Mr. Jeremy Wyeth reports

TREASURY METALS ANNOUNCES CLOSING OF PRIVATE PLACEMENT FINANCING

Treasury Metals Inc. has closed its previously announced non-brokered private placement, raising gross proceeds of approximately $1.41-million through the issuance of 3.11 million common shares at a price of 45.2 cents per FT (flow-through) share which qualify as flow-through shares with respect to Canadian exploration expenses within the meaning of the Income Tax Act (Canada).

The gross proceeds raised from the offering will be used by the company to finance exploration programs related to the company's projects that qualify as Canadian exploration expenses and flow-through mining expenditures (as those terms are defined in the ITA). All qualifying expenditures will be renounced in favour of the subscribers of the FT shares effective no later than Dec. 31, 2023.

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 accordance with applicable Canadian securities laws.

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.