About Treasury Metals

Treasury Metals Inc. (TSX-TML, OTCQX-TSRMF) is a gold-focused exploration and development company with assets in Canada. Treasury's Goliath Gold Complex, which includes the Goliath, Goldlund, and Miller deposits, is located in Northwestern Ontario and hosts a Measured and Indicated Mineral Resource of 2.1 million ounces, an Inferred Mineral Resource of 0.8 million ounces and a Mineral Reserve of 1.3 million ounces (Mineral Resources are inclusive of Mineral Reserves).

The deposits benefit substantially from direct access to the Trans-Canada Highway, related power and rail infrastructure, and close proximity to several communities including Dryden, Ontario. The Company also owns other projects throughout Ontario, including the grassroots gold exploration property Gold Rock and the Weebigee-Sandy Lake Gold Project JV.

Treasury Metals is committed to inclusive, informed, and meaningful dialogue with regional communities and Indigenous Nations throughout the life of all our projects and in all aspects, including creating sustainable economic opportunities, providing safe workplaces, enhancing social value, and promoting community well-being.


The Goliath Gold Complex is a 330 square kilometre property with more than 65 kilometres of strike length. The Project is located in the historic Wabigoon Greenstone belt in the Dryden-Sioux Lookout area and benefits from immediate access to developed world-class infrastructure and an available experienced workforce. The Company announced a Pre-Feasibility Study in February 2023, which shows a $336 million NPV, discounted at 5% and a 25.4% IRR.  It is a thirteen-year mine life project with total recovered ounces of approximately 1.2 million ounces of gold, approximately 109k ounces per year of gold for the first nine years with an initial capital of approximately $335 million, and a healthy payback of 2.8 years on an after-tax basis.  


A gold exploration and development company that has acquired one of the largest contiguous land packages in Northwestern Ontario, Treasury Metals is well-positioned to become one of Canada’s next producing gold mines.  An opportunity to invest at a relatively low capitalization while the Company trades at a significant discount to gold developer peers.

The Goliath Gold Complex has exceptional characteristics such as; direct access to world-class infrastructure such as hydro, natural gas, CP Rail and the Trans-Canada Highway; experienced and available workforce from the nearby towns of Dryden and Sioux Lookout; positive Environmental Assessment received for Goliath Project and accelerated co-development of the Goliath and Goldlund deposits (historical producer); and the potential to continue resource expansion in parallel with development over the property package. 

Treasury Metals published a Pre- Feasibility Study in February 2023 on the project indicating a robust post-tax IRR of 25.4% and a post-tax NPV of $336 million at a US$1,750 gold price, discounted at 5% with leverage to higher gold prices. The Company will initiate optimization studies in advance of a Feasibility Study and continue provincial permitting activities and agreements with impacted indigenous communities. 


In April 2022, the Company announced a US$20 million royalty transaction with Sprott Resource Streaming and Royalty Corp. The transaction was completed at a significant premium to the trading multiple and provides the company with funding to progress the Project through the pre-feasibility and feasibility stages.


The PFS announced in February 2023, posts an initial Proven and Probable Mineral Reserve for the Project of an estimated 30.3 million tonnes at an average grade of 1.3 g/t Au for 1.3 million ounces.

In April 2022, the Company announced an updated Mineral Resource Estimate for the Goliath Gold Complex that showed a 9% increase in Measured and Indicated Mineral Resources to more than 2.1 million ounces of gold and a 48% increase in Inferred Mineral Resources to more than 780,000 ounces of gold. In 2022, Treasury Metals committed to growing the Mineral Resource with the addition and conversion of tonnes and ounces through the 2021 drill program and geological modeling, which the team delivered on. 

Exploration in 2023 will continue to be focused on testing new exploration targets. Fieldwork had begun on newly identified targets on both the Goliath and Goldlund properties. The Geology team has been working with Mira Geoscience on a detailed investigation of the Archean lode gold style targets at both the Fold Nose and Interlakes targets. The Far East target is a high priority follow up with characteristics very similar to the Goliath Deposit.

The Company intends to continue exploration activities on the Goliath Gold Complex and our 330 sq km land package through 2023 and beyond. Building on the discoveries at Caracal and Ocelot that the geology team made earlier last year; Treasury Metals expects to continue to grow our multi-million-ounce deposit along our 65 km strike length.


Treasury Metals Inc. has an experienced management and technical team that has taken mining projects from the exploration phase through studies, permitting, consultations and construction into operations. The management team is working to mitigating the inherent risks of the project, whether they be Company specific, or in general to other development stage mining companies that have yet to record revenues or declare commercial production at their operations.  Some of these general market risks include but are not limited to; relationships with impacted Indigenous communities, access to skilled labour, inflationary pressures on costs, changes in foreign exchange rates, access to capital to fund operations and commodity price fluctuations. 

Although the Company’s activities are directed towards the development of mineral deposits, its activities also include the exploration for and development of mineral deposits. The exploration for and development of mineral deposits involves risks. While the discovery of an ore body may result in substantial rewards, major expenses will be required to locate and establish mineral reserves, to develop metallurgical processes and to construct mining and processing facilities.

Furthermore, the Company is subject to extensive environmental legislation and the costs of complying with these regulations. Changes in environmental legislation could increase the costs of complying with applicable regulations.

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