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Corporate Presentation September 2018 Disclaimer This presentation - - PowerPoint PPT Presentation

TSXV & BVL:TK | OTCPK: TKRFF www.tinkaresources.com Corporate Presentation September 2018 Disclaimer This presentation is not directed to, or intended for distribution to or use by, any person or entity that is a citizen or resident


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TSXV & BVL:TK | OTCPK: TKRFF www.tinkaresources.com

Corporate Presentation – September 2018

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This presentation is not directed to, or intended for distribution to or use by, any person or entity that is a citizen or resident or located in any locality, state, country or

  • ther jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation or which would require any registration or licensing within

such jurisdiction. This presentation does not constitute or form a part of, and should not be construed as an offer, solicitation or invitation to subscribe for, underwrite or otherwise acquire, any securities of Tinka, nor shall it or any part of it form the basis of or be relied on in connection with any contract or commitment whatsoever. Certain information in this presentation contains forward-looking statements and forward-looking information within the meaning of applicable securities laws (collectively "forward-looking statements"). All statements, other than statements of historical fact are forward-looking statements. Forward-looking statements are based on the beliefs and expectations of Tinka as well as assumptions made by and information currently available to Tinka's management. Such statements reflect the current risks, uncertainties and assumptions related to certain factors including but not limited to, all costs varying significantly from estimates, production rates varying from estimates, changes in metal markets, changes in equity markets, availability and costs of financing needed in the future, equipment failure, unexpected geological conditions, imprecision in resource estimates or metal recoveries, ability to complete future drilling programs, drilling program results varying from expectations, delays in obtaining survey results, success of future development initiatives, the completion and implementation of a preliminary economic assessment, pre-feasibility or feasibility studies, competition, operating performance, environmental and safety risks, delays in obtaining or failure to obtain necessary permits and approvals from local authorities, community relations, timing and completion of any surface rights agreements, and other development and operating risks. Should any

  • ne or more of these risks or uncertainties materialize, or should any underlying assumptions prove incorrect, actual results may vary materially from those described
  • herein. Although Tinka believes that assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future

performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein. Except as may be required by applicable securities laws, Tinka disclaims any intent or obligation to update any forward-looking statement. Cautionary Note to United States Readers Concerning Mineral Resources and Reserves: The standards employed in estimating the mineral resources referenced in this document differ significantly from the requirements of the United States Securities and Exchange Commission (the “SEC”) and the resource information reported may not be comparable to similar information reported by United States companies. The term “resources” does not equate to “reserves” and normally may not be included in documents filed with the SEC. “Resources” are sometimes referred to as “mineralization” or “mineral deposits.” While the terms “mineral resource”, “measured mineral resource”, “indicated mineral resource” and “inferred mineral resource” are recognized and required by Canadian regulations, they are not defined terms under standards in the United States and normally are not permitted to be used in reports and registration statements filed with the SEC. The estimation of measured, indicated and inferred mineral resources involves greater uncertainty as to their existence and economic feasibility than the estimation of proven and probable reserves. United States readers are cautioned (i) not to assume that measured or indicated resources will be converted into reserves and (ii) not to assume that estimates of inferred mineral resources exist, are economically or legally minable, or will be upgraded into measured or indicated mineral resources. It should not be assumed that further work on the stated resources will lead to mineral reserves that can be mined economically. The terms “mineral reserve,” “proven mineral reserve” and “probable mineral reserve” are Canadian mining terms defined in accordance with National Instrument 43- 101 and the CIM Definition Standards on Mineral Resources and Mineral Reserves. These definitions differ from the definitions in the SEC’s Industry Guide 7 and, generally, are not permitted to be used in reports and registration statements filed with the SEC. As such, information contained in this document and the documents incorporated by reference herein concerning descriptions of mineralization and resources under Canadian standards may not be comparable to similar information made public by United States companies in SEC filings. The Mineral Resources disclosed in this company presentation were estimated by Mr. David Ross, P.Geo., an employee of Roscoe Postle Associates Inc. (RPA) and is independent of Tinka. The Zinc/Tin Mineral Resources were publicly released on November 8, 2017, while the Silver Resources were released on Feb 26, 2015. By virtue of his education and relevant experience, Mr. Ross is a "Qualified Person" for the purpose of National Instrument 43-101. The Mineral Resources have been classified in accordance with CIM Definition Standards for Mineral Resources and Mineral Reserves. Readers are encouraged to read the Company’s technical report in their entirety. This presentation has been prepared, reviewed and verified by Dr. Graham Carman, Tinka’s President and CEO and a Fellow of the Australasian Institute of Mining and Metallurgy, a qualified person as defined by NI 43-101.

