Zenith Minerals Limited · ASX:ZNC
Zenith Minerals — Investor Presentation (March 2026)
19 slides from Zenith Minerals's investor presentation, Mar 9, 2026
Slide 1: Emerging WA Gold Developer
ZENITH MINERALS | INVESTOR PRESENTATION For personal use only Emerging WA Gold Developer 675koz Au Resource | Development Pathway | Discovery Upside Establishing Critical Mass in WA’s Forrestania Gold Belt MARCH 2026 ASX:ZNC zenithminerals.com.au
Slide 2: Disclaimer
DISCLAIMER ZENITH MINERALS | INVESTOR PRESENTATION Not a Disclosure Document or Offer Forward-Looking Statements Zenith Minerals Limited (ASX: ZNC) ACN 119 397 938 (“Zenith” or “the Company”) is the issuer of This presentation contains forward-looking statements regarding future events, including Fo
Slide 3: Strong, Experienced Board & Management
STRONG, EXPERIENCED BOARD & MANAGEMENT ZENITH MINERALS | INVESTOR PRESENTATION Andrew Smith Stan Macdonald Euan Jenkins For personal use only Managing Director/CEO Non-Executive Director Non-Executive Director Since 2024 Since 2007 Since 2024 Stan Macdonald has extensive Euan Jenkins brings 31 Andre
Slide 4: Corporate Overview
CORPORATE ZENITH MINERALS | INVESTOR PRESENTATION OVERVIEW For personal use only 593m As at 6 March 2026 Shares On Issue 8.1c As at 6 March 2026 Share Price $48M As at 6 March 2026 Market Capitalisation $7.6M As at 31 Dec 2025 Cash $40.4M Enterprise Value SHAREHOLDERS (~2,104) STRATEGIC FOCUS Board
Slide 5: Two High-Impact Gold Projects: Investment Highlights
TWO HIGH- INVESTMENT ZENITH MINERALS | INVESTOR PRESENTATION IMPACT GOLD HIGHLIGHTS PROJECTS For personal use only 675koz Au Dulcie Inferred Mineral Resource1 on granted Mining Leases with infrastructure advantage 01. DULCIE Clear pathway toward development at Dulcie (Western Australia) Call option
Slide 6: Dulcie Strategic Location & Infrastructure
DULCIE ZENITH MINERALS | INVESTOR PRESENTATION STRATEGIC For personal use only 675koz Au Granted Mining LOCATION & Mineral Resource Leases INFRASTRUCTURE Positioned for Low- Proximity to Marvel Capex Development Loch & Edna May Pathway processing plants Sealed-Road Access, Call Option Over Power and
Slide 7: Positioned for Development
POSITIONED FOR DEVELOPMENT ZENITH MINERALS | INVESTOR PRESENTATION Infrastructure & District Position Support Development Progression For personal use only Permitted & Established WA Operationally Advanced Gold Location • Granted Mining Leases • Sealed road, power and water • Traditional Owner agree
Slide 8: Inflection Point: The Resource Doubles
THE RESOURCE DOUBLES. INFLECTION ZENITH MINERALS | INVESTOR PRESENTATION CORRIDOR SCALE CONFIRMED. 675,000 ounces at 1.0 g/t Au POINT For personal use only RESOURCE STRATEGIC STEP-CHANGE IMPLICATIONS Exploration Target To be released in the coming weeks 01. Consolidated Mineral Resource 01. Minerali
Slide 9: Strategic Dulcie Tenure Expansion
STRATEGIC DULCIE TENURE EXPANSION ZENITH MINERALS | INVESTOR PRESENTATION For personal use only Corridor Consolidation Underway Footprint expansion Scale enhancement Strike extension Expands the Dulcie Enhances the overall scale Unlocks additional strike footprint within a proven and growth potentia
Slide 10: Regional Upside Beyond Dulcie
REGIONAL UPSIDE BEYOND DULCIE ZENITH MINERALS | INVESTOR PRESENTATION The current Dulcie Mineral Resource represents only a For personal use only small portion of Zenith’s broader 360 km² prospective land position. Multiple parallel shear systems identified Two identified shear zones extend ~19 km p
Slide 11: Red Mountain: Large-Scale Gold System
RED ZENITH MINERALS | INVESTOR PRESENTATION MOUNTAIN Located within a world-class mineral province hosting multiple multi-million-ounce gold deposits For personal use only Large-Scale Gold System in a World- class Mineral Province Greenfields gold discovery by Zenith defining a large-scale IRGS Loca
Slide 12: Red Mountain: Scale Confirmed, Clear Expansion Potential
RED MOUNTAIN ZENITH MINERALS | INVESTOR PRESENTATION Scale Confirmed, Clear Expansion Potential For personal use only IRGS MODEL CONFIRMED BY RC AND DIAMOND DRILLING: Vertically extensive gold system with drilling now testing depths >750 m (ZRMCD073 – 758 m; ZRMCD067 – 731 m, assays pending) Open at
Slide 13: Red Mountain Next Steps
ZENITH MINERALS | INVESTOR PRESENTATION RED MOUNTAIN NEXT STEPS For personal use only Deep diamond drilling testing depth extensions 01. (2 Diamond tails completed to ~760 m) 02. RC drilling to expand corridor 03. Testing priority geophysical anomalies 04. Integrated 3D modelling and geochemical vec
Slide 14: Capital Discipline
ZENITH MINERALS | INVESTOR PRESENTATION For personal use only Capital Discipline Focused Today, Optionality Tomorrow • Capital prioritised to Dulcie and Red Mountain • Non-core assets held at low carrying cost • Flexibility to monetise or JV when market conditions improve
Slide 15: Lithium Assets
LITHIUM ZENITH MINERALS | INVESTOR PRESENTATION ASSETS For personal use only Western Australia Rio Lithium (Split Rocks) 11.9Mt @ 0.72% Li2O 1 (Inferred Resource) Located near Mt Holland Lithium Mine Resource remains open Waratah Well – High-grade petalite-rich pegmatites with strong infrastructure
Slide 16: Strategic Gold & Zinc Exposure
STRATEGIC GOLD ZENITH MINERALS | INVESTOR PRESENTATION & ZINC EXPOSURE For personal use only Earaheedy JV ▪ 25% free-carried through BFS (94Mt Zn–Pb–Ag Inferred Resource1, 100% basis) ▪ Partner advancing development studies Cowarra Gold ▪ 26% interest in Lachlan Fold Belt ▪ Historic high-grade produ
Slide 17: Valuation & Peer Positioning
VALUATION ZENITH MINERALS | INVESTOR PRESENTATION & PEER POSITIONING For personal use only Scale Reset. Valuation yet to Reflect Positioning. 675 koz Au Consolidated Resource $40.4M Enterprise Value Zenith Minerals Peer Average $60/oz $137/oz Enterprise Value/oz Peer Average Enterprise Value/oz Peer
Slide 18: Why Invest in Zenith
WHY INVEST IN ZENITH ZENITH MINERALS | INVESTOR PRESENTATION For personal use only Dulcie Strategic Valuation Next Phase Scale Established District Position Leverage of Growth • Consolidated Mineral • Granted Mining Leases & TO • EV/oz Materially below WA peer • Upcoming Exploration to be Resource d
Slide 19: Appendix: Peer Comparisons – Sources
APPENDIX ZENITH MINERALS | INVESTOR PRESENTATION Peer Comparisons – Sources Financials Resource Sources For personal use only Attributable EV/ Share Mcap Cash Debt EV Resource Measured Indicated Inferred Contained Grade Name & Ticker Stage Resource Financials Resources Price (A$m) (A$m) (A$m) (A$m)