Mr. John Gardiner reports

TARANIS UPDATES MINERAL RESOURCE, THOR INDICATED AND INFERRED TONNES GROW BY RESPECTIVELY 78% AND 41%

Taranis Resources Inc. has provided an updated mineral resource estimate (MRE) for its 100-per-cent-owned Thor project in British Columbia. The Thor project consists of approximately 3,800 hectares of mineral tenures, and 27 Crown grant mining claims. Taranis owns the minerals outlined in the mineral resource estimate update -- precious and base -- in fee simple.

Mineral resource history at Thor

Since acquiring the Thor project in 2006, Taranis has completed 250 drill holes defining a near-surface epithermal deposit that is over 2.2 kilometres in strike length. The initial mineral resource estimate (MRE) was completed in 2013 by Roscoe Postle and Associates (RPA) and is now being updated 10 years later by P&E Mining Consultants Inc. Excellent exploration upside remains to the epithermal deposit, with targets in the recently discovered Thunder zone, and the high-grade Horton target found west of the Thor deposit in 2023. Analysis of the epithermal deposit has been crucial to the development of the much larger-scale intrusive targets which Taranis intends to test with deep exploration drilling in 2024 and beyond.

Highlights of P&E mineral resource estimate

The P&E MRE incorporates many improvements over the initial RPA MRE beyond expanding the mineral resource estimate and include improved topographic control to the drill hole database. The new MRE provides Taranis with improved understanding of the geology and genesis of the deposit, as well as the overall context of its emplacement. The latter aspect has already led to the discovery of the Thunder zone at the north end of the Thor deposit and has led to the identification of important exploration targets such as Horton and the intrusive target.

Exploration at Thor has developed into two discrete parts, an epithermal precious-base metal deposit and an underlying conceptual source, the intrusive target, that is currently being permitted.

Epithermal mineralization

The attached table outlines the Thor MRE completed by P&E.

Analysis of drilling at Thor and contribution to existing epithermal mineral resource

The attached table illustrates the history of exploration drilling at Thor by Taranis. In the first two years of drilling at Thor (2007 and 2008), 62.6 per cent of all drilling was completed. Just over 12,000 metres were drilled, which defined 61.2 per cent of the current mineral resource. All of the 2007 and 2008 drilling was completed in areas connecting five historical mines on the property -- proving that the mineralization in each was connected as part of a larger system. In the following 10-year period from 2014 to 2023, Taranis drilled a further 7,414.5 m on suspected extensions and newly discovered areas of mineralization, which successfully defined new areas of the mineral resource outside of the historical mine areas.

Looking forward

Continued mineral resource growth at Thor is expected to come from two areas. The first of these is continued exploration of the near-surface epithermal deposit at Horton, and also to the north end of the Thunder zone where the deposit continues under Thor's Ridge. The second, and arguably the most important, is the intrusive target that has been identified under the deposit. This target is currently the focus of a permit that was submitted to the B.C. government in August of 2022, and a decision has not yet been rendered on this five-year notice of work permit.

About Taranis Resources Inc.

Taranis Resources is a well-positioned exploration company that is exploring and developing its 100-per-cent-owned Thor precious-base metal project in British Columbia. Taranis has drilled over 250 drill holes on the project, defining a near-surface epithermal deposit that is over two km long. The company refers to the epithermal trend as the Trunk, invoking the anatomy of an elephant to portray the connection of the epithermal deposit to the underlying Jumbo and Horton intrusive targets.

Qualified person

Exploration activities at Thor were overseen by John Gardiner (PGeo), who is a qualified person under the meaning of Canadian National Instrument 43-101. Mr. Gardiner is a principal of John J. Gardiner & Associates LLC, which operates in British Columbia under firm permit No. 1002256. The technical contents of this news release have been reviewed and approved by independent qualified person, Eugene Puritch, PEng, FEC, CET, president of P&E Mining Consultants Inc.

A National Instrument 43-101 technical report will be issued on SEDAR+ within 45 days of this news release.