Tinka Announces Filing of Technical Report ON an Updated Preliminary Economic Assessment of the Ayawilca Polymetallic (Zinc – TIN – Silver – Lead) Project
April 15, 2024
TINKA ANNOUNCES FILING OF TECHNICAL REPORT ON AN UPDATED PRELIMINARY ECONOMIC
ASSESSMENT OF THE AYAWILCA POLYMETALLIC (ZINC – TIN – SILVER – LEAD) PROJECT
Vancouver, Canada – Tinka Resources Limited ( “Tinka” or the “Company”) (TSXV & BVL: TK) (OTCQB: TKRFF)
announces that the Company has filed a National Instrument 43‐1 01 Technical Report entitled "NI 43‐101 Technical
Report on a Preliminary Economic Assessment of the Ayawilca Polymetallic Project, Peru” ("Technical Report") in
support of the Company's news release dated February 28, 2024 ( t h e " N e w s R e l e a s e " ) . T h e r e a r e n o m a t e r i a l
differences in the Technical Report from the information disclose d i n th e Ne w s R e le ase . T h e e f f ec t i ve d ate of t he
Technical Report is February 28, 2024.
Dr. Graham Carman, Tinka’s President and CEO stated: “We are pleased to release the Technical Report for the updated
2024 Preliminary Economic Assessment (“PEA”) which showcases Ayawilca as an attractive polymetallic project with a
mix of critical metals and excellent economics using conservati ve metal prices. The updated PEA introduces significant
improvements from the previous study, including a streamlined o peration with a more efficient zinc‐silver‐lead plant
and a dedicated tin plant. In addition, the Ayawilca Mineral Resource has a stronger level of confidence following drilling
completed in 2023 while the updated conceptual mine footprint is more compact. Ayawilca has a mix of essential critical
metals for the modern hi‐tech economy, and we look forward to continuing to move the project towards development.”
Ayawilca Updated PEA Highlights:
Robust economics: After‐tax Net Present Value (“NPV”) at 8% dis count of US$434 million (pre‐tax NPV8% of
US$732 m) and after‐tax Internal Rate of Return (“IRR”) of 25.9% (pre‐tax IRR of 34.8%).
Payback period after‐tax of 2.9 years (pre‐tax of 2.4 years).
Initial Capital Expenditure (“Capex”) of US$382 m.
Long 21‐year life of mine (“LOM”) for a 2.0 million tonnes per annum (Mtpa) zinc‐silver‐lead operation with
15years of tin production at 0.3 Mtpa.
Average C1 cash cost of US$0.55/pound (lb) zinc and all in sustaining cost (“AISC”) of US$0.68/lb zinc.
Average annual metal production in concentrate of 200 Mlb zinc (90,000 tonnes Zn), 3.3 Mlb tin (1,500 tonnes
Sn), 560,000 ounces silver and 5.7 Mlb lead (2,590 tonnes Pb).
Large Mineral Resource base with approximately half of the resou r c e s i n t h e P E A m i n e p l a n c l a s s i f i e d a s
Indicated.
Location in a world‐class mining jurisdiction, close to a zinc smelter and port.
Use of filtered tailings technology provides the lowest risk and most water‐efficient solution for tailings storage
with 40% of tailings to be stored underground as backfill.
Significant exploration potential remains for more discoveries.
Metal prices assumptions for the PEA: US$1.30/lb zinc; US$11.00/lb tin; US$22/oz silver; US$1.00/lb lead.
T: 604.685.9316 [email protected]
TSXV & BVL: TK OTCQB: TKRFF NEWS RELEASE
The NI 43‐101 Technical Report was prepared by independent consulting firm SRK Consulting (UK), as principal
consultants, with contributions from other independent Qualifie d Persons (as the term is defined in NI 43‐101) with
specific subject matter expertise including, SLR Consulting (Canada) Ltd. for mineral resource estimation, Transmin
Metallurgical Consultants, UK, fo r processing, metallurgical an d recovery inputs, MineFill Services, Seattle, for mine
backfill inputs, and Envis Peru S.A.C. (Envis) for processing and costs for surface tailings storage. The Technical Report
m a y b e f o u n d u n d e r t h e C o m p a n y ’ s p r o f i l e o n S E D A R + a t www.sedarplus.ca a n d o n t h e C o m p a n y ’ s w e b s i t e a t
www.tinkaresources.com
Readers are cautioned that the PEA is preliminary in nature and is intended to provide an initial assessment of the
Ayawilca Project’s economic poten tial and development options. The PEA mine schedule and economic assessment
includes numerous assumptions and is based on inferred mineral resources. Inferred resources are considered too
speculative geologically to have the economic considerations ap p l i e d t o t h e m t h a t w o u l d e n a b l e t h e m t o b e
categorized as mineral reserves, and there is no certainty that the PEA results will be realized. Mineral resources are
not mineral reserves and do not have demonstrated economic viability. Additional exploration will be required to
potentially upgrade the classification of the inferred mineral resources to be considered in future advanced studies.
On behalf of the Board,
"Graham Carman"
On behalf of the Board,
“Graham Carman”
Dr. Graham Carman, President & CEO
Further Information:
www.tinkaresources.com
Mariana Bermudez 1.604.685.9316
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About Tinka Resources Limited
Tinka is an exploration and development company with its flagship property being the 100%‐owned Ayawilca zinc‐
silver‐tin project in central Peru. The Zinc Zone has an estimated Indicated Mineral Resource of 28.3 Mt grading 5.82%
zinc, 16.4 g/t silver, 0.2% lead and 91 g/t indium, and an Inferred Mineral Resource of 31.2 Mt grading 4.21% zinc, 14.5
g/t silver, 0.2% lead and 45 g/t indium. The Silver Zone has an estimated Inferred Mineral Resource of 1.0 Mt grading
111.4 g/t silver, 1.54% zinc, & 0.5% lead. The Tin Zone has an estimated Indicated Mineral Resource of 1.4 million
tonnes grading 0.72% tin and an Inferred Mineral Resource of 12 .7 million tonnes grading 0.76% tin (dated at January
1, 2024). The Qualified Person, Dr. Graham Carman, Tinka’s President and CEO, and a Fellow of the Australasian
Institute of Mining and Metallurgy, has reviewed and verified the technical contents of this news release.
Forward Looking Statements: Certain information in this news re lease contains forward‐looking statements and forward‐looking
information within the meaning o f applicable securities laws (c ollectively "forward‐looking sta tements"). All statements, oth er
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, uncer tainties and assumptions relate d to certain factors including, without limitations: the Company’s
expectations regarding the Ayawilca Project PEA; timing of planned work programs and results varying from expectations; delay in
obtaining results; changes in equity markets; uncertainties relating to the availability and costs of financing needed in the future;
equipment failure, unexpected geological conditions; imprecision in resource estimates or metal recoveries; success of future
development initiatives; competition and operating performance; environmental and safety risks; capital and other costs varyin g
significantly from estimates; the Company’s ability to achieve goals; the political environment in which the Company operates
continuing to support the development and operation of mining p rojects; risks related to negat ive publicity with respect to th e
Company or the mining industry i n general; delays in obtaining or failure to obtain necessary permits and approvals from local
authorities; community agreements and relations; and, other dev elopment and operating risks. Should any one or more of these
risks or uncertainties materialize, or should any underlying as sumptions prove incorrect, actual results may vary materially f rom
those described herein. Although Tinka believes that assumptio ns inherent in the forward‐looking statements are reasonable,
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 m ay be required by applicable secur ities laws, Tinka disclaims a ny
intent or obligation to update any forward‐looking statement.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this news release