Mr. Tyrone Docherty reports

RESULTS FROM FIRST TELLURIUM'S 2023 FIELD SEASON AT DEER HORN INDICATE A LARGE, CONNECTED MINERALIZED SYSTEM

First Tellurium Corp. has received results from its 2023 field season at the company's Deer Horn gold-silver-tellurium and copper porphyry project in west-central British Columbia. The exploration program consisted of property-wide prospecting and mapping as well as limited drilling that was cut short due to regional wildfires.

Prospecting and mapping at Deer Horn included 125 samples that were collected and submitted for assay. The program was managed by technical consultant and qualified person Dr. Lee Groat, who reported that the work produced values as high as 48.2 parts per million (48.2 grams per tonne) gold from sample 23TN068, 292 ppm (292 grams per tonne) silver from sample 23AL001 sample and 407 ppm tellurium.

"These results are highly encouraging," said Dr. Groat. "The main Te-Ag-Au vein appears to extend right across the property, running approximately 250 metres south of the surface expression of a copper porphyry. This, together with bornite and malachite surface mineralization on the far southwest of the property, suggests a large system."

The assays were prepared by ALS Labs in North Vancouver using X-ray powder diffraction analysis. The highest Cu value reported was 8,310 ppm from sample 23AL006. The highest Mo value reported was above the detection limit (greater than 10,000 ppm) from sample 23TN064. The highest W value reported was 1,630 ppm from sample 23TN029.

"The porphyry is likely the source of all the mineralization," said Dr. Groat, who concluded that the mapping program confirmed the primary structure within the Deer Horn property is a large, east-west-trending thrust fault. "Orientations appear consistent across several lithological units. This suggests the veins formed as a result of the same structural regime and are likely part of a larger ore-forming process that generated both the Deer Horn Au-Ag-Te and Pond copper porphyry mineralization."

Due to extensive wildfires in the region, access to helicopters and crews was greatly limited for most of the season. As a result, one hole (FTEL-23-01) was drilled to a depth of 357 feet at the Pond copper porphyry location. The major rock type in the hole is an altered granodiorite crosscut by multiple altered porphyritic andesite dikes. Propylitic veins are prevalent throughout the hole.

Tyrone Docherty, First Tellurium's president and chief executive officer, noted that with the limited drilling window, the one hole was located to provide as much information as possible. "This was a needle-in-a-haystack situation," said Mr. Docherty. "As we announced back in October, the combined copper porphyry and gold-silver-tellurium mineralized zone now extends across 17.5 square kilometres. We're very pleased with the information this hole gave us."

"The alteration mineralogy in the drill core suggests that we are above the ore zone in models of porphyry systems," said Dr. Groat. "Pyrite is disseminated in minor to trace amounts and present in veins and fractures throughout the majority of the hole. Chalcopyrite, malachite, molybdenite and magnetite are all observed sporadically in the core."

Fourteen samples of select intervals of the drill core were submitted for assay. Interval 164 ft to 170 ft reported the highest Cu and Ag values at 204 ppm and 0.46 ppm, respectively. Two intervals, seven ft to 13 ft and 52.5 ft to 58 ft, report the highest Te value at 0.06 ppm. Interval 176.17 ft to 182 ft reported the highest Mo at 6.24 ppm. Interval 299 ft to 305 ft had the highest W at 5.9 ppm. Au was below the detection limit across the 14 samples.

Assays from drill hole FTEL-23-01 are summarized herein.

Mr. Docherty noted that the drill, owned by First Tellurium, remains on site and will be available as soon as the 2024 season opens. "With the drill there and ready to go, we expect to hit the ground running this year," said Mr. Docherty. "Our permits are in place, and we plan to engage a second drill as soon as possible."

Qualified person

The company's disclosure of technical or scientific information related to the Deer Horn project in this news release was reviewed and approved by Dr. Groat, PhD, PGeo, technical adviser to First Tellurium, who is a qualified person within the context of National Instrument 43-101.

About First Tellurium Corp.

First Tellurium's unique business model is to generate revenue and value through mineral discovery, project development, project generation and co-operative access to untapped mineral regions in indigenous territory with sustainable exploration.

The company's Klondike tellurium-gold property in Colorado and polymetallic Deer Horn project in British Columbia anchor a diversified search for metals, working in alliance with indigenous peoples, non-governmental organizations, governments and leading metals buyers. This is the future of mineral exploration -- generating revenue by exploring responsibly and leveraging diverse partnerships.

First Tellurium proudly adheres to, and supports, the principles and rights set out in the United Nations Declaration on the Rights of Indigenous Peoples and in particular the fundamental proposition of free, prior and informed consent. First Tellurium is listed on the Canadian Securities Exchange under the symbol FTEL" and on the OTC under the symbol FSTTF.

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