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TSXV & BVL:TK | OTCPK: TKRFF www.tinkaresources.com Corporate Presentation – November 2018

TSXV & BVL:TK | OTCPK: TKRFF  · Zinc Stocks vs Zinc Prices. Zinc -16%. Tinka -49%. Trevali -65%. Prices: Last 12 months. Lundin -51%. 7 ... CA, President of Chase Management Inc

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Page 1: TSXV & BVL:TK | OTCPK: TKRFF  · Zinc Stocks vs Zinc Prices. Zinc -16%. Tinka -49%. Trevali -65%. Prices: Last 12 months. Lundin -51%. 7 ... CA, President of Chase Management Inc

TSXV & BVL:TK | OTCPK: TKRFF www.tinkaresources.com

Corporate Presentation – November 2018

Page 2: TSXV & BVL:TK | OTCPK: TKRFF  · Zinc Stocks vs Zinc Prices. Zinc -16%. Tinka -49%. Trevali -65%. Prices: Last 12 months. Lundin -51%. 7 ... CA, President of Chase Management Inc

This presentation is not directed to, or intended for distribution to or use by, any person or entity that is a citizen or resident or located in any locality, state, country orother jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation or which would require any registration or licensing withinsuch jurisdiction.

This presentation does not constitute or form a part of, and should not be construed as an offer, solicitation or invitation to subscribe for, underwrite or otherwiseacquire, any securities of Tinka, nor shall it or any part of it form the basis of or be relied on in connection with any contract or commitment whatsoever.

Certain information in this presentation contains forward-looking statements and forward-looking information within the meaning of applicable securities laws(collectively "forward-looking statements"). All statements, other than statements of historical fact are forward-looking statements. Forward-looking statements arebased on the beliefs and expectations of Tinka as well as assumptions made by and information currently available to Tinka's management. Such statements reflectthe current risks, uncertainties and assumptions related to certain factors including but not limited to, all costs varying significantly from estimates, production ratesvarying from estimates, changes in metal markets, changes in equity markets, availability and costs of financing needed in the future, equipment failure, unexpectedgeological conditions, imprecision in resource estimates or metal recoveries, ability to complete future drilling programs, drilling program results varying fromexpectations, delays in obtaining survey results, success of future development initiatives, the completion and implementation of a preliminary economic assessment,pre-feasibility or feasibility studies, competition, operating performance, environmental and safety risks, delays in obtaining or failure to obtain necessary permits andapprovals from local authorities, community relations, timing and completion of any surface rights agreements, and other development and operating risks. Should anyone or more of these risks or uncertainties materialize, or should any underlying assumptions prove incorrect, actual results may vary materially from those describedherein. Although Tinka believes that assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of futureperformance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein. Except as may be required by applicablesecurities laws, Tinka disclaims any intent or obligation to update any forward-looking statement.

Cautionary Note to United States Readers Concerning Mineral Resources and Reserves:

The standards employed in estimating the mineral resources referenced in this document differ significantly from the requirements of the United States Securities andExchange Commission (the “SEC”) and the resource information reported may not be comparable to similar information reported by United States companies. Theterm “resources” does not equate to “reserves” and normally may not be included in documents filed with the SEC. “Resources” are sometimes referred to as“mineralization” or “mineral deposits.” While the terms “mineral resource”, “measured mineral resource”, “indicated mineral resource” and “inferred mineral resource”are recognized and required by Canadian regulations, they are not defined terms under standards in the United States and normally are not permitted to be used inreports and registration statements filed with the SEC.

The estimation of measured, indicated and inferred mineral resources involves greater uncertainty as to their existence and economic feasibility than the estimation ofproven and probable reserves. United States readers are cautioned (i) not to assume that measured or indicated resources will be converted into reserves and (ii) notto assume that estimates of inferred mineral resources exist, are economically or legally minable, or will be upgraded into measured or indicated mineral resources. Itshould not be assumed that further work on the stated resources will lead to mineral reserves that can be mined economically.

