Mr. James Rogers reports

TURMALINA ANNOUNCES CLOSING OF OVERSUBSCRIBED OFFERING OF UNITS

Turmalina Metals Corp. has closed its previously announced non-brokered private placement offering for aggregate gross proceeds of approximately $2.1-million, from the issuance of 21 million units of the company at a price of 10 cents per unit, representing an oversubscription of the offering as originally announced on March 14, 2024. Each unit comprises one common share in the capital of the company and one common share purchase warrant. Each warrant is exercisable to acquire one common share at a price of 15 cents per common share for a period of 24 months from the date of issuance.

The net proceeds of the offering will be used to satisfy continuing costs associated with the company's properties as well as general working capital purposes.

In connection with closing of the offering, the company paid cash finder's fees in the aggregate amount of $102,865 to certain arm's-length finders, and issued an aggregate of 1,028,650 non-transferable common share purchase warrants. Each finder's warrant is exercisable into a common share at a price of 15 cents per finder's warrant share for a period of 24 months from the date of issuance.

All securities issued in connection with closing of the offering are subject to a statutory hold period of four months plus a day from the date of issuance in accordance with applicable securities legislation.

The subscribers in the offering included two directors of the company, as well as two corporate subscribers controlled or directed by directors and officers of the company (collectively, the insiders), who subscribed for an aggregate of 1.25 million units for aggregate gross proceeds of $125,000 to the company. The issuance of units to the insiders constitute related party transactions as defined in Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions. The company is relying on the exemption from valuation requirement and minority approval pursuant to Subsections 5.5(a) and 5.7(1)(a) of MI 61-101, respectively, for the insiders participation in the offering, as the value of the units subscribed for do not represent more than 25 per cent of the company's market capitalization, as determined in accordance with MI 61-101.

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. Turmalina Metals is led by a team responsible for multiple gold-copper-silver discoveries. Its 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.

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