{"success":true,"data":{"pressRelease":{"id":"150758","rtpr_id":"nNFC2p0y7P-20260923","ticker":"ZFR","exchange":"","all_tickers":["ZFR"],"title":"Zephyr Provides Update & Announces Private Placement","author":"Newsfile Corp","published_at":"2026-09-23T11:45:15.671Z","article_body":"Halifax, Nova Scotia--(Newsfile Corp. - September 23, 2026) -  Zephyr\nMinerals Ltd. (TSXV: ZFR) (OTC Pink: ZPHYF) (\"Zephyr\" or the \"Company\") is\npleased to report the successful completion of the fourth quarter of its\ncomprehensive groundwater monitoring and analytical program at and surrounding\nthe Dawson Gold deposit. The fifth and final quarter of the program is\nscheduled for December 2026, keeping the Company on track to complete the full\nfive-quarter program by year-end. In parallel with the groundwater program,\nthe Company is completing a range of additional environmental and technical\nstudies that will support the new mining permit application. Building on the\nCompany's existing knowledge of the proposed Dawson Gold Mine, these studies\nwill further enhance that understanding and demonstrate that the project can\nbe developed in an environmentally responsible and technically sound manner.\nUpon receipt and review of all analytical data, Zephyr intends to submit a new\nmining permit application to the Colorado Division of Reclamation, Mining and\nSafety (\"DRMS\") for its 100%-controlled Dawson Gold property in Colorado, USA,\nas early as January 2027.\n\nFollowing receipt of notice from the Zimbabwe Ministry of Mines and Mining\nDevelopment that its Exclusive Prospecting Order (\"EPO\") applications had been\nrejected, Zephyr submitted a formal appeal in July 2026 seeking\nreconsideration of the applications and clarification regarding the basis for\nthe rejection. The EPO applications, originally submitted in 2021, cover\napproximately 124,000 hectares in Zimbabwe's Manicaland and Mashonaland\nCentral Mining Districts. The Company continues to await a response and will\nprovide further updates as additional information becomes available.\n\nZephyr announces its intention complete a non-brokered private placement of up\nto 4,000,000 units (each, a \"Unit\") at a price of $0.05 per Unit for gross\nproceeds of up to $200,000 (the \"Private Placement\"). Each Unit will consist\nof one common share (each, a \"Share\") and one common share purchase warrant\n(each, a \"Warrant\"). Each Warrant will entitle the holder to acquire one\nadditional Share at an exercise price of $0.10 per Share for a period of two\nyears from the date of issuance.\n\nProceeds received from the Private Placement will be used for general working\ncapital purposes and to advance permitting activities on the Dawson Gold\nProject. Certain insiders of the Company are expected to participate in the\nPrivate Placement. Finder's fees, consisting of cash and Warrants on the same\nterms as those issued under the Private Placement, may be paid to eligible\nparties in accordance with applicable securities laws and TSX Venture Exchange\npolicies.\n\nAll securities issued pursuant to the Private Placement will be subject to a\nstatutory hold period of four months and one day from the date of issuance.\nCompletion of the Private Placement is subject to customary closing\nconditions, including acceptance by the TSX Venture Exchange.\n\nThis news release does not constitute an offer to sell or a solicitation of an\noffer to buy any of the securities in the United States. The securities\ndescribed herein have not been and will not be registered under the United\nStates Securities Act of 1933, as amended (the \"U.S. Securities Act\"), or any\napplicable state securities laws, and may not be offered or sold in the United\nStates or to, or for the account or benefit of, U.S. persons absent\nregistration or an applicable exemption from the registration requirements of\nthe U.S. Securities Act and applicable state securities laws.\n\nAbout Dawson Gold Property\n\nThe Dawson Gold Deposit hosts an Inferred Mineral Resource(1) prepared in\naccordance with National Instrument 43-101 (\"NI 43-101\") of 343,000 tonnes\ngrading 12.11 g/t for 133,500 ounces of gold at a 5 g/t cut-off with no top\ncut, and 116,300 ounces of gold at 10.55 g/t with a 40 g/t top cut. The\nestimate has an effective date of July 19, 2013. No updates to the resource\nestimate have been made to incorporate the results from drilling programs\ncompleted between 2017 and 2020.The deposit is open at depth, with exploration\npotential to the east and west. A Preliminary Economic Assessment(2) (\"PEA\")\nwas prepared in accordance with NI 43-101 with an effective date of March 21,\n2017. Utilizing a gold price of $1,250/oz, the PEA showed robust economics\nwith an all-in sustaining cost (\"AISC\") per ounce of $692. Mineral Resources\nthat are not Mineral Reserves do not have demonstrated economic viability.