NorZinc : Corporate Presentation – October 2023

Prairie Creek

Canada's Next High-Grade Silver- Zinc-Lead Mine, Path to Production

Corporate Presentation

October 2023

Forward Looking Statements

Cautionary Statement

For the full details of the 2021 Preliminary Economic Assessment ("PEA") and further information with respect to the key assumptions, parameters, and risks associated with the results of the PEA, the mineral resource estimate included therein, and other technical information, please refer to the complete Technical Report entitled, "Prairie Creek NI 43-101 Technical Report on Preliminary Economic Assessment", filed under the Company's profile on SEDAR. The EBITDA projections summarized in this presentation are not measures recognized under Canadian generally accepted accounting principles ("GAAP") and do not have any standardized meanings prescribed by GAAP.

Forward Looking Statements

This presentation contains forward-looking statements that are made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and under Canadian securities laws that involve a number of risks and uncertainties. Such statements are based on the Canadian Zinc Corporation's (the "Company", the "Registrant", "NorZinc" or "NZC") current expectations, estimates and projections about the industry, management's beliefs and certain assumptions made by it. We use words such as "expect," "anticipate," "project," "believe," "plan," "intend," "seek," should," "estimate," "future" and other similar expressions to identify forward-looking statements. The Company's actual results could differ materially and adversely from those expressed in any forward-looking statements as a result of various factors.

Statements about the Company's planned/proposed Prairie Creek Project operations, which includes future mine grades and recoveries; the Company's plans for further exploration at the Prairie Creek Project and other exploration properties; future cost estimates pertaining to further development of the Prairie Creek Project and items such as long-term environmental reclamation obligations; financings and the expected use of proceeds thereof; the completion of financings and other transactions; the outlook for future prices of zinc, lead and silver; the impact to the Company of future accounting standards and discussion of risks and uncertainties around the Company's business are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict. Therefore, the Company's actual results could differ materially and adversely from those expressed in any forward-looking statements as a result of various factors. You should not place undue reliance on these forward-looking statements.

Information relating to the magnitude or quality of mineral deposits is deemed to be forward-looking information. The reliability of such information is affected by, among other things, uncertainty involving geology of mineral deposits; uncertainty of estimates of their size or composition; uncertainty of projections relating to costs of production or estimates of market prices for the mineral; the possibility of delays in mining activities; changes in plans with respect to exploration, development projects or capital expenditures; and various other risks including those relating to health, safety and environmental matters.

The Company cautions that the list of factors set forth above is not exhaustive. Some of the risks, uncertainties and other factors which negatively affect the reliability of forward-looking information are discussed in the Company's public filings with the Canadian securities regulatory authorities, including its most recent Annual Report, quarterly reports, material change reports and press releases, and with the United States Securities and Exchange Commission (the "SEC"). In particular, your attention is directed to the risks detailed herein concerning some of the important risk factors that may affect its business, results of operations and financial conditions. You should carefully consider those risks, in addition to the other information in this presentation and in the Company's other filings and the various public disclosures before making any business or investment decisions involving the Company and its securities.

The Company undertakes no obligation to revise or update any forward-looking statement, or any other information contained or referenced in this presentation to reflect future events and circumstances for any reason, except as required by law. In addition, any forecasts or guidance provided by the Company are based on the beliefs, estimates and opinions of the Company's management as at the date of this Presentation and, accordingly, they involve a number of risks and uncertainties. Consequently, there can be no assurances that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Except as required by law, the Company undertakes no obligation to update such projections if management's beliefs, estimates or opinions, or other factors should change.

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NorZinc Company Overview

A D VA N C I N G T H E P R A I R I E C R E E K P R O J E C T

World Class Project

• Large and high-grade deposit, with mineralization demonstrating significant potential for expansion
• Compelling economics demonstrated in PEA based on 2,400 tpd over 20-year mine life

Low-Risk Jurisdiction

• Located in Northwest Territories Canada with a long history with local communities
• All major permitting milestones completed with governing bodies

Experienced Leadership in Key Areas

• NorZinc management experienced in financing and developing projects
• RCF has significant technical experience and balance sheet to support development

Strong & Comprehensive CSR Approach

• Established relationships with key permitting governing bodies
• Project's longevity and relevance within the community mitigates uncertainties

Real Near-Term Potential

• Shovel ready, all major mining permits received and construction of Phase 1 of access road completed
• Final Phase 2 of access road construction and Feasibility Study work underway

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Prairie Creek Project

C A N A D A' S N E X T H I G H - G R A D E Z I N C - S I LV E R - L E A D M I N E

Project Overview

Large and high-gradezinc-silver-lead deposit

• 9.8 Mt of M&I Resources at 22.7% ZnEq
• 6.4 Mt of Inferred Resources at 24.1% ZnEq

Superior Geology

• Consists of 3 sulphide mineralization styles
• Consistent ore body ideal for long hole stoping

Robust Economics

• US$299M NPV and avg EBITDA US$123M over 20-year mine life

• Strong free cashflow

Established History & Infrastructure

• C$64M Cadillac Mine built in 1980 with completed 1000tpd mill
• Project has a long history in region and with local communities
• Purchase of Wolverine Mill and Power Plant complete

Readily Saleable Concentrates

• MOU with Boliden for zinc concentrates and in discussion with additional purchasers

• • Silver-rich lead concentrate

Recent Achievements

A F R E S H A P P R O A C H TO A L O N G S TA N D I N G P R O J E C T

• Strategic purchase of Wolverine Mine mill and power plant mitigates financing and construction risk
• Strengthened leadership team with addition of 2 Directors and CFO with Northern building and financing experience
• Construction of Phase 1 of All-Season Access Road ("ASR") complete, permitting commenced for final Phase 2
• Receipt of full permits for for construction of Phase 1 of the ASR
• Major permitting progress - Full new mining permits received for 2,400tpd mine expansion
• Transport Corridor Benefits Agreement signed with Acho Dene Koe First Nation
• Environmental Agreement signed with Naha Dehe Dene Band and the Liidlii Kue First Nation Band
• 2,400 tpd expansion amendment mining license proceeded without an Environmental Assessment Final IBA signed with Lidlii Kue First Nation (Road Benefit Agreement)
• MOU signed with Parks Canada (valid for 5 years)
• MOU signed with Boliden to significantly increase zinc concentrate offtake
• Base metal markets showing exceptional strength in short term with positive long-term fundamentals
• Management team focus - finance/build/operate
• Critical metals for Canada and USA - zinc added to Canada's critical mineral list (Mar 2021) and USA (Nov 2021)

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