Zephyr Receives Notice of Rejection of Zimbabwe EPO Applications

Zephyr Minerals (OTC Pink: ZPHYF, TSXV: ZFR) reported that its Zimbabwe subsidiary, Sutter Mining, received a notice from Zimbabwe’s Ministry of Mines that Exclusive Prospecting Order (EPO) applications 17/2021 and 33/2021 have been rejected.

Rhea-AI Summary

Zephyr Minerals (OTC Pink: ZPHYF, TSXV: ZFR) reported that its Zimbabwe subsidiary, Sutter Mining, received a notice from Zimbabwe’s Ministry of Mines that Exclusive Prospecting Order (EPO) applications 17/2021 and 33/2021 have been rejected. These 2021 applications cover about 124,000 hectares in the Manicaland and Mashonaland Central mining districts.

According to the company, the rejection notice did not specify reasons. Zephyr is preparing a formal appeal seeking full reconsideration and clarification. The company remains focused on obtaining a mining permit for its 100%-owned Dawson Gold Project in Colorado while intending to appeal the Zimbabwe EPO decision.

Positive

• Company preparing formal appeal of Zimbabwe EPO rejections
• Core focus remains Dawson Gold Project mining permit in Colorado

Negative

• Zimbabwe EPO applications 17/2021 and 33/2021 rejected
• Rejected EPOs cover approximately 124,000 hectares in key Zimbabwe districts
• No specific reasons for rejection provided by the Zimbabwe ministry

Argus Jul 21 session

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News Market Reaction – ZPHYF

On Jul 21, the day this news came out, ZPHYF closed 0.25% above the previous close.

Data tracked by StockTitan Argus for the Jul 21 session.

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Halifax, Nova Scotia--(Newsfile Corp. - July 21, 2026) - Zephyr Minerals Ltd. (TSXV: ZFR) (OTC Pink: ZPHYF) ("Zephyr" or the "Company") announces that its Zimbabwe subsidiary, Sutter Mining (Pvt) Ltd., has received notice from the Ministry of Mines and Mining Development that its Exclusive Prospecting Order ("EPO") applications numbered 17/2021 and 33/2021 have been rejected. The EPO applications, originally submitted in 2021, cover approximately 124,000 hectares in the Manicaland and Mashonaland Central Mining Districts of Zimbabwe. The Company is currently preparing a formal appeal to seek full reconsideration of the applications.

The Company notes that the notice of rejection did not provide specific reasons for the decision. "We are disappointed by the decision, particularly given the length of time the applications have been under consideration," stated Loren Komperdo, President and CEO of Zephyr Minerals. "Accordingly, we are preparing an appeal seeking reconsideration of the applications and clarification regarding the basis for the rejection. We remain committed to advancing opportunities that we believe can create long-term value for shareholders."

The Company will provide further updates regarding the appeal process and the status of the applications as additional information becomes available.

About Zephyr Minerals Ltd.

Zephyr Minerals is focused on obtaining a mining permit for its 100%-owned Dawson Gold Project in Colorado and advancing the project to the next stage of development. The Company intends to appeal the rejection of its two Zimbabwean EPO applications, covering 124,000 hectares prospective for gold and lithium.

For further information please contact:

Loren Komperdo, President & CEO
T: 902 706-0222
info@zephyrminerals.com

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. The forward-looking statements contained in this document are based on certain key expectations and assumptions made by the Company. The forward-looking statements contained in this document are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/305932

FAQ

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What did Zephyr Minerals (OTC Pink: ZPHYF) announce about its Zimbabwe EPO applications on July 21, 2026?

Zephyr Minerals announced its Zimbabwe subsidiary received rejection notices for EPO applications 17/2021 and 33/2021. According to Zephyr, these 2021 applications cover approximately 124,000 hectares in the Manicaland and Mashonaland Central mining districts, and the company is preparing a formal appeal for reconsideration.

How many hectares were covered by Zephyr Minerals’ rejected Zimbabwe EPO applications ZPHYF?

The rejected Zimbabwe EPO applications cover about 124,000 hectares. According to Zephyr, these areas are located in the Manicaland and Mashonaland Central mining districts and are considered prospective for gold and lithium, which is why the company intends to appeal the rejection decision.

Did Zimbabwe’s Ministry of Mines give reasons for rejecting Zephyr Minerals’ EPO applications ZPHYF?

No, the ministry did not provide specific reasons for rejecting the EPO applications. According to Zephyr, the notice of rejection lacked detailed justification, and the company’s planned appeal will seek both full reconsideration of the applications and clarification regarding the basis for the rejection.

How does the Zimbabwe EPO rejection affect Zephyr Minerals’ overall strategy ZPHYF?

The company still highlights its primary focus on the Dawson Gold Project in Colorado. According to Zephyr, it remains committed to advancing opportunities that can create long-term shareholder value while it appeals the Zimbabwe EPO rejection and seeks reconsideration of those exploration applications.

What are Zephyr Minerals’ next steps after the rejection of EPO 17/2021 and 33/2021 ZPHYF?

Zephyr is preparing a formal appeal to the Zimbabwe authorities. According to Zephyr, the appeal will request full reconsideration of the Exclusive Prospecting Order applications and clarification of the rejection reasons, and the company plans to provide further updates as more information becomes available.

What is Zephyr Minerals’ Dawson Gold Project mentioned alongside the Zimbabwe EPO news ZPHYF?

The Dawson Gold Project is Zephyr’s 100%-owned gold project in Colorado. According to Zephyr, the company is focused on obtaining a mining permit for Dawson and advancing it to the next development stage, while separately pursuing an appeal of the rejected Zimbabwe EPO applications.