Treasury Metals : Corporate Presentation March 2024

TSX. TML

www.treasurymetals.com

Corporate Presentation March 2024

Developing the Goliath Gold Complex in Northwestern Ontario

Cautionary Statements

Cautionary Statement Regarding Forward-Looking Information

This presentation contains certain "forward-looking information" and "forward-looking statements" (collectively, forward-looking statements") within the meaning of Canadian and United States securities legislation that is based on expectations, estimates, projections and interpretations as at the date of this presentation. Any statement that involves predictions, expectations, interpretations, beliefs, plans, projections, objectives, assumptions, future events or performance (often, but not always, using phrases such as "expects", or "does not expect", "is expected", "interpreted", "management's view", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "potential", "feasibility", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information and are intended to identify forward-looking information.

This presentation contains the forward-looking information pertaining to, among other things: the pre-feasibility study ("the "PFS") providing a robust base case assessment for developing the Goliath Gold Complex ("GGC") as an open pit and underground mining operations; the results of the engineering work being undertaken on the project; reliance on third-parties for infrastructure, including power lines the timing and progress of the mine permitting process; the results of the PFS, including NPV, IRR, production, tax-free cash flows, capex, AISC, milling operations, average recovery; completion of value engineering and a Feasibility Study; job creation; the key assumptions, parameters and methods used to estimate the mineral resource estimate relating to the PFS; the prospects of GGC being a highly- profitable gold mine; the ability of the Company to obtain project financing (if at all); the prospects, if any, of the GGC gold deposit; timing and ability of the Company to file a technical report for the PFS disclosed in this presentation; the trend of grade increase; expansion of the deposit; the exploration potential across the Company's 330 square-km land package and the results of future exploration activities thereon; expectations regarding the Company's ability to expand its resource in parallel with development; the approach to permitting that will be taken by the Company with respect to the GGC and the timing of receiving all necessary permits; expectations regarding future work anticipated to be completed on the GGC, including, without limitation, trade-off and optimization studies, baseline environmental work, exploration drilling and other critical studies and the anticipated timing thereof; upgrading an inferred mineral resource to a measured mineral resource or indicated mineral resource category; future drilling at GGC; potential project timeline and next steps summarized in this presentation; the significance of historic exploration activities and results. Such factors include, among others, risks relating to the ability of exploration activities (including drill results) to accurately predict mineralization; the timing and ability, if at all, to obtain permits; the PFS' reliance on third-parties for infrastructure critical to build and operate the project, including power lines; our ability to obtain power for the project, if at all or on terms economic to the Company; the status of third-party approvals or consents; errors in management's geological modelling; the ability of the Company to complete further exploration activities, including (infill) drilling; property and royalty interests in the GGC; the ability of the Company to obtain required approvals; the results of exploration activities; risks relating to mining activities; the United States/Canadian dollar exchange rate; the global economic climate; metal (including gold) prices; dilution; environmental risks; community and non-governmental actions and the additional risks described in the Company's Annual Information Form for the year ended December 31, 2022 filed with the Canadian securities regulatory authorities under the Company's SEDAR profile at www.sedar.com. Although the forward-looking information contained in this presentation is based upon what management believes, or believed at the time, to be reasonable assumptions, the Company cannot assure shareholders and prospective purchasers of securities of the Company that actual results will be consistent with such forward-looking information, as there may be other factors that cause results not to be as anticipated, estimated or intended, and neither the Company nor any other person assumes responsibility for the accuracy and completeness of any such forward-looking information. The Company does not undertake, and assumes no obligation, to update or revise any such forward-looking statements or forward-looking information contained herein to reflect new events or circumstances, except as may be required by law.

Unless otherwise noted, this Presentation has been prepared based on technical information available as of March 27, 2023.

Cautionary Statement regarding Mineral Resource and Mineral Reserve Estimates

This Presentation uses the terms measured, indicated, and inferred mineral resources as a relative measure of the level of confidence in the mineral resource and reserve estimates. Readers are cautioned that mineral resources are not mineral reserves and that the economic viability of resources that are not mineral reserves has not been demonstrated. The mineral resource estimate disclosed in this Presentation may be materially affected by geology, environmental, permitting, legal, title, socio-political, marketing or other relevant issues. It cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to an indicated or measured mineral resource category, however, it is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration. The mineral resource estimate is classified in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum's "CIM Definition Standards on Mineral Resources and Mineral Reserves" incorporated by reference into Canadian National Instrument 43-101 - Standards for Disclosure of Mineral Projects (NI 43-101). Under NI 43-101, estimates of inferred mineral resources may not form the basis of feasibility or pre-feasibility studies or economic studies except for preliminary economic assessments. Readers are cautioned not to assume that further work on the stated resources will lead to mineral reserves that can be mined economically.

