Zephyr Provides Dawson GOLD Update
NEWS RELEASE
March 18, 2026 Shares Outstanding: 93,286,985
NR#04-2025 TSX.V: ZFR; OTC: ZPHYF
ZEPHYR PROVIDES DAWSON GOLD UPDATE
Halifax, Nova Scotia – March 18 , 2026 - Zephyr Minerals Ltd. (TSXV:ZFR) (OTC:ZPHYF)
(“Zephyr” or the “Company”) is pleased to report the successful completion of the second quarter
of its comprehensive groundwater monitoring and analytical program at and surrounding the
Dawson Gold deposit. The third-quarter program is scheduled for mid -June, 2026 keeping the
Company on track to complete the full five -quarter program by year -end. Upon receipt of all
analytical of all analytical data, Zephyr intends to resubmit a mining permit application to the
Colorado Division of Reclamation, Mining and Safety (DRMS) for its 100%-controlled Dawson Gold
property in Colorado, USA.
Due to a delay in the availability of a key participant and recovery equipment , the exploratory
trenching program at its 100%-owned Judith Patented Placer Claim has been postponed until the
second quarter of 2026. The trenching program will target the gulch that directly drains from the
Windy Gulch gold deposit and Windy Point gold showings. The Windy Gulch deposit, in particular,
contains significant gold at surface that is eroding downslope into the gulch. Previous bedrock
trenching conducted in 2017 at Windy Gulch returned 5.8 grams per tonne ( g/t) gold over 31.7
meters, while a trench located approximately 40 meters downslope returned 7.6 g/t gold over 11.9
meters.
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 poten tial 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.