December 30, 2024                                                                                                     TSXV: ZON

Zonte Metals Inc (TSXV:ZON) (“Zonte” or the “Company”) has completed its previously announced non-brokeredprivate placement and, subject to TSX Venture Exchange (the “Exchange”)approval, issued 3,991,924 shares including 715,000 common share units at aprice of $0.06 per Common Share Unit (“CS Unit”) and 3,276,924 flow through sharesat a price of $0.065 per Flow-through Share (“FT Shares”) (together, the“Offering”), for total proceeds of $255,900.06.  Each CS Unit consists of one common share andone-half common share purchase warrant. Each full warrant is exercisable until December 20, 2026,to purchase one common share of the Company at a price of $0.10 per share.  Following completion of the Offering, the Company will have 80,904,105shares issued and outstanding.  

In connection with securities sold pursuant to the Offering, the Companywill pay $15,680 in cash and issue 243,385 Finders’ Warrants to two EligibleFinders, each of whom is at arm’s length to the Company.  Each Finders’Warrant is exercisable until June 20, 2026, to purchase one common share of theCompany at a price of $0.12 per share.  Finders’ Fees paid in connectionwith the Offering are subject to and in accordance with Exchange and regulatorypolicies.

An insider of the Company acquired 150,000 CS Units of the Offering forproceeds to the Company of $9,000. Any participation by insiders in theOffering constitutes a “related party transaction” as defined underMultilateral Instrument 61-101 Protection of Minority Security Holders inSpecial Transactions (“MI 61-101“). However, the Company intends to rely on theexemptions available under the instrument and such participation will be exemptfrom the formal valuation and minority shareholder approval requirements of MI61-101.

All securitiesissued pursuant to the Offering will be subject to a four-month and one daystatutory hold period ending April 21, 2025.

The Companyintends to use the net proceeds of the Offering for working capital purposesand exploration at the Cross Hills Iron Oxide Copper Gold Property, inNewfoundland and Labrador.

Neither the TSX Venture Exchange nor its Regulation ServicesProvider (as that term is defined in the policies of the TSX Venture Exchange)accepts responsibility for the adequacy of accuracy of this release.

About Zonte  

ZonteMetals Inc. is a junior explorer focused on gold and copper. The Company owns100% of the MJ project, in the Tintina Gold Belt, located in the YukonTerritory, the Wings Point project in the new Central Newfoundland Gold Belt,and the Cross Hills IOCG project located in Newfoundland and Labrador. InColombia; the company has a 25% carried interest in Project X where historicdrilling intersected significant gold mineralization and the Company andpartner have an application over open areas sitting on top of the open pitoutline of the Gramalote Deposit in Colombia, which is held by AngloGoldAshanti (NYSE:AU) and B2Gold (TSX:BTO, NYSE:BTG). The title issuance is beingcontested by the state governing the application and the Company has startedlegal action to protect its rights.

Forward-LookingInformation

This newsrelease contains forward-looking statements which include statements regardingthe Corporation’s future plans, as well as statements regarding financial andbusiness prospects and the Corporation’s future plans, objectives or economicperformance and financial outlooks. The Corporation believes that theexpectations reflected in this news release are reasonable but actual resultsmay be affected by a variety of variables and may be materially different fromthe results or events predicted in the forward-looking statements. Readers aretherefore cautioned not to place undue reliance on these forward-lookingstatements. In evaluating forward-looking statements readers should considerthe risk factors which could cause actual results or events to differmaterially from those indicated by such forward-looking statements. Theseforward-looking statements are made as of the date hereof, and unless otherwiserequired by applicable securities laws, the Corporation does not intend nordoes it undertake any obligation to update or revise any forward-lookingstatements.

For further information contact:

Terry Christopher

CEO and President

902-405-3520

info@zontemetals.com

www.zontemetals.com

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