Zenith Minerals Limited · ASX:ZNC
Zenith Minerals — Investor Presentation (May 2026)
22 slides from Zenith Minerals's investor presentation, May 11, 2026
Slide 1: Strategic WA Gold Developer
ZENITH MINERALS | INVESTOR PRESENTATION For personal use only Strategic WA Gold Developer 675koz Au Resource | Development Pathway | Discovery Upside Establishing Critical Mass in WA’s Forrestania Gold Belt ASX:ZNC zenithminerals.com.au 11 May 2026
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: Investment Highlights
INVESTMENT HIGHLIGHTS ZENITH MINERALS | INVESTOR PRESENTATION 675koz gold Resource, district consolidation underway, and a clear rerating gap to peers DULCIE DISTRICT RERATING CATALYSTS For personal use only Scale Established Strategic Position Valuation Leverage Next Phase of Growth • Consolidated
Slide 4: Corporate Overview
CORPORATE ZENITH MINERALS | INVESTOR PRESENTATION OVERVIEW For personal use only 600m As at 6 May2026 Shares On Issue 7.0c As at 8 May2026 Share Price $42.0M As at 8 May 2026 Market Cap $5.5M As at 31 Mar 2026 Cash $36.5M Enterprise Value 70m options at 7.7c exp 31/7/2027 SHAREHOLDERS (~2,104) STRAT
Slide 5: Dulcie: Realistic Path to Development
DULCIE: REALISTIC PATH ZENITH MINERALS | INVESTOR PRESENTATION TO DEVELOPMENT Nearby Infrastructure Supports Development For personal use only Progression Consolidated Dulcie Gold Project ✓ Inferred Mineral Resource Estimate (MRE) of 675,000oz, with ongoing drilling targeting further growth ✓ Grante
Slide 6: Valuation & Peer Positioning
VALUATION ZENITH MINERALS | INVESTOR PRESENTATION $250/oz & PEER $198/oz $200/oz $176/oz $165/oz POSITIONING $154/oz $150/oz For personal use only $107/oz $92/oz $88/oz $100/oz $75/oz Scale Reset. $64/oz $54/oz $39/oz Valuation yet to $50/oz Reflect Positioning. $0/oz BM1 RTR GG8 GBR ODY JAV NXM TG6
Slide 7: Precedent Transactions: WA Gold Developers & Explorers
PRECEDENT TRANSACTIONS: WA GOLD DEVELOPERS & EXPLORERS ZENITH MINERALS | INVESTOR PRESENTATION Recent WA gold transactions at materially higher Enterprise Value/oz multiples compared to Zenith’s current Enterprise Value/ oz $290/oz WA GOLD DEVELOPERS & EXPLORERS – EV / RESOURCE ($/oz)1,2,3 For perso
Slide 8: Dulcie Cross Section
DULCIE ZENITH MINERALS | INVESTOR PRESENTATION CROSS SECTION For personal use only Near-Resource Drilling Underway • 10 hole RC programme (~1,350m) targeting high-confidence zones • Builds on 21.3Mt @ 1.0 g/t Au (675koz) Resource Dulcie South • Testing resource gaps and down-dip extensions • Aiming
Slide 9: Dulcie Long Section
DULCIE LONG SECTION ZENITH MINERALS | INVESTOR PRESENTATION For personal use only Continuous mineralisation defined across multiple deposits and intervening under-drilled corridor positions. (300koz, 1.6km), DN (75koz, 0.5km), M77/599 (600 to 900m untested) and Dulcie (300koz, 3.2km)
Slide 10: New Acquisition Untested Strike
NEW ACQUISITION ZENITH MINERALS | INVESTOR PRESENTATION UNTESTED STRIKE For personal use only M77:599: ~600 m Untested Strike Between defined Resource1 on both sides of the Mining Lease: • Dulcie North: ~75 koz over ~500 m strike • Dulcie: ~300 koz over ~3,000 m strike • M77/599: ~600 m untested str
Slide 11: Regional Upside Beyond Dulcie
REGIONAL UPSIDE BEYOND DULCIE ZENITH MINERALS | INVESTOR PRESENTATION The current Dulcie Mineral Resource represents only a small portion For personal use only of Zenith’s broader 360 km² prospective land position. MULTIPLE PARALLEL SHEAR SYSTEMS IDENTIFIED Two identified shear zones extend ~19 km p
Slide 12: Red Mountain
RED ZENITH MINERALS | INVESTOR PRESENTATION MOUNTAIN For personal use only Large-Scale Gold System in a World- class Mineral Province Located within a world-class mineral province hosting multiple multi-million-ounce gold deposits - Cracow ~2.0 Moz Au, Mt Rawdon ~1.8 Moz Au, and Mount Morgan ~8.5 Mo
Slide 13: 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 14: Red Mountain Next Steps
ZENITH MINERALS | INVESTOR PRESENTATION RED MOUNTAIN NEXT STEPS For personal use only 01. RC drilling to test lateral extension and depth 02. Integrated 3D modelling and geochemical vectoring 03. Testing priority geophysical anomalies 04. Auburn and Privateer - Support work ahead of maiden drilling
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: Highlights and Resource Doubles
HIGHLIGHTS AND RESOURCE DOUBLES. ZENITH MINERALS | INVESTOR PRESENTATION CORRIDOR SCALE Now Unlocked. UPCOMING 675,000 ounces at 1.0 g/t Au NEWS FLOW For personal use only RESOURCE STRATEGIC GROWTH IMPLICATIONS ✓ Consolidated Mineral Resource doubles to 01. Mineralisation extends beyond 675 koz1 at
Slide 18: Catalyst Calendar
CATALYST CALENDAR ZENITH MINERALS | INVESTOR PRESENTATION Indicative timing of upcoming news flow Q2 2026 Q3 2026 Q4 2026 Q1 2027 For personal use only DULCIE DULCIE - M77/599 RED MOUNTAIN DULCIE 10 RC results pending; Scott's Grey Plan of Work approval; commence 30- Resource update incorporating M7
Slide 19: 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 • Major new tenure acquisition Resource
Slide 20: Strategic Review
STRATEGIC REVIEW ZENITH MINERALS | INVESTOR PRESENTATION VALUE REALISATION FOCUS BOARD’S ASSESSMENT For personal use only • Formal strategic review underway across Zenith’s gold • Board believes Zenith’s current valuation does not and lithium portfolio adequately reflect: • Argonaut appointed as fin
Slide 21: Appendix A
APPENDIX A ZENITH MINERALS | INVESTOR PRESENTATION Ticker BM1 RTR GG8 GBR ODY JAV NXM TG6 PGL ZNC LM1 Market Cap 293 68 278 216 52 26 36 22 165 42 18 For personal use only Net Cash 76 3 29 25 9 4 2 1 31 6 5 EV 218 65 249 191 43 22 34 20 134 37 13 Resource 1,101 368 1,509 1,247 407 242 382 271 2,083
Slide 22: For personal use only
zenithminerals.com.au ASX:ZNC For personal use only ZENITH MINERALS | INVESTOR PRESENTATION