Corporate Presentation – May 2020

TSXV & BVL:TK | OTCPK: TKRFF

www.tinkaresources.com

30 ZINC

Zn65.38

47 SILVER

Ag107.87

2

DisclaimerThis 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 economicconsiderations 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. Mineralresources 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 andexpectations of Tinka as well as assumptions made by and information currently available to Tinka's management. Such statements reflect the current risks, uncertaintiesand assumptions related to certain factors including but not limited to, challenges resulting from COVID-19, all costs varying significantly from estimates, production ratesvarying from estimates, changes in metal markets, changes in equity markets, availability and costs of financing needed in the future, equipment failure, unexpectedgeological conditions, imprecision in resource estimates or metal recoveries, ability to complete future drilling programs, delays in or failure to obtain the necessarypermits, drilling program results varying from expectations, timing of geological reports, the Company’s ability to realize the results of the PEA, approvals from localauthorities, community relations, timing and completion of any surface rights agreements, and other development and operating risks. Should any one or more of theserisks or uncertainties materialize, or should any underlying assumptions prove incorrect, actual results may vary materially from those described herein. Forward-lookingstatements 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. ElRassi 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, isresponsible for the PEA results contained in this presentation. Ms Stella Searston, RM SME, a Principal Geologist Associate with Amec Foster Wheeler E&C Services, aWood 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. EdwinPeralta, 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 thePEA. Mr Adam Johnston, CP (Metallurgy) of Transmin Metallurgical Consultants, a Qualified Person as defined in NI 43-101 and independent of Tinka, is responsible forthe 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, isresponsible for other technical information in this presentation (information not directly related to the Mineral Resource Estimate or the PEA).

• Size and grade: One of the largest undeveloped zinc-silver resources in a junior

• Pro-mining jurisdiction: Located in central Peru - a mining belt with good infrastructure

• Strong fundamentals: PEA in 2019 showed strong economics with a modest CAPEX, and opportunities to optimize further

• Great exploration potential:

• Strong balance sheet: ~C$22.5m cash (Mar/2020) following strategic investment by Buenaventura in Jan. 2020, no debt

• Low enterprise value considering size of resources and drilling investment (>70,000 m of drilling since 2015)

3

Tinka’s Competitive Advantage

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 2019R

eso

urc

es

(Mt)

Ayawilca Zinc Zone Resource Growth

2015 to 2018

Bubble size indicates contained zinc-equivalent pounds (Mlbs)

INFERRED

INDICATED

4

Leverage to Zinc and Silver

• Zinc dominant (90% by value) with associated silver (stream financing potential) and minor lead

• Mineralization is 100% sulphide (no oxides) with excellent recovery to concentrate (92%)

• Sandstone-hosted silver oxide deposit at surface on the Ayawilcaproperty

• Potential for low cost open pit mining and leaching

Ayawilca Zinc Zone Colqui Silver Zone

30 ZINC

Zn65.38

47 SILVER

Ag107.87

Indicated: 1.8 billion pounds zinc

Inferred: 5.6 billion pounds zinc

Indicated: 5.8 million ounces silver

Inferred: 25.2 million ounces silver

Indicated: 10.4 million ounces silver

Inferred: 7.5 million ounces silver

Ayawilca is a Large Deposit and Still Open…

4 km

1x

1x

COLQUI

SILVER ZONEWEST AYAWILCA

ZINC ZONE

SOUTH AYAWILCA

ZINC ZONE

SOUTH NORTH

FAR SOUTH AREA

metres

• Ayawilca is a district-scale Zn-Ag-Pb (Sn-Cu) limestone replacement deposit with at least 4 km strike

• Zinc Zone resources at West and South typically only drilled to 400 m depth (or less)

• Significant discovery potential, down-dip and down-plunge of existing resources

• Far South area: New target identified in 2020, extensive Zn-Pb soil anomaly

500 m

Ayawilca Zinc Zone

(PEA 2019)

Colqui

Silver Zone

Untested

Down plunge

6

Ayawilca Zinc Zone Resources (Base Case Nov. 2018 @ $55 NSR cut-off)

• Highest grades at South and West zones, which are also the thickest parts of the deposit and account for 47% of the total resources

Category/AreaTonnage

(Mt)Zn(%)

Pb (%)

