Mr. Jeremy Wyeth reports

TREASURY METALS ANNOUNCES UPSIZE TO PREVIOUSLY ANNOUNCED NON-BROKERED PRIVATE PLACEMENT FOR UP TO $4.15 MILLION

Treasury Metals Inc. has upsized its previously announced non-brokered private placement to now raise gross proceeds of up to $4.15-million. The offering will now consist of up to 29,642,858 million units of the company at a price of 14 cents per unit.

Each unit will consist of one common share in the capital of the company and one-quarter of one common share purchase warrant. Each whole warrant will be exercisable at a price of 21 cents for a period of 60 months following the closing of the offering.

The gross proceeds from the sale of the units will be used by the company to finance exploration and development activities, which include, but are not limited to permitting, community consultations and technical studies to support these activities toward advancing the Goliath gold complex and for working capital and general corporate purposes.

The offering is expected to close on or about Dec. 14, 2023, or such other date or dates as determined by the company and 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. 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. All securities issued in connection with the offering will be subject to a four-month-and-one-day hold period in Canada.

It is anticipated that insiders of the company may participate in the offering. By virtue of their participation, the offering would constitute a related party transaction under applicable securities laws. The company expects to release a material change report including details with respect to the related party transaction less than 21 days prior to the closing of the offering, which the company deems reasonable in the circumstances so as to be able to avail itself of potential financing opportunities and complete the offering in an expeditious manner. As the related party transaction will not exceed specified limits and will constitute a distribution of securities for cash, it is expected that neither a formal valuation nor minority shareholder approval will be required in connection with the offering.

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. For information on the Goliath gold complex, please refer to the technical report, prepared in accordance with National Instrument 43-101, Standards of Disclosure for Mineral Projects, entitled "Goliath Gold Complex -- NI 43-101 Technical Report and Prefeasibility Study," and dated March 27, 2023, with an effective date of Feb. 22, 2023, led by independent consultants Ausenco Engineering Canada Inc. The technical report is available on SEDAR+, on the OTCQX website and on the company's website.

The company also owns several other projects throughout Canada, including the Weebigee-Sandy Lake gold project joint venture (JV) and grassroots gold exploration property Gold Rock. Treasury Metals is committed to inclusive, informed and meaningful dialogue with regional communities and indigenous nations throughout the life of all of its projects and on all aspects, including creating sustainable economic opportunities, providing safe workplaces, enhancing of social value and promoting community well-being. For further details about Treasury, please visit the company's website.

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