Mr. Kevin Hanson reports

ZENA ANNOUNCES AMENDMENT TO $500,000 NON-BROKERED PRIVATE PLACEMENT

Zena Mining Corp. has amended its previously announced non-brokered private placement on Nov. 4, 2025. Pursuant to the amendment, the company will now offer up to 3,333,334 units at a revised price of 15 cents per unit for aggregate gross proceeds of up to $500,000. The funds shall be used for unallocated working capital.

Each unit consists of one common share and one non-transferable common share purchase warrant. Each warrant entitles the holder to acquire one additional common share at a price of 20 cents for a period of one year from the date of issuance.

Insiders of the company participation in the foregoing offering constitutes a related party transaction as defined under Multilateral Instrument 61-101, Protection of Minority Security Holders in Special Transactions. Such participation is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as neither the fair market value of the securities acquired by the insiders nor the consideration for the securities paid by such insiders exceeds 25 per cent of the company's market capitalization.

The private placement is subject to regulatory approval, and all securities to be issued pursuant to the financing are subject to a four-month hold period under applicable Canadian securities laws.