The terms “mineral reserve,” “proven mineral reserve” and “probable mineral reserve” are Canadian mining terms defined in accordance with National Instrument 43-101 and the CIM Definition Standards on Mineral Resources and Mineral Reserves. These definitions differ from the definitions in the SEC’s Industry Guide 7 and,generally, are not permitted to be used in reports and registration statements filed with the SEC.

As such, information contained in this document and the documents incorporated by reference herein concerning descriptions of mineralization and resources underCanadian standards may not be comparable to similar information made public by United States companies in SEC filings.

The Mineral Resources disclosed in this company presentation were estimated by Mr. David Ross, P.Geo., an employee of Roscoe Postle Associates Inc. (RPA) and isindependent of Tinka. The Zinc/Tin Mineral Resources were publicly released on November 8, 2017, while the Silver Resources were released on Feb 26, 2015. By virtue ofhis education and relevant experience, Mr. Ross is a "Qualified Person" for the purpose of National Instrument 43-101. The Mineral Resources have been classified inaccordance with CIM Definition Standards for Mineral Resources and Mineral Reserves. Readers are encouraged to read the Company’s technical report in theirentirety.

This presentation has been prepared, reviewed and verified by Dr. Graham Carman, Tinka’s President and CEO and a Fellow of the Australasian Institute of Mining andMetallurgy, a qualified person as defined by NI 43-101.

2

Disclaimer

Page 3: TSXV & BVL:TK | OTCPK: TKRFF  · Zinc Stocks vs Zinc Prices. Zinc -16%. Tinka -49%. Trevali -65%. Prices: Last 12 months. Lundin -51%. 7 ... CA, President of Chase Management Inc

3

Company Highlights

Tinka owns 100% of the Ayawilca project, one of largest undeveloped zinc resources in Peru & Latin AmericaDiscovered in 2012 and grown rapidly

Inferred Mineral Resources Nov. 2017: Zinc – 42.7 million tonnes @ 7.3% zinc equivalent (ZnEq)*

containing 6.9 billion pounds zinc equivalent metal Tin – 10.5 million tonnes @ 0.70% tin equivalent**

Resource update expected in Nov. 2018 – incorporates 20,000m of new drilling, including: 10.4 metres grading 44% zinc (hole A18-129) and 106.5 metres grading 6.8% zinc (hole A18-118)

Highly experienced team of mine finders with Peru expertise

Strong institutional investor base

Compelling valuation – C$82M market cap with C$13M cash

Ayawilca

Peru

Refer to mineral resource estimate tables in Appendix for equivalency calculations* 6.0% Zn, 0.2% Pb, 17g/t Ag, 79g/t In** 0.63% Sn, 0.23% Cu, 12 g/t Ag

Page 4: TSXV & BVL:TK | OTCPK: TKRFF  · Zinc Stocks vs Zinc Prices. Zinc -16%. Tinka -49%. Trevali -65%. Prices: Last 12 months. Lundin -51%. 7 ... CA, President of Chase Management Inc

4

Valuation & Catalysts

Maiden PEA 1H 2019 – initial estimate of economics and productionExploration upside – additional drilling planned for 2019Scarcity value – few quality development projects in the zinc pipelineLow valuation – Tinka’s share price down 50% in 2018 to EV of US$52MTinka’s current valuation per resource pound ZnEq is <1c, compared

with Arizona Mining’s takeover value or 5.5c per pound ZnEq (Arizona Mining was taken over for US$1.6B in June 2018)

0

5

10

15

20

25

30

Zn E

qm

etal

(B lb

s)

Global Zinc Equivalent Resource

In

Ag

Pb

Zn

Tinka ZnEqresource = 24%

of Arizona Mining

$0.008

$0.055

$-

$0.010

$0.020

$0.030

$0.040

$0.050

$0.060

$0.070

EV(US$) per Resource ZnEq lb(bubble size = Enterprise Value)

