Zephyr Adopts Semi-Annual Financial Reporting
NEWS RELEASE
May 1, 2026 Shares Outstanding: 93,286,985
NR#05-2026 TSX.V: ZFR; OTC: ZPHYF
ZEPHYR ADOPTS SEMI-ANNUAL FINANCIAL REPORTING
Halifax, Nova Scotia – May 1, 2026 - Zephyr Minerals Ltd. (TSXV: ZFR) (OTC: ZPHYF) (“Zephyr”
or the “Company”) announces that it will rely on Coordinated Blanket Order 51-933 to transition to
semi-annual financial reporting (“SAR”). This framework permits eligible venture issuers listed on
the TSX Venture Exchange (“TSXV”) to move from quarterly to semi-annual reporting.
By adopting SAR, Zephyr aims to reduce the administrative and financial burden associated with
quarterly reporting, allowing management to focus its resources on its exploration and development
activities.
As a result, the Company will no longer file interim financial statements and related Management’s
Discussion and Analysis (“MD&A”) for the three - and nine -month periods ended March 31 and
September 30. The Company will continue to file audited annual financial statements within 120
days of December 31, and six-month interim financial statements and related MD&A within 60 days
of June 30.
The Company remains committed to timely and transparent disclosure and will continue to report
all material changes and significant developments in accordance with National Instrument 51 -102
– Continuous Disclosure Obligations.
This news release is being filed pursuant to Coordinated Blanket Order 51 -933 – Exemptions to
Permit Semi-Annual Reporting for Certain Venture Issuers.
About Dawson Gold Property
The Dawson Gold Deposit hosts an Inferred Mineral Resource 1 prepared in accordance with
National Instrument 43-101 (“NI 43-101”) of 343,000 tonnes grading 12.11 g/t for 133,500 ounces
of gold at a 5 g/t cut -off with no top cut, and 116,300 ounces of gold at 10.55 g/t with a 40 g/t top
cut. The estimate has an effective date of July 19, 2013. No updates to the resource estimate have
been made to incorporate the results from drilling programs completed between 2017 and
2020.The deposit is open at depth, with exploration potential to the east and west. A Preliminary
Economic Assessment2 (“PEA”) was prepared in accordance with NI 43-101 with an effective date
of March 21, 2017. Utilizing a gold price of $1,250/oz, the PEA showed robust economics with an
all-in sustaining cost (“AISC”) per ounce of $692. Mineral Resources that are not Mineral Reserves
do not have demonstrated economic viability. Given the substantial increase in the gold price since
2017, the attractiveness of the Dawson project has been significantly enhanced. The potential to
expand resources is excellent at depth on the Dawson Gold Deposit, along strike to the east in the
700-metre-long Sentinel zone, which has not been drill tested , and through follow -up drilling of
promising targets in the Windy Gulch and Windy Point zones to the west. The Dawson project
features key attributes, including a small footprint associated with the proposed underground mine,
ownership or control of all necessary lands by Zephyr, a climate that supports year -round
operations, and nearby infrastructure and industrial support.
About Zephyr Minerals Ltd.
Zephyr Minerals is mission focused on obtaining a mining permit for its 100% owned Dawson Gold
property in Colorado with the view to continuing to advance this project to the next stage of
development. The Company continues to wait for the Zimbabwean Government to grant two
Exclusive Prospecting Orders ( “EPO”), covering 124,000 hectares applied for in 2021. The areas
covered by the EPO applications are prospective for gold and lithium.
Notes
1 The Report is titled Resource Estimate Technical Report for the Dawson Property Fremont
County, Colorado, USA, dated September 6, 2013, and was prepared for Zephyr by Andrew
Hilchey, P.Geo., Mercator Geological Services Limited, Isobel Wolfson, M.Sc., P.Ge o, and Mark
Graves, P.Geo..
2 The report is entitled “National Instrument 43 -101 Technical Report for the Dawson Property,
Colorado, USA”, effective March 21, 2017 (the “Technical Report”). The Technical Report was
prepared by independent engineering firm, Golder Associates Ltd., with input from a number of
other specialized and experienced consulting firms, and is in accordance with National Instrument
43-101 - Standards of Disclosure for Minera l Projects. This PEA is preliminary in nature and
includes inferred mineral resources that are too speculative geologically to have economic
considerations applied to them that would enable them to be categorized as mineral reserves.
There has been insuffi cient drilling to define the inferred resources as indicted or measured
mineral resource; however, it is reasonable to expect that the inferred mineral resources could be
upgraded to indicated and possibly measured resources with continued drilling. There is no
guarantee that any part of the mineral resources discussed herein will be converted into a mineral
reserve in the future.
Qualified Person
Brian Arkell, B.S. Geology and M.S. Economic Geology, SME (Registered Member), AusIMM
(Fellow) and SEG (Fellow), a Director of the Company, and a Qualified Person as the term is
defined under National Instrument 43-101, has reviewed and approved the scientific and technical
disclosure contained in this press release.
For further information please contact:
Loren Komperdo, President & CEO
T: 902 706-0222
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of this release. The forward-looking statements contained
in this docume nt are based on certain key expectations and assumptions made by the Company . The forward-looking
statements contained in this document are made as of the date hereof and the Company undertakes no obligation to
update publicly or revise any forward-looking statements or information, whether as a result of new information, future
events or otherwise, unless so required by applicable securities laws.