Current Status

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In 2021, the Company submitted two Exclusive Prospecting Order (“EPO”) applications in Zimbabwe, numbered 17/2021 and 33/2021, covering approximately 124,000 hectares in the Manicaland and Mashonaland Central Mining Districts. 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 timing and outcome of the appeal process remain uncertain, and there can be no assurance that the applications will ultimately be approved or that EPOs will be granted.

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EPO Key Features

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• Grants the holder exclusive rights to prospect for specified minerals within the EPO area;

• Initial term of three (3) years, with provision for renewal or extension subject to regulatory approval;

• Economic mineral discoveries made within the EPO area may be converted into registered mining claims or other mining titles in accordance with Zimbabwean mining laws;

• Registered mining claims may confer the right to mine, subject to applicable permitting requirements, including environmental approvals and Environmental Impact Assessment ("EIA) requirements where applicable.

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1. Mt. Darwin West EPO
   Approximately 63,000 Ha, over prospective Archean geology; surrounding highly active small scale miners; prospective for gold and lithium.
    

2. Nyanga North EPO 
   Approximately 61,000 Ha, over prospective hydrothermal gold in shear zones as well as Witwatersrand style gold conglomerates; small scale miners active in area. Nyanga North EPO now surrounded by additional EPO applications for lithium.​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​

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