Mr. Bernie Sostak reports

TRANSATLANTIC PROVIDES UPDATE ON DRILLING AT THE HISTORIC MILLER GOLD MINE, MONTANA

Transatlantic Mining Corp. has provided an update on drilling at the historic Miller mine in Montana.

On Dec. 21, 2020, Transatlantic exercised its initial option term to acquire 100 per cent of the Miller mine, located in the Broadwater county in the state of Montana. These claims are approximately 29 miles to the northeast of Townsend in Montana, with gold mineralization that has been verified on the old levels of the historic Miller mine, predominantly mined between 1900 and the 1940s.

Transatlantic is drilling downdip of the historic lower levels to over 100 metres of strike and depth on the principal vein structure, as well as exploration along strike north and south. Transatlantic has completed 2,069 metres (m) in 25 holes of a 3,000 m planned program in phase 1 campaign.

The hole depth range is from 10 m to 207 m. Phase 1 comprises a total of 25 holes. Of the 25 holes completed, eight have been drilled deeper under the existing workings in the upper target area, 10 have explored extension to the north and south, and seven shallow holes have tested an old mine dump. The main target and focus is the vein (or veins) on the contact of the sediment and granodiorite.

Samples from the first 17 holes have recently been submitted to the laboratory, with assays and results projected to be completed at the end of August to early September.

In concert with the surface drilling phase 1, the company is now mobilizing an underground drill rig today for testing the lower target area.

"The target is being well intersected on the sediment granodiorite contact to date," said Transatlantic chief executive officer Bernie Sostak. "We are getting near the end of the phase 1 drilling campaign and are looking forward to sharing the results with investors."

The Miller gold mine is located in the Broadwater county in the state of Montana. The mine is approximately 29 miles northeast of Townsend in Montana. The presence of gold mineralization has been confirmed by previous sampling in areas of the mine where access is possible. Transatlantic is earning into the historic Miller gold property by means of a gold production royalty near Helena, Mont.

A historical report* on the Miller mine notes that historically, gold-bearing ore was mined on a small scale by individual owners with sporadic production between 1901 and 1948. The mine is being reaccessed by Transatlantic to review existing ground conditions and infrastructure for continuing rehabilitation. Located at the top end of the Confederate gulch near what is now a ghost town in Diamond City, of which once had a population of 10,000-plus, placer gold was abundant and rich in this gulch:

• Miller had an average recovered mine grade of 7.94 ounces per ton (oz/t) gold (Au) (248 grams per tonne (g/t) Au) and 4.65 oz/t silver (Ag) (145 g/t Ag)*;
• Hole No. 1 was drilled 300 feet below the lowest recorded workings and recorded 14.7 oz/t Au (516 g/t Au).

The Miller mine mineralization occurs in quartz veins within and on the contact of a quartz granodiorite stockwork. The discrete veins dip between 30 and 80 degrees while the stockwork has multiple veinlets that range in width from a few centimetres (cm) to two metres (m). The contact zone of alteration has been noted as over 15 m wide (50 feet). Mining has been undertaken on both an open-cut and underground methodology. The mine is at an elevation of 2,000 m (6,650 feet).

Highlights of previous sampling (see news release dated June 14, 2023)

Miller mine -- lower level:

• Opened up lower winze level immediately below the lower level;
• First grab samples from lower level winze include 27.6 g/t Au** and visual gold has also been observed;
• Extended lease agreement to first renewal term with option to purchase by production royalty.

About the Miller mine and claim group

Transatlantic has access to the upper and lower level of the mine. The Miller mine is situated amongst patented and unpatented claims at an elevation of 1,920 m (6,400 feet) and accessible by roads 50 miles from Helena, Mont. Should mining occur at any time, an 8.5-per-cent royalty on ounces is to be paid. During the term of the agreement, the company may purchase the property for $4.5-million (U.S.), less the royalty payments made above, with a perpetual 1-per-cent net smelter return (NSR) royalty to the vendor thereafter.

The gold and silver mineralization generally occurs on the contacts of sediments and igneous intrusive with native gold and sulphides, including pyrite, often observed among the four known adits located on the property.

Qualified person and National Instrument 43-101 disclosure

Aslam Awan, PhD, MAusIMM (CP, Geo), is the qualified person pursuant to NI 43-101 for having reviewed only the technical information contained in this news release. Mr. Awan is the principal for AAA Geo Consultants and is independent of the company.

Rock chip samples may not reflect the average grade of mineralization.

QA/QC (quality assurance/quality control) and core sampling protocols

The rock chip samples are grabs from the winze level drive of five kilograms (kg) in weight. The samples were crushed in whole to plus 70 per cent passing two millimetres (mm), and then split and pulverized with analysis for gold and silver at the Christofferson laboratory, Smelterville, Idaho. The laboratory is an independent assay and umpire laboratory that follows industry techniques. The samples after being pulverized are analyzed with a 15 to 30 g fire assay charge and gravimetrically finished**.

* Hemsworth FJ: report on the Miller mine, Helena, Mont. (July 2, 1969).

** Company news release dated June 14, 2023.

About Transatlantic Mining Corp.

Transatlantic Mining is an emerging precious and base metal explorer. The company has a focus on converting projects into mines within stable mining jurisdictions. The company currently has property interests, including an 80-per-cent joint venture position on the Monitor copper-gold project in Montana-Idaho and 100 per cent of the Golden Jubilee gold project with its associated mining rights. The company has an extended lease, right to mine and purchase arrangement for the Miller gold mine in Montana to a 100-per-cent ownership by way of payment royalty.