Mr. James Rogers reports

TURMALINA ANNOUNCES UP-SIZING OF FINANCING TO $5,000,000 AND CLOSES BOOK

Turmalina Metals Corp. is increasing the maximum number of units of the company in connection with its previously disclosed non-brokered private placement to 11,111,111 units at a price of 45 cents per unit for aggregate gross proceeds of up to $5-million. All other terms of the offering remain the same.

Chief executive officer and director James Rogers states: "The strong response to this private placement and the upsizing of the financing to the maximum amount allowable to the company under this exemption is reflective of the strength of the projects and the technical team advancing these assets. We look forward to updating investors as we advance at both San Francisco in San Juan, Argentina, and at Chanape in Peru."

The company has received commitments totalling the full amount of the anticipated proceeds of the offering and, subject to receipt of funds from such subscribers, does not anticipate taking further subscriptions. The closing of the offering remains subject to standard conditions, including acceptance of subscriptions by the company, approval of the TSX Venture Exchange and receipt of all funds.

The offering is being completed pursuant to the listed issuer financing exemption under Part 5A of National Instrument 45-106 Prospectus Exemptions and therefore the securities issued in the offering will not be subject to a hold period in accordance with applicable Canadian securities laws. There is an offering document related to the offering that will be available under the company's profile on SEDAR and on the Turmalina Metals website. Prospective investors should read this offering document before making an investment decision. Additionally, the company will be uploading an amended and restated offering document, which will account for the increase in the size of the offering and provide additional information to the offering document dated Jan. 31, 2023, which has been previously made available.

About Turmalina Metals Corp.

Turmalina Metals is a TSX-V-listed exploration company focused on developing its portfolio of high-grade gold-copper-silver projects in South America. Turmalina's focus is on tourmaline breccias, a deposit style overlooked by many explorers. Turmalina Metals is led by a team responsible for multiple gold-copper-silver discoveries which is highly experienced in this deposit style. The company's projects are characterized by open high-grade mineralization on established mining licences that present compelling drill targets. The flagship project held by Turmalina is the San Francisco project in San Juan, Argentina. For further information on the San Francisco project, refer to the technical report entitled "NI 43-101 Technical Report San Francisco Copper Gold Project, San Juan Province, Argentina," dated Nov. 17, 2019, under the corporation's profile on SEDAR.

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