Treasury Metals Announces Filing of 2023 Annual Disclosure Documents and Provides a Corporate Update

TORONTO, March 22, 2024 (GLOBE NEWSWIRE) -- Treasury Metals Inc. (TSX: TML; OTCQX: TSRMF) (“Treasury” or the “Company”) is pleased to announce the filing of its annual financial statements, management's discussion and analysis and annual information form (together, the "Annual Filings") for the year ended December 31, 2023.

Copies of the Annual Filings, which include information regarding the Company's financial position, operations and projects for the fiscal year, are available under the Company's profile at www.sedarplus.ca, and are also posted on the Company’s website at www.treasurymetals.com.

Jeremy Wyeth, President and CEO, stated: “2023 was a progressive year for the Company and our team, which managed to accomplish several milestones in the development of our projects, including successfully completing a prefeasibility study for the Goliath Gold Complex which demonstrated a robust base case assessment for developing the Goliath Gold Complex as an open pit and underground mining operation, with significant leverage to higher commodity prices. Our focus for 2024 will be towards the continued advancement of the Goliath Gold Complex, through the advancement of permitting and community consultations, with the goal to pursue additional value enhancement opportunities.”

2023 Corporate Highlights

• Completed a Prefeasibility Study for the Goliath Gold Complex showing that the Goliath Gold Complex contains an economic mineral resource that has been converted to a mineral reserve through application of prefeasibility levels of engineering design and project costing. The project generates free cashflow (unlevered post-tax net present value at a 5% discount rate of $336 million) and return on investment (post-tax unlevered internal rate of return of 25.4%) at current estimates of cost and revenue and carries an acceptable level of risk.
• Completed two non-brokered private placements, in June and December 2023, respectively, raising gross proceeds of more than $5.5 million.
• Successfully negotiated a sixth amendment to the existing Convertible Debt with Extract Lending LLC and Extract Capital Master Fund Ltd., resulting in the extension of the maturity date of the Convertible Debt to June 30, 2026 (previously June 30, 2023) at a lower fixed interest rate of 9.75% per annum (previously a 12-month LIBOR (minimum of 200 basis points) plus 6.50%).

Additional details on these corporate highlights can be found in the Annual Filings.