Group Eleven Resources : ZNG Highlights

GROUP ELEVEN RESOURCES CORP. (ZNG-V, GRLVF-OTC, 3GE-FRA) MCap: C$13.5 mln (C$0.085/sh) | Cash: C$1.7 mln (Sep-30-22)

Basic: 158.3 mln shares | FD: 195.4 mln shares

March 2023

ZNG is focussed on advanced-stage zinc exploration in Ireland. In Sep-2022, the Company announced a significant discovery at the Ballywire prospect, 20km away from Glencore's Pallas Green zinc deposit.

Glencore and Michael Gentile are the largest shareholders, owning 22.9% and 16.7% (ZNG basic), respectively. Glencore has a seat on the ZNG board. South32 has neighbouring properties.

HIGHLIGHTS

• • Significant New Discovery: The Ballywire prospect is located at the 100%-owned PG West Project in SW Ireland. Key intercepts drilled to date include: (i) 3.3m of 12.5% Zn+Pb and 48 g/t Ag (G11-468-01, Sept-2021), (ii) 10.8m of 10.0% Zn+Pb and 109 g/t Ag (G11-468-03, Sept-2022); and (iii) 10.1m of 8.6% Zn+Pb and 46 g/t Ag (G11-468-06, Mar-2023; see news release references below).

• • Over 1.5km Strike-Length: The above three holes span across a strike-length of approx. 470m. An historic hole with significant mineralization (2.5m of 6.2% Zn+Pb and unkn g/t Ag), occurs approx. 1.0km to the WNW. Down-dip extent of high-grade mineralization is at least 110m, as evidenced by G11-468-04 (Mar-2023) which returned 2.9m of 4.3% Zn+Pb and 9 g/t Ag, incl. 0.9m of 12.5%

  Zn+Pb and 27 g/t Ag. Overall, high-grade mineralization occurs over 1.5km EW and 0.5-1.0km NS.

• • Tonnage Potential: Twelve holes have thus far been drilled over an area of 1.5km by 1.5km at Ballywire. Every hole has intersected mineralization. All mineralized intervals occur at (or near) the base of the Waulsortian Limestone (in line with classic Irish-Type Zinc Deposits), suggesting continuity and predictability of the mineralized body, as well as, significant tonnage potential.

• • Exploration Upside Along 5km of Rathdowney Trend: The above discovery area is open (no drilling) for 3km to the NE. It is encouraging that a historic hole drilled 3km to the NE (99-3552-05) returned significant mineralization (5.0m of 1.6% Zn+Pb and unkn g/t Ag). Overall, the search area at Ballywire currently measures approx. 5km by 2km, sufficient to fit the footprint of Lisheen and/or Galmoy (two past-producing zinc mines located 50km to the NE, along the 'Rathdowney Trend', and serving as direct geological analogues to Ballywire).

• • Depths Relatively Shallow: Mineralization intersected at Ballywire to date is predominantly shallow, mostly ranging from 250-350m below surface. The mineralized horizon shallows towards the north (coming to surface approx. 800m north of G11-468-03) and deepens towards the south.

• • Proximity of Deposits / Potential Synergies: Glencore's Pallas Green deposit hosts 45.4 mln tonnes of 8.4% Zn+Pb1. Approximately 1-3km away, ZNG's Stonepark deposit hosts 5.1 mln tonnes of 11.3% Zn+Pb2. ZNG's higher-grading Stonepark deposit is shallower (190-395m) than Pallas Green (300-1300m). In addition, the Ballywire discovery is approx. 20km SE of Pallas Green.

• • Large Target Next to Pallas Green: Outside of Ballywire, drilling at the Carrickile West prospect in summer 2022 pierced a major fault (with >150m of displacement) hypothesized to be the potential feeder to the Pallas Green / Stonepark system. A drill hole to the north is highly warranted.

• • Ireland as a Mining Jurisdiction: Six mines have been brought into production in Ireland over the last 60 years, reflecting relatively high grades, infrastructure and proximity to European smelters.

  Ireland continues to rank very well on Fraser Institutes' Annual Mining Survey.

• • Experienced Board: Bart Jaworski (CEO) is an exploration geologist and ex-mining analyst with over 25 years' experience. Dan MacInnis (Non-Exec. Chair) was previously CEO of MAG Silver.

  Alessandro Bitelli is the recently retired CFO of Lundin Gold. Brendan Cahill is a lawyer and former CEO of Excellon Res. Ken Klassen, a mining M&A lawyer, is Glencore's appointee.

• • Upcoming Catalysts: ZNG is currently drilling 2 to 4 follow-up holes at Ballywire, aiming to be completed by end of Q2 2023 with assays expected thereafter (see news release dated 2-Mar-23).

• 1 Pallas Green MRE (see Glencore's Resources and Reserves Report dated December 31, 2022)

• 2 Stonepark MRE (see Group Eleven's NI 43-101 Independent Report on Stonepark dated April 26, 2018)

Exhibit 1. Property Location Map - Company's Focus is PG West / Stonepark Projects, SW Ireland

Exhibit 2. Ballywire Prospect (PG West Project, 100%) - on Rathdowney and Pallas Green Trends

Exhibit 3. Ballywire Discovery (Plan View) Showing 4-5km Open Strike, 0.5-1.0km Down Dip Extent

Exhibit 4. Cross-Section (G11-468-03 and G11-3552-01) - Predictable Bedding-Parallel Mineralization

Exhibit 5. Cross-Section (G11-468-01 and G11-2654-01) - Predictable Bedding-Parallel Mineralization

Exhibit 6. Plan Map of New Drilling - Announced on March 2nd, 2023 (see blue hole traces)

Exhibit 7. Plan Map of Recent Drilling - Showing 60m Step-Out to NE, 110m Step-Out to North

Exhibit 8. Cross-Section of Recent Drilling - Showing Step-Out Holes, Continuity of High-Grade