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Disclaimer

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Company Highlights

Large, growing high-grade zinc discovery in Peru

 Inferred Mineral Resources Nov’ 2017: ▪ Zinc – 42.7 million tonnes @ 7.3% ZnEq* containing 5.6 billion pounds zinc metal ▪ Tin – 10.5 million tonnes @ 0.70% tin equivalent**  ~20,000m of step-out drilling in 2018  Resource update expected Q4 2018  Technical team with past discoveries in Peru  CAD$15 million cash position at July 2018  Fully funded for next 18 months  Advancing drill permitting for PFS phase  Strong institutional investor base  Mining-friendly jurisdiction with supportive communities and good infrastructure

Ayawilca

Peru

* 6.0% Zn, 0.2% Pb, 17g/t Ag, 79g/t In ** 0.63% Sn, 0.23% Cu, 12 g/t Ag

TINKA’S AYAWILCA

PROJECT IS A LARGE AND GROWING ZINC DISCOVERY IN PERU

2018 – CONTINUED

EXPLORATION AND DE-RISKING AT

AYAWILCA STRONG COMPANY

FUNDAMENTALS

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 Total 2017 zinc consumption was 13.7 M tonnes, while production was 13.2 M tonnes = a zinc deficit which is expected to continue  Steady demand growth is expected for galvanized steel used in automobiles and in construction by developing countries like China, India, Latin America  Zinc has been used in batteries for decades – recent research estimates low cost zinc-air batteries could substantially increase zinc demand

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Zinc Supply & Demand

Galvanizing 50% Zinc Alloying 17% Brass and Bronze 17% Zinc Semi- Manufactures 6% Chemicals 6% Other 4%

Zinc End Uses

Wood Mackenzie: Lack

  • f new Zinc projects will

make replacement of production challenging

Source: Nexa Resources S.A. Source: International Lead and Zinc Study Group (ILZSG)

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 Zinc prices have fallen 34% from the February 2018 peak due to USD strength, concerns about China demand due to US tariffs, and a build in LME inventories  While LME inventories have risen, TOTAL inventories are now lower than at the February peak, indicating that the zinc market remains very tight  Goldman Sachs research (July 2018) forecast zinc prices moving back to US$3300/t (US$1.50/lb) by Q2 2019

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Zinc Inventories Remain Low

Source: Scotiabank

Total Zinc Inventories

Zinc price (USD/t) LME inventories (tonnes)

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 A decade of low zinc prices resulted in a lack of exploration and new discoveries  Ayawilca is one of the largest undeveloped zinc projects owned by a junior  South32 acquired Arizona Mining for USD$1.6 billion in 2018

  • Taylor deposit resource: 31.4 Blbs zinc equivalent ➔ takeover EV=USD$1.6B
  • Nov. 2017 Ayawilca resource: 5.6 Blbs zinc equivalent ➔ EV=USD$84M

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Scarcity of Large Undeveloped Zinc Projects

Fireweed-Tom&Jason NEXA-Aripuana

Tinka- Ayawilca

Zinc X-Akie Rathdowney-Olza Trevali-Caribou Vendetta-Pegmont Trevali-Santander Foran-McIlvenna Bay NEXA-Vazante NEXA-Cerro Lindo NEXA-Shalipayco

  • 1.0

2.0 3.0 4.0 5.0 6.0

  • 10

20 30 40 50 60 70 Global Resource Zinc Equivalent (Mt) Global Resource Size (Mt)

Zinc Equivalent Resource Size for Select TSX/TSXV Companies

Producing mine Development project Ayawilca project

Notes:

  • Data from company websites, believed to be accurate
  • ZnEq based on spot metal prices on Aug. 14, 2018
  • Global resources include Measured & Indicated and Inferred resources. Vazante and Cerro Lindo data reflects Reserves.

