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

Tinka Resources Ltd.

January 2018 Presentation

2018 – Continued Exploration Drilling & De-Risking of the Ayawilca Zinc Project in Peru

This presentation is not directed to, or intended for distribution to or use by, any person or entity that is a citizen or resident or located in any locality, state, country or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation or which would require any registration or licensing within such jurisdiction.

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.

Cautionary Note to United States Readers Concerning Mineral Resources and Reserves:

The standards employed in estimating the mineral resources referenced in this document differ significantly from the requirements of the United States Securities and Exchange Commission (the “SEC”) and the resource information reported may not be comparable to similar information reported by United States companies. The term “resources” does not equate to “reserves” and normally may not be included in documents filed with the SEC. “Resources” are sometimes referred to as “mineralization” or “mineral deposits.” While the terms “mineral resource”, “measured mineral resource”, “indicated mineral resource” and “inferred mineral resource” are recognized and required by Canadian regulations, they are not defined terms under standards in the United States and normally are not permitted to be used in reports and registration statements filed with the SEC.

The estimation of measured, indicated and inferred mineral resources involves greater uncertainty as to their existence and economic feasibility than the estimation of proven and probable reserves. United States readers are cautioned (i) not to assume that measured or indicated resources will be converted into reserves and (ii) not to assume that estimates of inferred mineral resources exist, are economically or legally minable, or will be upgraded into measured or indicated mineral resources. It

cannot be assumed that Tinka will identify any viable mineral resources on its properties or that any mineral reserves, if any, can be recovered profitably, if at all.

The terms “mineral reserve,” “proven mineral reserve” and “probable mineral reserve” are Canadian mining terms defined in accordance with National Instrument 43-101 and the CIM Definition Standards on Mineral Resources and Mineral Reserves. These definitions differ from the definitions in the SEC’s Industry Guide 7 and, generally, are not permitted to be used in reports and registration statements filed with the SEC.

As such, information contained in this document and the documents incorporated by reference herein concerning descriptions of mineralization and resources under Canadian standards may not be comparable to similar information made public by United States companies in SEC filings.

The Mineral Resources disclosed in this company presentation were estimated by Mr. David Ross, P.Geo., an employee of Roscoe Postle Associates Inc. (RPA) and is independent of Tinka. The Zinc/Tin Mineral Resources were publicly released on November 8, 2017, while the Silver Resources were released on Feb 26, 2015. By virtue of his education and relevant experience, Mr. Ross is a "Qualified Person" 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. Readers are encouraged to read the Company’s technical report in their entirety.

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

3

Company Highlights

High-grade zinc discovery at South Ayawilca in

2017 - drill intercepts included 52 m @ 10% zinc &

15 m @ 20% zinc

Awarded “Explorer of the Year Americas 2017”

by Mining Journal

Inferred Mineral Resources more than doubled

(Nov. 2017):

42.7 million tonnes @ 7.3% ZnEq containing 5.6 billion pounds zinc metal and

10.5 million tonnes @ 0.70% tin equivalent

High leverage to zinc prices – zinc is 82% of ZnEq

Follow up on new discovery at Zone 3

Metallurgical testing for Zinc & Tin

Commence engineering and PEA

Exploration drilling continues to test repetitions

and new zones

Technical team with past discoveries in Peru

~C$6 million cash

Strong and growing institutional investors

Supportive communities

Ayawilca

Peru

* See slide 11 for complete

mineral resource estimate

details

TINKA’S AYAWILCA

PROJECT IS A LARGE

AND GROWING ZINC &

TIN DISCOVERY IN

CENTRAL PERU

2018 – CONTINUED

EXPLORATION AND DE-

RISKING AT AYAWILCA

STRONG COMPANY

FUNDAMENTALS

Zinc mine supply has declined due to mine closures (Century, Lisheen) and delays in

new projects (e.g. Dugald River)

China has been shutting down zinc and lead mines due to safety/environment issues

Zinc inventories are expected to reach critical levels in 2018

4

Zinc Inventories Approaching Critical Levels

Source: Westmetall.com

Zinc Inventories

Zinc Price

LME Zinc stock (1,000 tonnes)

1,250

1,000

750

500

250

Current zinc market projections suggest a 3.5 Mt production gap by 2030

Zinc exploration and development has been underfunded for the past decade

Tinka’s Ayawilca project is an attractive development prospect due to its large size,

high grade, exploration potential, and attractive jurisdiction

5

New Zinc Mines Need to be Developed

Lack of Zinc Projects Will Make Replacement of Production Challenging – Wood Mackenzie

Source: Nexa Resources S.A.

