Mr. David Felderhof reports

ZEPHYR ANNOUNCES INCREASE IN PRIVATE PLACEMENT

Further to Zephyr Minerals Ltd.'s news release dated Sept. 23, 2026, it has increased the size of its previously announced non-brokered private placement to up to an aggregate of six million units at a price of five cents per unit, for gross proceeds of up to $300,000. Each unit will consist of one common share and one common share purchase warrant of the company. Each warrant will entitle the holder to acquire one additional share at a price of 10 cents per share for a period of two years from the date of issuance.

Proceeds from the private placement will be used for general working capital purposes and to advance permitting activities on the Dawson gold project. Certain insiders of the company are expected to participate in the private placement for an aggregate of $80,000. Finders' fees, consisting of cash and warrants on the same terms as those issued under the private placement, may be paid to eligible parties in accordance with applicable securities laws and TSX Venture Exchange policies.

All securities issued pursuant to the private placement will be subject to a statutory hold period of four months and one day from the date of issuance. Completion of the private placement is subject to customary closing conditions, including acceptance by the TSX Venture Exchange.

About Zephyr Minerals Ltd.

Zephyr Minerals is focused on obtaining a mining permit for its 100-per-cent-owned Dawson gold project in Colorado and advancing the project to the next stage of development. The company is pursuing an appeal of the rejection of two EPO applications in Zimbabwe covering approximately 124,000 hectares prospective for gold and other minerals.

We seek Safe Harbor.