Zenith Minerals : Further High-Grade and Continuous Mineralisation At Chinook

• 22m @ 4.27% Zn+Pb, 5.4 g/t Ag from 110m
• 10m @ 3.93% Zn+Pb, 4.34g/t Ag from 84m

onlyKALITAN FEEDER FAULT ZONE*

Interpreted high-grade feeder fault mineralisation intersected below the recently discovered flat-lying, extensive (4.1km ong x 1.9km wide) Chinook zinc-lead mineralisation (ASX Releases 13-Dec-21,31-Jan-22 and 21-Feb-22). Currently defined over 2.3km strike length. Drill results include:

• 20m @ 8.78% Zn+Pb, 11.7 g/t Ag, within 51m @ 4.76% Zn+Pb from 82m
• 10m @ 6.57% Zn + Pb, 16.24 g/t Ag from 200m, within broad zone of 84m @ 1.84% Zn+Pb to end of hole
• 13m @ 6.94% Zn + Pb (6.27% Zn, 0.67% Pb), 3.00 g/t Ag from 137m incl 6m @ 10.51% Zn + Pb, 2.37 g/t Ag from 141m
• 6m @ 6.57% Zn+Pb

useM tal zonation (Cu-Co-As-Ag), mineral alteration and geological architecture supports potential for deeper large-scale

Cu-Zn-Pb-Ag deposits below the extensive, flat-lying, unconformity style mineralisation discovered to date, at Chinook, Tonka and Navajoh.

MINERALISED ZONE DEFINED AT NAVAJOH*

Mineralised zone discovered at Navajoh, located 4km southeast of the recent Tonka Discovery (ASX Release 13-Dec- 21). First pass drilling on a single traverse intersected significant flat lying Zn-Pb-Ag sulphide mineralisation, like that at the Chinook and Tonka Prospects. New drilling results include:

Figure 1: ZNC Earaheedy Joint Venture Project and 100% Owned ZNC Tenure

*Refer to Rumble Resources Limited ASX Releases dated 21-Dec-21,31-Jan-22,7-Feb-22 and 21-Feb22 for further details.

ABOUT ZENITH

In addition to its lithium assets at Split Rocks and Waratah Well, part of the Zenith Lithium Joint Venture with EV Metals Group, Zenith Minerals Limited has a portfolio of gold and base metal assets in Western Australia and Queensland.

onlyA new major zinc discovery at Earaheedy in Western Australia is to be fast tracked with extensive accelerated exploration programs underpinned by a recent $40M capital raising by partner Rumble Resources Limited (ASX:RTR) (ASX Releases 28-Apr-21,2-Jun-21,8-Jun-21,18-Oct-21,13-Dec-21,21-Dec-21,31-Jan-22 and 21-Feb-22).

In Queensland an Inferred Mineral Resource 2.57Mt @ 1.76% Cu, 2.01% Zn, 0.24g/t Au & 9.6g/t Ag (ASX Release 15-Feb-15) underpins the Company's Develin Creek massive copper-zinc sulphide project. Recent 2021 drilling intersected massive copper-zinc sulphides at 2 new prospects, Wilsons North & Snook, a

uset stament to the prospective nature of the extensive landholdings.

At Red Mountain in Queensland, drilling programs are planned to follow-up the high-grade near surface gold and silver intersected in Zenith's maiden & subsequent drill programs (ASX Releases 3-Aug-20 & 13-Oct-20,9-Nov-20,21-Jan-21 and 19-May-21).

Drilling returned high-grade near surface gold mineralisation at multiple targets in the Split Rocks gold project

in the Western Australian goldfields (ASX Release 5-Aug-20,2-Sep-20,19-Oct-20,28-Oct-20,15-Jan-21, 11- personalMar-21,21-Apr-21,24-Jun-21,30-Sep-21 and 18-Jan-22).

To allow the Zenith team to focus on EV-metal project generative activities, it is planned that the non- EV-metal projects, including base metals and gold assets will be demerged into one or more new companies to be listed on ASX. Any such demerger will be subject to ZNC Board approval, tax advice favourable to the Company, shareholder, ASX, ASIC and other regulatory approvals. ZNC shareholders to benefit by way of an in-specie distribution of the shares in the new listed vehicle/s. Further updates and information on the Demerger will be provided by Zenith in due course (ASX Release 13-Jan-22).

For further information please refer to the Company's website or contact the Company directly.

Authorised for release by the Zenith Minerals Limited Board of Directors - 21 February 2022

For further information contact Zenith Minerals Limited:

Director: Michael Clifford E: mick@zenithminerals.com.au Phone +61 8 9226 1110

Competent Persons Statement

ForThe information in this report that relates to Exploration Results is based on information compiled by Mr Michael Clifford, who is a Member of the Australian Institute of Geoscientists and an employee of Zenith Minerals Limited. Mr Clifford has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr Clifford consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

Material ASX Releases Previously Released

The Company has released all material information that relates to Exploration Results, Mineral Resources and Reserves, Economic Studies and Production for the Company's Projects on a continuous basis to the ASX and in compliance with JORC 2012. The Company confirms that it is not aware of any new information that materially affects the content of this ASX release and that the material assumptions and technical parameters remain unchanged.

Zenith Minerals Limited (ASX:ZNC)

Zenith has a vision to maximise shareholder value through superior project generation and exploration activities.

New major zinc discovery to be fast tracked with extensive accelerated exploration program underpinned by a recent $40M capital raising by partner Rumble Resources Limited (ASX:RTR) (ASX Releases 28-Apr-21,2-Jun-21, 8- Jun-21,18-Oct-21,13-Dec-21).

Queensland

Inferred Mineral Resource 2.57Mt @ 1.76% Cu, 2.01% Zn, 0.24g/t Au & 9.6g/t Ag (ASX Release 15-Feb-15). Massive sulphides intersected at 2 new prospects Wilsons North & Snook.

Zenith drilling returned - high-grade near surface gold mineralisation at multiple targets (ASX Release 5-Aug-20, 2- Sep-20,19-Oct-20,28-Oct-20,15-Jan-21,11-Mar-21,21-Apr-21,24-Jun-21,30-Sep-21). Results include: