Zonte Metals Increases and Completes Non-Brokered Private Placement

May 17, 2024 - Further to press releases dated May 1 and May 14, 2024, Zonte Metals Inc. (TSXV: ZON) ("Zonte" or the "Company") is pleased to announce that it has increased the size of its previously announced non-brokered private placement to 4,687,220 units including 1,705,000 common share units at a price of $0.08 per Common Share Unit ("CS Unit") and 2,982,220 flow through share units at a price of $0.09 per Flow-through Share Unit ("FT Units") (together, the "Offering"), for total proceeds of $404,800. Each Unit consists of one common share and one common share purchase warrant expiring May 3, 2026. The warrants accompanying the CS Units are exercisable at a price of $0.11 and the warrants accompanying the FT Units are exercisable at a price of $0.15. The transaction remains subject to TSX Venture Exchange (the "Exchange") approval and, following completion of the Offering, the Company will have 76,912,181 shares issued and outstanding.

In connection with securities sold pursuant to the Offering, the Company will pay $28,672 in cash and issue 330,578 Finders' Warrants to three Eligible Finders, all of whom are at arm's length to the Company. Each Finders' Warrant is exercisable until November 3, 2025, to purchase one common share of the Company at a price of $0.18 per share. Finders' Fees paid in connection with the Offering are subject to and in accordance with Exchange and regulatory policies.

The Offering was completed in three tranches which included the issuance of 3,347,220 units on May 3, 2024, 715,000 units on May 13, 2024 and 625,000 units on May 16, 2024. All securities issued pursuant to the Offering will be subject to a four-month and one day statutory hold period.

An insider of the Company acquired 200,000 FT Units and 100,000 CS Units of the Offering for proceeds to the Company of $26,000. Any participation by insiders in the Offering constitutes a "related party transaction" as defined under Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions ("MI 61-101"). However, as insider participation represented less than 25% of the proceeds of the Offering, the Company relied on the exemptions available under the instrument and such participation was exempt from the formal valuation and minority shareholder approval requirements of MI 61-101.

The Company intends to use the net proceeds of the Offering for working capital purposes and exploration at the Cross Hills Copper Property, in Newfoundland and Labrador.

About Zonte

Zonte Metals Inc. is a junior explorer focused on gold and copper. The Company owns 100% of the MJ project, in the Tintina Gold Belt, located in the Yukon Territory, the Wings Point project in the new Central Newfoundland Gold Belt, and the Cross Hills IOCG project located in Newfoundland and Labrador. In Colombia; the company has a 25% carried interest in Project X where historic drilling intersected significant gold mineralization and the Company and partner have an application over open areas sitting on top of the open pit outline of the Gramalote Deposit in Colombia, which is held by AngloGold Ashanti (NYSE:AU) and B2Gold (TSX:BTO, NYSE:BTG). The title issuance is being contested by the state governing the application and the Company has started legal action to protect its rights.

Forward-Looking Information

This news release contains forward-looking statements which include statements regarding the Corporation's future plans, as well as statements regarding financial and business prospects and the Corporation's future plans, objectives or economic performance and financial outlooks. The Corporation believes that the expectations reflected in this news release are reasonable but actual results may be affected by a variety of variables and may be materially different from the results or events predicted in the forward-looking statements. Readers are therefore cautioned not to place undue reliance on these forward-looking statements. In evaluating forward-looking statements readers should consider the risk factors which could cause actual results or events to differ materially from those indicated by such forward-looking statements. These forward-looking statements are made as of the date hereof, and unless otherwise required by applicable securities laws, the Corporation does not intend nor does it undertake any obligation to update or revise any forward-looking statements. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy of accuracy of this release.

For further information contact:

Terry Christopher

CEO and President

902-405-3520

info@zontemetals.com

www.zontemetals.com

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