Ag(g/t)

Contained MetalZn (Mlb) Pb (Mlb) Ag (Moz)

IndicatedSouth 3.9 7.6 0.09 16 652 8 2.0West 7.8 6.5 0.20 15 1,126 35 3.9

Total Indicated 11.7 6.9 0.16 15 1,778 42 5.8Inferred

South 10.2 7.9 0.27 30 1,764 61 9.9West 5.0 6.4 0.27 17 699 30 2.8East 11.3 5.0 0.18 14 1,238 44 5.0Central 18.6 4.6 0.23 12 1,884 95 7.5

Total Inferred 45.0 5.6 0.23 17 5,585 230 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 (~3.6% ZnEq).

• 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]

• 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.

7.82%6.46%

5.00% 4.60%

Zinc Grade by Zone

South West East Central

ANALYST COVERAGE

Ian Parkinson

Kevin MacKenzie

George Topping

7

Strong Balance Sheet & InvestorsMAJOR SHAREHOLDERS

Institutional:

Sentient Equity Partners 22%

Buenaventura 19%

IFC 9%

JPMorgan UK 5%

CD Fund 5%

Other institutions ~5%

Total institutional 65%

Management & insiders 2%

Retail & other 33%

CAPITALIZATION Millions

Shares issued 341

Options (priced at $0.25 to $0.50) 15

Fully diluted shares 356

Market capitalization (at C$0.14/share) C$47

Cash (at Mar. 31, 2020) C$22

Debt nil

Enterprise value C$25

Management – Extensive Peru and Zinc Experience

Dr. Graham CarmanPresident & CEO, Director

Geologist, Highly experienced in Peru (Rio Tinto, Savage, Pasminco); PhD in geology (80Moz Lihir Au).

Alvaro Fernandez-BacaVP Exploration & GM

Well respected Peru geologist, 20 years in global exploration (Gitennes, AQM Copper, Hochschild).

Luis RomeroHSEC Manager

Social management specialist, 20 years experience (Hudbay, Minsur, Rio Tinto, Peru LNG).

Mariana BermudezCorporate Secretary

20 years regulatory compliance services experience in Canada.

Nick DemareCFO, Director

CPA, CA, extensive junior board experience.

8

Experienced Management & Board

Independent Directors

Ben McKeownChairman of the Board

Mining engineer, MBA, Independent director, 25 years in mining, oil & gas, private equity.

Pieter BritzDirector

Professional engineer, MBA, Sentient representative; 25 years in resources and private equity investment.

Mary LittleDirector

Geologist and Independent director, highly experienced in Latin America, MBA; Founder of Mirasol, director at Sandstorm Gold.

Raul BenavidesDirector

Mining Engineer; VP Business Development for Buenaventura and son of founder.

9

Why Zinc?

• Zinc demand will continue to grow because zinc is an essential metal:

▪ Galvanizing steel increases its life and durability in construction and transport

▪ Zinc is also essential for manufacturing, human health, crop growth, and has battery potential

• More zinc supply is required in the next few years to avoid major deficits:

▪ Zinc inventories are very low with stockpiles having been drawn down since 2013

▪ Low zinc prices, declining mine grades, a lack of exploration, and stricter environmental regulations will lead to higher prices and a need for new zinc mines in the near future

Zinc price

LME inventory

westmetall.com

10

Zinc Market Poised for Supply Deficits

• At current zinc prices, ~25% of production is not sustainable and several high cost zinc mines have recently ceased operations

• China mine supply is high cost, has declining grades, and has stricter environmental regulations

• Citi estimates 800,000 tonnes of mine supply is at risk in 2H 2020, or 6% of the annual (13 Mtpa) zinc market

AIS

C, U

SD /

lb Z

n

11

COVID-19 Accelerating Zinc Supply Deficits

• In April 2020, 7 of the world’s top 15 zinc mines were closed due to COVID-19

• Mine production growth in 2020 now forecast to decline with cuts over 400 kt(Teck)

• New zinc projects and mine expansions are being delayed due to low zinc prices and COVID-19

12

Zinc Outperforming Copper

• The price of zinc has been in an uptrend for the past 15 years and has outperformed copper

• Zinc mines are typically smaller and higher grade than copper mines, resulting in lower initial capex