Tinka’s valuation is 4% of Arizona

Mining’s takeover value

ZnEq based on spot prices Oct. 26/18Tinka values exclude tin resources

Page 5: TSXV & BVL:TK | OTCPK: TKRFF  · Zinc Stocks vs Zinc Prices. Zinc -16%. Tinka -49%. Trevali -65%. Prices: Last 12 months. Lundin -51%. 7 ... CA, President of Chase Management Inc

Galvanizing50%

Zinc Alloying17%

Brass and Bronze

17%

Zinc Semi-Manufactures

6%

Chemicals6%

Other4%

Zinc End Uses

Strong fundamentals – 2018 zinc consumption forecast of 13.74 million tonnes exceeds refined zinc metal production of 13.42 million tonnes by 322,000 tonnes (market deficit)

New mine supply is supposed to be coming, but it is arriving slowly and zinc inventories have declined to a 10-year low

Average zinc mine grades have fallen to 2.8% in 2017 from 6.3% in 2000, according to S&P

Zinc demand is growing steadily and emerging zinc-air battery technology may fuel additional growth

5

Why is Zinc Attractive?

Source: International Lead and Zinc Study Group (ILZSG)

Page 6: TSXV & BVL:TK | OTCPK: TKRFF  · Zinc Stocks vs Zinc Prices. Zinc -16%. Tinka -49%. Trevali -65%. Prices: Last 12 months. Lundin -51%. 7 ... CA, President of Chase Management Inc

Zinc price has declined 16% in the past year, while stock valuations are down over 50%

Zinc price has increased 17% from lows, while zinc stocks continue to fall

6

Zinc Stocks vs Zinc Prices

Zinc -16%

Tinka -49%

Trevali -65%

Prices: Last 12 months

Lundin -51%

Page 7: TSXV & BVL:TK | OTCPK: TKRFF  · Zinc Stocks vs Zinc Prices. Zinc -16%. Tinka -49%. Trevali -65%. Prices: Last 12 months. Lundin -51%. 7 ... CA, President of Chase Management Inc

7

Market Capitalization

TSXV & BVL: TK | OTCPK: TKRFFShares Issued: 263 M Warrants: 31 MOptions: 12 MShares reserved: 0.5 M Fully diluted: 307 MMarket cap @ C$0.31/share: C$82 MCash (Sep. 2018): ~C$13 M

Retail 42%

Sentient25% IFC 12%

JPMorgan (UK) 7%

Other institutions

13%

Mgmt & Directors

2%

Major Shareholders:

CAD$ Analyst Coverage:GMP Securities Ian Parkinson

Industrial AllianceGeorge Topping

Canaccord GenuityKevin MacKenzie

Page 8: TSXV & BVL:TK | OTCPK: TKRFF  · Zinc Stocks vs Zinc Prices. Zinc -16%. Tinka -49%. Trevali -65%. Prices: Last 12 months. Lundin -51%. 7 ... CA, President of Chase Management Inc

MANAGEMENTGraham Carman President & CEO,

Director Geologist, PhD Lihir PNG, 25 years experience in mineral exploration, 15 yrs Peru experience at Rio Tinto, Savage, Pasminco

Alvaro Fernandez-Baca

VP Exploration, Peru Geologist, P. Geo., APEGBC, 20 years global exploration work with Hochschild, AQM Copper, Entrée Gold, Gitennes

Javier Escudero HSEC Manager, Peru Health, Safety, Environment, Community & Permits – 18 years experience with Goldfields, Rio Tinto, Cia. Minera Antamina

Nick Demare CFO, Director CPA, CA, President of Chase Management Inc. since 1991, with extensive board experience

Mariana Bermudez Corporate Secretary 20 years experience providing corporate secretarial and regulatory compliance services

NON-EXECUTIVE DIRECTORS

Ben McKeown Chairman of the Board: Mining engineer, MBA, with 25 years experience in mining, oil & gas, and private equity

Pieter Britz Sentient Group representative, professional engineer, over 20 years’ experience as a mining professional and a mining investment professional

