Mr. Greg Ferron reports

TREASURY METALS AND PLATINEX INC. COMPLETE CONSOLIDATION OF MINING PROPERTIES IN SHINING TREE DISTRICT, ONTARIO

Pursuant to the terms of the mining investment agreement dated July 15, 2020, between Treasury Metals Inc. and Treasury's wholly owned subsidiary, Goldeye Explorations Ltd., and Platinex Inc., the company has sold to Platinex an aggregate of 208 unpatented mining claims located in the Shining Tree district, Northern Ontario, and three net smelter royalties.

The mining claims total approximately 5,045 hectares (12,466 acres) and are located adjacent to Platinex's Shining Tree property. With this acquisition, Platinex has created the largest combined gold-focused property package in the Shining Tree district, Northern Ontario. The Shining Tree property is located on 21 kilometres of the Tyrrell-Ridout deformation zone which also hosts both Iamgold's Cote Lake gold deposit and Caldas Gold's Juby deposit.

In consideration for acquiring the mining claims and the royalties, Platinex issued to Treasury 12.5 million common shares of Platinex and five million non-transferable common share purchase warrants of Platinex. Each consideration warrant entitles Treasury to purchase one common share of Platinex at a price of five cents per share for a period of 24 months from the date of issue. If Treasury exercises the consideration warrants on or before Sept. 1, 2020, it will receive an additional non-transferable common share purchase warrant for each consideration warrant exercised. Each secondary warrant entitles the holder to purchase one common share of Platinex at a price of 20 cents per share for a period of 24 months from the date of the closing of the acquisition. The secondary warrants provide that Treasury shall not exercise the secondary warrants if such exercise would result in it owning 20 per cent or more of the issued and outstanding common shares of Platinex.

Greg Ferron, Treasury Metals' chief executive officer, stated that: "The consolidation of the two Shining Tree properties provides multiple benefits to both parties and gives Treasury's shareholders a toehold equity position in another exciting gold district in Ontario. We look forward to the exploration results and the significant wealth of knowledge Jim and his team have of this highly prospective exploration camp. The recent acquisition of the neighbouring Juby gold deposit by Caldas Gold demonstrates the increased activity in the district."

James R. Trusler, chairman of Platinex, stated: "The supportive relationship with Treasury Metals brings an extended marketing presence to advancing the Shining Tree property expeditiously. We look forward to being able to have access to more exploration funding to back exploration of the recently recognized 21-kilometre portion of the Ridout Tyrrell deformation zone and other high-potential prospects on the property."

The parties have agreed that the consideration shares will be placed in a voluntary escrow agreement, with 25 per cent (3,125,000 consideration shares) to be released on the 12-, 15-, 18- and 24-month anniversaries of the closing of the acquisition. Treasury has agreed to support and vote for the recommendations of Platinex management at all shareholder meetings of Platinex held the time that the consideration shares are held in escrow.

The royalties consist of a 100-per-cent interest in three royalty agreements, consisting of (i) a 2-per-cent net smelter royalty in respect of the Sonia-Puma property held by Minera Goldeye Chile Ltda.; (ii) a 1-per-cent net smelter royalty in respect of nine mineral claims forming part of the McFaulds Lake project held by AurCrest Resources Inc.; and (iii) a 2-per-cent net smelter royalty in respect of 29 mineral claims located in MacMurchy township, Ontario, held by Golden Harp Resources Inc.

The purchase agreement also provides Treasury with the right to appoint one nominee to the board of directors of Platinex.

About Treasury Metals Inc.

Treasury Metals is a gold-focused exploration and development company with assets in Canada and is listed on the Toronto Stock Exchange under the symbol TML and on the OTCQX Best Market under the symbol TSRMF.

We seek Safe Harbor.