Mineral Resource Estimate (JORC 2012)

On 19 February 2026, Zenith announced a maiden consolidated JORC (2012) Inferred Mineral Resource Estimate (“MRE”) for the Consolidated Dulcie Gold Project (see ASX: ZNC announcement dated 19 February 2026 titled “Zenith Defines 675,000 oz Gold Mineral Resource on Granted Mining Leases at Consolidated Dulcie Project”). The estimate incorporated maiden Mineral Resources for Dulcie and Dulcie North together with an updated Mineral Resource for Dulcie Far North..

Table 1: Consolidated Dulcie Gold Project JORC (2012) Inferred Mineral Resource Estimate reported at a 0.5 g/t Au cut-off grade (see ASX: ZNC announcement dated 19 February 2026 titled “Zenith Defines 675,000 oz Gold Mineral Resource on Granted Mining Leases at Consolidated Dulcie Project”). The Mineral Resource Estimate was prepared by Mr John Horton FAusIMM (CP) of ResEval Pty Ltd in accordance with the JORC Code (2012 Edition). Mineral Resources are not Ore Reserves and do not have demonstrated economic viability.

Figure 3: Long section of the Consolidated Dulcie Gold Project showing the current 675 koz Au Inferred Mineral Resource extending across a continuous ~6.3 km mineralised corridor. The figure highlights the spatial relationship between Dulcie Far North (DFN), Du

The Mineral Resource more than doubled the previously defined resource base at DFN and established critical mass across the broader Dulcie corridor. Importantly, the entire current Mineral Resource is located on granted Mining Leases, which Zenith believes materially shortens the pathway toward potential development studies and future mining approvals.

The Mineral Resource estimate was prepared by independent consultant Mr John Horton FAusIMM (CP) of ResEval Pty Ltd in accordance with the JORC Code (2012 Edition). The estimate was based on drilling completed by Zenith and historical operators across the Dulcie corridor, including:

• 82 RC drill holes completed between July and November 2025;
• Extensive historical RAB, aircore and RC drilling;
• Detailed geological and structural interpretation of stacked shallow-dipping lodes;
• Three-dimensional wireframing and inverse distance squared grade interpolation;
• Geological modelling constrained by lithology, alteration and structural controls.

The Mineral Resource was underpinned by Zenith’s largest drilling campaign to date, comprising approximately 12,621 m of RC drilling across DFN, Dulcie North and Dulcie. Drilling confirmed a broad, coherent mineralised system with predictable stacked lodes extending over kilometre-scale strike lengths.

The current Mineral Resource remains open along strike and at depth. The broad geometry, shallow dip and continuity of the mineralised lodes provide strong support for additional drilling aimed at both expanding the resource base and improving geological confidence.

Strategic M77/599 Corridor Acquisition

Zenith further strengthened its strategic position in May 2026 through completion and formal registration of the acquisition of Mining Lease M77/599, securing a key previously untested corridor position between Dulcie North and Dulcie.

The M77/599 acquisition unified the core ~6 km strike of the Dulcie Shear Zone under Zenith control for the first time and is considered highly prospective for linking mineralisation between existing deposits.

The acquired tenure contains approximately:

• ~600 m of untested strike between Dulcie North and Dulcie;
• Additional interpreted mineralised trends associated with the Scott’s Grey position;
• Strong geophysical and structural continuity between existing Mineral Resource areas.

A planned ~35-hole (~5,000 m) RC drilling programme has been designed to directly test continuity across the M77/599 corridor and target additional resource growth.

Figure 4: Plan view of the strategically acquired Mining Lease M77/599 corridor position located between the Dulcie North and Scott’s Grey mineralised trends. The figure shows the interpreted ~600 m primary trend and ~900 m Scott’s Grey trend together with the proposed RC drill programme designed to test continuity between existing Mineral Resource areas. Background colours represent the current Dulcie Inferred Mineral Resource block model (Au g/t), highlighting the potential for M77/599 to materially expand and unify mineralisation across the broader Consolidated Dulcie corridor.

Tenure, Ownership & Royalty Structure

The Consolidated Dulcie Gold Project comprises a combination of wholly owned Mining Leases and strategically acquired subsurface mineral rights agreements.

Dulcie Far North (DFN)

Zenith acquired the granted Mining Lease M77/1292 in January 2023 and controls:

• 100% of gold rights below approximately 6 metres from surface;
• 100% of all other mineral rights, including lithium, from surface.

The DFN structure includes:

• A 2% Net Smelter Return (“NSR”) royalty payable on gold and lithium production below the retained surface rights area;
• A 0.125% net profit-based royalty associated with the Native Title agreement.

Dulcie North & Dulcie

Zenith subsequently secured subsurface mineral rights agreements over:

• M77/1290 (Dulcie North)
• M77/581
• M77/1246
• M77/1250
• Additional associated tenure

Under these agreements, Zenith controls:

• Gold rights below approximately 8 metres from natural surface;
• Rights to undertake exploration and future mining activities within the subsurface rights area.

These arrangements allowed Zenith to rapidly consolidate the broader Dulcie corridor while maintaining a clear pathway toward potential full ownership and future development optionality.

Exploration & Development Potential

The Consolidated Dulcie Gold Project represents only a portion of Zenith’s broader highly prospective landholding within the Forrestania Belt. Multiple additional mineralised trends and parallel shear systems remain underexplored outside the current Mineral Resource footprint, including regional targets identified across the broader Split Rocks tenure package.

Key growth opportunities include:

• Expansion drilling along the broader Dulcie Shear Zone;
• Testing parallel mineralised shear systems identified within the Split Rocks tenure package;
• Resource growth through infill and extensional drilling;
• Potential conversion of Inferred Resources to higher confidence classifications;
• Evaluation of toll treatment and staged development pathways;
• Regional reassay programmes targeting new discoveries from historical lithium drilling datasets.

The Project also benefits from its strategic location within one of Western Australia’s most active and consolidating gold districts. Multiple surrounding gold deposits, operating mines and recent corporate transactions continue to reinforce the strategic significance of the Forrestania region.

Figure 5: Regional structural and geochemical interpretation of Zenith’s Split Rocks tenure package showing the location of the Consolidated Dulcie Gold Project Inferred Mineral Resource (21.3 Mt @ 1.0 g/t Au for 675,000 oz Au) within the broader Forrestania Greenstone Belt. The figure highlights the interpreted Dulcie Shear and parallel Central and Western shear systems, together with historical drilling, surface geochemistry and multiple untested gold targets across the broader corridor. Historical drilling intersections outside the current Mineral Resource demonstrate significant additional exploration upside beyond the defined Dulcie trend.

Relevant ASX Announcements

• 19 February 2026 – Zenith Defines 675,000 oz Gold Mineral Resource on Granted Mining Leases at Consolidated Dulcie Project
• 7 May 2026 – Zenith Commences Strategic Review to Maximise Shareholder Value
• 11 May 2026 – Zenith Completes Acquisition of Key Dulcie Corridor Tenure M77/599