Cautionary Statements

Technical Information in Presentation

Unless otherwise indicated, Treasury Metals has prepared the technical information in this presentation, including mineral resource and mineral reserve estimates, based on information contained in the prefeasibility study ("PFS") for the Goliath Gold Complex, prepared in accordance with NI 43-101, entitled "Goliath Gold Complex - NI 43-101 Technical Report and Prefeasibility Study" dated March 27, 2023 with an effective date of February 22, 2023, led by independent consultants Ausenco Engineering Canada Inc. For readers to fully understand the information in this presentation, they should read the Technical Report in its entirety, including all qualifications, assumptions and exclusions that relate to the PFS. The Technical Report is intended to be read as a whole, and sections should not be read or relied upon out of context.

The Technical Report is available under the Company's issuer profile on SEDAR at www.sedar.com, on the OTCQX at www.otcmarkets.com and on the Company website at www.treasurymetals.com.

The independent PFS summarized herein was developed by Ausenco Engineering Canada Inc. with collaboration from SRK Consulting (Canada) Inc., SLR Consulting (Canada) Ltd., Minnow Environmental Inc., WSP Canada Inc. and Stantec Inc. These firms provided mineral resource and mineral reserve estimates, design parameters and cost estimates for mine operations, process facilities, waste and tailings storage, permitting, reclamation, equipment selection and operating and capital expenditures.

Non-IFRS Measures

In this presentation we use the terms "cash operating cost", "All-In Sustaining Cost" or "AISC", "free cash flow" and "earnings before interest, taxes, depreciation and amortization" or "EBITDA". These should be considered non-IFRS financial measures as defined in applicable Canadian securities laws and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS.

Cash Costs and Cash Costs Per Ounce - Cash Costs are reflective of the cost of production. Cash Cost reported in the PFS include mining costs, processing & water treatment costs, general and administrative costs of the mine, off-site costs, refining costs, transportation costs and royalties. Cash Costs per Ounce is calculated as Cash Costs divided by payable gold ounces.

All-inSustaining Costs and All-inSustaining Cost Per Ounce - AISC is reflective of all of the expenditures that are required to produce an ounce of gold from operations. AISC reported in the PFS includes cash costs, sustaining capital, expansion capital and closure costs, but excludes corporate general and administrative costs and salvage. AISC per Ounce is calculated as AISC divided by payable gold ounces.

Free Cash Flow - FCF deducts capital expenditures from net cash provided by operating activities. Management believes this to be a useful indicator of our ability to operate without reliance on additional borrowing or usage of existing cash. Free cash flow is intended to provide additional information only and does not have any standardized definition under IFRS and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. The measure is not necessarily indicative of operating profit or cash flow from operations as determined under IFRS. Other companies may calculate this measure differently.

Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) - EBITDA excludes from net earnings, income tax expense, financing costs, finance income and depreciation. Management believes that EBITDA is a valuable indicator of our ability to generate income by producing operating cash flow to fund working capital needs, service debt obligations, and fund capital expenditures. Management uses EBITDA for this purpose.

Currency

All currencies are reported in Canadian dollars unless otherwise specified.

Qualified Person

The scientific and technical information in this presentation has been reviewed and approved by Adam Larsen, P. Geo., who is a "Qualified Persons" as defined under NI 43-101.

Why Treasury? Developing Ontario's Next Gold Mine

Construction and Development Focused Senior Management Team

Northwestern Ontario - More Than 60M Oz of Historical Production

0.5Koz Au Proven &

1.3Moz Au

Probable Reserves

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Treasury Metals Properties - Location

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World Class Infrastructure at our Doorstep

• Direct access to infrastructure at project property, including;
• • Trans-CanadaHighway
  • Ontario Provincial Highway 72
  • CP Rail
  • Hydro
  • Natural gas
• Ready access to experienced and available workforce in Dryden and Sioux Lookout
• Environmental Assessment Approval received for Goliath Project
• • Potential co-development opportunity at Goldlund as a past producer

PFS Highlights

Compelling project at base case economics with critical mass and upside potential