TSXV & BVL:TK | OTCPK: TKRFF www.tinkaresources.com

Corporate Presentation – September 2019

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Disclaimer This presentation does not constitute or form a part of, and should not be construed as an offer, solicitation or invitation to subscribe for, underwrite or otherwise acquire, any securities of Tinka, nor shall it or any part of it form the basis of or be relied on in connection with any contract or commitment whatsoever.

Readers are cautioned that the PEA is preliminary in nature, it includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the PEA results will be realized. Mineral resources that are not mineral reserves do not have demonstrated economic viability. Additional work is needed to upgrade these mineral resources to mineral reserves.

Certain information in this presentation contains forward-looking statements and information within the meaning of applicable securities laws (collectively "forward-looking statements"). All statements, other than statements of historical fact are forward-looking statements. Forward-looking statements are based on the beliefs and expectations of Tinka as well as assumptions made by and information currently available to Tinka's management. Such statements reflect the current risks, uncertainties and assumptions related to certain factors including but not limited to, all costs varying significantly from estimates, production rates varying from estimates, changes in metal markets, changes in equity markets, availability and costs of financing needed in the future, equipment failure, unexpected geological conditions, imprecision in resource estimates or metal recoveries, ability to complete future drilling programs, delays in or failure to obtain the necessary permits, drilling program results varying from expectations, timing of geological reports, the Company’s ability to realize the results of the PEA, approvals from local authorities, community relations, timing and completion of any surface rights agreements, and other development and operating risks. Should any one or more of these risks or uncertainties materialize, or should any underlying assumptions prove incorrect, actual results may vary materially from those described herein. Forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein. Except as may be required by applicable securities laws, Tinka disclaims any intent or obligation to update any forward-looking statement.

The Mineral Resources disclosed in this presentation have been estimated by Mrs. Dorota El Rassi, P.Eng., an employees of Roscoe Postle Associates Inc. (RPA). Mrs. El Rassi is a Qualified Person as defined under the meaning of Canadian National Instrument 43-101 (“NI 43-101”) and independent of Tinka. Mr. William Colquhoun, Principal Metallurgical Consultant with Amec Foster Wheeler (Perú) S.A., a Wood company, a Qualified Person as defined in NI 43-101 and independent of Tinka, is responsible for the PEA results contained in this presentation. Ms Stella Searston, RM SME, a Principal Geologist Associate with Amec Foster Wheeler E&C Services, a Wood company, a Qualified Person as defined in NI 43-101 and independent of Tinka, is also responsible for the PEA results contained in this presentation. Mr. Edwin Peralta, P.E., a Senior Engineer with Wood Mining and Metals USA, a Qualified Person under NI 43-101 and independent of Tinka, is also responsible for the results of the PEA. Mr Adam Johnston, CP (Metallurgy) of Transmin Metallurgical Consultants, a Qualified Person as defined in NI 43-101 and independent of Tinka, is responsible for the metallurgical and recovery inputs contained in this presentation. Dr. Graham Carman, CEO and a Director of Tinka, and a Qualified Person as defined in NI 43-101, is responsible for other technical information in this presentation (information not directly related to the Mineral Resource Estimate or the PEA).

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Focusing on the Ayawilca Zinc-Silver Project

Ayawilca

Peru

o Ayawilca Zinc Zone : over 7 billion pounds of zinc in underground resources

o Colquipucro Silver Zone: ~ 18 million ounces silver in open pitable resources

o Significant exploration upside on the 100%-owned 170 km2

property

o July 2019 Preliminary Economic Assessment (PEA) showed a robust project:

o After-tax NPV8% of US$363M with IRR of 27% (Pre-tax NPV8% of $609M with 37% IRR) using $1.20/lb Zn, $0.95/lb Pb, $18/lb Ag, and $65/t NSR cut-off

o Initial capex US$262M, payback period 3.5 years after-tax (2.3 years pre-tax)

o Average production of 200,000 tonnes zinc con/year (PERU TOP 5) and 0.9 million ounces silver/year with a 21 year mine life

o Good infrastructure (power, water, roads)

Current Work Program:

o Drilling for high grade (both zinc and silver) & exploration on other targets

o PEA optimization work to further increase economic potential

o Company funded for current work: ~C$8 million cash (June 30, 2019)

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Market Capitalization & Investors

TSXV & BVL: TK | OTCPK: TKRFF

Shares Issued: 264.6 M

Options (priced at $0.325 to $0.50) 11.4 M

Warrants (priced at $0.45) 12.4 M

Fully diluted: 288.9 M

Market cap @ C$0.20/share: C$53 m

EV @ C$0.20/share: C$45 m

Cash (Aug. 2019): ~C$8 m

Analyst Coverage

Ian Parkinson

Kevin MacKenzie

George Topping

Major Shareholders

Institutional:

Sentient Equity Partners 24%

IFC (World Bank) 11%

JPMorgan UK 7%

Other institutions ~10%

Total institutional 52%

Management & insiders 2%

Retail/other 46%

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Milestones and Share Price Performance

o Market responded to drill results and new discoveries in 2017 when zinc prices increased due to zinc shortage and high demand

o Zinc prices declined in 2018 even though inventories continue to decline

o Macro-environment for zinc is currently negative (trade disputes, lower prices, etc.)

o Share price back to 2016 levels despite fundamental value added to project, and good zinc fundamentals

South Ayawilca

discovery

2017 Resource Update

2019 PEA

2018 Resource

Update

Drills 10m of 44% Zn at

West Ayawilca

Zinc steady

C$16M financing at $0.48

C$11M

financing

at $0.20

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Tinka – Compelling Valuation in Junior Zinc

space

1 ZnEq includes all metals. Source: GMP Securities

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2019 PEA – Leveraged to Zinc Grade & Price o PEA is most sensitive to zinc grade (and zinc price) - Increased feed grade by 20% adds over

US$200M to after-tax NPV

o ~ 90% of value in the PEA is from zinc and ~10% of value is silver with minor lead

o Room and Pillar mining is high cost: Operating costs could be improved with a different mine method

o Opportunities for significant improvements exist (e.g., zinc grades, processing, mining method)

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Exploration During 2015-2018

Inf. 2015; 2,258

Inf. 2016; 3,385

Inf. 2017; 6,873

Ind. 2018; 2,149

Inf. 2018; 6,738

0

10

20

30

40

50

60

2014 2015 2016 2017 2018 2019

Re

sou

rce

s (M

t)

Ayawilca Resource Growth 2015 to 2018

Bubble size indicates contained zinc-equivalent pounds (Mlbs)

INFERRED

INDICATED

o Tinka has successfully grown the Ayawilca zinc resource year-on-year

o Further potential exists to grow the resource quality, tonnage and grade

o Tinka will aim to upgrade resources again, subject to 2019 drilling results

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Ayawilca Resource – One of the Largest in a Junior

1 ZnEq includes all metals. Source: GMP Securities

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Zinc market – an upcoming supply gap

o China is the dominant miner and user of zinc - Chinese mines are struggling

o Upcoming zinc supply gap predicted - 1.7 Mt by 2024 (~10% world supply) at base demand

o Fundamentals for zinc are strong – low inventories, few new zinc projects in pipeline

kt Zn US$/t

kt Zn

Mineral Rank in

World 2018

Latin

America 2018

Zinc 2nd 1st

Copper 2nd 2nd

Tin 4th 1st

Lead 3rd 1st

Silver 2nd 2nd

Gold 6th 1st

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Peru – A Top Two Base Metals Mining Country

o Pro-mining country – mining accounts for over 50% of exports

Ayawilca Project

Las Bambas

Antamina

Central Peru zinc belt

CHILE

BOLIVIA

BRAZIL

ECUADOR

San Rafael

Source: USGS 2018

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Antamina: Largest current copper/zinc

mine in Peru

Cerro de Pasco: Largest historic silver/zinc mine

in Peru

Giant Ore Deposit

Central Peru – Mines & Infrastructure

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2019 Exploration – Targeting high grade zinc

Near term catalysts:

o Optimization of zinc grade at South Ayawilca

o Recent drilling highlights potential – see new release July 29th and 5th September 2019

o Drilling continues to target high-grade resources, especially at shallow depth because higher grades in early years of mine life has a major impact on economics

South Ayawilca: Highest grade, shallowest, thickest part of Ayawilca zinc deposit

INSET PAGE 15

Drilling High Grade Targets Now

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o 3 km NE trending magnetic anomaly

o Magnetic anomalies at South, Zone 3, remain to be adequately tested

o Drilling NOW on A-A’ at South Ayawilca

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2019 Drill Results

Cross Section A-A’

o September 5th 2019 press release: 5.7 metres grading 32.6% Zn in hole A19-163 at edge of resource

o Discovery of new Lower Silver Zone in hole A19-163: 13.9 metres grading 128 g/t silver

o July 29th 2019 press release: Grades in 2019 holes are well above the average grade of Zinc Zone

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Next Steps: Exploration is Continuing 2019-2020:

• Drilling is targeting additional high grade zinc zones at South (Sep-Nov 2019)

• Exploring other targets on Tinka mining properties (170 km2)

• Possible resource update by early 2020

2020-2021:

• PEA optimization

• PFS - Applications now filed for infill drill permits, expected late 2019

Resource Definition

PEA optimization & targeted

drilling

Prefeasibility Study & Engineering

Feasibility Study &

Permitting Production

2015-2019...

2019-2020

2020-21?