• Zinc demand is expected to continue to grow due to galvanization of steel (~60% of demand)

• Zinc inventories remain at critically low levels

• Zinc also has promising potential for large, safe energy storage in batteries, the need for which will grow as power generation shifts from fossil fuels to renewable sources

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Zinc 15-year Price Chart

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MineralRank in

World 2019Latin America

2019

Zinc 2nd 1st

Copper 2nd 2nd

Tin 4th 1st

Lead 3rd 1st

Silver 2nd 2nd

Gold 7th 1st

13

Peru – A Top Mining Jurisdiction

• Top 2 global producer of zinc, copper and silver

• 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 2019

14

Central Peru – Mines & Infrastructure

• Ayawilca is located in the base metal mining district of central Peru, a major strategic advantage

• Public road access, with two major roads to ports

• Twin 220 kV power lines to Antamina, the largest mine in Peru, cross the property

• Skilled workforce nearby due to multiple mines in the area

• Buenaventura has two mines operating near the project

• NEXA operates a zinc smelter near Lima, ~200km away

Giant ore deposit

Buenaventura mine

1940´s 200520092011

201220132015

2017 20182019 2020

Pre-TinkaCo. Minera Colquipucro (“Olla de plata”)

TinkaProject Staking

Silver ZoneColquipucro Exploration

Zinc DiscoveryAyawilcaZinc Zone

First Zinc ResourceAyawilcaFirst Zinc ResourceEstimation

New DiscoverySouth AyawilcaDiscovery& Resource update

Resource UpdateAyawilca7.3 Billion lbs Zn

Tinka – PEACapex US$262MNPV8% US$363MIRR 27.1%

~75,000 metres drilled for zinc & silver

Ayawilca Project – History

BVN investment19.3% equity stake

15

6.0% 5.2%6.1%

4.1%

6.8%

5.5%

12.0%

4.5%

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10.3%

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0%

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6%

8%

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14%

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Peru Zinc Projects - Sorted by Contained Zinc

Producing Mine

Exploration

PEA Stage

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Peru – Zinc Project Pipelineo Ayawilca is one of the most attractive zinc development projects in Peru, and compares well

against producing mines in size and grade

17

Ayawilca PEA highlights (2019)

• Underground mine with 5,000 tpd flotation plant producing zinc and lead concentrates

• 38.2 Mt of Resources mined over 21 years

• Average annual production of 101 kt zinc and 0.9 Moz silver

• Modest initial capex of US$262 million and robust economics with massive leverage to zinc

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After-tax cash flow

Pre-tax cash flow

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Cumulative pre-tax cash flow

PEA metal prices: $1.20/lb Zn, $0.95/lb Pb, and $18/oz Ag

PEA Economics Pre-tax Post-tax

NPV (8%) US$609M US$363M

IRR 37.2% 27.1%

Payback period 2.3 yrs 3.5 yrs

LOM cash flow US$1,611M US$1,051M

18

2020 Work Program and Next Steps

Resource Definition

Resource drilling and optimization

(2nd half 2020)

Prefeasibility Study & Engineering

Feasibility Study &

PermittingProduction

• Continue trade-off studies to optimize PEA assumptions (e.g. review of different underground mining methods, mining throughput rates, cut-off grades, etc.)

• After a delay due to COVID-19, drilling should commence in Q3 with at least 7,000 metres planned during 2020 to expand and infill high grade zones of zinc and silver

• Prior to commencement of drilling, health protocols will be approved by government authorities to ensure the safety of our employees, families and communities

• New permitting to expand the exploration area in order to drill test new targets in 2021

Zinc & Silver exploration

19

Ayawilca: Outstanding Exploration Upside

Drill targets 2020-2021

FAR SOUTH

• Drill permitted area to be expanded in 2020/21 to allow testing of additional targets (e.g. Far South)

• More drilling planned along Colquipucro fault -mineralization is known to extend for at least 4km

Not yet drilled

Not yet drilled

metros

meters

A’A

20

Ayawilca – 2020 Drill targets

• Drill targets down-dip of resources at South, West, and Colqui

• All three areas planned to be drilled in 2020

Colqui silver resource (oxide)

1x

1x

1x

1x

Sulphide target at depth

Planned drill hole

Central Ayawilca

South Ayawilca Zinc Zone (Sulphide)

