Mr. James Rogers reports

DRILLING UNDERWAY IN SAN JUAN ARGENTINA AT TURMALINA'S SAN FRANCISCO PROJECT

Turmalina Metals Corp. has noted that its 2023 exploration program is well under way and drilling has recently begun at the company's 403-square-kilometre San Francisco project located in the prolific mining province of San Juan, Argentina.

The drill rig is currently testing the first target of the program, Breccia Ethan, which was targeted based on its surface size of approximately 80 metres by 100 m and encouraging surface sampling. Rock-chip samples have yielded high-grade results, including four rock chip samples over one gram per tonne (g/t) gold (Au) and 12 rock chip samples over 1 per cent copper (Cu), with the most notable assay returning 14.6 per cent copper. A second mineralized breccia outcrop, located immediately north of the main Breccia Ethan outcrop, extends over a 40 m by 60 m area and will also be tested by the current drilling program.

During the construction of access roads, Breccia Ethan was cut at surface exposing extensive copper oxide and sulphide mineralization. Three trenches were then excavated and sampled with assays currently pending.

The company intended to utilize a reverse circulation rig (RC), however, due to mechanical challenges, it has mobilized a high-performing diamond drill rig. This will help ensure efficient and rapid inaugural drill testing of seven high-priority targets.

James Rogers, chief executive officer, states:

"We are off to an excellent start for the 2023 exploration program at the San Francisco project. We've been diligently establishing access roads and completing surface work. Now that the drill rig is on site, we are excited to test our priority targets, and look forward to providing updates and assays as we progress."

By comparison, the surface expression of the main breccia outcrop exposed at Breccia Ethan is slightly larger than that of the San Francisco breccia (approximately 80 m by 100 m for Breccia Ethan compared with 30 m by 70 m for the San Francisco breccia). The size and strong surface mineralization illustrate the merit of Breccia Ethan being a primary target of the company's 2023 program, designed to delineate high-grade material that could be evaluated for low capex (capital expenditure) styles of extraction. Select results of the company's prior drilling of the San Francisco breccia are shown in the table entitled "Selected highlight of company drilling at the San Francisco breccia pipe."

Drilling activities are being supported from Villa Nueva, where Turmalina has established a local presence and infrastructure to support its exploration activities. The program is now expected to include approximately 3,000 metres of diamond drilling that test seven undrilled priority targets.

Bryan Slusarchuk, adviser of Turmalina, adds:

"San Juan is now the top-rated jurisdiction in Latin America as ranked by the Fraser Institute. The province is seeing an incredible amount of attention with multiple new discoveries. Turmalina, being an early mover to this dramatic resurgence of activity in San Juan, has assembled a commanding land position underlain by excellent geology and we look forward to seeing various high-priority targets within these holdings tested by drilling."

Resignation of director and officer

The company also announces the resignation of Mr. Slusarchuk as director and president. Mr. Slusarchuk will continue to support the company through an active role on the advisory board of the company.

Mr. Rogers, chief executive officer of Turmalina, comments: "Bryan has been influential in building and financing our company since its inception. His transition to our advisory board will ensure continuity as the Turmalina team continues to advance our project portfolio. We are excited to be mobilized and drilling the seven high-priority targets in the current drill program."

About the San Francisco project

The 40,340-hectare San Francisco project is located in the pro-mining province of San Juan, Argentina, a country where there are currently 12 operating mines, five in construction and 20 in prefeasibility/feasibility stage. The project benefits from well-developed infrastructure and is 130 kilometres northeast of the regional capital of San Juan.

The San Francisco project was assembled around and includes one of the highest-grade tourmaline breccias of the same name. The land position at San Francisco was expanded in 2022 and now includes multiple mineralized targets, including more than 60 breccias, intrusion-related gold and epithermal vein-type targets.

Turmalina has developed an operational centre in the town of Villa Nueva, where the local community welcomes new exploration efforts in the region.

Turmalina has several option agreements to acquire 100 per cent of certain titles of the SFDLA project, and a right to explore and exploit other titles from the government of San Juan.

About Turmalina Metals Corp.

Turmalina Metals is a TSX Venture Exchange-listed exploration company focused on developing its portfolio of high-grade gold-copper-silver projects in South America. The company'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. Turmalina's projects are characterized by open high-grade mineralization on established mining licences that present compelling drill targets. The principal 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 at SEDAR. Turmalina is also exploring the Chanape project in Peru. For further information on Chanape please refer to the technical report entitled "National Instrument 43-101 Technical Report on the Chanape Gold-Silver-Copper Project," dated July 5, 2022, under the corporation's profile at SEDAR.

Qualified person

The scientific, technical and analytical data contained in this news release pertaining to the San Francisco and Chanape projects have been reviewed and approved by Dr. Rohan Wolfe, technical adviser, MAIG, who serves as the qualified person under the definition of National Instrument 43-101.

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