Advancing the Goliath Gold Complex in an Emerging Gold District in Northwestern Ontario - TSX. TML

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Advancing the Goliath Gold Complex in an Emerging Gold District in Northwestern Ontario - TSX. TML
TSX. TML
www.treasurymetals.com

                                        January 2021

       Advancing the Goliath Gold Complex in an
     Emerging Gold District in Northwestern Ontario
Advancing the Goliath Gold Complex in an Emerging Gold District in Northwestern Ontario - TSX. TML
Forward Looking Statements
This presentation contains information and projections that constitute forward-looking information under applicable securities laws. Such forward-looking information
includes, without limitation, statements based on current expectations involving a number of risks and uncertainties and is not a guarantee of future performance of the
Corporation. These risks and uncertainties could cause actual results and the Corporation’s plans and objectives to differ materially from those expressed in such
forward-looking information. Actual results and future events could differ materially from anticipated in such information. These and all subsequent written and oral
forward-looking information are based on estimates and opinions of management on the dates they are made and expressly qualified in their entirety by this notice.
The Corporation assumes no obligation to update forward-looking information should circumstances or management’s estimates or opinions change, except as
required by law. Forward-looking information in this presentation includes, but is not limited to statements regarding: the Corporation’s ability to successfully co-develop
the Goldlund Gold Project with the Goliath Gold Project; the existence of operational synergies between the Goldlund Gold Project and the Goliath Gold Project and
the ability of the Corporation to take advantage of such synergies through the use of a hub and spoke model or at all; the anticipated timing of the development of
the Corporation’s Goldlund Gold Project and Goliath Gold Project and the means by which such projects are expected to be developed; the potential mineralization
on the Corporation’s exploration properties; key catalysts for the Corporation in 2021 and the ability of the Corporation to capitalize on such catalysts; the effect that
the acquisition of the Goldlund Gold Project has had on the visibility and positioning of the Corporation amongst its industry peers.

These statements reflect the Corporation’s current views with respect to future events and are necessarily based upon a number of assumptions and estimates that,
while considered reasonable by the Corporation, are inherently subject to significant business, economic, competitive, political and social uncertainties and
contingencies. Many factors, both known and unknown, could cause actual results, performance or achievements to be materially different from the results,
performance or achievements that are or may be expressed or implied by the forward-looking statements contained in this presentation and the Corporation has
made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation, that: mineral reserve and mineral resource
figures pertaining to the Goliath Gold Project and the Goldlund Gold Project are only estimates and are subject to revision based on developing information; the
Corporation may not be able to develop the Goliath Gold Project, the Goldlund Gold Project or any other exploration property as currently contemplated or at all; the
Corporation may not realize any of the expected benefits related to its acquisition of the Goldlund Gold Project; the Corporation may face delays in connection with
the development of the Goliath Gold Project, the Goldlund Gold Project or any other exploration property; there is no guarantee that the Corporation will be able to
capitalize on operational synergies between the Goliath Gold Project and the Goldlund Gold Project; there is no guarantee that the Corporation will be able to obtain
all necessary permitting for the contemplated development of its exploration properties; the integration of Goldlund Gold Project with the Corporation’s existing
properties may not occur as planned, the Corporation may be subject to significant capital requirements and operating risks associated with Goldlund Gold Project;
and such additional risks listed under the heading “Risk Factors” in the Corporation’s Annual Information Form dated March 27, 2020. Should one or more of these risks or
uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results, performance or achievements could vary
materially from those expressed or implied by the forward-looking statements contained herein.

The preliminary economic assessment (“PEA”) announced on Goliath Gold Project on March 8, 2017, is now considered to be historic and is not to be relied upon. In
addition, the PEA is preliminary in nature and includes inferred mineral resources that are considered too speculative geologically to have the economic considerations
applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the preliminary economic assessment will be realized.
Mineral resources that are not mineral reserves do not have demonstrated economic viability.

The 3D mine operation renderings within this presentation are for illustrative purposes. Images by Cicada Design Inc. were created for Treasury Metals Inc. and are
based on design elements from Goliath Gold Project technical studies.

The scientific and technical information in this presentation has been reviewed and approved by Mark Wheeler, P. Eng., and Adam Larsen, P. Geo., who are both
“Qualified Persons” as defined under National Instrument 43-101 Standards of Disclosure for Minerals Projects (“NI 43-101”).

     2                         www.treasurymetals.com | TSX. TML
Advancing the Goliath Gold Complex in an Emerging Gold District in Northwestern Ontario - TSX. TML
Why Treasury? Developing Ontario’s Next Gold Mine

     Advancing Goliath Gold Complex to PEA in Q1 2021                         Weebigee-
     Combined gold resources of 2.0 million ounces M&I                        Sandy Lake
     and 1.1 million ounces Inferred                                        49% TREASURY

     Project near existing infrastructure in Northwestern
     Ontario in one of world’s best jurisdictions

     Key federal environmental approvals in hand at
     Goliath

     Significant exploration potential along strike at both                                GOLIATH GOLD
     properties                                                                              COMPLEX
                                                                                            2.0M oz AuEq M+I
                                                                                            1.1M oz AuEq Inf.

