Mr. Jeremy Wyeth reports

TREASURY METALS ANNOUNCES NEW BOARD OF DIRECTOR NOMINEES

Treasury Metals Inc. has filed with securities regulators the notice of annual general meeting of shareholders, management information circular and related documents for the annual meeting of shareholders of the company to be held virtually on June 28, 2023, at 11 a.m. Eastern Time via live audio webcast on-line.

Two current, long-tenured directors, William (Bill) Fisher and Flora Wood, are not standing for re-election to the Treasury board of directors. At the meeting, Michele Ashby and James (Jim) Gowans are nominated as new members to the board, bringing considerable technical and capital markets experience to the company.

Jeremy Wyeth, president and chief executive officer of the company, commented: "As part of a board renewal process that the company began in 2022, our two longest-term directors, Bill Fisher and Flora Wood, will not stand for re-election at the annual meeting. I would like to thank Bill and Flora for their guidance over the past few years. We are pleased to welcome our two new director nominees, Michele Ashby and Jim Gowans, who both bring significant capital markets and mining industry experience to our board."

David Whittle, chair of the board, commented: "We are pleased to nominate Michele and Jim to the board and look forward to their contributions in helping management drive the Goliath Gold Complex forward. On behalf of the board, I would also like to thank Bill and Flora for their contributions to Treasury. Both have played integral parts in the advancement of the company and we wish them both well in their future endeavours."

Michele Ashby

Ms. Ashby founded Ashby Consulting Enterprises Inc., a consulting firm that provides corporate board training and certification through her unique program, ACE board certification for women. Her diverse background includes 30 years as a gold specialist/analyst, financial expert, independent corporate director and successful entrepreneur. She was named one of the Top 25 Most Powerful Women in Business in Colorado for 2019 by the Colorado Chamber of Commerce for Women for her work in training 1,000 women for corporate board directorships; in 2022, she was selected as one of the 100 Global Inspirational Women in Mining by Women in Mining U.K. She previously served as an independent director for Mene, Inc., Lithium X and McEwen Mining and was an executive consultant with McGhee Productivity Solutions as well as chief executive officer and founder of MiNE, LLC. Ms. Ashby was also the chief executive officer and founder of Denver Gold Group Inc., a Colorado not-for-profit corporation organized and operating as a trade association for the mining industry. She graduated magna cum laude with a degree in finance from Regis University.

James (Jim) Gowans

Mr. Gowans has more than 40 years of experience in the resource sector through an extensive career as a senior executive with several major mining companies and his role as past chair of the Mining Association of Canada. He has extensive mining knowledge and perspective on the importance of sustainability and stakeholder relations. He has held executive positions with Debswana Diamond Company in Botswana, DeBeers SA, DeBeers Canada Inc., PT Inco in Indonesia and Placer Dome Ltd. He was also interim president and CEO of Trilogy Metals Inc., president, CEO and a director of Arizona Mining Inc. and senior adviser to the chair of the board and co-president of Barrick Gold Corp. He holds a bachelor of applied science degree in mineral engineering from the University of British Columbia and attended the Banff School of Advanced Management. He currently sits on the board of directors of Cameco Corp., Marathon Gold Corp. and Trilogy Metals Inc.

The circular contains information for shareholders regarding the annual meeting, including exercising voting rights on the election of the board and the appointment of the company's external auditor. Shareholders who held shares as of the record date of May 12, 2023, will be eligible to vote. Voting instructions are included in the circular, and eligible shareholders are encouraged to vote well in advance of the proxy voting deadline of 11 a.m. Eastern Time on June 26, 2023. The meeting materials are available under the company's issuer profile on SEDAR and on the company's website.

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.