File: Attachment Zena NR (PP 2025-1) Dec 24 2025.pdf

ZENA MINING CORP. c/o 3345 Huntleigh Court North Vancouver, BC V7H 1C9 Telephone: (604) 681-2868

December 24, 2025

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

Zena Mining Corp. (TSX ZCC) ("Zena" or the "Company") announces to shareholders amendment to its previously announced non-brokered private placement on November 4, 2025. Pursuant to the amendment, the company will now offer up to 3,333,334 units (each, a "Unit") at a revised price of $0.15 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 (a "Warrant"). Each Warrant entitles the holder to acquire one additional common share at a price of $0.20 for a period of one (1) 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 ("MI 61-101"). 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, exceed 25% 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.

ZENA MINING CORP.

"Kevin Hanson"

Kevin Hanson, Director

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