6

Market Capitalization

TSXV & BVL: TK / OTCPK: TKRFF

Shares Issued: 224.7 M

Warrants: 14.2 M* 1.8 M at C$0.20 expire Nov. 2018

12.4 M at C$0.45 expire May 2020

Options: 10.1 M

Shares reserved: 0.5 M

Fully diluted: 249.5 M

Market cap @ C$0.69/share: C$155 M

Current cash: ~C$6 M * 7.8 M warrants held by IFC and 3.5 M warrants

held by Sentient

CAD$

Analyst Coverage:

GMP Securities – Ian Parkinson

Beacon Securities – Michael Bandrowski

Industrial Alliance – George Topping

Canaccord Genuity – Kevin MacKenzie

Retail 44%

Sentient

25% IFC 12%

JPMorgan

(UK) 7%

Other

institutions

10%

Mgmt &

Directors

2%

Major Shareholders:

Drilling

Commenced

Drill

Results

Resource Update

7

Mineral Resource Valuation Comparison

Resource valuation generally increases as resources increase in size and as projects

are de-risked and moved toward production

Tinka’s objectives are to further increase the size of the mineral resource through

exploration drilling AND de-risk the known resource (metallurgy, engineering, PEA)

Source: Company websites and available public disclosure as at Jan. 18, 2018. Zinc equivalent calculations based on spot prices and

do not include tin for Tinka. Tinka Resources cannot guarantee the accuracy or completeness of the data.

Note that Resources shown include Inferred Resources – please see the disclaimer on p2 regarding Inferred Resources.

$0.00

$0.01

$0.02

$0.03

$0.04

Arizona Mining Aquila Resources Tinka Resources

EV

(USD

)/Zn

Eq

(lb

s in

to

tal re

sou

rce

s)

In Situ Resource Valuation - Zinc Equivalent

Stage: PEA completed PEA completed Pre-PEA

MANAGEMENT

Graham Carman President & CEO,

Director

Geologist, PhD Lihir PNG, 25 years experience in mineral exploration, 15 yrs Peru experience at Rio Tinto, Savage, Pasminco

Alvaro Fernandez-

Baca

VP Exploration, Peru Geologist, P. Geo., APEGBC, 20 years global exploration work with Hochschild, AQM Copper, Entrée Gold, Gitennes

Javier Escudero HSEC Manager, Peru Health, Safety, Environment, Community & Permits – 18 years experience with Goldfields, Rio Tinto, Cia. Minera Antamina

Nick Demare CFO, Director CPA, CA, President of Chase Management Inc. since 1991, with extensive board experience

Mariana Bermudez Corporate Secretary 20 years experience providing corporate secretarial and regulatory compliance services

NON-EXECUTIVE DIRECTORS

Pieter Britz Sentient Group representative, professional engineer, over 20 years’ experience as a mining professional and a mining investment professional

Mary Little Founder Mirasol Resources, geologist, MBA, 20 years in Latin America

Ben McKeown Mining engineer, MBA, with 25 years experience in mining, oil & gas, and private equity

8

Management & Directors

Mineral Rank in

World 2015

Latin

America 2015

Zinc 2nd 1st

Copper 3rd 2nd

Tin 3rd 1st

Lead 4th 1st

Silver 3rd 2nd

Gold 5th 1st

9

Peru – A Mining Country

Pro-mining country – mining accounts for over 50% of exports

Former World Bank economist elected as President in July 2016

Peru is a top 3 global producer of zinc, copper, tin, and silver

Ayawilca

Project

* Only large mineral deposits shown

Las Bambas

Antamina

Central Peru

zinc belt

CHILE

BOLIVIA

BRAZIL

ECUADOR

San Rafael

10

Major Mines in Central Peru

Antamina:

Largest

current

copper/zinc

mine in Peru

Cerro de

Pasco:

