Mr. Jeremy Wyeth reports

TREASURY METALS ANNOUNCES EXPLORATION RESULTS AT GOLDLUND AND CARACAL

Treasury Metals Inc. has released results on two exploration targets from the Goldlund property tested during the 2021 and 2022 drill campaigns. The first program, consisting of seven holes (1,458 metres), was to follow up on a new target (TTG) located to the northwest of the Goldlund preliminary economic assessment pit design. Additionally, the company released four follow-up holes (1,380 metres) from the Wild Cat exploration program testing the continuity of the Caracal target. This target is based on a series of geophysical anomalies on the Goldlund structural trend northeast of the Goldlund deposit and had seen no historical drilling prior to the 2021 campaign.

Highlights:

• TTG hole GL-21-108 intersected 3.92 grams per tonne gold over 16 metres from 5.2 to 21.2 metres downhole, including 6.72 g/t Au over 1.3 metres from nine to 10.3 metres and including 22.20 g/t Au over 1.6 metres from 19.6 to 21.2 metres downhole;
• TTG hole GL-21-107 intersected 0.96 g/t Au over 21 metres from 103 to 124 metres downhole, including 11.60 g/t Au over one metre from 114 to 115 metres and 4.47 g/t Au over one metre from 122 to 123 metres downhole;
• TTG hole GL-21-104 intersected 0.91 g/t Au over 17.4 metres from 64 to 81.4 metres downhole, including 8.05 g/t Au over one metre from 71 to 72 metres downhole;
• Caracal hole CC-22-004 intersected 6.71 g/t Au over one metre from 146 to 147 metres downhole;
• Caracal hole CC-22-002 intersected 0.46 g/t Au over 8.5 metres from 125 to 133.5 metres downhole.

Jeremy Wyeth, president and chief executive officer of Treasury Metals, commented: "I am very pleased to see additional positive results from these two exploration targets located on the Goldlund property. We believe that the Goliath and Goldlund properties have significant opportunities for growth through exploration. The TTG is a new target that has intersected high-grade, near-surface mineralization and represents a possible extension of the existing mineral resource on Goldlund due to its proximity to the PEA pit designs. Caracal is a target discovered by the Treasury Metals' exploration team in 2021 which has hit gold mineralization in every hole. This success rate showcases the geology team's ability to identify potential new targets for growth opportunities on our significant property package for future mine life extension and expansion."

TTG

Results today on the TTG target follow up from hole GL-21-073 that was released on Nov. 3, 2021. Hole GL-21-073 intersected 5.5 m grading 66.56 g/t Au from 22.5 to 28 metres downhole, including 0.7 m grading 210.00 g/t Au, 0.8 m grading 78.40 g/t Au and one m grading 138 g/t Au in what was originally considered to be a potential extension of zone 6 within a different host rock. This initial result was located to the northwest of the PEA pit designs. The geology team progressed the lithostructural model and planned a follow-up program to test different theories on the control of this stepout hit in hole GL-21-073. Relogging of hole GL-21-073 and detailed logging of the follow-up program GL-21-102 through GL-21-108 showed a coarse-grained intrusive rock hosting mineralization, this unit being a tonalite-trondhjemite-granodiorite or TTG. This intrusive appears to be utilizing one of the fault structures that trend northwest across the Goldlund property and typically offset mineralization. Results today are from seven follow-up holes (1,458 metres) testing the TTG unit. Hole GL-21-108 intersected 16 m grading 3.92 g/t Au, including 1.3 metres grading 6.72 g/t Au and including 1.6 metres grading 22.20 g/t Au, approximately five metres vertically below surface. Hole GL-21-107 has several interesting intercepts, particularly at approximately 60 metres vertical depth below surface, where it intersected 21 metres grading 0.96 g/t, including one metre grading 11.60 g/t Au and including one metre grading 4.47 g/t Au.

Wild Cats-Caracal target

During the 2021 drill campaign, the company tested two Wild Cat targets on the Goldlund structural trend northeast of the Goldlund deposit. These targets were based on a series of geophysical anomalies with similar footprints to the Goldlund and Miller deposits and are located between the two deposits. Results released today are from four follow-up holes (1,380 metres) testing the continuity of the Caracal target over a strike length of approximately 600 metres. From the logging and assay results, the company believes this area hosts geology and mineralization similar to zone 1, zone 7 and zone 2/3 at the Goldlund deposit, characterized by the presence of granodiorite dikes and quartz carbonate veining. The company had previously released results from the Ocelot and Caracal targets, showing multiple gold occurrences over a 1,200-metre strike length (see press releases dated Feb. 17, 2022, and March 16, 2022, for additional details). Next steps at Caracal will be to step out on strike from Caracal along the intrusion contact. The team believes the most prospective area will be to the northwest of existing drilling, where a localized deflection in the stratigraphy was identified through an airborne geophysical survey.

Complete gold results from the 2021 and 2022 drill program at Goldlund can be found on the Treasury Metals website.

Quality assurance/quality control

The company has implemented a quality assurance and quality control (QA/QC) program to ensure sampling and analysis of all exploration work are conducted in accordance with the CIM exploration best practices guidelines. The drill core is sawn in half with one-half of the core sample dispatched to Activation Laboratories Ltd.'s facility located in Dryden, Ont. The other half of the core is retained for future assay verification and/or metallurgical testing. Other QA/QC procedures include the insertion of blanks and Canadian reference standards for every 10th sample in the sample stream. A quarter core duplicate is assayed every 20th sample. The laboratory has its own QA/QC protocols running standards and blanks with duplicate samples in each batch stream. Additional checks are routinely run on anomalous values, including gravimetric analysis and pulp metallic screen fire assays. Gold analysis is conducted by lead collection, fire assay with atomic absorption and/or gravimetric finish on a 50-gram sample. Check assays are conducted at a secondary ISO certified laboratory (in this case Agat Laboratories located in Mississauga, Ont.) following the completion of a program.

Qualified persons

Maura Kolb, MSc, PGeo, director of exploration, and Adam Larsen, PGeo, exploration manager, are both considered qualified persons for the purposes of National Instrument 43-101 -- Standards of Disclosure for Mineral Projects, and have reviewed and approved the scientific and technical disclosure contained in this news release on behalf of Treasury Metals.

About Treasury Metals Inc.

Treasury Metals is a gold-focused company with assets in Canada. Treasury Metal's Goliath gold complex, which includes the Goliath, Goldlund and Miller deposits, is located in Northwestern Ontario. The deposits benefit substantially from excellent access to the Trans-Canada Highway, related power and rail infrastructure, and close proximity to several communities, including Dryden, Ont. The company also owns several other projects throughout Canada, including the grassroots gold exploration property Gold Rock and the Weebigee-Sandy Lake gold project joint venture. Treasury Metals is committed to inclusive, informed and meaningful dialogue with regional communities and indigenous nations throughout the life of all its projects and on all aspects, including creating sustainable economic opportunities, providing safe workplaces, enhancing social value and promoting community well-being.

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