Ayawilca Resource in 2018

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Market Capitalization

TSXV & BVL: TK | OTCPK: TKRFF Shares Issued: 263 M Warrants: 31 M Options: 12 M Shares reserved: 0.5 M Fully diluted: 307 M Market cap @ C$0.40/share: C$105 M Cash (July 2018): ~C$15 M

Retail 42% Sentient 25% IFC 12% JPMorgan (UK) 7% Other institutions 13% Mgmt & Directors 2%

Major Shareholders:

CAD$

Analyst Coverage:

GMP Securities – Ian Parkinson Industrial Alliance – George Topping Canaccord Genuity – Kevin MacKenzie

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MANAGEMENT

Graham Carman President & CEO, Director

Geologist, PhD Lihir PNG, 25 years experience in mineral exploration, 15 yrs Peru experience at Rio Tinto, Savage, Pasminco

Alvaro Fernandez- Baca VP Exploration, Peru

Geologist, P. Geo., APEGBC, 20 years global exploration work with Hochschild, AQM Copper, Entrée Gold, Gitennes

Javier Escudero HSEC Manager, Peru

Health, Safety, Environment, Community & Permits – 18 years experience with Goldfields, Rio Tinto, Cia. Minera Antamina

Nick Demare CFO, Director

CPA, CA, President of Chase Management Inc. since 1991, with extensive board experience

Mariana Bermudez Corporate Secretary

20 years experience providing corporate secretarial and regulatory compliance services

NON-EXECUTIVE DIRECTORS

Ben McKeown

Chairman of the Board: Mining engineer, MBA, with 25 years experience in mining, oil & gas, and private equity

Pieter Britz

Sentient Group representative, professional engineer, over 20 years’ experience as a mining professional and a mining investment professional

Mary Little

Founder Mirasol Resources, geologist, MBA, 20 years in Latin America

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Management & Directors

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Mineral Rank in World 2016 Latin America 2016 Zinc 2nd 1st Copper 3rd 2nd Tin 6th 2nd Lead 4th 1st Silver 2nd 2nd Gold 6th 1st

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Peru – A Mining Country

 Pro-mining country – mining accounts for over 50% of exports  Peru is a top 3 global producer of zinc, copper, and silver

Ayawilca Project

* Only large mineral deposits shown

Las Bambas

Antamina

Central Peru zinc belt

CHILE BOLIVIA BRAZIL ECUADOR

San Rafael

Source: US Geological Survey

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Major Mines in Central Peru

Antamina: Largest current copper/zinc mine in Peru Cerro de Pasco: Largest historic silver/zinc mine in Peru

Giant Ore Deposit

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 Tinka owns 100% of large mining claim block: 150 km2 contiguous land package  Good infrastructure including public roads, high voltage power lines, and water sources  7 hour drive to coast on well formed public roads  Supportive local communities (Yanacocha, Huarautambo, and Pillao)

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Ayawilca Mining Claims

Ayawilca zinc & tin mineral resource Colquipucro silver mineral resource Other Targets

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Ayawilca Zinc Zone Inferred Mineral Resources: 42.7 Mt grading 7.3% ZnEq

Notes:

  • 1. Mineral resource estimate at October 10, 2017

2. Base case highlighted ~ US$55/t NSR cut off. Metal price assumptions were US$1.15/lb Zn, US$300/kg In, US$18/oz Ag, US$1.10/lb Pb. Metal recovery assumptions were 90% Zn, 75% In, 60% Ag, and 75% Pb for the ZnEq calculation. 3. The NSR value was calculated using the formula: NSR = Zn(%)*US$15.34+Pb(%)*US$6.15+In(g/t)*US$0.18+Ag(g/t)*US$0.27 4. The ZnEq value was calculated using the formula: ZnEq = NSR/US$15.34 5. See “Technical Report on the Mineral Resource Estimate for the Ayawilca Property, Department of Pasco, Peru” dated December 11, 2017, for details of resource estimates and assumptions (available at www.sedar.com or at www.tinkaresources.com) 6. “Inferred Mineral Resources” are that part of a Mineral Resource for which quantity and grade or quality are estimated on the basis of limited geological evidence and sampling. Geological evidence is sufficient to imply but not verify geological and grade or quality continuity. An Inferred Mineral Resource has a lower level of confidence than that applying to an Indicated Mineral Resource and must not be converted to a Mineral

  • Reserve. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with

continued exploration. United States investors are cautioned not to assume that all or any part of Measured or Indicated Mineral Resources will ever be converted into Mineral Reserves. United States investors are cautioned not to assume that further work on the stated resources will lead to mineral reserves that can be mined economically.