\nGiven the substantial increase in the gold price since 2017, the\nattractiveness of the Dawson project has been significantly enhanced. The\npotential to expand resources is excellent at depth on the Dawson Gold\nDeposit, along strike to the east in the 700-metre-long Sentinel zone, which\nhas not been drill tested, and through follow-up drilling of promising targets\nin the Windy Gulch and Windy Point zones to the west. The Dawson project\nfeatures key attributes, including a small footprint associated with the\nproposed underground mine, ownership or control of all necessary lands by\nZephyr, a climate that supports year-round operations, and nearby\ninfrastructure and industrial support.\n\nAbout Zephyr Minerals Ltd.\n\nZephyr Minerals is focused on obtaining a mining permit for its 100%-owned\nDawson Gold Project in Colorado and advancing the project to the next stage of\ndevelopment. The Company is pursuing an appeal of the rejection of two EPO\napplications in Zimbabwe covering approximately 124,000 hectares prospective\nfor gold and other minerals.\n\nNotes\n\n(1) The Report is titled Resource Estimate Technical Report for the Dawson\nProperty Fremont County, Colorado, USA, dated September 6, 2013, and was\nprepared for Zephyr by Andrew Hilchey, P.Geo., Mercator Geological Services\nLimited, Isobel Wolfson, M.Sc., P.Geo, and Mark Graves, P.Geo..\n\n(2) The report is entitled \"National Instrument 43-101 Technical Report for\nthe Dawson Property, Colorado, USA\", effective March 21, 2017 (the \"Technical\nReport\"). The Technical Report was prepared by independent engineering firm,\nGolder Associates Ltd., with input from a number of other specialized and\nexperienced consulting firms, and is in accordance with National Instrument\n43-101 - Standards of Disclosure for Mineral Projects. This PEA is preliminary\nin nature and includes inferred mineral resources that are too speculative\ngeologically to have economic considerations applied to them that would enable\nthem to be categorized as mineral reserves. There has been insufficient\ndrilling to define the inferred resources as indicted or measured mineral\nresource; however, it is reasonable to expect that the inferred mineral\nresources could be upgraded to indicated and possibly measured resources with\ncontinued drilling. There is no guarantee that any part of the mineral\nresources discussed herein will be converted into a mineral reserve in the\nfuture.\n\nQualified Person\n\nBrian Arkell, B.S. Geology and M.S. Economic Geology, SME (Registered Member),\nAusIMM (Fellow) and SEG (Fellow), a Director of the Company, and a Qualified\nPerson as the term is defined under National Instrument 43-101, has reviewed\nand approved the scientific and technical disclosure contained in this press\nrelease.\n\nFor further information please contact:\n\nLoren Komperdo, President & CEO\nT: 902 706-0222\ninfo@zephyrminerals.com\n\nNeither TSX Venture Exchange nor its Regulation Services Provider (as that\nterm is defined in policies of the TSX Venture Exchange) accepts\nresponsibility for the adequacy or accuracy of this release. The\nforward-looking statements contained in this document are based on certain key\nexpectations and assumptions made by the Company. The forward-looking\nstatements contained in this document are made as of the date hereof and the\nCompany undertakes no obligation to update publicly or revise any\nforward-looking statements or information, whether as a result of new\ninformation, future events or otherwise, unless so required by applicable\nsecurities laws.\n\nNot for Distribution to U.S. Newswire Services or for Dissemination in the\nUnited States\n\n\nTo view the source version of this press release, please visit\nhttps://www.newsfilecorp.com/release/315644","article_body_html":"","raw_payload":{"data":{"id":"nNFC2p0y7P-20260923","title":"Zephyr Provides Update & Announces Private Placement","author":"Newsfile Corp","ticker":"ZFR","created":"2026-09-23T11:45:15.671Z","tickers":["ZFR"],"exchange":"","article_body":"Halifax, Nova Scotia--(Newsfile Corp. - September 23, 2026) -  Zephyr\nMinerals Ltd. (TSXV: ZFR) (OTC Pink: ZPHYF) (\"Zephyr\" or the \"Company\") is\npleased to report the successful completion of the fourth quarter of its\ncomprehensive groundwater monitoring and analytical program at and surrounding\nthe Dawson Gold deposit. The fifth and final quarter of the program is\nscheduled for December 2026, keeping the Company on track to complete the full\nfive-quarter program by year-end. In parallel with the groundwater program,\nthe Company is completing a range of additional environmental and technical\nstudies that will support the new mining permit application. Building on the\nCompany's existing knowledge of the proposed Dawson Gold Mine, these studies\nwill further enhance that understanding and demonstrate that the project can\nbe developed in an environmentally responsible and technically sound manner.