Tinka's president and CEO, and a fellow of the Australasian Institute of Mining and Metallurgy, has reviewed and verified the technical contents of this release.

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