2021-22? 2023?

Management – Extensive Peru and Zinc Experience

Dr Graham Carman President & CEO, Director Geologist, 25 years global exploration experience with Rio Tinto, Savage, Pasminco, juniors.

Alvaro Fernandez-Baca VP Exploration, Peru Geologist, 20 years global exploration experience with Gitennes, AQM Copper & Hochschild.

Cesar Carbajal HSEC Manager Social management specialist, 15 years experience with Teck, MWH, Peru Ministry of Mines.

Mariana Bermudez Corp. Secretary 20 years regulatory compliance services experience.

Nick Demare CFO, Director CPA, CA, extensive junior board experience.

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Management & Board

Independent Directors

Ben McKeown Chairman of the Board. Mining engineer, MBA, with 25 years experience in mining, oil & gas, and private equity.

Pieter Britz Sentient Group representative. Professional engineer with over 20 years’ experience as a mining professional and as a mining investment professional.

Mary Little Founder of Mirasol Resources, geologist, MBA, 20 years in Latin America.

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Summary

o Scarcity Value - Ayawilca Zinc Zone has the size & grade the market requires for development

o Proven Mining Belt - strong community relationships & infrastructure (roads, water, power)

o Full Ownership - 100% ownership of a PEA stage project with after-tax NPV8% of US$363M

o Low Valuation - Tinka EV of ~US$35 million is 10% of the after-tax NPV8% in PEA

o Focus for 2019 - Drilling of high-grade Zinc Zone resources leading to resource upgrade

o Program for 2020 - Additional regional exploration, PEA optimization leading to a PFS

o Well Financed - C$8 million in cash, no debt

o Upside-Exploration potential - Also tin and silver resources not considered in PEA

APPENDIX

o Ongoing 10 year partnerships with three communities

o Social engagement and sustainable development programs in place

o Employment during drill programs (road and drill pad construction) and camp

o IFC (World bank) providing support and guidance

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Community & Environment

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Ayawilca Geology & Mineralization

Ay

aw

ilc

a F

oc

us

Are

a -

Pla

n V

iew

with

G

eo

log

y

o Tinka owns 170 km2 of mining claims (100%)

o Three deposits on property: 1. Zinc Zone 2. Tin Zone 3. Colquipucro Silver Zone

Tinka Claim

Boundary

Ay

aw

ilc

a C

laim

Ma

p

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Ayawilca Zinc Zone Cut-off Sensitivity

Zinc Zone Indicated Mineral Resources NSR US$/t

Cut-off

Tonnage

(Mt)

ZnEq

(%)

Zn

(%)

Pb

(%)

Ag

(g/t)

In

(g/t)

40 13.6 7.4 6.3 0.16 15 75

50 12.4 7.9 6.7 0.17 15 80

55 (Base Case)

11.7 8.1 6.9 0.16 15 84

60 10.8 8.5 7.2 0.16 16 89

70 9.4 9.2 7.7 0.15 16 99

80 7.9 10.0 8.4 0.15 17 111

NSR US$/t

Cut-off

Tonnage

(Mt)

ZnEq

(%)

Zn

(%)

Pb

(%)

Ag

(g/t)

In

(g/t)

40 52.7 6.2 5.2 0.24 17 60

50 48.1 6.5 5.4 0.24 17 64

55 (Base Case)

45.0 6.7 5.6 0.23 17 67

60 41.5 7.0 5.8 0.23 18 70

70 33.9 7.6 6.4 0.22 18 78

80 26.9 8.3 6.9 0.22 20 86

Zinc Zone Inferred Mineral Resources

See resource table for notes and ZnEq calculations

o Base case resources calculated at US$55/tonne cut-off)

o PEA was prepared using US$65/t cut-off to focus on higher grade resources

o Geotechnical studies to be conducted to determine if bulk underground mining methods could be used, which would allow a higher throughput operation extracting more of the resources

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Zinc Resource Base Case (Nov. 2018 @ $55 NSR cut-off)

o Includes ~20,000 metres of 2018 drilling (~68,000 metres since 2011-2012)

o 1.8 billion pounds of zinc in Indicated category (24% of total)

o 5.6 billion pounds of zinc in Inferred category (76% of total)

o Ayawilca zinc resources as follows:

Category/Area

Tonnage

(Mt)

ZnEq

(%)

Zn

(%)

Pb

(%)

In

(g/t)

Ag

(g/t)

Zn

(Mlb)

Pb

(Mlb)

In

(t)

Ag

(Moz)

Indicated

West 7.8 7.7 6.5 0.20 72 15 1,126 35 561 3.9

South 3.9 9.1 7.6 0.09 108 16 652 8 422 2.0

Total Indicated 11.7 8.1 6.9 0.16 84 15 1,778 42 983 5.8

Inferred

West 5.0 7.1 6.4 0.27 34 17 699 30 170 2.8

Central 18.6 5.6 4.6 0.23 62 12 1,884 95 1,153 7.5

East 11.3 5.9 5.0 0.18 56 14 1,238 44 633 5.0

South 10.2 9.6 7.9 0.27 103 30 1,764 61 1,047 9.9

Total Inferred 45.0 6.7 5.6 0.23 67 17 5,585 230 3,003 25.2

Notes:

• CIM definitions were followed for Mineral Resources.

