ZincX Resources : Closes Convertible Loan Agreement

About this update from Zincx Resources Corp.

Vancouver, British Columbia, Canada - Thursday, February 13, 2025 - ZincX Resources Corp. ("ZincX" or the "Company", TSX Venture Exchange: ZNX; FRA: M9R) announces that the Company has closed on the non-recourse convertible loan agreement dated January 23, 2025 (and as amended February 11th, 2025), in the principal amount of $500,000 (the "Loan") with a significant shareholder of the Company. Peeyush Varshney, Chief Executive Officer of ZincX, commented, "We are pleased to enter into this agreement with a supportive shareholder of the Company." The unsecured Loan is for a term of 3 years at an interest rate of 5% per annum. At any time prior to maturity, the lender may elect to convert the Loan, in whole or in part, into common shares of the Company at a price of $0.105 per share. If the whole loan is converted, the Lender will receive 4,761,905 common shares of the Company. Prior Exchange approval is required for all share issuances (including interest or accrued interest potentially paid in shares of the Company) contemplated by the loan agreement, but for the conversion of the actual principal. There is no finder's fee payable on this transaction. The Company intends to use the proceeds from the Loan to continue to advance the Company's Akie and Kechika Regional projects in British Columbia and for working capital purposes. The Akie Zn-Pb-Ag Project The 100% owned Akie property is situated within the Kechika Trough, the southernmost area of the regionally extensive Paleozoic Selwyn Basin and one of the most prolific sedimentary basins in the world for the occurrence of SEDEX zinc-lead-silver and stratiform barite deposits. Drilling on the Akie property by ZincX Resources since 2005 has identified a significant body of baritic-zinc-lead SEDEX mineralization known as the Cardiac Creek deposit. The deposit is hosted by siliceous, carbonaceous, fine-grained clastic rocks of the Middle to Late Devonian Gunsteel Formation. The Company updated the estimate of mineral resources at Cardiac Creek in 20181, as follows:5% Zinc Cut-Off Grade Contained Metal: Category Tonnes (million) Zn (%) Pb (%) Ag (g/t) Zn (B lbs) Pb (B lbs) Ag (M oz) Indicated 22.7 8.32 1.61 14.1 4.162 0.804 10.3 Inferred 7.5 7.04 1.24 12.0 1.169 0.205 2.9 The Company announced robust positive results from the 2018 Preliminary Economic Assessment (PEA)1. The PEA envisages a conventional undergr...

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