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Ayawilca Zinc Zone

Area Tonnage (Mt) ZnEq (%) Zn (%) Pb (%) In (g/t) Ag (g/t) Zn (Mlb) Pb (Mlb) In (000 kg) Ag (Moz) West 9.0 7.2 6.1 0.2 64 14 1,206 37 577 4.0 Central 13.0 5.7 4.7 0.3 54 13 1,338 77 704 5.4 East 7.5 6.2 5.1 0.2 69 13 846 34 519 3.1 South 13.3 9.5 7.6 0.2 118 25 2,228 61 1,561 10.6 Total

42.7 7.3

6.0 0.2 79 17 5,617 209 3,361 23.1

 Ayawilca Mineral Resource Estimate updated November 8, 2017  127% increase in Zinc Resources from May 2016

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Ayawilca Property Highlights

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Ayawilca is one of most significant zinc discoveries in Peru in the past 20 years Three Separate Deposits:

  • 1. Zinc Zone (Zn-In-Ag-Pb) Inferred Mineral

Resource (Nov/17): 42.7 Mt @ 7.3% ZnEq

  • Grades: 6.0% Zn, 0.2% Pb, 17g/t Ag, 79g/t In
  • 5.6 billion pounds of Zinc (2.5M tonnes)
  • 3,400 tonnes of Indium
  • 23.3 million ounces of Silver
  • 209 million pounds of Lead
  • 2. Tin Zone (Sn-Ag-Cu) Inferred Mineral

Resource (Nov/17): 10.5 Mt @ 0.70% SnEq

  • Grades: 0.63% Sn, 0.23% Cu, 12 g/t Ag
  • 145 million pounds of Tin (66,000 tonnes)
  • 53 million pounds of Copper
  • 4.2 million ounces of Silver
  • 3. Colquipucro Silver Oxide (Ag) Deposit

Mineral Resource (higher grade lenses): 10.4 Moz @ 112 g/t Ag (Indicated) and 7.5 Moz @ 105g/t Ag (Inferred)

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2018 Drill Program – Expanding the Resource

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Ayawilca Long Section Looking Northwest

 Zinc (Zn) and tin (Sn) zones occur separately  Massive replacement bodies within structural zones in South and West Ayawilca with highest grades and greatest thickness  Multiple, gently dipping lenses or ‘mantos’ in Central and East Zones

X X’

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New Discovery of HG Zinc at West Ayawilca

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HG Zinc at West Ayawilca: 10m @ 44% Zn

Massive sphalerite Hole A18-129 (40% Zn from 339.4m to 351.3m) Feeder veins in phyllite Hole A18-132 (20% Zn from 320.0m to 326.9m)

 New styles of mineralization have recently been encountered at West Ayawilca and create opportunities for additional resource expansion

  • High grade sphalerite in limestone under phyllite
  • Feeder veins in phyllite underneath existing resource
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West Ayawilca – Step-out drill results in 2018

Drill hole From (m) To (m) Interval (m) Zn (%) Pb (%) Ag (g/t) Indium (g/t) Date Reported A18-114 300.00 319.30 19.30 9.2 0.2 19 2 April 25, ‘18 including 300.00 304.00 4.00 16.2 0.2 26 2 and 351.40 365.80 14.40 12.8 1.9 140 98 including 352.30 354.30 2.00 11.8 12.1 837 292 including 357.00 358.40 1.40 29.2 0.4 58 24 including 361.20 365.80 4.60 16.8 0.1 15 26 A18-118 237.30 343.80 106.50 6.8 0.2 17 48 May 24, ‘18 including 237.30 240.20 2.90 24.1 1.7 109 4 including 252.30 264.10 11.80 6.4 0.2 24 1 including 270.00 293.90 23.90 9.2 0.0 15 14 including 311.90 343.80 31.90 9.6 0.3 19 138 including 334.00 343.80 9.80 17.0 0.1 25 330 A18-129 197.60 218.00 20.40 4.2 0.1 7 1 Jun 26 ’18 and 260.00 281.20 21.20 9.0 0.1 13 53 including 277.00 281.20 4.20 19.2 0.1 17 186 and 290.50 297.00 6.50 11.0 0.1 8 52 and 339.40 351.30 11.90 39.6 0.8 45 761 including 340.60 351.00 10.40 44.0 0.4 43 869