Mary Little Founder Mirasol Resources, geologist, MBA, 20 years in Latin America

8

Management & Directors

Page 9: TSXV & BVL:TK | OTCPK: TKRFF  · Zinc Stocks vs Zinc Prices. Zinc -16%. Tinka -49%. Trevali -65%. Prices: Last 12 months. Lundin -51%. 7 ... CA, President of Chase Management Inc

9

Ayawilca Project History

Buenaventura stakes the

Colquipucrosilver prospect

and holds it for 60 years

Buenaventura drops the

claims and Tinka stakes

them

Tinka explores the

Colquipucrozone for bulk

tonnage silver potential

Tinka discovers zinc

mineraliz-ation at West

Ayawilca, 2km from

Colquipucro

Tinka publishes maiden

Ayawilca zinc resource

~20,000m drill program, new discovery at

South Ayawilca

Tinka updates

Ayawilca zinc and tin

resources

~20,000m drill program

expands West Ayawilca,

discovery at the Camp

zoneResource update

underway, to be followed

by a PEA

~65,000 metres drilled for zinc & tin

Zinc Mineral Resource Estimate: 0 13.3Mt 18.8Mt 42.7Mt pending+14% +127% +???%

Page 10: TSXV & BVL:TK | OTCPK: TKRFF  · Zinc Stocks vs Zinc Prices. Zinc -16%. Tinka -49%. Trevali -65%. Prices: Last 12 months. Lundin -51%. 7 ... CA, President of Chase Management Inc

A decade of low zinc prices resulted in a lack of exploration and new discoveries

Mining companies are looking for new zinc projects to develop Ayawilca is positioned to be one of the major new zinc development

projects in Latin America

10

Scarcity of Large Undeveloped Zinc Projects

Fireweed-Tom&Jason

NEXA-Aripuana

Tinka-Ayawilca

Zinc X-Akie

Rathdowney-Olza

Trevali-Caribou

Vendetta-Pegmont

Trevali-Santander

Foran-McIlvenna Bay

NEXA-Vazante

NEXA-Cerro Lindo

NEXA-Shalipayco

-

2.0

4.0

6.0

8.0

10.0

12.0

- 10 20 30 40 50 60 70

Glo

bal R

esou

rce

Zinc

Equ

ival

ent (

B lb

s)

Global Resource Size (Mt)

Zinc Equivalent Resource Size for Select TSX/TSXV Companies

Producing mine

Development project

Ayawilca project

Notes:- Data from company websites, believed to be accurate- ZnEq based on spot metal prices on Oct 26, 2018- Global resources include Measured & Indicated and Inferred resources. Vazante and Cerro Lindo data reflects Reserves.

Ayawilca Resource

in 2018

?

Page 11: TSXV & BVL:TK | OTCPK: TKRFF  · Zinc Stocks vs Zinc Prices. Zinc -16%. Tinka -49%. Trevali -65%. Prices: Last 12 months. Lundin -51%. 7 ... CA, President of Chase Management Inc

MineralRank in World 2016

Latin America

2016

Zinc 2nd 1st

Copper 3rd 2nd

Tin 6th 2nd

Lead 4th 1st

Silver 2nd 2nd

Gold 6th 1st

11

Peru – A Mining Country Pro-mining country – mining accounts for over 50% of exports Peru is a top 3 global producer of zinc, copper, and silver

AyawilcaProject

* Only large mineral deposits shown

Las Bambas

Antamina

Central Peru zinc belt

CHILE

BOLIVIA

BRAZIL

ECUADOR

San Rafael

Source: US Geological Survey

Page 12: TSXV & BVL:TK | OTCPK: TKRFF  · Zinc Stocks vs Zinc Prices. Zinc -16%. Tinka -49%. Trevali -65%. Prices: Last 12 months. Lundin -51%. 7 ... CA, President of Chase Management Inc