\nUpon receipt and review of all analytical data, Zephyr intends to submit a new\nmining permit application to the Colorado Division of Reclamation, Mining and\nSafety (\"DRMS\") for its 100%-controlled Dawson Gold property in Colorado, USA,\nas early as January 2027.\n\nFollowing receipt of notice from the Zimbabwe Ministry of Mines and Mining\nDevelopment that its Exclusive Prospecting Order (\"EPO\") applications had been\nrejected, Zephyr submitted a formal appeal in July 2026 seeking\nreconsideration of the applications and clarification regarding the basis for\nthe rejection. The EPO applications, originally submitted in 2021, cover\napproximately 124,000 hectares in Zimbabwe's Manicaland and Mashonaland\nCentral Mining Districts. The Company continues to await a response and will\nprovide further updates as additional information becomes available.\n\nZephyr announces its intention complete a non-brokered private placement of up\nto 4,000,000 units (each, a \"Unit\") at a price of $0.05 per Unit for gross\nproceeds of up to $200,000 (the \"Private Placement\"). Each Unit will consist\nof one common share (each, a \"Share\") and one common share purchase warrant\n(each, a \"Warrant\"). Each Warrant will entitle the holder to acquire one\nadditional Share at an exercise price of $0.10 per Share for a period of two\nyears from the date of issuance.\n\nProceeds received from the Private Placement will be used for general working\ncapital purposes and to advance permitting activities on the Dawson Gold\nProject. Certain insiders of the Company are expected to participate in the\nPrivate Placement. Finder's fees, consisting of cash and Warrants on the same\nterms as those issued under the Private Placement, may be paid to eligible\nparties in accordance with applicable securities laws and TSX Venture Exchange\npolicies.\n\nAll securities issued pursuant to the Private Placement will be subject to a\nstatutory hold period of four months and one day from the date of issuance.\nCompletion of the Private Placement is subject to customary closing\nconditions, including acceptance by the TSX Venture Exchange.\n\nThis news release does not constitute an offer to sell or a solicitation of an\noffer to buy any of the securities in the United States. The securities\ndescribed herein have not been and will not be registered under the United\nStates Securities Act of 1933, as amended (the \"U.S. Securities Act\"), or any\napplicable state securities laws, and may not be offered or sold in the United\nStates or to, or for the account or benefit of, U.S. persons absent\nregistration or an applicable exemption from the registration requirements of\nthe U.S. Securities Act and applicable state securities laws.\n\nAbout Dawson Gold Property\n\nThe Dawson Gold Deposit hosts an Inferred Mineral Resource(1) prepared in\naccordance with National Instrument 43-101 (\"NI 43-101\") of 343,000 tonnes\ngrading 12.11 g/t for 133,500 ounces of gold at a 5 g/t cut-off with no top\ncut, and 116,300 ounces of gold at 10.55 g/t with a 40 g/t top cut. The\nestimate has an effective date of July 19, 2013. No updates to the resource\nestimate have been made to incorporate the results from drilling programs\ncompleted between 2017 and 2020.The deposit is open at depth, with exploration\npotential to the east and west. A Preliminary Economic Assessment(2) (\"PEA\")\nwas prepared in accordance with NI 43-101 with an effective date of March 21,\n2017. Utilizing a gold price of $1,250/oz, the PEA showed robust economics\nwith an all-in sustaining cost (\"AISC\") per ounce of $692. Mineral Resources\nthat are not Mineral Reserves do not have demonstrated economic viability.\nGiven the substantial increase in the gold price since 2017, the\nattractiveness of the Dawson project has been significantly enhanced. The\npotential to expand resources is excellent at depth on the Dawson Gold\nDeposit, along strike to the east in the 700-metre-long Sentinel zone, which\nhas not been drill tested, and through follow-up drilling of promising targets\nin the Windy Gulch and Windy Point zones to the west. The Dawson project\nfeatures key attributes, including a small footprint associated with the\nproposed underground mine, ownership or control of all necessary lands by\nZephyr, a climate that supports year-round operations, and nearby\ninfrastructure and industrial support.