Mr. Jeremy Wyeth reports

TREASURY METALS ANNOUNCES PROPOSED FLOW-THROUGH PRIVATE PLACEMENT OFFERING FOR $1.41 MILLION

Treasury Metals Inc. proposes to complete a non-brokered private placement consisting of approximately 3.12 million flow-through common shares in the capital of the company at a price of 45.2 cents per FT share for aggregate gross proceeds of approximately $1.41-million. The FT shares will be issued as flow-through shares with respect to Canadian exploration expenses within the meaning of the Income Tax Act (Canada).

It is expected that the gross proceeds from the offering will be used by the company to incur eligible Canadian exploration expenses that will qualify as flow-through mining expenditures (as such terms are defined in the Income Tax Act (Canada)) and eligible Ontario exploration expenditures as defined in Subsection 103(4) of the Taxation Act, 2007 (Ontario) related to the company's projects. All qualifying expenditures will be renounced in favour of the subscribers of the flow-through shares, effective no later than Dec. 31, 2023.

There can be no assurance as to whether or when the offering may be completed, or as to the actual final size of the offering. The offering is expected to close on or about June 1, 2023, or such other date as determined by the company.

The offering is subject to certain conditions, including, but not limited to, the receipt of all necessary approvals, including the approval of the Toronto Stock Exchange and any applicable securities regulatory authorities. All securities issued in connection with the offering will be subject to a four-month-and-one-day hold period in Canada.

About Treasury Metals Inc.

Treasury is a gold-focused company with assets in Canada. Treasury'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 Weebigee-Sandy Lake gold project joint venture, and grassroots gold exploration property, Gold Rock. Treasury 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 of social value and promoting community well-being.

We seek Safe Harbor.