12

Major Mines in Central Peru

Antamina:Largest current

copper/zinc mine in Peru

Cerro de Pasco: Largest historic

silver/zinc mine in Peru

Giant Ore Deposit

Page 13: TSXV & BVL:TK | OTCPK: TKRFF  · Zinc Stocks vs Zinc Prices. Zinc -16%. Tinka -49%. Trevali -65%. Prices: Last 12 months. Lundin -51%. 7 ... CA, President of Chase Management Inc

Tinka owns 100% of the 150 km2

contiguous land package

Good infrastructure including public roads, high voltage power lines, and water sources

7 hour drive to coast on well formed public roads

Supportive local communities (Yanacocha, Huarautambo, and Pillao)

13

Ayawilca Mining Claims

Ayawilca zinc & tin mineral resource

Colquipucro silver mineral resource

UndrilledTargets

Page 14: TSXV & BVL:TK | OTCPK: TKRFF  · Zinc Stocks vs Zinc Prices. Zinc -16%. Tinka -49%. Trevali -65%. Prices: Last 12 months. Lundin -51%. 7 ... CA, President of Chase Management Inc

Ayawilca Property Highlights

14

Ayawilca is one of most significant zinc discoveries in Peru in the past 20 years

Three Separate Deposits:1. Zinc Zone (Zn-In-Ag-Pb) Inferred Mineral

Resource (Nov/17): 42.7 Mt @ 7.3% ZnEqo Grades: 6.0% Zn, 0.2% Pb, 17g/t Ag, 79g/t Ino 5.6 billion pounds of zinc (2.5M tonnes)o 3,400 tonnes of indiumo 23.3 million ounces of silvero 209 million pounds of lead

2. Tin Zone (Sn-Ag-Cu) Inferred Mineral Resource (Nov/17): 10.5 Mt @ 0.70% SnEqo Grades: 0.63% Sn, 0.23% Cu, 12 g/t Ago 145 million pounds of tin (66,000 tonnes)o 53 million pounds of coppero 4.2 million ounces of silver

3. Colquipucro Silver Oxide (Ag) Deposit Mineral Resource (higher grade lenses):10.4 Moz @ 112 g/t Ag (Indicated) and7.5 Moz @ 105g/t Ag (Inferred)

Page 15: TSXV & BVL:TK | OTCPK: TKRFF  · Zinc Stocks vs Zinc Prices. Zinc -16%. Tinka -49%. Trevali -65%. Prices: Last 12 months. Lundin -51%. 7 ... CA, President of Chase Management Inc

15

Ayawilca Long Section Looking Northwest Zinc (Zn) and tin (Sn) zones occur separately Massive replacement bodies within structural zones in South and West

Ayawilca with highest grades and greatest thickness Multiple, gently dipping lenses or ‘mantos’ in Central and East Zones

X X’

Page 16: TSXV & BVL:TK | OTCPK: TKRFF  · Zinc Stocks vs Zinc Prices. Zinc -16%. Tinka -49%. Trevali -65%. Prices: Last 12 months. Lundin -51%. 7 ... CA, President of Chase Management Inc

16

West Ayawilca – South Ayawilca cross section Massive replacement bodies, on scale of hundreds of metres Multiple, gently dipping lenses (‘mantos’) which can be up to 200 m thick Additional potential from repetition of limestone unit at depth

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17

Metallurgical Test Results - Positive

PEA-level flotation test work in progress

Two composite samples (grading 7% & 10% Zn) were selected for metallurgical testing (Oct. 2016):

Coarse grained marmatite (high-Fe) and sphalerite (low-Fe) zinc sulphides

98% recovery of zinc in first pass (rougher) concentrates

50-52% zinc concentrate grade produced in second pass (cleaner) concentrates

Low manganese levels

Indium reports to the zinc concentrate (150 & 600 ppm In), payable levels

Page 18: TSXV & BVL:TK | OTCPK: TKRFF  · Zinc Stocks vs Zinc Prices. Zinc -16%. Tinka -49%. Trevali -65%. Prices: Last 12 months. Lundin -51%. 7 ... CA, President of Chase Management Inc

