Mr. Jeremy Wyeth reports

TREASURY METALS ANNOUNCES BOARD CHANGES AND VOTING RESULTS FROM ITS 2023 ANNUAL MEETING OF SHAREHOLDERS

Treasury Metals Inc. has released the results from its 2023 annual general meeting of shareholders, held earlier today.

Board of director changes

The company welcomes Michele Ashby and James (Jim) Gowans as independent members of the board of directors, bringing extensive knowledge and experience to complement the capabilities of the board.

Ms. Ashby founded Ashby Consulting Enterprises Inc. (ACE LLC), 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.

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 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.

Jeremy Wyeth, president and CEO of Treasury Metals, commented: "We are pleased to have Michele and Jim join our board as we progress our project through a feasibility study to a construction decision. Their skill sets will complement those of the board at a very important time for Treasury Metals."

As a part of the company's ongoing board renewal process, William Fisher and Flora Wood did not stand for re-election to the board at the meeting. The board thanks Mr. Fisher and Ms. Wood for their valuable contributions to Treasury Metals over the years.

Voting results of annual general meeting of shareholders

A total of 54,951,811 common shares were voted at the meeting, representing approximately 38.49 per cent of the votes attached to all the outstanding common shares of the company.

Election of directors

At the meeting, all nominees listed in the company's management information circular dated May 12, 2023, were elected as directors of the company to serve until the next annual meeting of shareholders or until their successors are elected or appointed. Shareholders present in person or represented by proxy at the meeting voted as shown in the attached table.

Appointment of auditor

At the meeting, RSM Canada LLP was reappointed as the auditor of the company to hold office until the close of the next annual meeting of shareholders or until a successor is appointed and the board was authorized to fix its remuneration, with results provided in the attached table.

The voting results are also available under the company's issuer profile on SEDAR.

About Treasury Metals Inc.

Treasury Metals is a gold-focused company with assets in Canada. Its 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.