• Mineral Resources are reported above a cut-off NSR value

of US$55 per tonne.

• The NSR value was based on estimated metallurgical

recoveries, assumed metal prices and smelter terms, which

include payable factors, treatment charges, penalties, and

refining charges. Metal price assumptions were: US$1.15/lb

Zn, US$300/kg In, US$15/oz Ag, and US$1.00/lb Pb. Metal

recovery assumptions were: 90% Zn, 75% In, 60% Ag, and

75% Pb. The NSR value for each block was calculated

using the following NSR factors: US$15.34 per % Zn,

US$4.70 per % Pb, US$0.18 per gram In, and US$0.22 per

gram Ag.

• The NSR value was calculated using the following formula:

NSR = [Zn(%)*US$15.34+Pb(%)*US$4.70+

In(g/t)*US$0.18+Ag(g/t)*US$0.22]

• The ZnEq value was calculated using the following formula:

ZnEq = NSR/US$15.34

• Numbers may not add due to rounding.

• “Inferred Mineral Resources” have a great amount of

uncertainty as to their existence, and as to their economic

and legal feasibility. It is reasonably expected that the

majority of Inferred Mineral Resources could be upgraded to

Indicated Mineral Resources with continued exploration.

United States investors are cautioned not to assume that all

or any part of Measured or Indicated Mineral Resources will

ever be converted into Mineral Reserves. United States

investors are also cautioned not to assume that all or any

part of an Inferred Mineral Resource exists, or is

economically or legally mineable.

-

250

500

750

1,000

1,250

1,500

1,750

2,000

0

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40,000

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80,000

100,000

120,000

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160,000

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An

nu

al Silv

er

Pro

du

ctio

n (

ko

z)

An

nu

al Zin

c a

nd

Le

ad

Pro

du

ctio

n (

ton

ne

s)

Annual Metal Production in Concentrates

Zn recovered to Zn concentrate (left)

Pb recovered to Pb-Ag concentrate (left)

Ag recovered to Pb-Ag concentrate (right)

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Ayawilca PEA – A Top 5 Peru zinc mine Mining and Resources

o UG mine at throughput of 5000 t/d

o 38.2 Mt of Resources (72% Indicated, 66% Inferred) mined over 21 yrs

o US$65/t NSR cut-off (base case for resource was US$55/t cut-off)

Saleable Products

o Two concentrates

o Zinc concentrate (50% Zn grade) at 92% recovery

o Silver-lead concentrate (50% Pb, 88-191 oz/t Ag) at 85% recovery

Operating Cost Description

Cost per Tonne Processed

Mining – Room & Pillar US$38.06

Mining – Post & Pillar US$35.29

Average Mining Cost US36.66

Processing US$6.44

G&A US$5.48

Total Opex US$48.58

o Average LOM head grades of 6.1% Zn, 18 g/t Ag, 0.2% Pb

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Colquipucro Silver Oxide Mineral Resources

8,003 metres drilled in 45 holes (2006-2014)

Notes: : Resources estimated by Roscoe Postle Associates Inc. (RPA) of Toronto, Canada (news release of November 26, 2018). Mineral Resources are reported within a preliminary pit shell and above a cut-off grade of 60 g/t Ag for High Grade Lenses, and 15 g/t Ag for Low Grade Halo. The cut-off grade is based on a price of US$24/oz Ag. Refer to NI 43-101 report dated June 29, 2016 for details of resource estimates and assumptions.

Class/Zone Tonnage

(Mt) Ag

(g/t) Ag

(Moz)

Indicated

High Grade Lenses 2.9 112 10.4

Low Grade Halo 4.5 27 3.9

Total Indicated 7.4 60 14.3

Inferred

High Grade Lenses 2.2 105 7.5

Low Grade Halo 6.2 28 5.7

Total Inferred 8.5 48 13.2

Suite 1305 - 1090 West Georgia St Vancouver, BC V6E 3V7

CANADA

Ph: +1 604 699-0202 Fax: +1 604 683-1585

CORPORATE OFFICE

FOR MORE INFORMATION

Dr. Graham Carman, President & CEO info@tinkaresources.com

Rob Bruggeman, Investor Relations rbruggeman@tinkaresources.com

+1 416 884-3556

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Tinka Resources Limited