Note: True thicknesses of the zinc intersections are estimated to be at least 85% of the down hole thicknesses shown above

 Hole A18-129 encountered a limestone unit beneath phyllite – opens the possibility of mineralization at depth –intercepted 10.4m of 44% zinc  Drill intersections in holes A18-114 and A18-118 extended the West Ayawilca zinc zone by at least 150 metres to north, mineralization remains open  New “Camp” area mineralization will link West Ayawilca to Central Ayawilca

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West Ayawilca – South Ayawilca cross section

 Massive replacement bodies, on scale of hundreds of metres  Multiple, gently dipping lenses (‘mantos’) which can be up to 200 m thick  Currently testing possibility of additional limestone at depth

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Metallurgical Test Results - Positive

 PEA-level flotation test work in progress  Two composite samples (grading 7% & 10% Zn) were selected for metallurgical testing (Oct. 2016): ▪ Coarse grained marmatite (high-Fe) and sphalerite (low-Fe) zinc sulphides ▪ 98% recovery of zinc in first pass (rougher) concentrates ▪ 50-52% zinc concentrate grade produced in second pass (cleaner) concentrates ▪ Low manganese levels ▪ Indium reports to the zinc concentrate (150 & 600 ppm In), payable levels

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▪ Ongoing partnerships with three communities - employment and training ▪ Social engagement and sustainable development programs throughout the project area, fostering long-term relationships ▪ Working under IFC´s guidance to implement best practices in Health, Safety, Environment and Community (HSEC)

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Community & Environment

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2018 Work Program – Fully Funded

Continued Exploration to Expand the Mineral Resource

 15,000 m of step-out drilling completed, 5,000 m additional ongoing  New discoveries at Camp, West Ayawilca high grade, northern extensions of West Ayawilca; Valley and Zone 3 (more drilling planned)

De-risk and Complete PEA

 Resource update, metallurgical testwork, engineering studies and PEA by end of 2018 or early 2019 Milestone 2017 2018 2019

Mineral Resource Update Exploration Drilling Metallurgical Testing, Resource Update, PEA PFS

Exploration Development

20,000 m drilled +15,000 m (step-out) + 5,000 m

✓ ✓

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Summary – Ayawilca Project, Peru

 New zinc discovery located in a stable, mining-friendly jurisdiction close to infrastructure  One of the largest discoveries in Peru in the last 20 years  Inferred zinc mineral resource contains 5.6 billion pounds zinc and continues to grow due to exploration drilling success  2018: 15,000 m drilling completed, 5,000 m additional planned Resource update Q4 PEA 2019 Multi-Commodity Exposure  Few large Zn deposits coming on stream in near future, strong demand  Ayawilca also hosts significant indium, tin, silver, lead Corporate  Management team and board of directors with extensive experience and success in Peru  Supportive long term shareholders

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APPENDIX

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Ayawilca - Magnetic Anomalies

South Ayawilca Chaucha Zone 3 West Ayawilca

2018 Drill Targets

Valley Rock samples to 19% Pb, 9% Zn, and 500 g/t Ag (not drill permitted) Yanapizgo Central Ayawilca

 Drill permits granted in February 2017 - allow up to four years of drilling  Lots of drill targets permitted  39,000 metres drilled in 2017 & 2018 to date  26,000 metres drilled from discovery in 2013 to 2017

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Ayawilca Tin Zone

 Tin is currently trading at US$9.00/lb, approximately 7.5x the value of zinc  Tin is primarily used in tin plated steel, chemicals, solder, and alloys  Minsur operates the San Rafael tin mine in Peru and also operates a tin smelter and a tin refinery in Peru  Ayawilca is believed to be one of the only other major tin resources in Peru

