An anonymous director reports

TREASURY METALS RECEIVES SHAREHOLDER APPROVAL FOR ACQUISITION OF GOLDLUND PROJECT

Treasury Metals Inc. shareholders approved all items of business brought before them at the company's annual and special meeting of shareholders held today, including overwhelmingly in respect of the previously announced share purchase agreement with First Mining Gold Corp., pursuant to which Treasury will acquire all of the issued and outstanding shares of Tamaka Gold Corp., a wholly owned subsidiary of First Mining that owns a 100-per-cent interest in the Goldlund gold project, located adjacent to Treasury's Goliath gold project in Northwestern Ontario.

A total of 62,730,700 common shares of the company were represented at the meeting. Shareholders voted in favour of all matters brought before the meeting.

The closing of the transaction is scheduled to occur on Aug. 7, 2020, and is subject to the satisfaction or waiver of conditions specified in the agreement, the receipt of regulatory approvals, including the approval of the Toronto Stock Exchange, and other customary closing conditions.

Share consolidation

The company also received shareholder approval to complete its previously announced consolidation of its common shares on the basis of three common shares for one common share. The consolidation will be effective as at Aug. 11, 2020, and the common shares will begin trading on a postconsolidation basis on the TSX that same day under Cusip No. 894647825 (ISIN CA8946478259). The company's ticker symbol, TML, will remain the same, as well as TSRMF on the OTCQB.

A letter of transmittal with respect to the consolidation was mailed to the company's registered shareholders with the circular. All registered shareholders will be required to send their certificate(s) representing preconsolidation common shares, along with a properly executed letter, to the company's registrar and transfer agent, TSX Trust Company, in accordance with the instructions provided in the letter. Shareholders who hold their common shares through a broker, investment dealer, bank or trust company should contact that nominee or intermediary for their postconsolidation positions. The transfer agent will forward to each registered shareholder who has sent the properly completed letter a new common share certificate representing the number of postconsolidation common shares to which the registered shareholder is entitled. Until surrendered, each common share certificate representing preconsolidation common shares will be deemed for all purposes to represent the number of whole postconsolidation common shares to which the holder is entitled as a result of the consolidation. A copy of the letter is posted under the company's profile on SEDAR and at the company's website.

Voting results

The formal report on voting results with respect to all matters voted upon at the meeting has been filed on SEDAR.

About Treasury Metals Inc.

Treasury Metals is a gold-focused company with assets in Canada. Treasury's flagship Goliath gold project and Goldlund gold project are located in Northwestern Ontario. The gold projects benefit substantially from: excellent access to the Trans-Canada Highway; related power and rail infrastructure; and close proximity to several communities, including Dryden, Ont. Treasury plans on the initial development of an open-pit gold mine, with subsequent underground operations. The company also owns several other projects throughout Canada, including: the Lara polymetallic project; the Weebigee gold project; and the Gold Rock/Thunder Cloud grassroots gold exploration properties.

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