Ongoing partnerships with three communities - employment and training

Social engagement and sustainable development programs throughout the project area, fostering long-term relationships

Working under IFC´s guidance to implement best practices in Health, Safety, Environment and Community (HSEC)

18

Community & Environment

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19

Exploration and Development Plans

Continued Exploration to Expand the Mineral Resource 20,000 m of drilling completed in 2018 – resource update pending New discoveries at Camp, West Ayawilca high grade, northern extensions

of West Ayawilca; Valley and Zone 3

De-risk and Complete PEA Metallurgical test work ongoing PEA will commence after resource update, completion by mid 2019

Milestone 2017 2018 2019

Mineral Resource Update

Exploration Drilling

Metallurgical Testingand PEA

PFS

Expl

orat

ion

Deve

lopm

ent

20,000 m drilled 20,000 m drilled

?

Page 20: TSXV & BVL:TK | OTCPK: TKRFF  · Zinc Stocks vs Zinc Prices. Zinc -16%. Tinka -49%. Trevali -65%. Prices: Last 12 months. Lundin -51%. 7 ... CA, President of Chase Management Inc

20

Summary – Ayawilca Project, Peru

One of the largest discoveries in Peru in the last 20 years

Inferred zinc mineral resource contains 5.6 billion pounds zincand continues to grow due to exploration drilling success

Multi-commodity exposure – zinc, tin, indium, silver

Resource update pending – 20,000 m of new drilling

Maiden PEA in 1H 2019

Still ample exploration potential at Ayawilca

Positioned to be one of the next large zinc development projects in Latin America

Very low valuation relative to recent Arizona Mining takeover metrics

C$81M market cap with C$13M in cash

Page 21: TSXV & BVL:TK | OTCPK: TKRFF  · Zinc Stocks vs Zinc Prices. Zinc -16%. Tinka -49%. Trevali -65%. Prices: Last 12 months. Lundin -51%. 7 ... CA, President of Chase Management Inc

APPENDIX21

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Ayawilca Zinc Zone Inferred Mineral Resources: 42.7 Mt grading 7.3% ZnEq

Notes:1. Mineral resource estimate at October 10, 20172. Base case highlighted ~ US$55/t NSR cut off. Metal price assumptions were US$1.15/lb Zn, US$300/kg In, US$18/oz Ag, US$1.10/lb Pb. Metal recovery

assumptions were 90% Zn, 75% In, 60% Ag, and 75% Pb for the ZnEq calculation. 3. The NSR value was calculated using the formula: NSR = Zn(%)*US$15.34+Pb(%)*US$6.15+In(g/t)*US$0.18+Ag(g/t)*US$0.274. The ZnEq value was calculated using the formula: ZnEq = NSR/US$15.345. See “Technical Report on the Mineral Resource Estimate for the Ayawilca Property, Department of Pasco, Peru” dated December 11, 2017, for

details of resource estimates and assumptions (available at www.sedar.com or at www.tinkaresources.com)6. “Inferred Mineral Resources” are that part of a Mineral Resource for which quantity and grade or quality are estimated on the basis of limited

geological evidence and sampling. Geological evidence is sufficient to imply but not verify geological and grade or quality continuity. An Inferred Mineral Resource has a lower level of confidence than that applying to an Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration. United States investors are cautioned not to assume that all or any part of Measured or Indicated Mineral Resources will ever be converted into Mineral Reserves. United States investors are cautioned not to assume that further work on the stated resources will lead to mineral reserves that can be mined economically. 22

Ayawilca Zinc Zone

AreaTonnage

(Mt)ZnEq(%)

Zn(%)

Pb(%)

In(g/t)

Ag(g/t)

Zn(Mlb)

Pb(Mlb)

In(000 kg)

Ag(Moz)