A17-56 drill hole – first hole in 2017 drill campaign

Ayawilca Tin Zone Inferred Mineral Resources

Notes:

  • 1. Mineral resource estimate at October 10, 2017

2. Base case highlighted ~ US$55/t NSR cut off. Metal price assumptions were: US$9.50/lb Sn, US$3/lb Cu, and US$18/oz Ag. Metal recovery assumptions were: 86% Sn, 75% Cu, and 60% Ag for the SnEq calculation. 3. The NSR value was calculated using the formula: US$NSR = [Sn(%)*US$164.53+Cu(%)*US$39.95+Ag(g/t)*US$0.27]] 4. The SnEq value was calculated using the formula: SnEq = NSR/US$164.53 5. See “Technical Report on the Mineral Resource Estimate for the Ayawilca Property, Department of Pasco, Peru” dated December 11, 2017, for details of resource estimates and assumptions (available at www.sedar.com or at www.tinkaresources.com) 6. “Inferred Mineral Resources” have a great amount of uncertainty as to their existence, and as to their economic and legal feasibility. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued

  • exploration. United States investors are cautioned not to assume that all or any part of Measured or Indicated Mineral Resources will ever be

converted into Mineral Reserves. United States investors are also cautioned not to assume that all or any part of an Inferred Mineral Resource exists,

  • r is economically or legally mineable.

NSR US$/t Cut-off Tonnage (Mt) SnEq (%) Sn (%) Cu (%) Ag (g/t) 40 10.9 0.68 0.61 0.23 12 50 10.7 0.70 0.62 0.23 12 55

(Base Case)

10.5 0.70 0.63 0.23 12 60 9.9 0.72 0.64 0.24 13 70 8.3 0.78 0.70 0.24 13

Tin Inventories Tin Price

Source: Westmetall.com

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South Ayawilca 2017 Drill Result Highlights

Drill hole From (m) To (m) Interval (m) Zn (%) Pb (%) Ag (g/t) Indium (g/t) Date Reported A17-56 126.00 189.90 63.90 5.6 0.1 17 29 March 6/17 including 127.50 145.40 17.90 11.6 0.2 36 20 March 6/17 including 127.50 133.30 5.80 22.5 0.3 77 50 March 6/17 and 228.50 233.70 5.20 12.9 11 162 March 6/17 and 242.00 293.9* 51.90 10.1 0.1 62 233 April 3/17 including 279.00 293.90 14.90 20.6 0.2 152 441 April 3/17 including 279.00 285.40 6.40 37.5 0.4 301 916 April 3/17 A17-57 157.60 197.70 40.10 9.1 0.2 22 168 April 3/17 including 168.20 177.80 9.60 16.8 0.1 22 299 April 3/17 and 264.00 279.30 15.30 20.0 2.5 102 263 April 3/17 including 265.75 269.00 3.25 34.5 2.1 96 196 April 3/17 including 274.40 277.70 3.30 42.7 0.6 61 908 April 3/17 A17-096 241.50 287.00 45.50 7.8 0.0 8 111 October 2/17 including 250.80 261.40 10.60 15.5 0.1 23 320 October 2/17 and 298.40 300.10 1.70 7.3 0.0 7 46 October 2/17 and 304.80 308.60 3.80 8.3 0.0 6 82 October 2/17 and 315.20 356.00 40.80 9.4 0.1 15 145 October 2/17 including 319.00 324.00 5.00 17.2 0.0 28 591 October 2/17 including 342.60 354.50 11.90 17.4 0.1 20 80 October 2/17

All assays are calculated using a zinc cut off grade of 2% Zn over a 6 metre interval. True thickness of the zinc intersections are estimated to be at least 85% of the down hole thickness.

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Suite 1305 - 1090 West Georgia St Vancouver, BC V6E 3V7 CANADA Ph: +1 604 699-0202 Fax: +1 604 683-1585

CORPORATE OFFICE FOR MORE INFORMATION

  • Dr. Graham Carman, President & CEO

info@tinkaresources.com

Rob Bruggeman, Investor Relations

rbruggeman@tinkaresources.com +1 416 884-3556

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Tinka Resources Limited