Zephyr Provides Update
NEWS RELEASE
December 9, 2025 Shares Outstanding: 86,911,985
NR#06-2025 TSX.V: ZFR; OTC: ZPHYF
ZEPHYR PROVIDES UPDATE
Halifax, Nova Scotia – December 9, 2025 - Zephyr Minerals Ltd. (TSXV:ZFR) (OTC:ZPHYF)
("Zephyr" or the "Company") is pleased to announce that it has engaged Pinyon Environmental,
Inc., of Lakewood, Colorado, to conduct a comprehensive water monitoring and analytical program
in support of resubmitting a mining permit application ( the “Application”) to the Colorado Division
of Reclamation, Mining and Safety (“DRMS”) for its 100% -controlled Dawson Gold Property in
Colorado, USA. The program is designed to establish baseline ground water and surface water
conditions at and around the Dawson Gold Deposit. Monitoring will begin this month and continue
on a quarterly basis through December 2026, after which the Company intends to resubmit the
Application to DRMS.
Also, the Company wishes to announce the retirement of Ms. Suzan Frazer as corporate secretary
of the Company. Ms. Frazer has served as corporate secretary since the Company’s inception in
2010. The Board wishes to extend its gratitude to Ms. Frazer and wishes her the very best in he r
retirement. Mr. David Felderhof, a director and Chief Financial Officer of the Company, will succeed
Ms. Frazer as corporate secretary.
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 Poi nt 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.Geo, 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 insufficient 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.
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.