VANCOUVER - Tinka Resources Limited ('Tinka' or the 'Company') (TSXV:TK)(BVL:TK)(OTCQB:TKRFF) is pleased to announce the results from an updated Preliminary Economic Assessment ('PEA') on the Company's 100%-owned polymetallic Ayawilca project ('Ayawilca' or the 'Project') in central Peru.

The updated PEA shows Ayawilca to be an excellent base metals project with significant enhancements from the previous PEA study.

The Project now features a smaller, more efficient zinc-silver-lead plant, introduces a separate tin plant for additional revenue and commodity diversification and highlights the development path forward for Ayawilca to become a producing mine.

PEA Highlights: Robust economics: After-tax Net Present Value ('NPV') at 8% discount of US$434 million (pre-tax NPV8% of US$732 million) and after-tax Internal Rate of Return ('IRR') of 25.9% (pre-tax IRR of 34.8%).

Payback period after-tax of 2.9 years (pre-tax of 2.4 years).

Initial Capital Expenditure ('Capex') of US$382 million.

Long 21-year life of mine ('LOM') for a 2.0 million tonnes per annum (Mtpa) zinc-silver-lead operation with 15-years of tin production at 0.3 Mtpa.

Average C1 cash cost of US$0.55/pound zinc and all in sustaining cost ('AISC') of US$0.68/ pound zinc.

Average annual metal production (in concentrate) of 200 million pounds of zinc (90,000 tonnes Zn), 3.26 million pounds of tin (1,500 tonnes Sn), 560,000 ounces of silver and 5.7 million pounds of lead (2,590 tonnes Pb).

Zinc Zone Indicated Mineral Resource tonnage increased 49% from the previous Mineral Resource estimate.

Tin Zone Indicated Mineral Resource declared for the first time.

Excellent location in a world-class mining jurisdiction, close to a zinc smelter and port.

Compact mine footprint and planned use of filtered tailings technology provides the lowest risk and most water-efficient solution for tailings storage while 40% of tailings to be stored underground as backfill.

Dr. Graham Carman, Tinka's President and CEO, stated: 'We are very pleased to release the results of the updated 2024 PEA for the Ayawilca project. We believe the results of the PEA show Ayawilca to be an outstanding polymetallic project with several improvements from the previous study. While zinc continues to be the primary revenue source, Ayawilca's polymetallic nature includes important contributions from tin and silver providing valuable commodity diversification. The updated PEA is marked by the incorporation of a smaller, more efficient, zinc-silver-lead plant and a separate tin plant and a more compact mine footprint. Despite an increase in the initial capex, due to efficiencies in the mine design there was no significant impact on valuation. The strong financial metrics include an after-tax NPV8% of US$434 million, an after-tax IRR of 25.9%, and a post-tax payback period of only 2.9 years which highlight the potential for Ayawilca to become a producing mine.'

'A revised Mineral Resource estimation has significantly improved the level of confidence in the resource as a result of an additional 11,000 metres of drilling completed in 2023. The Zinc Zone Indicated Mineral Resource tonnage has increased 49% over the previous estimate while zinc content has increased by 22% and silver content by 45%. The Tin Inferred Mineral Resource has increased in tonnage and metal content by 51% and 13%, respectively, while a Tin Indicated Mineral Resource is declared for the first time. The Company has chosen to adopt the highest standard for reporting underground mine resources to satisfy the 'Reasonable Prospects for Eventual Economic Extraction (RPEEE)' as required by CIM (2014) in the demonstration of spatial continuity of mineralization within potentially mineable shapes (i.e., stopes). With the market increasingly moving towards RPEEE resource reporting for underground deposits, we are adopting this method of resource reporting for the first time.'

'The use of filtered tailings is the lowest risk and most water-efficient solution for tailings storage at surface, and highlights our commitment to minimize environmental risks. The storage of a substantial quantity of tailings as backfill underground also reduces surface tailings storage, again helping to minimize the environmental impact.'

'There remains significant exploration potential for further discoveries at Ayawilca, and several of the resource bodies remain open at depth, with a potential feeder system remaining largely untested by drilling particularly at the Tin Zone.'

The results of the PEA update will be disclosed in an independent technical report in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects ('NI 43-101') and prepared by independent consulting firm SRK Consulting (UK) ('SRK') with specific subject matter expertise including Transmin Metallurgical consultants ('Transmin'), Envis Peru S.A.C. ('Envis') tailings consultants and MineFill Services ('MineFill') backfill consultants. SLR Consulting (Canada) Ltd ('SLR') has prepared the updated Mineral Resource estimate for the PEA update. A National Instrument 43-101 Technical Report ('the Technical Report') will be filed on SEDAR within 45 days.

Note: The PEA is preliminary in nature and includes Inferred Mineral Resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as Mineral Reserves, and there is no certainty that the preliminary economic assessment will be realized. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability.

Mining

The Ayawilca Project is planned as an underground mine operation. For the purposes of the PEA, the Zinc Zone (together with the Silver Zone) will be mined at a rate of 2.0 Mtpa, whilst the Tin Zone will be mined at a rate of 0.3 Mtpa. Mining of both zinc and tin zones commence together with each feeding separate processing plants. The LOM is 21 years for the Zinc Zone and 15 years for the Tin Zone. Mining in the Zinc and Tin Zones will utilize a long hole open stoping ('LHOS') method in a transverse direction with level spacing ranging from 15 to 20 m. The Silver Zone uses LHOS in a longitudinal direction at a 20 m level spacing. A top-down overhand mining sequence is applied, working on top of paste-fill between sill pillars which are recovered. Three declines are planned from surface, initially two declines to access the South, Silver, and West areas and in later years the Central and East areas will be accessed by a third decline. The Tin Zones are also accessed through these planned declines.