\n\nAbout Zephyr Minerals Ltd.\n\nZephyr Minerals is focused on obtaining a mining permit for its 100%-owned\nDawson Gold Project in Colorado and advancing the project to the next stage of\ndevelopment. The Company is pursuing an appeal of the rejection of two EPO\napplications in Zimbabwe covering approximately 124,000 hectares prospective\nfor gold and other minerals.\n\nNotes\n\n(1) The Report is titled Resource Estimate Technical Report for the Dawson\nProperty Fremont County, Colorado, USA, dated September 6, 2013, and was\nprepared for Zephyr by Andrew Hilchey, P.Geo., Mercator Geological Services\nLimited, Isobel Wolfson, M.Sc., P.Geo, and Mark Graves, P.Geo..\n\n(2) The report is entitled \"National Instrument 43-101 Technical Report for\nthe Dawson Property, Colorado, USA\", effective March 21, 2017 (the \"Technical\nReport\"). The Technical Report was prepared by independent engineering firm,\nGolder Associates Ltd., with input from a number of other specialized and\nexperienced consulting firms, and is in accordance with National Instrument\n43-101 - Standards of Disclosure for Mineral Projects. This PEA is preliminary\nin nature and includes inferred mineral resources that are too speculative\ngeologically to have economic considerations applied to them that would enable\nthem to be categorized as mineral reserves. There has been insufficient\ndrilling to define the inferred resources as indicted or measured mineral\nresource; however, it is reasonable to expect that the inferred mineral\nresources could be upgraded to indicated and possibly measured resources with\ncontinued drilling. There is no guarantee that any part of the mineral\nresources discussed herein will be converted into a mineral reserve in the\nfuture.\n\nQualified Person\n\nBrian Arkell, B.S. Geology and M.S. Economic Geology, SME (Registered Member),\nAusIMM (Fellow) and SEG (Fellow), a Director of the Company, and a Qualified\nPerson as the term is defined under National Instrument 43-101, has reviewed\nand approved the scientific and technical disclosure contained in this press\nrelease.\n\nFor further information please contact:\n\nLoren Komperdo, President & CEO\nT: 902 706-0222\ninfo@zephyrminerals.com\n\nNeither TSX Venture Exchange nor its Regulation Services Provider (as that\nterm is defined in policies of the TSX Venture Exchange) accepts\nresponsibility for the adequacy or accuracy of this release. The\nforward-looking statements contained in this document are based on certain key\nexpectations and assumptions made by the Company. The forward-looking\nstatements contained in this document are made as of the date hereof and the\nCompany undertakes no obligation to update publicly or revise any\nforward-looking statements or information, whether as a result of new\ninformation, future events or otherwise, unless so required by applicable\nsecurities laws.\n\nNot for Distribution to U.S. Newswire Services or for Dissemination in the\nUnited States\n\n\nTo view the source version of this press release, please visit\nhttps://www.newsfilecorp.com/release/315644"},"type":"article","timestamp":"2026-09-23T11:45:15.712234089Z","server_sent_at_ms":1790163915712},"received_at":"2026-09-23T11:45:15.767Z","source_url":"https://www.newsfilecorp.com/release/315644"},"analysis":{"id":"139560","press_release_id":"150758","analysis_json":{"industry":{"label":"Metals & Mining","sector":"Materials"},"redFlags":["placement priced at $0.05 with full warrants — heavy dilution terms typical of distressed micro-cap financings","proceeds partly for general working capital","certain insiders participating in the placement","Zimbabwe EPO applications rejected; appeal outcome uncertain","resource estimate last updated 2013; no incorporation of 2017-2020 drilling"],"eventType":"offering","narrative":"Zephyr Minerals announced a non-brokered private placement of up to 4,000,000 units at $0.05 per unit for gross proceeds of up to $200,000, with each unit including a two-year warrant exercisable at $0.10.\n\nThe company said its groundwater monitoring program at the Dawson Gold deposit is on track to finish its five-quarter program by year-end, with a new Colorado mining permit application possible as early as January 2027.\n\nZimbabwe EPO applications covering roughly 124,000 hectares were rejected and remain under a formal appeal filed in July 2026.\n\nThe resource backing the permitting work is dated 2013 (133,500 inferred ounces at 12.11 g/t), with a 2017 PEA showing $692/oz AISC at a $1,250/oz gold price.","sentiment":"bearish","agentHooks":{"shouldPost":false,"suggestedAngle":"Micro-cap permit-advancement story funded by a modest dilutive raise; watch January 2027 permit filing as the catalyst."