Mr. Jeremy Wyeth reports

TREASURY METALS ANNOUNCES ADDITIONAL EXPLORATION RESULTS AT FOLD NOSE TARGET AND UPDATE ON SUMMER FIELD PROGRAM

Treasury Metals Inc. has released new drill results from the follow-up drill program on the Fold Nose target, in addition to the completion of a three-dimensional induced polarization survey. The 2023 field mapping and prospecting program is now under way and follows up on exploration targets based on the 2022 grassroots-level exploration program. Access at the Goliath property is excellent for prospecting and mapping work, with an extensive forestry road network on the property.

Select targets were drill tested to follow up on data collected from field programs, of which Fold Nose was a top target. Seven holes (2,802 metres) targeted the hinge of Fold Nose, four holes (1,897 metres) tested the east limb area of Fold Nose, and four holes (1,445 metres) tested South Ridge. Significant new results from the drill program came from the Fold Nose hinge, with 27.0 metres grading 1.03 grams per tonne gold, including 1.5 metres at 4.76 g/t Au and 1.5 metres at 5.60 g/t Au, in hole TL22-641 (see an attached table). This result from TL22-641, and those from TL22-637 (which is located in the interior of Fold Nose), is hosted within the same felsic rock unit as the Goliath deposit (see an attached table).

Jeremy Wyeth, president and chief executive officer of Treasury, commented: "I am pleased with grades and widths of these new results from Fold Nose, which show near-surface mineralization. We know there are narrow, high-grade structures in this area from past drill programs, but these new results show us potential new open-pit targets at Fold Nose."

Fold Nose drill program and three-dimensional induced polarization geophysics program

Fold Nose is one of the company's top exploration targets, as it not only contains lenses of the felsic volcanic unit which hosts the Goliath deposit, but also mineralized veins hosted in metamorphosed mafic and metasedimentary rocks. This vein style of mineralization is much more typical of a high-grade, greenstone-hosted gold deposit and looks very different from both the Goliath volcanogenic-massive-sulphide-related gold deposit and the intrusion-related gold at the Goldlund deposit. Some of the highest-grade results received to date at Fold Nose have been associated with veining within garnet-rich amphibolite (TL21-579A with 10.5 metres grading 10.98 g/t Au, including 1.5 metres grading 74.0 g/t Au). During the field program, the team tested Treasury's geological model looking at the projected locations of favourable host rocks to surface.

In late 2022, Treasury engaged Mira Geoscience to create a geological model of Fold Nose based on all the available geophysics data. As part of this process, several new exploration targets were created and became the basis for the most-recent drill program. The Treasury team has been working on better understanding the Fold Nose geology, especially the geometry of the units. The other key to understanding Fold Nose is by unravelling the complex folding and faulting history in the area. While the airborne geophysical data used were sufficient to create this new geological model, small-scale features were not as prominent and more detail was required. The company had a 3-D distributed induced polarization survey, with a total of 48.9 line kilometres completed across this area to collect higher-resolution data that should allow for better identification of these features. The interpretation and integration of these new data into the geological model are continuing and will assist in the next phase of drilling. In addition, the company has also partnered with Lakehead University on a structural geology-focused master thesis to better understand the complex structural history at Goliath.

Summer prospecting and mapping program

The summer field program is now under way and builds upon the traverses conducted across prioritized parts of the Goliath property in 2022. The purpose of the program is to improve the geological maps of these areas, as well as to gather data which could upgrade prospective targets into drill targets. Field observation, coupled with geophysics and geochemical vectors, is helping the geology team to improve the understanding of the geology in these target areas. While portions of the Goliath property have limited outcropping, the field team was able to map and analyze close to 200 outcrops during the field program at Fold Nose, South Ridge, the South syncline and Gossan. In addition, the forestry industry is very active in Northwestern Ontario and continuously exposes new outcrops to discover and integrate into Treasury's regional geologic model.

Mr. Wyeth commented: "We are really excited to have so many exploration targets identified at the Goliath property. These targets are close to the proposed location for the processing plant and present the opportunity for future additions to the mine plan, potentially extending and expanding the mine life."

South Ridge

The South Ridge target is located directly south of the Goliath deposit. The target became of interest to the geology team due to the magnetic high, which hosts soil sample gold anomalies that appeared similar to the garnet-rich amphibolites at Fold Nose. At South Ridge, approximately five kilometres of traverses were conducted and 18 samples were collected. Samples consist predominantly of moderately to well-foliated, chlorite-altered, variably magnetic, mafic extrusive flows with trace disseminated sulphides and lesser mafic intrusive. The mafic volcanic package was bound to the north and south by metasedimentary rocks. These observations support the interpretation for regional unconformities south of the Goliath deposit.

After the field program was completed, Treasury drilled four holes testing geological contacts and targeting the interpreted geological unconformity. Hole TL22-629 encountered two interesting results with 1.5 metres grading 1.32 g/t Au from 157.5 metres to 159.0 metres down hole and 1.5 metres grading 0.50 g/t Au from 282.0 metres to 283.5 metres down hole. It is common for Archean lode gold systems to be proximal to regional unconformities, and the team will continue to trace these unconformities across the property to better understand the geological history of the area. Also of note was significant amounts of smokey quartz veins occurring in metasedimentary garnet-rich schists, similar to the host rocks for high-grade mineralization in Fold Nose.

South syncline

The South syncline is located southeast of Fold Nose. When the target was first considered by the geology team at Treasury, the felsic volcanic rock that hosts the Goliath deposit was the target. However, initial testing showed that in this area the felsic volcanic rock did not present the same alteration that is seen at Goliath and Far East. After additional analysis on Fold Nose, the South syncline appears to be analogous, and the field program on the South syncline focused on understanding the other potential host rock, the garnet-rich amphibolite. Several new outcrops were mapped and sampled in the South syncline, and it is a target for additional fieldwork during the 2023 summer field program to improve the geological model before any further drilling is conducted.

Gossan

The Gossan target is located approximately four kilometres southeast of the Fold Nose target and approximately two kilometres south of the Far East target. This target is related to a geophysical electromagnetic axis anomaly and surface mineralization that was encountered in 2015. A total of nine samples were taken from this area. Outcrops observed in this area include fine-grained mafic volcanics, fine-grained metasediments and coarse-grained quartz feldspar porphyry. This target is located proximal to the Wabigoon fault, which is a major structure and may have acted as a fluid conduit. The Gossan target will be further explored during the 2023 summer field program.

Quality assurance/quality control

The company has implemented a quality assurance/quality control program to ensure sampling and analysis of all exploration work are conducted in accordance with the CIM (Canadian Institute of Mining, Metallurgy and Petroleum) exploration best practice guidelines. The drill core is sawn in half, with one-half of the core sample dispatched to the Activation Laboratories Ltd. facility located in Dryden, Ont. The other half of the core is retained for future assay verification and/or metallurgical testing. Other quality assurance/quality control 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 quality assurance/quality control 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 in Mississauga, Ont.) following the completion of a program.

Qualified person

Adam Larsen, PGeo, director of exploration of the company, is considered a qualified person for the purposes of National Instrument 43-101 -- Standards of Disclosure for Mineral Projects, and has reviewed and approved the scientific and technical disclosure contained in this news release on behalf of Treasury.

About Treasury Metals Inc.

Treasury Metals 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.

We seek Safe Harbor.