West 9.0 7.2 6.1 0.2 64 14 1,206 37 577 4.0

Central 13.0 5.7 4.7 0.3 54 13 1,338 77 704 5.4

East 7.5 6.2 5.1 0.2 69 13 846 34 519 3.1

South 13.3 9.5 7.6 0.2 118 25 2,228 61 1,561 10.6

Total 42.7 7.3 6.0 0.2 79 17 5,617 209 3,361 23.1

Ayawilca Mineral Resource Estimate updated November 8, 2017 127% increase in Zinc Resources from May 2016

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23

Ayawilca Tin Zone

Tin is currently trading at US$8.75/lb, approximately 7.2x the value of zinc

Tin is primarily used in tin plated steel, chemicals, solder, and alloys

Minsur operates the San Rafael tin mine in Peru and also operates a tin smelter and a tin refinery in Peru

Ayawilca is believed to be one of the only other major tin resources in Peru

A17-56 drill hole – first hole in 2017 drill campaign

Ayawilca Tin Zone Inferred Mineral Resources

Notes:1. Mineral resource estimate at October 10, 2017

2. Base case highlighted ~ US$55/t NSR cut off. Metal price assumptions were: US$9.50/lb Sn, US$3/lb Cu, and US$18/oz Ag. Metal recovery assumptions were: 86% Sn, 75% Cu, and 60% Ag for the SnEq calculation.

3. The NSR value was calculated using the formula: US$NSR = [Sn(%)*US$164.53+Cu(%)*US$39.95+Ag(g/t)*US$0.27]]4. The SnEq value was calculated using the formula: SnEq = NSR/US$164.535. See “Technical Report on the Mineral Resource Estimate for the Ayawilca Property, Department of Pasco, Peru” dated December 11, 2017, for

details of resource estimates and assumptions (available at www.sedar.com or at www.tinkaresources.com)6. “Inferred Mineral Resources” have a great amount of uncertainty as to their existence, and as to their economic and legal feasibility. It is

reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration. United States investors are cautioned not to assume that all or any part of Measured or Indicated Mineral Resources will ever be converted into Mineral Reserves. United States investors are also cautioned not to assume that all or any part of an Inferred Mineral Resource exists, or is economically or legally mineable.

NSR US$/t Cut-off

Tonnage(Mt)

SnEq(%)

Sn(%)

Cu(%)

Ag(g/t)

40 10.9 0.68 0.61 0.23 12

50 10.7 0.70 0.62 0.23 12

55(Base Case)

10.5 0.70 0.63 0.23 12

60 9.9 0.72 0.64 0.24 13

70 8.3 0.78 0.70 0.24 13

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24

Ayawilca - Magnetic Anomalies

SouthAyawilca

Chaucha

Zone 3West

Ayawilca

2018 Drill Targets

Valley

Rock samples to 19% Pb, 9% Zn, and 500 g/t Ag (not drill permitted)

Yanapizgo

CentralAyawilca

Drill permits granted in February 2017 - allow up to four years of drilling

Lots of drill targets permitted 40,000 metres drilled in 2017

& 2018 26,000 metres drilled from

discovery in 2013 to 2017

Page 25: TSXV & BVL:TK | OTCPK: TKRFF  · Zinc Stocks vs Zinc Prices. Zinc -16%. Tinka -49%. Trevali -65%. Prices: Last 12 months. Lundin -51%. 7 ... CA, President of Chase Management Inc

25

South Ayawilca 2017 Drill Result Highlights

Drill hole From (m) To (m) Interval (m)Zn(%)

Pb(%) Ag (g/t)

Indium (g/t)

Date Reported

A17-56 126.00 189.90 63.90 5.6 0.1 17 29 March 6/17including 127.50 145.40 17.90 11.6 0.2 36 20 March 6/17including 127.50 133.30 5.80 22.5 0.3 77 50 March 6/17

and 228.50 233.70 5.20 12.9 0 11 162 March 6/17and 242.00 293.9* 51.90 10.1 0.1 62 233 April 3/17

including 279.00 293.90 14.90 20.6 0.2 152 441 April 3/17including 279.00 285.40 6.40 37.5 0.4 301 916 April 3/17

