RBC Capital Markets on ZincMetal Prospects Zinc Market Outlook First Quarter 2017 We believe the market has moved into deficit and will remain in deficit throughout our forecast period, drawing inventories down below critical levels and leading to very strong pricing. While the concentrate market is quite clearly in deficit, the current tight concentrate market has yet to manifest itself in the metal market, with neither inventory trends nor physical premia heralding a particularly tight market despite the 17,544 tonne decline in exchange inventories in the first four weeks of 2017. However, reports of Chinese smelter cuts due to a lack of feed suggest the metal market may soon tighten. We expect inventories to continue to decline, reaching critical levels by 2018 and driving prices much higher. Price Forecasts Zinc remains our preferred commodity. We see significant upside potential for zinc prices throughout our forecast period. We forecast an average zinc price of $1.25/lb in 2017, $1.35/lb in 2018, $1.35/lb in 2019, and $1.50/lb in 2020. Our long-term price forecast is $1.00/lb in 2016 US$. About Canada Zinc Metals Corp. (TSX.V : CZX ; Frankfurt: A0RAQJ ) Canada Zinc Metals is a mineral exploration company focused on unlocking the potential of a future long life mining district in British Columbia, Canada. The Company is the dominant land holder in the Kechika Trough, a world class mineral belt, which hosts in excess of 80 million tonnes of base metal resources. Canada Zinc Metals owns a total of 79,780 hectares in 230 mineral claims which extend northwestward from the Akie property for a distance of 140 km. The Company has outlined a NI 43-101 compliant mineral resource at its flagship Akie property, including an indicated resource of 19.6 million tonnes grading 8.2% zinc, 1.6% lead and 13.6 g/t silver (at a 5% zinc cut-off grade) and an inferred resource of 8.1 million tonnes grading 6.8% zinc, 1.2% lead and 11.2 g/t silver (at a 5% zinc cut-off grade). Using this estimate, the deposit contains 3.54 billion pounds of zinc, 685 million pounds of lead and 8.6 million ounces of silver in the indicated category, and 1.2 billion pounds of zinc, 207 million pounds of lead and 2.9 million ounces of silver in the inferred category (at 5% zinc cut-off). The deposit remains open along strike and at depth. Tongling Nonferrous Metals Group, Jintuo (Canada) Investment Co. Ltd, Teck Resources and Korea Zinc are significant shareholders of the Company. Teck Resources and Korea Zinc have also entered into an option agreement with Canada Zinc Metals in relation to 3 of the Company's Kechika Regional Properties.