NZN Nevada Zinc Corporation

Nevada Zinc Corporation (“Nevada Zinc” or the “Company”) (TSX-V: NZN) is pleased to announce the closing of the first tranche (the “First Tranche”) of its previously announced $500,000 non-brokered private placement (the “Financing”). The First Tranche was comprised of the issuance of 1,750,000 Units by the Company (the “Units”) at a price of C$0.04 per Unit, for aggregate gross proceeds of $70,000.   Each Unit consists of one (1) common share of the Company (“Common Share”) and one (1) Common Share purchase warrant (“Warrant”). Each Warrant entitles the holder thereof to purchase one Common Share at a price of $0.10 for a period of eighteen (18) months from the date of issuance.

The net proceeds from the Financing are expected to be used to fund development of the Company's Lone Mountain deposit, and for general corporate and working capital purposes. The securities issued pursuant to the First Tranche are subject to a statutory standard hold period of four months plus one day from the date of issuance. Completion of the Financing is subject to the receipt of all regulatory approvals, including final approval of the TSXV.

Directors and officers of the Company subscribed for all of the Units issued in the First Tranche. The participation of such directors and officers in the Financing constitutes a “related party transaction” for the purposes of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The Company is relying on the exemption from the requirements to obtain a formal evaluation and minority shareholder approval in connection with the insider participation in reliance on sections 5.5(a) and 5.7(1)(a) of MI 61-101, as neither the fair market value of the securities to be issued, nor the fair market value of the consideration for the securities to be issued will exceed 25% of the Company’s market capitalization as calculated in accordance with MI 61-101. The Company did not file a material change report more than 21 days before the expected closing date of the First Tranche as the details of the Financing and the participation therein by each "related party" of the Company were not settled until shortly prior to the closing of the First Tranche, and the Company wished to close the First Tranche on an expedited basis for sound business reasons.

About Nevada Zinc

Nevada Zinc is a development stage company focused on the production of zinc-based products including zinc oxide and zinc based micro nutrient fertilizers from its Lone Mountain zinc deposit in Nevada. The Company will be focused on completing project studies for the remainder of 2023 and 2024 in addition to concurrently beginning the permitting process for a zinc oxide production plant adjacent to the Lone Mountain deposit.

Additional information about the Company is available on the Company’s website: www.nevadazinc.com and on the Company’s SEDAR+ profile at www.sedarplus.ca.

For further information please contact:

Mike Wilson, President & CEOT: (416) 574-9075Email: wilson.h.mike@gmail.com

Don Christie, CFOT: (416) 409-8441Email: don@nevadazinc.com

Caution Regarding Forward-Looking Statements

This news release may contain forward-looking statements including but not limited to comments regarding the timing and terms of financings, regulatory approvals, timing and content of upcoming work programs, geological interpretations, obligations under existing and future agreements, expected share issuances and ownership positions, expected returns and profits from application of unproven chemical processes to the Company’s mineral projects, partnerships and joint ventures, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results relating to, among other things, subsequent tranches for ongoing financings, regulatory approvals, expected proceeds from financings, results of exploration, project development, reclamation and capital costs of the Company's mineral properties, and the Company's financial condition and prospects, could differ materially from those currently anticipated in such statements. These and other factors should be considered carefully and readers should not place undue reliance on the Company's forward-looking statements. The Company will be required to complete a PEA and pre-feasibility study to confirm the project’s zinc oxide production flowsheet and project economics. The Company does not undertake to update any forward-looking statement that may be made from time to time by the Company or on its behalf, except in accordance with applicable securities laws.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) has reviewed or accepts responsibility for the adequacy or accuracy of this news release.