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TSXV & BVL:TK | OTCPK: TKRFF www.tinkaresources.com Corporate Presentation September 2019 Disclaimer This presentation does not constitute or form a part of, and should not be construed as an offer, solicitation or invitation to


  1. TSXV & BVL:TK | OTCPK: TKRFF www.tinkaresources.com Corporate Presentation – September 2019

  2. Disclaimer 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. Readers are cautioned that the PEA is preliminary in nature, it includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the PEA results will be realized. Mineral resources that are not mineral reserves do not have demonstrated economic viability. Additional work is needed to upgrade these mineral resources to mineral reserves. Certain information in this presentation contains forward-looking statements and 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, delays in or failure to obtain the necessary permits, drilling program results varying from expectations, timing of geological reports, the Company’s ability to realize the results of the PEA, approvals from local authorities, community relations, timing and completion of any surface rights agreements, and other development and operating risks. Should any one or more of these risks or uncertainties materialize, or should any underlying assumptions prove incorrect, actual results may vary materially from those described herein. 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. The Mineral Resources disclosed in this presentation have been estimated by Mrs. Dorota El Rassi, P.Eng., an employees of Roscoe Postle Associates Inc. (RPA). Mrs. El Rassi is a Qualified Person as defined under the meaning of Canadian National Instrument 43-101 (“NI 43-101 ”) and independent of Tinka. Mr. William Colquhoun, Principal Metallurgical Consultant with Amec Foster Wheeler (Perú) S.A., a Wood company, a Qualified Person as defined in NI 43-101 and independent of Tinka, is responsible for the PEA results contained in this presentation. Ms Stella Searston, RM SME, a Principal Geologist Associate with Amec Foster Wheeler E&C Services, a Wood company, a Qualified Person as defined in NI 43-101 and independent of Tinka, is also responsible for the PEA results contained in this presentation. Mr. Edwin Peralta, P.E., a Senior Engineer with Wood Mining and Metals USA, a Qualified Person under NI 43-101 and independent of Tinka, is also responsible for the results of the PEA. Mr Adam Johnston, CP (Metallurgy) of Transmin Metallurgical Consultants, a Qualified Person as defined in NI 43-101 and independent of Tinka, is responsible for the metallurgical and recovery inputs contained in this presentation. Dr. Graham Carman, CEO and a Director of Tinka, and a Qualified Person as defined in NI 43-101, is responsible for other technical information in this presentation (information not directly related to the Mineral Resource Estimate or the PEA). 2

  3. Focusing on the Ayawilca Zinc-Silver Project o Ayawilca Zinc Zone : over 7 billion pounds of zinc in underground resources Peru o Colquipucro Silver Zone: ~ 18 million ounces silver in open pitable resources o Significant exploration upside on the 100%-owned 170 km 2 property o July 2019 Preliminary Economic Assessment (PEA) showed a robust project: Ayawilca o After-tax NPV 8% of US$363M with IRR of 27% (Pre-tax NPV 8% of $609M with 37% IRR) using $1.20/lb Zn, $0.95/lb Pb, $18/lb Ag, and $65/t NSR cut-off o Initial capex US$262M, payback period 3.5 years after-tax (2.3 years pre-tax) o Average production of 200,000 tonnes zinc con/year (PERU TOP 5) and 0.9 million ounces silver/year with a 21 year mine life o Good infrastructure (power, water, roads) Current Work Program: o Drilling for high grade (both zinc and silver) & exploration on other targets o PEA optimization work to further increase economic potential o Company funded for current work: ~C$8 million cash (June 30, 2019 ) 3

  4. Market Capitalization & Investors Major Shareholders TSXV & BVL: TK | OTCPK: TKRFF Institutional: Shares Issued: 264.6 M Sentient Equity Partners 24% IFC (World Bank) 11% Options (priced at $0.325 to $0.50) 11.4 M JPMorgan UK 7% Warrants (priced at $0.45) 12.4 M Other institutions ~10% Fully diluted: 288.9 M Total institutional 52% Management & insiders 2% Market cap @ C$0.20/share: C$53 m Retail/other 46% EV @ C$0.20/share: C$45 m Analyst Coverage Cash (Aug. 2019): ~C$8 m Ian Parkinson Kevin MacKenzie George Topping 4

