The Earaheedy Zinc Joint Venture is strategically located approximately 110km north of Wiluna, Western Australia, within the Earaheedy Basin (Figure 1 below). The project spans a significant area along the unconformity contact between the Frere Iron Formation and the Yelma Formation, renowned for its zinc-lead mineralisation potential.

Zenith Minerals holds a 25% free-carried interest in the Earaheedy Zinc Joint Venture, meaning the company is not required to contribute financially until the completion of a Bankable Feasibility Study (BFS), ensuring a non-dilutive funding pathway. Rumble Resources Limited (ASX: RTR) holds the remaining 75% interest and leads exploration and development activities.

Metallurgical and Scoping Study Updates (Announced 28 November 2024):
Recent metallurgical test work has delivered exceptional results, including:

• Recoveries of 79% Zn into a high-grade 61% Zn+Pb bulk concentrate suitable for the Imperial Smelting Process (ISP).
• Application of HydroFloat™ technology, achieving over 30% barren material rejection early in the process, reducing plant footprint, power, and water consumption, while improving environmental sustainability.
• Confirmation that the Chinook ore is amenable to semi-autogenous milling, supporting a simplified, low-cost processing strategy.

An internal scoping study has commenced to evaluate the economic viability of the project, leveraging these advancements. This study includes marketing opportunities for the high-grade concentrate, optimal processing infrastructure, and further geometallurgical studies. Results are anticipated in 2025, paving the way for development discussions.

Project Highlights:

• Exploration Target: Rumble Resources has defined an exploration target of 100–120 million tonnes with a grade range of 3.5%–4.5% Zn-Pb, at a shallow depth (~120 metres below surface), covering over 40km of prospective strike length, which remains open along strike and at depth.
• Significant Resource Potential: The maiden Inferred Mineral Resource Estimate (MRE) stands at 94 million tonnes at 3.1% Zn+Pb and 4.1 g/t Ag (at a 2% Zn+Pb cut-off), containing 2.2 million tonnes of Zinc, 0.7 million tonnes of Lead, and 12.6 million ounces of Silver.
• Large-Scale, Low-Cost Mining Opportunity: Exceptional metallurgical results and innovative technologies, such as HydroFloat™, enhance the potential for large-scale, low-cost open-pit mining while improving environmental sustainability.
• High Growth Potential: Less than 35% of the 45km Unconformity Unit has been effectively drill tested, leaving significant upside for resource expansion.

Zenith’s 100% Owned Surrounding Tenements:
In addition to its interest in the Earaheedy Zinc JV, Zenith Minerals holds 100% ownership of a significant land package surrounding the JV area, covering approximately 100km of untested strike around the Earaheedy Basin margins. This extensive landholding is highly prospective for new Zinc-Lead-Silver discoveries.