Ayawilca Tin Zone

The Ayawilca Tin Zone forms flat-lying sulphide lenses at the contact of the limestone and phyllite, underlying the Zinc Zone at Central and East Ayawilca. The Tin Zone sulphide lenses consist of massive pyrrhotite with quartz, chlorite, cassiterite (an common ore mineral of tin), pyrite, and chalcopyrite. Quartz stockworks within phyllite also host tin-copper mineralization beneath the lenses.

Further metallurgical test work is required to determine the recoverability of the cassiterite mineral from the sulphide-rich mineralization.

Mineral resources at the Ayawilca Tin Zone are estimated to contain, as at August 30, 2021 (see Table 2):

• 189 million pounds of tin in the Inferred resource category

The current resources at the Ayawilca Tin Zone as estimated by SLR Consulting (Canada) Ltd, are highlighted in the following table.

Table 2 – Ayawilca Tin Zone Inferred Mineral Resources as of August 30, 2021

Notes:

1. The Mineral Resources disclosed in this press release have been estimated by Ms. Dorota El Rassi, P.Eng., SLR Consultant Engineer and Ms. Katharine M. Masun, MSA, M.Sc., P.Geo., SLR Consultant Geologist, both independent of Tinka.  By virtue of their education and relevant experience, Ms. El Rassi and Ms. Masun are “Qualified Persons" 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 (May, 2014).
2. Mineral Resources are reported above a cut-off grade NSR value of US$60/t.
3. The requirement of a reasonable prospect of eventual economic extraction is met by having a minimum modelling width for mineralized zones of three metres, a cut-off based on reasonable input parameters, and continuity of mineralization consistent with a potential underground mining scenario.
4. The NSR value was based on estimated metallurgical recoveries, assumed metal prices, and smelter terms, which include payable factors, treatment charges, penalties, and refining charges.  Metal price assumptions were, US$11.00/lb Sn.  Metal recovery assumptions were, 70% Sn for blocks with Sn:Cu ≥ 5 and 40% for Sn:Cu < 5.  The NSR value for each block was calculated using the following NSR factors, US$141.64 per % Sn for blocks with Sn:Cu ≥ 5 and US$80.94 for blocks with Sn:Cu <5.
5. The NSR value was calculated using the following formulae:
   If Sn:Cu ≥ 5: US$NSR = Sn(%)*US$141.64
   If Sn:Cu < 5: US$NSR = Sn(%)*US$80.94
6. Numbers may not add due to rounding.