  5. Milestones and Share Price Performance o Market responded to drill results and new discoveries in 2017 Resource Update 2017 when zinc prices C$16M financing at $0.48 increased due to zinc shortage and high demand Drills 10m of 44% Zn at West Ayawilca o Zinc prices declined in 2018 even though inventories 2018 Resource South Ayawilca Update continue to decline discovery 2019 PEA o Macro-environment for zinc is C$11M financing currently negative (trade at $0.20 disputes, lower prices, etc.) Zinc steady o Share price back to 2016 levels despite fundamental value added to project, and good zinc fundamentals 5

  6. Tinka – Compelling Valuation in Junior Zinc space 6 1 ZnEq includes all metals. Source: GMP Securities

  7. 2019 PEA – Leveraged to Zinc Grade & Price o PEA is most sensitive to zinc grade (and zinc price) - Increased feed grade by 20% adds over US$200M to after-tax NPV o ~ 90% of value in the PEA is from zinc and ~10% of value is silver with minor lead o Room and Pillar mining is high cost: Operating costs could be improved with a different mine method o Opportunities for significant improvements exist (e.g., zinc grades, processing, mining method) 7

  8. Exploration During 2015-2018 o Tinka has successfully grown the Ayawilca zinc resource year-on-year o Further potential exists to grow the resource quality, tonnage and grade o Tinka will aim to upgrade resources again, subject to 2019 drilling results Ayawilca Resource Growth 2015 to 2018 60 INFERRED 50 40 Resources (Mt) Inf. 2018; 6,738 Inf. 2017; 6,873 30 Inf. 2016; 3,385 Inf. 2015; 2,258 20 Ind. 2018; 2,149 INDICATED 10 Bubble size indicates contained zinc-equivalent pounds (Mlbs) 0 2014 2015 2016 2017 2018 2019 8

  9. Ayawilca Resource – One of the Largest in a Junior 9 1 ZnEq includes all metals. Source: GMP Securities

  10. Zinc market – an upcoming supply gap o China is the dominant miner and user of zinc - Chinese mines are struggling o Upcoming zinc supply gap predicted - 1.7 Mt by 2024 ( ~ 10% world supply) at base demand o Fundamentals for zinc are strong – low inventories, few new zinc projects in pipeline kt Zn US$/t kt Zn 10

  11. Peru – A Top Two Base Metals Mining Country o Pro-mining country – mining accounts for over 50% of exports Rank in Latin ECUADOR Mineral World America 2018 2018 Ayawilca Zinc 2nd 1st Project BRAZIL Copper 2nd 2nd Antamina Tin 4th 1st Central Peru zinc belt Lead 3rd 1st San Rafael Silver 2nd 2nd Las Bambas Gold 6th 1st BOLIVIA Source: USGS 2018 11 CHILE

  12. Central Peru – Mines & Infrastructure Antamina: Largest current copper/zinc mine in Peru Cerro de Pasco : Largest historic silver/zinc mine in Peru Giant Ore Deposit 12

  13. 2019 Exploration – Targeting high grade zinc South Ayawilca: Highest grade, shallowest, thickest part of Ayawilca zinc deposit Near term catalysts: o Optimization of zinc grade at South Ayawilca o Recent drilling highlights potential – INSET PAGE 15 see new release July 29 th and 5 th September 2019 o Drilling continues to target high-grade resources, especially at shallow depth because higher grades in early years of mine life has a major impact on economics 13

  14. Drilling High Grade Targets Now o 3 km NE trending magnetic anomaly o Magnetic anomalies at South, Zone 3, remain to be adequately tested o Drilling NOW on A- A’ at South Ayawilca 14

  15. 2019 Drill Results o September 5 th 2019 press release: 5.7 metres grading 32.6% Zn in hole A19-163 at edge of resource o Discovery of new Lower Silver Zone in hole A19-163: 13.9 metres grading 128 g/t silver o July 29 th 2019 press release: Grades in 2019 holes are well above the average grade of Zinc Zone Cross Section A- A’ 15

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