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

Corporate Presentation – August 2019

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.

Certain information in this presentation contains forward-looking statements and forward-looking 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, drilling program results varying from expectations, delays in obtaining survey results, success of future development initiatives, the completion and implementation of a preliminary economic assessment, pre-feasibility or feasibility studies, competition, operating performance, environmental and safety risks, delays in obtaining or failure to obtain necessary permits and 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. Although Tinka believes that assumptions inherent in the forward-looking statements are reasonable, 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 company presentation have been estimated by Mrs. Dorota El Rassi, P.Eng., and Mr. David Ross, P.Geo., both employees of Roscoe Postle Associates Inc. (RPA) and independent of Tinka. The Mineral Resources were publicly released on November 26, 2018. By virtue of their education and relevant experience, Mrs. El Rassi and Mr. David Ross are "Qualified Persons" for the purpose of National Instrument 43-101. The Mineral Resources have been classified in accordance with CIM Definition Standards for Mineral Resources and Mineral Reserves (May, 2014). Readers are encouraged to read the Company’s technical report in their entirety.

The preliminary economic assessment (PEA) is preliminary in nature and includes inferred mineral resources that are considered too speculative geologically to have economic considerations applied to them that would enable them to be categorized as mineral reserves. Mineral resources are not mineral reserves and do not have demonstrated economic viability.

This presentation has been prepared, reviewed and verified by Dr. Graham Carman, Tinka’s President and CEO and a Fellow of the Australasian Institute of Mining and Metallurgy, a qualified person as defined by NI 43-101. 2

Disclaimer

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Focusing on advancing the Ayawilca project

Ayawilca

Peru AYAWILCA ZINC ZONE - Preliminary Economic Assessment - July 2019

o Underground mine for zinc (silver, lead) with throughput of 5,000 t/day

o Modest initial Capex US$262M, Payback period of 3.5 years after-tax (2.3 years pre-tax)

o After-tax NPV8% of US$363M with IRR of 27.1% (Pre-tax NPV8% of $609M with 37.2% IRR) using $1.20/lb Zn, $0.95/lb Pb, $18/lb Ag, and $65/t NSR cut-off

o Average production of 200,000 t zinc con / year (PERU TOP 5) and 0.9 Moz silver / year

o Strongly leveraged to zinc grade and price

o Attractive project in good jurisdiction with infrastructure in place (power, water, road)

Next Steps

o Focus is back on exploration: opportunities for higher zinc grades at South area

o Other drill targets also at depth (incl. limestone repetitions), plus other areas

o Pursue opportunities identified in PEA to further enhance project value

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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$44 m

Cash (Aug. 2019): ~C$9 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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Share price has retraced to 2016 levels

o Market responded positively to drill results and new discoveries in 2017, zinc prices were rising

o Zinc prices declined in 2018 - TK share price suffered along with other zinc juniors despite strong drill results

o Post-PEA there has been a misconception that exploration is done (not the case)

o Price to net asset value (P/NAV) based on PEA for TK is 0.24 - one of lowest valuations of any zinc developers (source: GMP Securities)

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

6

TK - a compelling valuation in junior Zn space

1 ZnEq includes all metals. Source: GMP Securities

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Zinc market – the upcoming supply gap o China is the dominant miner and user of zinc, and Chinese zinc mines are struggling

o Zinc grades in Chinese mines are declining (av. 3.5% Zn); only one major Chinese project in pipeline

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

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

o Ayawilca can be one of the new long-life projects to fill this upcoming supply gap

kt Zn US$/t

kt Zn

8

Ayawilca Project – PEA / Exploration Programs

• PEA – further project details and opportunities for enhancement (slides 9-11)

• Exploration program and next steps (slides 12-17)

• Appendices (slides 18-23)

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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An

nu

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er

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ctio

n (

ko

z)

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nu

al Zin

c a

nd

Le

ad

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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)

10

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

11

2019 PEA - Leveraged to zinc grade & price o ~ 90% of value in the PEA is zinc, ~10% of value is silver with minor lead

o PEA is most sensitive to zinc grade (and zinc price)

o Increasing feed grade by 20% LOM adds over US$200M to after-tax NPV in PEA

o Effects of Opex, Capex, silver price, are much less significant

12

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

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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

13

Ayawilca Resource – one of largest in a junior

1 ZnEq includes all metals. Source: GMP Securities

14

2019 Exploration – Targeting high grade zinc

Near term catalysts:

o Optimisation of zinc grade at South Ayawilca

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

o Drilling continues targeting high-grade resources especially at shallow depth – higher grade in early years of mine life has a major impact on value

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

INSET PAGE 16

Drilling now at South targeting high grade

15

South

Zone 3

West

Valley

Central

East

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

TMI AIRBORNE MAGNETICS

16

2019 drill results – Highlights upside

Cross Section A-A’

o July 29th 2019 press release: Grades in hole A19-162 are twice average grade of Zinc Zone

o Several more holes to be drilled at South Ayawilca targeting up-dip resource extensions, and deep limestone target

17

Next Steps: Exploration is continuing 2019-2020:

• Drilling is targeting additional high grade zinc zones at South (current and ongoing)

• More drill results expected August through October 2019

• Possible resource update in 2020 (subject to drill results)

2020-2021:

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

• Decision to be taken pending drill results in 2019

Resource Definition

PEA & Targeted

Exploration

Prefeasibility Study & Engineering

Feasibility Study &

Permitting Production

2015-2019...

2019-2020

2020-21?

2021-22? 2023?

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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Appendices

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

19

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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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

Ongoing 10 year partnerships with three communities

Social engagement and sustainable development programs in place

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

IFC (World bank) providing support and guidance

21

Community & Environment

22

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

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