     “Hub and spoke” model supports proven regional hub
     strategy                                                                              Gold Rock
                                                                                           TREASURY

     Development and construction focused CEO with
     strong board of directors                                            Ottawa
                                                              ONTARIO   Toronto

 3                www.treasurymetals.com | TSX. TML
Advancing the Goliath Gold Complex in an Emerging Gold District in Northwestern Ontario - TSX. TML
Strong Management and Board

                                                                                                   Management
                                                                                                   and Investors at
                                                                                                   the Goliath Gold
                                                                                                   Project

• Jeremy Wyeth | President & CEO
  – 35 years of diverse international development and operating experience; Led construction of   Board of Directors
    Victor mine
                                                                                                  Bill Fisher
• Dennis Gibson, CPA | CFO                                                                        Chairman
  – Over 30 years experience in senior financial roles at public mining companies
                                                                                                  Frazer Bourchier
                                                                                                  Director
• Mark Wheeler, P.Eng, MBA | Director, Projects
  – 15 years increasingly senior mining operations and development experience including last 8    Marc Henderson
    years at Treasury                                                                             Director

• Adam Larsen, P.Geo | Exploration Manager                                                        David Whittle
                                                                                                  Director
  – 10 years increasingly senior exploration geology experience focused on gold projects in
    Ontario                                                                                       Dan Wilton
                                                                                                  Director
• Mac Potter | Environmental and Community Manager
                                                                                                  Flora Wood
  – 9 years increasingly senior experience focused on advancing Treasury Metals’ projects         Director

• Mackenzie Denyes, PhD, P.Geo, QPRA | Manager of Regulatory Affairs                              Christophe Vereecke
  – Most recently a Senior Environmental Scientist at Wood responsible for environmental          Director
    management and approvals. Also an Assistant Professor at Queens University

       4                  www.treasurymetals.com | TSX. TML
Advancing the Goliath Gold Complex in an Emerging Gold District in Northwestern Ontario - TSX. TML
Treasury Metals: A Significant Regional Player with Critical Mass
Treasury’s goal is to advance the Goliath Gold Complex to a construction decision by the
end of 2023

Goliath Gold Complex, consisting of
Goliath and Goldlund, within
Wabigoon Greenstone Belt
• Environmental Approval at Goliath -
  accelerated co-development of
  Goliath and Goldlund
• Nearby town of Dryden (population
  10,000) with an experienced and
  available workforce
• World-class infrastructure includes
  hydro power, natural gas, CP Rail
  and the Trans-Canada Highway
• Extensive prospective strike length
  at both properties, with strong
  potential to continue resource
  expansion in parallel with
  development;
• Established district surrounded by
  Tier 1 and Tier 2 mines

  5              www.treasurymetals.com | TSX. TML
Advancing the Goliath Gold Complex in an Emerging Gold District in Northwestern Ontario - TSX. TML
Goliath Gold
        Complex
Hub and Spoke-style Gold Development
          Project in Ontario

                                       3D rendering of proposed Goliath mine operation
                                       For illustrative purposes.

                                       Images by Cicada Design Inc. are based on design elements from
                                       Goliath Gold Project technical studies.
Advancing the Goliath Gold Complex in an Emerging Gold District in Northwestern Ontario - TSX. TML
Goliath Gold Complex
Multi-Million oz. Gold Project in Northwestern Ontario

            August 2020 - Consolidation of two advanced gold projects
            slated for co-development in infrastructure-rich Northwestern
            Ontario                                                                                             Goliath (50 km2)
                                                                                                                OPEN PIT & UNDERGROUND

            Combined 2.0 Million oz Au (Measured and Indicated) & 1.1 Million                                   Measured & Indicated:
            oz Au (Inferred), one of the largest undeveloped gold assets in                                     1.23 Moz @ 2.36 g/t AuEq
            Canada                                                                                              Inferred:
                                                                                                                0.23 Moz @ 3.51 g/t AuEq

            First combined Preliminary Economic Assessment in Q1 2021 will lay
            out operational synergies, with mill at the Goliath site and Goldlund                                       Goldlund (280 km2)
            located 25 km away                                                                                          OPEN PIT
                                                                                                                        Measured & Indicated:
                                                                                                                        0.81 Moz @ 1.96 g/t Au
            Metallurgical properties consistent between Goliath and Goldlund                                            Inferred:
            deposits, potential for simplified flowsheet                                                                0.88 Moz @ 1.49 g/t Au

            Transformative acquisition increases scale enhancing investor
            visibility and positioning amongst peers, plus a broadened
            shareholder base
                                                                                                                     ONTARIO

            Goliath’s mine and mill site has Federal Environmental Assessment
                                                                                                                   Thunder Bay
            (“EA”) approval - provincial permits are advancing
                                                                                                                                           Ottawa

                                                                                                                                     Toronto
  Note: See slides that follow for further NI 43-101 resource details and disclosure for Goliath and Goldlund