Production is assumed to commence following 18 months of construction and commissioning. The mine plan for the Zinc and Silver Zones is based on mining a total of 41.2 million tonnes grading 5.02% Zn, 17.3 g/t silver and 0.19% lead over a 21-year LOM using an NSR cut-off of US$60/t. The Tin Zone is based on mining a total of 4.32 million tonnes grading 0.92% tin over a 15-year LOM using an NSR cut-off of US$80. The mill feed will be trucked to the surface via multiple ramp systems connecting the three mine portals to the underground infrastructure and accessing production areas starting at the South and West areas of the Zinc Zone, the Silver Zone, and the high recovery area of the Tin Zone .

Mineral Resource Estimation

For the purposes of demonstrating 'Reasonable Prospects for Eventual Economic Extraction' (RPEEE), Mineral Resources are constrained within underground reporting shapes generated in Deswik Stope Optimizer ('DSO') using a minimum mining width of three metres and an NSR cut-off value of $50/t for the Zinc and Silver Zones and $60/t for the Tin Zone. Canadian Institute of Mining, Metallurgy and Petroleum ('CIM') Definition Standards for Mineral Resources and Mineral Reserves dated May 10, 2014 ('CIM (2014)' definitions) are used for classification of Mineral Resources. The Tin Zone, Zinc Zone and Silver Zone resources do not overlap.

To satisfy RPEEE for an underground mining scenario, Tinka is reporting Mineral Resources within potentially mineable shapes (i.e., stopes) thereby demonstrating the spatial continuity of the mineralization. Where the potentially mineable volumes (i.e., stopes) contain smaller zones of mineralization with values below the stated cut-off, this lower grade material is included in the Mineral Resource estimate.

No Mineral Reserves have been estimated at the Project.

The Zinc, Silver, and Tin Zone Mineral Resource estimates for the Ayawilca Project were updated by SLR using the drill results available to May 31, 2023. The deposit drill database includes 249 drill holes totalling 94,258 m. An additional 35 drill holes totalling 12,216 m have been added since the previous update dated August 30, 2021. Three-dimensional (3D) wireframe models were generated using an approximate NSR cut-off value of $40/t for the Zinc Zone. For the Tin Zone, a 0.2% Sn or NSR cut-off value of $30/t was used for wireframe models. Prior to compositing to two metre lengths, high tin, silver, and lead values were capped for each zone individually. Zinc, silver, lead, tin, and indium high grade outliers were constrained during interpolation on a per domain basis. Block model grades within the wireframe models were interpolated by inverse distance cubed (ID3). Despite lead grades generally being low, it is assumed that lead and silver will be recovered in a lead concentrate. Density was assigned to blocks within the resource wireframes by ID3. Where density sample data was insufficient for interpolation, density values were derived from a regression equation based on the iron value of the block.

The Mineral Resources were classified following CIM (2014) definitions as Indicated and Inferred using drill hole spacing based criterion, mineralization continuity, and thickness. The drill hole spacing within a resource area assigned the Indicated category commonly ranges from 40 m to 70 m.

Contact:

Mariana Bermudez

Tel: 1.604.685.9316

Email: info@tinkaresources.com

About Tinka Resources Limited

Tinka is an exploration and development company with its flagship property being the 100%-owned Ayawilca zinc-silver-tin project in central Peru. The Zinc Zone has an estimated Indicated Mineral Resource of 28.3 Mt grading 5.82% zinc, 16.4 g/t silver, 0.2% lead and 91 g/t indium, and an Inferred Mineral Resource of 31.2 Mt grading 4.21% zinc, 14.5 g/t silver, 0.2% lead and 45 g/t indium. The Silver Zone has an estimated Inferred Mineral Resource of 1.0 Mt grading 111.4 g/t silver, 1.54% zinc, & 0.5% lead. The Tin Zone has an estimated Indicated Mineral Resource of 1.4 million tonnes grading 0.72% tin and an Inferred Mineral Resource of 12.7 million tonnes grading 0.76% tin (dated at January 1, 2024).

Forward Looking Statements: Certain information in this news release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws (collectively 'forward-looking statements'). All statements, other than statements of historical fact are forward-looking statements. Forward-looking statements are based on the beliefs and expectations of Tinka as well as assumptions made by and information currently available to Tinka's management. Such statements reflect the current risks, uncertainties and assumptions related to certain factors including, without limitations: timing of planned work programs and results varying from expectations; delay in obtaining results; changes in equity markets; uncertainties relating to the availability and costs of financing needed in the future; equipment failure, unexpected geological conditions; imprecision in resource estimates or metal recoveries; success of future development initiatives; competition and operating performance; environmental and safety risks; the Company's expectations regarding the Ayawilca Project PEA; the political environment in which the Company operates continuing to support the development and operation of mining projects; risks related to negative publicity with respect to the Company or the mining industry in general; delays in obtaining or failure to obtain necessary permits and approvals from local authorities; community agreements and relations and, other development and operating risks. Should any one or more of these risks or uncertainties materialize, or should any underlying assumptions prove incorrect, actual results may vary materially from those described herein. Although Tinka believes that assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein. Except as may be required by applicable securities laws, Tinka disclaims any intent or obligation to update any forward-looking statement.

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