Largest

historic

silver/zinc

mine in

Peru

Giant Ore Deposit

Tinka owns 100% of the 150 km2

contiguous mining claims

1% NSR royalty, can be acquired by

Tinka for USD$1 million at any time

Excellent infrastructure including

public roads and high voltage power

lines, multiple water sources

Supportive local communities

(Yanacocha, Huarautambo, and

Pillao)

Multiple untested targets on property

11

Ayawilca Mining Claims

Ayawilca zinc & tin

mineral resource

Colquipucro silver

mineral resource

Other

Targets

12

Ayawilca Property Highlights

Ayawilca is one of most significant zinc

discoveries in Peru in the past 20 years

One Property, Three Deposits: 1. Zinc Zone (Zn-In-Ag-Pb) Inferred Mineral

Resource (Nov. 2017): 42.7 Mt @ 7.3% ZnEq

o Grades: 6.0%Zn, 0.2%Pb, 17g/t Ag, 79g/t In

o 5.6 billion pounds of Zinc (2.5M tonnes)

o 3,400 tonnes of Indium

o 23.3 million ounces of Silver

o 209 million pounds of Lead

2. Tin Zone (Sn-Ag-Cu) Inferred Mineral

Resource (Nov. 2017): 10.5 Mt @ 0.70% SnEq

o Grades: 0.63% Sn, 0.23% Cu, 12 g/t Ag

o 145 million pounds of Tin (66,000 tonnes)

o 53 million pounds of Copper

o 4.2 million ounces of Silver

3. Colquipucro Silver Oxide (Ag) Deposit Mineral Resource (higher grade lenses):

10.4 Moz @ 112 g/t Ag (Indicated) and

7.5 Moz @ 105g/t Ag (Inferred)

13

Robust Resource – Grade is King

Ayawilca is a robust resource

due to good geological and

grade continuity

South and West Ayawilca

represent a high-grade core

totalling 22.3 million tonnes

Nov. 2017 resource is based on

US$1.15/lb zinc price and

US$55/t NSR cut-off significant

upside potential

NSR $t/t Cut-off

Tonnage (Mt)

ZnEq% Grade

Zinc % Lead % Indium

g/t Silver g/t

40 47.2 6.9 5.6 0.2 74 16

50 44.6 7.1 5.8 0.2 77 17

55 42.7 7.3 6.0 0.2 79 17

60 40.1 7.5 6.1 0.2 82 17

70 33.8 8.1 6.6 0.2 92 18

Zinc Mineral Resource NSR Cut-off Sensitivity

13.3

9.5 7.6

9.0 7.2

6.1

13.0

5.7 4.7

7.5 6.2

5.1

42.7

7.3 6.0

Tonnage (Mt) ZnEq (%) Zn (%)

Zinc Zone Inferred Mineral Resources at

Ayawilca (Nov. 2017)

South

West

Central

East

Total

Ayawilca Zinc Zone Inferred Mineral Resources: 42.7 Mt grading 7.3% ZnEq

Notes:

1. Mineral resource estimate at October 10, 2017

2. Base case highlighted ~ US$55/t NSR cut off. Metal price assumptions were US$1.15/lb Zn, US$300/kg In, US$18/oz Ag, US$1.10/lb Pb. Metal recovery

assumptions were 90% Zn, 75% In, 60% Ag, and 75% Pb for the ZnEq calculation.

3. The NSR value was calculated using the formula: NSR = Zn(%)*US$15.34+Pb(%)*US$6.15+In(g/t)*US$0.18+Ag(g/t)*US$0.27]

4. The ZnEq value was calculated using the formula: ZnEq = NSR/US$15.34

5. See “Technical Report on the Mineral Resource Estimate for the Ayawilca Property, Department of Pasco, Peru” dated December 11, 2017, for

details of resource estimates and assumptions (available at www.sedar.com or at www.tinkaresources.com)

6. “Inferred Mineral Resources” have a great amount of uncertainty as to their existence, and as to their economic and legal feasibility. It cannot be

assumed that all or any part of an Inferred Mineral Resource will ever be upgraded to a higher category. 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. 14

Ayawilca Zinc Zone

Area

Tonnage

(Mt)

ZnEq

(%)

Zn

(%)

Pb

(%)

In

(g/t)

Ag

(g/t)

Zn

(Mlb)

