Zenith Minerals Limited - Red Mountain RC Assays Confirm Expanding Gold System as Diamond Drilling Commences

About this update from Zenith Minerals Limited

Zenith Minerals Limited ('Zenith' or 'the Company') is pleased to advise that all gold assays have now been received from the October 2025 reverse circulation (RC) drilling programme at its 100%- owned Red Mountain Gold Project in Queensland , further advancing our understanding of this emerging intrusion-related gold (IRG) system. In addition, the Company has commenced diamond drilling, re-entering the priority RC hole ZRMRC073 from 210 m to follow up the gold-bearing breccia and associated base-metal mineralisation intersected in the RC pre-collar, which returned 7 m @ 1 g/t Au from 177 m. The diamond tail is designed to test adjacent to and below the highest-grade portion of the breccia system drilled to date, as defined in ZRMRC068 (122 m @ 1.28 g/t Au from 209 m, including 55 m @ 2.18 g/t Au). Diamond Tail Underway The intercept of 7 m @ 0.99 g/t Au from 177 m in ZRMRC073 is geologically significant, as it represents the shallowest and highest-grade interval returned from the breccia above the rhyolite host to date. This zone signifies a potentially fundamental change in the controls on mineralization heading to the west. The elevated grades in this interval, combined with the intersection of rhyolite at end of hole and its proximity to the high-grade zone in ZRMRC068, strengthen the case for immediate follow-up drilling. Accordingly, a diamond rig has been mobilised to site and the extension of the hole is underway. This hole will test lateral continuity of the rhyolite and breccia to the west - where gold grades are improving - as well as testing deeper into the breccia system where the potential highgrade feeder structure remains the principal target. Recap of Previous RC Results Previously reported holes ZRMRC067-ZRMRC069 have played an important role in defining the geometry of the Red Mountain system and framing the new results. ZRMRC067 was drilled to test the western extension of mineralization intersected in deep diamond holes ZRMDD064 and ZRMDD066. Although it did not intersect the rhyolite, it returned broad zones of anomalous gold, including 16 m @ 0.49 g/t Au from 124 m and 16 m @ 0.44 g/t Au from 160 m, hosted in localised breccia. These breccia zones occur relatively high in the hole compared with adjacent drilling, supporting the interpretation that ZRMRC067 passed close to the southern breccia margin along the arcuate north-west trending corridor. ZRMRC068 delivered the standout RC intercept to date - 122 m @ 1.28 g/t Au from 209 m, including 55 m @ 2.18 g/t Au - within a thick, coherent rhyolite sill. The stronger grades and thickening rhyolite in this hole contrast with earlier diamond drilling to the south and are interpreted as vectoring towards a potential vertical feeder position within the IRG system. ZRMRC069, collared 75 m north-east of ZRMRC068, intersected the north-eastern extension of the breccia with 82 m @ 0.26 g/t Au from 195 m, including 10 m @ 1.16 g/t Au from 228 m (with 1 m @ 7.77 g/t Au). The geology indicates the rhyolite is tapering in this direction, providing an important geometric control and highlighting that future drilling should focus along the better-mineralised southern and western margins of the target corridor Red Mountain Project Overview The Red Mountain Gold Project ('the Project') is located within Queensland's portion of the New England orogen in Auburn Subprovince, a region known for its rich Au-Cu-Ag endowment. The Project presents significant gold and silver mineralisation hosted within a 500 m x700 m breccia pipe system. Discovered by Zenith in 2017, the Project has yielded compelling results through successive exploration phases, confirming its potential as a core asset within Zenith's gold portfolio. With 100% ownership, the Project benefits from existing infrastructure and proximity to other notable gold projects (e.g. Mount Morgan , Cracow and Mount Rawdon ) in the region, providing logistical advantages and cost efficiencies for future operations The geological setting at Red Mountain shares notable similarities with other major Queensland gold deposits such as Mt Wright (1 Moz), Mt Leyshon (3.5 Moz), Kidston (5.1 Moz) and Mt Rawdon (2 Moz). These systems, characterised by breccia complexes and intrusion-related Au mineralisation, have produced substantial gold resources, highlighting Red Mountain's potential to host large-scale IRG or porphyry-style copper (molybdenum) mineralisation within a comparable geological setting. Metallurgical testwork has shown that much of the gold at Red Mountain is free-milling and nonrefractory, with average recoveries of 83.3% via conventional cyanide leaching. Notably, samples with lower arsenic content achieved recoveries as high as 95.8%, supported by strong gravity gold recovery rates. These positive results indicate a straightforward processing path, which could contribute to the project's economic viability and align with Zenith's goal of cost-effective gold production. Contact: Andrew Smith Tel: +61 8 9226 1110 Email: [email protected] ABOUT ZENITH MINERALS LIMITED Zenith Minerals Limited (ASX: ZNC) is an Australian exploration company focused on advancing a portfolio of high-quality gold projects in Western Australia and Queensland . The Company is strategically positioned to capitalise on strong gold market fundamentals while maintaining exposure to future-facing battery minerals. Zenith's core focus is its gold portfolio, which includes the Consolidated Dulcie Gold Project in Western Australia's highly prospective Southern Cross-Forrestania Greenstone Belt, and the high-grade Red Mountain Gold Project in Queensland . The Company has completed a government co-funded deep drilling programme at Red Mountain, the results of which confirm the project's significant scale and strong geological continuity. In addition, Zenith holds a strategic 25% free-carried interest in the Earaheedy Zinc-Lead-Silver Project (joint venture with Rumble Resources Limited ), which is advancing through a scoping study with Zenith fully funded through to completion of a Bankable Feasibility Study (BFS). Zenith also retains a low-holding-cost lithium portfolio, including the Split Rocks and Waratah Well Projects, which are being incubated in the background while the Company's near-term efforts remain firmly focused on gold. Zenith's strong financial position, diversified asset base, and disciplined exploration approach are designed to systematically grow shareholder value through sustained discovery and resource development. (C) 2025 Electronic News Publishing, source ENP Newswire

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