Mr. Jeremy Wyeth reports

TREASURY METALS ANNOUNCES FILING OF 2023 ANNUAL DISCLOSURE DOCUMENTS AND PROVIDES A CORPORATE UPDATE

Treasury Metals Inc. has filed its annual financial statements, management's discussion and analysis (MD&A), and annual information form (together, the annual filings) for the year ended Dec. 31, 2023.

Copies of the annual filings, which include information regarding the company's financial position, operations and projects for the fiscal year, are available under the company's profile at SEDAR+, and are also posted on the company's website.

Jeremy Wyeth, president and chief executive officer, stated: "Two thousand twenty-three was a progressive year for the company and our team, which managed to accomplish several milestones in the development of our projects, including successfully completing a prefeasibility study for the Goliath gold complex, which demonstrated a robust base case assessment for developing the Goliath gold complex as an open-pit and underground mining operation, with significant leverage to higher commodity prices. Our focus for 2024 will be towards the continued advancement of the Goliath gold complex, through the advancement of permitting and community consultations, with the goal to pursue additional value enhancement opportunities."

Two thousand twenty-three corporate highlights:

• Completed a prefeasibility study for the Goliath gold complex showing that the Goliath gold complex contains an economic mineral resource that has been converted to a mineral reserve through application of prefeasibility levels of engineering design and project costing. The project generates free cash flow (unlevered posttax net present value at a 5-per-cent discount rate of $336-million) and return on investment (posttax unlevered internal rate of return of 25.4 per cent) at current estimates of cost and revenue, and carries an acceptable level of risk.
• Completed two non-brokered private placements, in June and December, 2023, respectively, raising gross proceeds of more than $5.5-million.
• Successfully negotiated a sixth amendment to the existing convertible debt with Extract Lending LLC and Extract Capital Master Fund Ltd., resulting in the extension of the maturity date of the convertible debt to June 30, 2026 (previously June 30, 2023), at a lower fixed interest rate of 9.75 per cent per annum (previously a 12-month LIBOR (London Inter-Bank offered rate) (minimum of 200 basis points) plus 6.50 per cent).

Additional details on these corporate highlights can be found in the annual filings.

Corporate update

The company also announces the resignation of Frazer Bourchier from the board of directors of the company, effective March 21, 2024.

Mr. Bourchier, who joined the board in August, 2020, as a nominee of First Mining Gold Corp. under the investor rights agreement between the company and First Mining, is leaving the board to focus on his increasing professional commitments. "On behalf of the Treasury Metals team, we thank Frazer for his valuable contributions to the company and wish him future success. His experience and perspective have been of great value to the board during his tenure," stated James Gowans, chairman of the board.

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. For information on the Goliath gold complex, please refer to the technical report, prepared in accordance with National Instrument 43-101, 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 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 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.