Pb

(Mlb)

In

(000 kg)

Ag

(Moz)

West 9.0 7.2 6.1 0.2 64 14 1,206 37 577 4.0

Central 13.0 5.7 4.7 0.3 54 13 1,338 77 704 5.4

East 7.5 6.2 5.1 0.2 69 13 846 34 519 3.1

South 13.3 9.5 7.6 0.2 118 25 2,228 61 1,561 10.6

Total 42.7 7.3 6.0 0.2 79 17 5,617 209 3,361 23.1

Ayawilca Mineral Resource Estimate updated November 8, 2017

127% increase in Inferred tonnage from May 2016 South Ayawilca zone discovery in 2017

Extension of West Ayawilca

Cut-off reduced from US$60/t to USD$55/t

Higher zinc and lead prices, lower indium and silver prices

15

Ongoing Drill Program Continues to Find More Zinc

OPEN

OPEN

OPEN

OPEN

OPEN

12m @ 3% Zn (A17-092)

10.3m @ 7.9% Zn+Pb and

13.5m @ 0.8% Sn (A17-091A)

16

Ayawilca Long Section Looking Northwest

Zinc and tin zones occur separately

Massive replacement bodies within structural zones in South and West

Ayawilca with highest grades and greatest thickness

Multiple, gently dipping lenses or ‘mantos’ in Central and East Zones

Y Y’

17

Detailed Sections of Ayawilca

Detail of longitudinal Section Y-Y’ at

South Ayawilca

West Ayawilca E-E’

18

Future Potential (on airborne magnetic image)

South Ayawilca

Chaucha

Zone 3 West

Ayawilca

2018 Drill Targets

Valley

Rock samples to

19% Pb, 9% Zn,

and 500 g/t Ag

Yanapizgo

Central Ayawilca

19

Positive Initial Metallurgical Test Results

Two composite samples (grading 7% & 10% Zn) were selected for

metallurgical testing (Oct. 2016):

Closed-cycle flotation test work in progress – results expected early 2018

Coarse grained sphalerite and marmatite

98% recovery of zinc in first pass (rougher)

concentrates

52% zinc concentrate grade produced in

second pass (cleaner) concentrates

Low manganese levels

Indium reported to the zinc concentrate (150 &

600 ppm In), believed to be payable levels

Ongoing partnerships with three communities - employment and training

Social engagement and sustainable development programs throughout

the project area, fostering long-term relationships

Working under IFC´s guidance to implement best practices in Health,

Safety, Environment and Community (HSEC)

Community Healthcare Education Employment

20

Community & Environment

21

Work Programs & News Flow in 2018

De-risk and Advance Ayawilca

Metallurgical testing of zinc (lead-silver) & tin

Commence engineering studies / PEA H1 2018

Continued Exploration to Expand the Mineral Resource

15,000+ metre drill hole exploration program in 2018 to test extensions

of mineralization and new targets

New discovery at Zone 3 in Dec’17 – 10 metres grading 7.9% Zn+Pb

Milestone 2017 2018

Mineral Resource Update

Exploration Drilling

Metallurgical Testing

Engineering & PEA

Zinc & Lead Tin

Ex

plo

ratio

n

De

ve

lop

me

nt

20,000 m drilled 15,000 m planned (step-out)

?

22

Summary

Ayawilca Project

Zinc & tin project located in central Peru, a stable mining jurisdiction

One of the largest zinc discoveries in Peru in the last 20 years

Updated Inferred zinc mineral resource contains 5.6 billion pounds zinc

Resource step-out drill program ongoing (20,000m drilled in 2017)

2018: 15,000m drilling planned for resource expansion (up to 3 rigs)

Additional metallurgical test work

Engineering and PEA

Multi-Commodity Exposure

Few large Zn deposits coming on stream in near future, strong demand

Ayawilca also hosts significant indium, tin, silver, lead

Corporate

Sufficient cash to fund work well into 2018

Management team and board of directors with extensive experience

and success in Peru

Supportive long term shareholders

APPENDIX

23

24

Ongoing Drill Program

Drill permits granted in February 2017, allow up to four years of drilling

20,000 metres drilled to during 2017 with up to 4 rigs

Another 15,000 metres planned for 2018, commencing at Zone 3 area in January

Drilling program expected to ramp up at the end of the rainy season (April)

