Mr. John Gardiner reports

TARANIS FILES THOR NI 43-101 UPDATED MINERAL RESOURCE ESTIMATE & OUTLINES 2024 EXPLORATION TARGETS

Taranis Resources Inc. has filed the National Instrument 43-101-compliant technical report titled "Technical report and updated mineral resource estimate of the Thor gold-silver project, Revelstoke mining division, British Columbia, Canada," dated April 11, 2024, on SEDAR+. Taranis owns 100 per cent of the Thor project in British Columbia. The Thor project consists of approximately 3,800 hectares of mineral claims and 27 Crown grant mining claims. Taranis owns the minerals outlined in the updated mineral resource estimate (precious and base) -- in fee-simple, unencumbered by any royalties.

Taranis has taken a systematic approach to exploring the Thor deposit. The steps have involved:

• Defining the mineral resource in the near-surface epithermal deposit;
• Delineating peripheral exploration targets;
• Permitting and construction of a gravity separation plant on site to process 10,000 tonnes of mineral resource from the True Fissure and Broadview open pits, to define the quality aspects of the epithermal mineral resource.

A strong toehold at Thor

Thor is categorized as a mid-size epithermal gold-silver deposit in the 2024 P&E Mining Consultants Inc. National Instrument 43-101 updated mineral resource estimate (MRE). The deposit is near surface and easily accessible with conventional mining methods. The MRE was undertaken to define and understand the size, grade and geometry of the epithermal deposit.

Some of the comments in the P&E report include:

• The property benefits significantly from excellent access and close proximity to the city of Revelstoke, town of Nakusp and community of Trout Lake.
• All of the existing mineral resource occurs on fee-simple land that Taranis owns 100 per cent.
• The authors are of the opinion that the current mineral resource estimate meets the reasonable prospect of eventual economic extraction. The authors have experience with other similar projects and are of the opinion that the NSR (net smelter return) cost-per-tonne cut-off value and cost assumptions are reasonable.

The path to making Thor larger

Over the past four years, Taranis has been exploring other targets at Thor that would provide additional avenues of growth. These targets are all going to be explored further in 2024, now that the company has been issued a five-year notice of work permit:

• The intrusive target (Elephant) -- a suspected intrusive body that may be mineralized that underlies the Thor deposit and has acted as the source of the Thor epithermal deposit. Many pieces of evidence support its existence, including geochemistry of rocks, alteration of metasedimentary host rocks and geophysics.
• A western portion of the Thor epithermal deposit that has been downfaulted west of the known deposit (Western Deeps) -- prospecting in 2023 discovered a large boulder field of epithermal material that is located uphill of the Thor epithermal deposit.
• A northern extent to the main Thor deposit (Thunder zone) that remains unexplored north of Thor's Ridge.

Epithermal mineralization

The table entitled "Thor mineral resource estimate" outlines the Thor updated MRE completed by P&E.

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 kilometres 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 persons

Exploration activities at Thor were overseen by Mr. Gardiner, PGeo, who is a qualified person under the meaning of Canadian National Instrument 43-101. Mr. Gardiner, PGeo, is a principal of John J. Gardiner & Associates LLC, which operates in British Columbia under firm permit No. 1002256.

The technical content in this news release has been reviewed and approved by independent qualified person Eugene Puritch, PEng, FEC, CET, president of P&E, which operates under EGBC permit to practice No. 1000275.

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