},"keyFigures":{"dealValueUsd":200000,"offeringPrice":0.05,"sharesOffered":4000000,"customDimensions":{"warrant_term":"two years","inferred_ounces":133500,"pea_aisc_per_oz":692,"inferred_grade_gpt":12.11,"zimbabwe_epo_hectares":124000,"warrant_exercise_price":0.1,"inferred_resource_tonnes":343000}},"quotedText":"Proceeds received from the Private Placement will be used for general working\ncapital purposes and to advance permitting activities on the Dawson Gold\nProject.","namedEntities":{"people":[{"name":"Loren Komperdo","role":"President & CEO"},{"name":"Brian Arkell","role":"Director and Qualified Person"}],"products":["Dawson Gold Project","Dawson Gold Deposit"],"companies":[{"name":"Zephyr Minerals Ltd.","ticker":"ZFR","relationship":"filer"},{"name":"Colorado Division of Reclamation, Mining and Safety","relationship":"regulator"},{"name":"Zimbabwe Ministry of Mines and Mining Development","relationship":"regulator"},{"name":"Golder Associates Ltd.","relationship":"PEA author"},{"name":"TSX Venture Exchange","relationship":"exchange"}],"dollarAmounts":[{"amount":"$0.05","context":"price per Unit in private placement"},{"amount":"$200,000","context":"maximum gross proceeds of private placement"},{"amount":"$0.10","context":"warrant exercise price per Share"},{"amount":"$692","context":"PEA all-in sustaining cost per ounce"},{"amount":"$1,250/oz","context":"gold price assumption in 2017 PEA"}]},"materialImpact":{"score":2,"reasoning":"Small $200K non-brokered private placement at $0.05 with warrants signals dilution and tight working capital, but the size is immaterial for most portfolios. Permitting update is on-track but routine."},"tickerRelevance":{"others":[{"ticker":"ZPHYF","relevance":"OTC ticker of the same issuer"}],"primary":"ZFR"},"globalImportance":12,"audienceRelevance":8,"eventTypeSecondary":["dilution","operations_update"],"importanceComponents":{"tickerTier":"micro-cap","eventGravity":"small private placement plus routine permitting update","dilutionSignal":true,"regulatoryRisk":"Zimbabwe EPO rejection under appeal"}},"event_type":"offering","event_type_secondary":["dilution","operations_update"],"sentiment":"bearish","material_impact_score":2,"narrative":"Zephyr Minerals announced a non-brokered private placement of up to 4,000,000 units at $0.05 per unit for gross proceeds of up to $200,000, with each unit including a two-year warrant exercisable at $0.10.\n\nThe company said its groundwater monitoring program at the Dawson Gold deposit is on track to finish its five-quarter program by year-end, with a new Colorado mining permit application possible as early as January 2027.\n\nZimbabwe EPO applications covering roughly 124,000 hectares were rejected and remain under a formal appeal filed in July 2026.\n\nThe resource backing the permitting work is dated 2013 (133,500 inferred ounces at 12.11 g/t), with a 2017 PEA showing $692/oz AISC at a $1,250/oz gold price.","key_figures":{"dealValueUsd":200000,"offeringPrice":0.05,"sharesOffered":4000000,"customDimensions":{"warrant_term":"two years","inferred_ounces":133500,"pea_aisc_per_oz":692,"inferred_grade_gpt":12.11,"zimbabwe_epo_hectares":124000,"warrant_exercise_price":0.1,"inferred_resource_tonnes":343000}},"named_entities":{"people":[{"name":"Loren Komperdo","role":"President & CEO"},{"name":"Brian Arkell","role":"Director and Qualified Person"}],"products":["Dawson Gold Project","Dawson Gold Deposit"],"companies":[{"name":"Zephyr Minerals Ltd.","ticker":"ZFR","relationship":"filer"},{"name":"Colorado Division of Reclamation, Mining and Safety","relationship":"regulator"},{"name":"Zimbabwe Ministry of Mines and Mining Development","relationship":"regulator"},{"name":"Golder Associates Ltd.","relationship":"PEA author"},{"name":"TSX Venture Exchange","relationship":"exchange"}],"dollarAmounts":[{"amount":"$0.05","context":"price per Unit in private placement"},{"amount":"$200,000","context":"maximum gross proceeds of private placement"},{"amount":"$0.10","context":"warrant exercise price per Share"},{"amount":"$692","context":"PEA all-in sustaining cost per ounce"},{"amount":"$1,250/oz","context":"gold price assumption in 2017 PEA"}]},"model_name":"glm-5.3-flashx","prompt_hash":"sha256:727b4b9429a443af","schema_hash":"sha256:05005c02d9cffac9","created_at":"2026-09-23T11:45:28.483Z","global_importance":12,"audience_relevance":8,"importance_components":{"tickerTier":"micro-cap","eventGravity":"small private placement plus routine permitting update","dilutionSignal":true,"regulatoryRisk":"Zimbabwe EPO rejection under appeal"}},"durationMs":12703,"modelName":"glm-5.3-flashx"}}