Mr. John Gardiner reports

TARANIS INITIATES DRILLING THE INTRUSIVE TARGET AT THOR AND ANNOUNCES GRANTING OF INCENTIVE STOCK OPTIONS

Taranis Resources Inc. is providing an update on exploration activities at Thor. All of the 2025 exploration drilling is being directed in an area southeast of the Thor epithermal deposit and is aimed at discovery of an intrusive body.

Recent investigations of the intrusive target

In 2024, Taranis completed deep exploration holes from the top of Broadview Mountain targeting two airborne geophysical anomalies. This area is one kilometre southeast of the Broadview mine, and, despite the lack of historic mines in this area, recent exploration work has shown it to have extensive propylitic alteration characteristic of the outer margins of a porphyry-type environment. This alteration forms two concentric dike-like bodies (I-2 east and west) that encapsulate a deeply buried central resistivity anomaly (I-1).

The I-2 features are the youngest geological units at Thor and cut the Thor epithermal deposit at depth. Both I-2, the epithermal deposit, and I-1 are undeformed late-stage features superimposed on the highly folded host rocks that are part of the Silver Cup anti-cline. The mineralogy of I-2 is primarily albite, garnet, amphibole, chlorite, quartz and magnetite.

The intrusive target at Thor has two parts associated with it: an upper elongate portion referred to as Z-900/1300 that occurs between 900 and 1,300 metres above sea level, and a deeper circular resistive feature called I-1 that is found below 900 m above sea level to at least zero m above sea level. The composite resistivity anomaly presence is manifested at surface; however, the most obvious is a large hill overlying the hard and resistive rocks associated with the composite resistivity feature. Other important exploration criteria include the bracketing of the feature by widespread propylitic alteration and the presence of mineralogy characteristic of contact-related alteration, including albite, ludwigite and hornfels.

Geochemical gold, arsenic and zinc associated with I-1 and tungsten tin enrichment

In 2024, Taranis was able to identify wide zones (up to 53 m) of geochemical gold, arsenic and zinc mineralization beneath I-2 and west of the I-1 resistivity anomaly in drill holes Thor-246, Thor-247 and Thor-248 (Taranis news release dated Feb. 25, 2025). As neither the Z-900/1300, nor the I-1 resistivity anomaly was intersected in this drilling, the main intrusive target at Thor remains untested and is the focus of the 2025 exploration drilling. Geochemical levels of gold, arsenic and zinc occur in a phyllic alteration zone, characterized by the presence of muscovite (fuchsite), carbonate, albite and quartz. These rocks are fine-grained, non-foliated and are interpreted to be distal edges of a sodic-calcic intrusive body (I-1). Quantitative alteration studies (Gresen method) show that the rocks have had mass addition of tin and tungsten, and this would be consistent with intrusive-related hydrothermal alteration. Drilling from the main access road at Thor will allow Taranis to fully evaluate the I-1 and Z-900-1300 target this summer.

Granting of incentive stock options

Taranis also announces that it has granted incentive stock options to its directors and officers, entitling them to purchase up to a total of two million shares at a price of 26 cents per share for a period of five years.

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 the principal of John J. Gardiner & Associates LLC, which operates in British Columbia under firm permit No. 1002256. Mr. Gardiner is the president and chief executive officer of Taranis, and has reviewed and approved the comments contained within this news release.

Taranis currently has 100,348,794 shares issued and outstanding (113,827,227 shares on a fully diluted basis).

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