2020 Planned Drill Hole

meters

B’B

Planned drill hole

Geology legend Zinc block model values

Silverblock model values

Target at depth

• Tinka is strongly committed to the health & safety of its employees, families, and communities

• The Company has developed strong health protocols to minimise COVID-19 infections

• Long-term partnerships developed with the communities near Ayawilca

• Social engagement and sustainable development programs in place, and ongoing

• Significant employment during drill programs (road and drill pad construction) and at camp

• IFC providing support and guidance to Tinka, as a shareholder of the Company

21

Community Relations & Environment

22

Tinka: Summary

• Scarcity Value - Ayawilca Zinc Zone has size & grade in a proven mining belt

• Strong Management Team - experienced and successful track record in Peru

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

• Low Valuation - Tinka EV of ~US$19 million is only 5% of Ayawilca project NPV

• High Zinc Grades - Massive leverage to zinc prices, plus significant exposure to silver

• Potential for expansion & discovery - Continued resource drilling for zinc and silver in 2020

• Well Financed - ~C$22 million in cash, no debt

• Strategic Partner - Buenaventura, Peru’s largest mining company, owns 19% equity stake

• Good Access - Strong community relationships & infrastructure (roads, water, power)

APPENDIX

24

Ayawilca Project: Regional overview

170 km2 mining claims (100% TK) in the middle of the central Peru base metal belt

• Only 3 km of prospective geology has been drill tested to date, resulting in three separate mineral resource estimates:

1. Ayawilca Zinc Zone – carbonate replacement deposit with epithermal Zn-Ag-Pb vein overprintingIndicated: 11.9 Mt @ 6.9% Zn, 15g/t Ag, 0.2% PbInferred: 45.0 Mt @ 5.6% Zn, 17g/t Ag, 0.2% Pb

2. Colquipucro Silver Zone – sandstone hosted silver oxide depositIndicated: 7.4 Mt @ 60g/t AgInferred: 8.5 Mt @ 48g/t Ag

3. Ayawilca Tin Zone – 14.5 Mt @ 0.70% Sn

• Multiple untested targets lie along strike Ayawilca Claim Map

Property Boundary

25

Ayawilca – District-Scale Potential

Rock samples to 19% Pb, 9% Zn, and 500 g/t Ag (not yet drill permitted)

• Airborne magnetics flown on property in 2016 show a 2.5 km RTP mag anomaly broadly coincident with current resources

• Colquipucro Fault appears to be an important control for mineralization

• Multiple untested targets based on magnetics and soil sampling East

Chaucha

Zone 3

West

Airborne Magnetics - RTP

Valley

Yanapizgo

Central

500 m.

South

Colquipucro

26

Ayawilca – Comparisons with Cerro de Pasco• Cerro de Pasco: 175 Mt @ 7% Zn, 2% Pb, 30oz/t Ag mined in central Peru (Baumgartner et al, 2008)

• Comparisons with Ayawilca include: similar limestone, sulphide mineralogy, anticline, big faults• Both deposits are carbonate replacement deposits (CRDs)

++UNTESTED

at depth

(after Rottier et al, 2016)

Cerro de Pasco

(same scale)

Phyllite

Limestone

27

Drill Highlights - South Ayawilca• Grades in 2019 drill holes were

well above the average grade of Zinc Zone resource

▪ Hole A19-165: 9.0 m @ 11.9% zinc and 25.9 m @11.8% zinc and 28.7 m @ 14.0% zinc and14.9 m @ 12.3% zinc

▪ Hole A19-163: 5.7m grading 32.6% zinc at edge of resource

• Discovery of Lower Silver Zone

▪ Hole A19-163: 13.9 m @ 128 g/t silver

▪ Hole A19-167: 7.3 m @366 g/t silver with 4.9% zinc and7.9 m @ 150 g/t silver with 6.1% zinc

Suite 1305 - 1090 West Georgia StVancouver, BC V6E 3V7

CANADA

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

CORPORATE OFFICE

FOR MORE INFORMATION

Dr. Graham Carman, President & CEOinfo@tinkaresources.com

Rob Bruggeman, Investor Relationsrbruggeman@tinkaresources.com

+1 416 884-3556

28

Tinka Resources Limited