Mr. Kevin Hanson reports

ZENA MINING CLOSES $500,000 NON-BROKERED PRIVATE PLACEMENT

Zena Mining Corp. has closed its non-brokered private placement reannounced on Dec. 24, 2025.

Total proceeds from the financing are $500,000.04, resulting in the issuance of 3,333,334 units at a price of 15 cents per unit. Each unit consists of one common share and one non-transferable share purchase warrant. Each warrant will entitle the holder to purchase one additional common share at a price of 20 cents per share for one-year period.

Proceeds from the financing will be used for unallocated working capital.

The company has received conditional regulatory approval from the TSX Venture Exchange for the financing, and all securities issued on closing are subject to a regulatory trading hold period expiring four months plus one day from the date of issuance.

We seek Safe Harbor.