A17-57 157.60 197.70 40.10 9.1 0.2 22 168 April 3/17including 168.20 177.80 9.60 16.8 0.1 22 299 April 3/17

and 264.00 279.30 15.30 20.0 2.5 102 263 April 3/17including 265.75 269.00 3.25 34.5 2.1 96 196 April 3/17including 274.40 277.70 3.30 42.7 0.6 61 908 April 3/17

A17-096 241.50 287.00 45.50 7.8 0.0 8 111 October 2/17including 250.80 261.40 10.60 15.5 0.1 23 320 October 2/17

and 298.40 300.10 1.70 7.3 0.0 7 46 October 2/17and 304.80 308.60 3.80 8.3 0.0 6 82 October 2/17and 315.20 356.00 40.80 9.4 0.1 15 145 October 2/17

including 319.00 324.00 5.00 17.2 0.0 28 591 October 2/17including 342.60 354.50 11.90 17.4 0.1 20 80 October 2/17

All assays are calculated using a zinc cut off grade of 2% Zn over a 6 metre interval.True thickness of the zinc intersections are estimated to be at least 85% of the down hole thickness.

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West Ayawilca – Step-out drill results in 2018

Drill hole From (m) To (m) Interval (m)Zn(%)

Pb(%) Ag (g/t) Indium (g/t) Date Reported

A18-114 300.00 319.30 19.30 9.2 0.2 19 2 April 25, ‘18including 300.00 304.00 4.00 16.2 0.2 26 2

and 351.40 365.80 14.40 12.8 1.9 140 98including 352.30 354.30 2.00 11.8 12.1 837 292including 357.00 358.40 1.40 29.2 0.4 58 24including 361.20 365.80 4.60 16.8 0.1 15 26A18-118 237.30 343.80 106.50 6.8 0.2 17 48 May 24, ‘18including 237.30 240.20 2.90 24.1 1.7 109 4including 252.30 264.10 11.80 6.4 0.2 24 1including 270.00 293.90 23.90 9.2 0.0 15 14including 311.90 343.80 31.90 9.6 0.3 19 138including 334.00 343.80 9.80 17.0 0.1 25 330A18-129 197.60 218.00 20.40 4.2 0.1 7 1 Jun 26 ’18

and 260.00 281.20 21.20 9.0 0.1 13 53including 277.00 281.20 4.20 19.2 0.1 17 186

and 290.50 297.00 6.50 11.0 0.1 8 52and 339.40 351.30 11.90 39.6 0.8 45 761

including 340.60 351.00 10.40 44.0 0.4 43 869

Note: True thicknesses of the zinc intersections are estimated to be at least 85% of the down hole thicknesses shown above

Hole A18-129 encountered a limestone unit beneath phyllite – opened the possibility of mineralization at depth – intercepted 10.4m of 44% zinc

Drill intersections in holes A18-114 and A18-118 extended the West Ayawilca zinc zone by at least 150 metres to the north

New “Camp” area mineralization links West Ayawilca to Central Ayawilca

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High Grade Zinc at West Ayawilca: 10m @ 44% Zn

Massive sphaleriteHole A18-129 (40% Zn from 339.4m to 351.3m)

Feeder veins in phylliteHole A18-132 (20% Zn from 320.0m to 326.9m)

New styles of mineralization have recently been encountered at West Ayawilca and create opportunities for additional resource expansion

• High grade sphalerite in limestone under phyllite• Feeder veins in phyllite underneath existing resource

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Suite 1305 - 1090 West Georgia StVancouver, BC V6E 3V7

CANADAPh: +1 604 699-0202 Fax: +1 604 683-1585

CORPORATE OFFICE

FOR MORE INFORMATIONDr. Graham Carman, President & CEO

[email protected]

Rob Bruggeman, Investor [email protected]

+1 416 884-3556

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Tinka Resources Limited