Treasury Metals Inc. (TSX: TML) (OTCQX: TSRMF) is pleased to announce that it has closed its previously announced non-brokered private placement, raising gross proceeds of approximately $1.41 million through the issuance of 3.11 million common shares at a price of $0.452 per FT Share which qualify as “flow-through shares” with respect to “Canadian exploration expenses” within the meaning of the Income Tax Act (Canada).

The gross proceeds raised from the Offering will be used by the Company to fund exploration programs related to the Company’s projects that qualify as “Canadian exploration expenses” and “flow-through mining expenditures” (as those terms are defined in the ITA). All Qualifying Expenditures will be renounced in favour of the subscribers of the FT Shares effective no later than December 31, 2023.

The Offering is subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including the approval of the Toronto Stock Exchange and any applicable securities regulatory authorities. All securities issued in connection with the Offering will be subject to a four-month and one day hold period in accordance with applicable Canadian securities laws.

This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities to be offered have not been and will not be registered under the United States Securities Act of 1933, as amended, U.S. Securities Act or under any U.S. state securities laws, and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons, absent registration or an applicable exemption from the registration requirements of the U.S. Securities Act and applicable state securities laws.

About Treasury Metals Inc.

Treasury Metals Inc. is a gold-focused company with assets in Canada. Treasury’s Goliath Gold Complex, which includes the Goliath, Goldlund and Miller deposits, is located in Northwestern Ontario. The deposits benefit substantially from excellent access to the Trans-Canada Highway, related power and rail infrastructure and close proximity to several communities, including Dryden, Ontario. The Company also owns several other projects throughout Canada, including the Weebigee-Sandy Lake Gold Project JV, and grassroots gold exploration property Gold Rock. Treasury is committed to inclusive, informed and meaningful dialogue with regional communities and Indigenous Nations throughout the life of all our Projects and on all aspects, including creating sustainable economic opportunities, providing safe workplaces, enhancing of social value and promoting community well-being.