Mr. Jeremy Wyeth of Treasury Metals reports

TREASURY METALS AND BLACKWOLF ANNOUNCE UPSIZE TO CONCURRENT FINANCING

Further to the press release on May 2, 2024, which announced the combination of Treasury Metals Inc. and Blackwolf Copper and Gold Ltd., the concurrent financing of Treasury Metals has been upsized from $4-million to up to $6.4-million. Frank Giustra will be the lead order, subscribing for $2-million.

Jeremy Wyeth, president and chief executive officer of Treasury Metals, commented: "With continued support from large shareholders to execute upon our pending exploration plan, we are confident in the potential to make additional discoveries to augment the mine plan. The concurrent financing will provide us with 18 months of continued exploration activity. We believe we are in a good position to drive strategic growth moving through this transaction with BWCG into the summer and beyond."

Concurrent financing

In connection with the transaction with BWCG announced on May 2, 2024, Treasury proposes to complete a non-brokered private placement consisting of up to approximately 27.7 million flow-through units in the capital of Treasury at a price of 23 cents per FT unit for aggregate gross proceeds of up to approximately $6.4-million. Each FT unit will consist of one common share that will be issued as flow-through shares within the meaning of the Income Tax Act (Canada) and one common share purchase warrant of Treasury. Each warrant will be exercisable at a price of 35 cents for a period of 36 months following the closing of the concurrent financing. Mr. Giustra will subscribe for $2-million of the concurrent financing and is expected to be a significant shareholder postclosing of the transaction (as defined in the press release dated May 2, 2024).

It is expected that the gross proceeds from the sale of the FT shares will be used by the company to incur eligible Canadian exploration expenses that will qualify as flow-through mining expenditures (as such terms are defined in the Income Tax Act (Canada)) and eligible Ontario exploration expenditures as defined in Subsection 103(4) of the Taxation Act, 2007 (Ontario) related to Treasury's Ontario mineral projects. All qualifying expenditures will be renounced in favour of the subscribers of the FT shares effective no later than Dec. 31, 2024.

The concurrent financing is being conducted in all of the provinces and territories of Canada pursuant to applicable prospectus exemptions. Completion of the concurrent financing is subject to obtaining the required TSX approvals (including the approval of shareholders) and satisfaction of customary closing conditions. The FT shares and warrants to be issued in connection with the concurrent financing, will be subject to a statutory four-month-and-one-day hold period from the closing date.

First Mining Gold disposition

On May 7, 2024, First Mining Gold filed an early warning report, announcing that on May 6, 2024, it disposed of 4,539,000 shares of TML. Prior to the sale, First Mining held beneficial ownership of, or control and direction over, an aggregate of 20,000,311 common shares of Treasury, representing 10.69 per cent of the issued and outstanding shares on a non-diluted basis. Following the sale of shares, First Mining held beneficial ownership of, or control and direction over, an aggregate of 15,461,311 common shares of Treasury, representing 8.26 per cent of the issued and outstanding shares on a non-diluted basis. Following the sale, First Mining is no longer a reporting insider of Treasury, as such term is defined under applicable securities laws. Treasury understands that the shares were placed with various institutional and high-net-worth investors.

About Treasury Metals Inc.

Treasury Metals Inc. 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 NI 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+.

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.

About Blackwolf Copper and Gold Ltd.

Blackwolf's founding vision is to be an industry leader in transparency, inclusion and innovation. Guided by its vision and through collaboration with local and indigenous communities and stakeholders, Blackwolf builds shareholder value through its technical expertise in mineral exploration, engineering and permitting. The company holds a 100-per-cent interest in the high-grade Niblack copper-gold-zinc-silver volcanic massive sulphide project, located adjacent to tidewater in southeast Alaska. In addition, the company holds a 100-per-cent interest in five Hyder area gold-silver and base metal properties in southeast Alaska.

We seek Safe Harbor.