Zephyr Provides Update & Announces Private Placement

Zephyr Minerals Ltd. (TSXV: ZFR) (OTC Pink: ZPHYF) ("Zephyr" or the "Company") is pleased to report the successful completion of the fourth quarter of its comprehensive groundwater monitoring and analytical program at and surrounding the Dawson Gold deposit. The fifth and final quarter of the program is scheduled for December 2026, keeping the Company on track to complete the full five-quarter program by year-end. In parallel with the groundwater program, the Company is completing a range of additional environmental and technical studies that will support the new mining permit application. Building on the Company's existing knowledge of the proposed Dawson Gold Mine, these studies will further enhance that understanding and demonstrate that the project can be developed in an environmentally responsible and technically sound manner. Upon receipt and review of all analytical data, Zephyr intends to submit a new mining permit application to the Colorado Division of Reclamation, Mining and Safety ("DRMS") for its 100%-controlled Dawson Gold property in Colorado, USA, as early as January 2027. Following receipt of notice from the Zimbabwe Ministry of Mines and Mining Development that its Exclusive Prospecting Order ("EPO") applications had been rejected, Zephyr submitted a formal appeal in July 2026 seeking reconsideration of the applications and clarification regarding the basis for the rejection. The EPO applications, originally submitted in 2021, cover approximately 124,000 hectares in Zimbabwe's Manicaland and Mashonaland Central Mining Districts. The Company continues to await a response and will provide further updates as additional information becomes available. Zephyr announces its intention complete a non-brokered private placement of up to 4,000,000 units (each, a "Unit") at a price of $0.05 per Unit for gross proceeds of up to $200,000 (the "Private Placement"). Each Unit will consist of one common share (each, a "Share") and one common share purchase warrant (each, a "Warrant"). Each Warrant will entitle the holder to acquire one additional Share at an exercise price of $0.10 per Share for a period of two years from the date of issuance. Proceeds received from the Private Placement will be used for general working capital purposes and to advance permitting activities on the Dawson Gold Project. Certain insiders of the Company are expected to participate in the Private Placement. Finder's fees, consisting of cash and Warrants on the same terms as those issued under the Private Placement, may be paid to eligible parties in accordance with applicable securities laws and TSX Venture Exchange policies. All securities issued pursuant to the Private Placement will be subject to a statutory hold period of four months and one day from the date of issuance. Completion of the Private Placement is subject to customary closing conditions, including acceptance by the TSX Venture Exchange. The Dawson Gold Deposit hosts an Inferred Mineral Resource 1 prepared in accordance with National Instrument 43-101 ("NI 43-101") of 343,000 tonnes grading 12.11 g/t for 133,500 ounces of gold at a 5 g/t cut-off with no top cut, and 116,300 ounces of gold at 10.55 g/t with a 40 g/t top cut. The estimate has an effective date of July 19, 2013.