The Board of Zenith Minerals Limited advised that following Zenith drilling at Develin Creek in 2014, 2021 and 2022 an updated Mineral Resource estimate has been completed for the Company's 100% owned, Develin Creek project located in Queensland. The Zenith drilling verified the past results that extended and improved the geological interpretation. The Mineral Resource is interpreted and reported at a 0.5% Cueq (copper equivalent) cut-off suitable for open pit assessment.

The updated Mineral Resource for the Sulphide City ­ Scorpion ­ Window copper ­ zinc deposits at the 0.5% Cueq cut-off includes: Indicated: 2.2 Mt @ 1.3% Cu, 1.3% Zn, 0.2 g/t Au and 8 g/t Ag Inferred; 2.7 Mt @ 1.1% Cu, 1.4% Zn, 0.2 g/t Au and 7 g/t Ag; Total: 4.9 Mt @ 1.2% Cu, 1.4% Zn, 0.2 g/t Au and 7 g/t Ag Copper equivalence Cueq = (Cu + 0.45*Zn) and based on current rounded metal prices in June 2022 of A$8400/tonne Cu, A$3300/t Zn and preliminary recoveries for Cu of 72% and Zn or 82%., This update represents a 90% increase in tonnage and a 30% increase in overall contained metal from the previous estimate announced on 15-Feb- 2015. This difference is attributed in part to a lower cut-off grade for reporting but is also the result of some resource extensions from recent Zenith drilling as well as a more robust interpretation that captures more or the mineralisation. The estimate does not include the massive copper-zinc sulphide mineralisation identified at Snook and other prospects to the south, also within the Develin Creek project.

The Develin Creek project contains a volcanic hosted massive sulphide (VHMS) copper-zinc deposit. Mineralisation at Scorpion, Window and Sulphide City were discovered and initially drilled to 50 m spacing by QMC in the early 1990s. Eventually the project was relinquished, and the current tenement granted to Icon and floated off Fitzroy Resources ("Fitzroy") in 2008.

Fitzroy undertook a small drilling program to extend the known resource area in 2011. In 2014 Zenith entered into an agreement to earn in and acquire the project and completed some initial verification drilling in 2014, acquiring 100% of the project in September 2016. A three rig drilling campaign commenced at Develin Creek in September 2021 to test copper-zinc targets at several targets in the region as well as complete a broader verification and extension drilling program at Sulphide City and Scorpion and upgrade the Mineral Resource.