A17-56 drill hole – first hole in 2017 drill campaign

Drill Rig Drill Rig

Drill Rig

25

South Ayawilca 2017 Drill Result Highlights

Drill hole From (m) To (m) Interval (m)

Zn

(%)

Pb

(%) Ag (g/t)

Indium

(g/t)

Date

Reported

A17-56 126.00 189.90 63.90 5.6 0.1 17 29 March 6/17

including 127.50 145.40 17.90 11.6 0.2 36 20 March 6/17

including 127.50 133.30 5.80 22.5 0.3 77 50 March 6/17

and 228.50 233.70 5.20 12.9 0 11 162 March 6/17

and 242.00 293.9* 51.90 10.1 0.1 62 233 April 3/17

including 279.00 293.90 14.90 20.6 0.2 152 441 April 3/17

including 279.00 285.40 6.40 37.5 0.4 301 916 April 3/17

A17-57 157.60 197.70 40.10 9.1 0.2 22 168 April 3/17

including 168.20 177.80 9.60 16.8 0.1 22 299 April 3/17

and 264.00 279.30 15.30 20.0 2.5 102 263 April 3/17

including 265.75 269.00 3.25 34.5 2.1 96 196 April 3/17

including 274.40 277.70 3.30 42.7 0.6 61 908 April 3/17

A17-096 241.50 287.00 45.50 7.8 0.0 8 111 October 2/17

including 250.80 261.40 10.60 15.5 0.1 23 320 October 2/17

and 298.40 300.10 1.70 7.3 0.0 7 46 October 2/17

and 304.80 308.60 3.80 8.3 0.0 6 82 October 2/17

and 315.20 356.00 40.80 9.4 0.1 15 145 October 2/17

including 319.00 324.00 5.00 17.2 0.0 28 591 October 2/17

including 342.60 354.50 11.90 17.4 0.1 20 80 October 2/17

All assays are calculated using a zinc cut off grade of 2% Zn over a 6 metre interval.

True thickness of the zinc intersections are estimated to be at least 85% of the down hole thickness.

TIMELINE 2007 -

Jul 2014

Aug 2014 - Jul 2015

Aug 2015 - Dec 2016

Jan 2017 - Dec 2017

Resource

Growth

Initial defined Ag

Mineral Resource at

Colquipucro

Zn discovery at Ayawilca in 2012

Feb. 2015

Initial Inferred Zn

Mineral Resource

(13.3Mt @ 7.7% ZnEq)

Ag Ox Mineral

Resource (14.3Moz

indicated

& 13.2Moz inferred)

May 2016

Updated Inferred

Zn Resource (18.8Mt @

8.2% ZnEq)

New Tin Inferred Mineral

Resource (5.4Mt @

0.89% Sn)

Nov. 2017

Updated Inferred

Zn Mineral Resource

(42.7Mt @ 7.3% ZnEq)

Updated Tin Inferred

Mineral Resource

(10.5Mt @ 0.70% SnEq)

Work Activity

11,000m drilled for

Zn and 6,000m drilled for Ag

6,000m drilled for Zn and 2,000m for Ag

9,000m drilled for Zn &

Sn

Airborne magnetics &

initial Zn metallurgical

tests

Drill program Feb. to

end of 2017 – 17,500m

drilled to date

Additional met testing

commenced

Corporate

Tinka & Darwin

merger July 2014

New CEO and

C$5.3M equity

investment by Sentient

May 2015

C$7.2M financing

(Sentient C$2.0M, IFC

C$4.5M)

Nov. 2016

C$11M brokered

financing completed

Listed on the Lima

Stock Exchange

Coverage from three

brokerage firms

26

History and Important Milestones

ZINC SULPHIDES- matrix replacement of limestones

Massive

sphalerite

(Zn sulfide)

27

Mineralization Styles

Massive Sphalerite

Hole A17-056 Zinc replacement of Magnetite

Hole A17-063

TIN MINERALIZATION – predates zinc

Cassiterite in massive pyrrhotite

Galena vein cutting massive

Pyrrhotite - Hole A17-056

High grade silver

with galena and

sphalerite in

carbonate vein

Hole A17-072

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

28

Tinka Resources Limited