  7                             www.treasurymetals.com | TSX. TML
Advancing the Goliath Gold Complex in an Emerging Gold District in Northwestern Ontario - TSX. TML
Goliath Deposit: Federally Approved Mine & Processing Plant
                1,500 metres of strike length

                                                                                                                    General
                                                                                                                   Extents of
                                                                                                                    Drilling
                                               MAIN
                                               WEST

                                                                                            MAIN     MAIN
                                                                 C                                   EAST
       500m                                                                                CENTRAL            C ZONE EAST
                                                               ZONE
  depth from                                                   CENTR                                        RESOURCE TARGET
     surface                                                    AL

    Additional
     Potential
      >1000m
       depth
                                              Area for Potential Target Generation - Open at Depth and East/West
                                                       Limited to No Drilling Surrounding Current Resource

• Federal Environmental Approval (EA)
• M&I: 1,230,000 oz AuEq (16.2Mt @ 2.36 g/t AuEq)
• Inferred: 227,000 oz AuEq (2.0Mt @ 3.51 g/t AuEq)
• Excellent infrastructure
• 2017 PEA completed on Goliath standalone
• Significant subsequent work to PFS level, included in upcoming PEA
 Note: See slides that follow for further NI 43-101 resource details and disclosure for Goliath

          8                             www.treasurymetals.com | TSX. TML
Advancing the Goliath Gold Complex in an Emerging Gold District in Northwestern Ontario - TSX. TML
Goldlund Deposit: ~25km from Goliath mill site1; adds “Critical Mass”
to Project
                                                   Block Model Au Grades (WSP,
                                                   2019)

                                                           Pit Shells

                                                                                                                          Zone 4

                                                                                                                                                Zone 1
                                                                                                Zone 2

                                                                                                                                     Zone 5

                                                                                 Zone 3                                            Zone 8

                                                                                                         Zone 7

                                                                                                NI 43-101 Resource Estimate (2019)
                                                                                                                   Grade               Contained
                                                                                              Tonnes
                                                                                                                  (g/t Au)              (oz Au)

                                                                                 Indicated   12,860,000            1.96                     809,200

                                                                                 Inferred    18,362,000            1.49                     876,954

• Resources identified to date in multiple parallel zones with current drilling focused on gap
  infill, resource upgrade and expansion potential within the broader Goldlund property which
  has a strike length of over 50km
• Open at depth below existing resources with current drilling limited to a vertical depth of
  200-400m
1. 25km in a straight line; approx. 35km by road

      9                            www.treasurymetals.com | TSX. TML
Advancing the Goliath Gold Complex in an Emerging Gold District in Northwestern Ontario - TSX. TML
Potential Project Timeline and Next Steps
   Goliath Gold Complex

                                                                                                                Construction
                  Exploration,                                            Development,
                                                                                                                  Towards
                   Permitting                                              Exploration
                                                                                                                 Production

           2020                              2021                             2022                           2023+
• Regional consolidation          • PEA targeted for                • Advanced economic            • Construction Decision at
  through acquisition of the        completion in Q1                  studies at Goliath Gold        Goliath – H2 2023
  Goldlund Gold Project                                               Complex
                                  • Miller maiden resource to                                      • Completion of permitting
• Initiated Goldlund and            be part of PEA                  • Final engineering design       at Goldlund – Mid 2024
  Miller environmental                                                for both projects
  baseline work                   • Expansion and infill drilling                                  • Future combined Goliath
                                    at Goldlund                     • Advance project                + Goldlund production –
• Updated resource and                                                financing initiatives          Mid 2025
  engineering work                • Continuation of Provincial
  ongoing, including                construction permitting at      • Continuation of Provincial   • Continued exploration
  incorporation of Goldlund         Goliath; initiation of            construction permitting at     and development of
  into new co-development           expedited permitting at           Goldlund                       regional target to extend
  economic study                    Goldlund                                                         mine life at both projects
                                                                    • Continued First Nations
• Continued Goliath               • Continue with regional            engagement
  Provincial construction           exploration initiatives
  permits following
  completed Federal               • Evaluate project financing
  Approvals                         alternatives

• Continued First Nations         • IBA negotiations
  engagement

      10                    www.treasurymetals.com | TSX. TML
‘Hub & Spoke’ Model (Atlantic Gold Case Study)
 Combined projects share attributes with Atlantic Gold’s successful regional hub and spoke strategy
 (Atlantic Gold was acquired by St. Barbara in 2019 for ~$800M)

  Targeting district
  wide, multi-phase
  development
  growth

                                                                                       Atlantic Gold                                                            Treasury Metals
                                                                      195 km2 Land Package, Nova Scotia                                                330 km2 Land Package, Ontario
                                                             DEPOSIT                   RESOURCES                  DISTANCE TO HUB           DEPOSIT               RESOURCES             DISTANCE TO HUB

                                                                                       M&I: 0.28 Moz Au                                                           M&I: 0.57 Moz Au
            Initial Production Source (Hub)                  Touquoy (63.5%)
                                                                                       Inf: 0.05 Moz Au
                                                                                                                  0 km                      Goliath Open Pit
                                                                                                                                                                  Inf: 0.02 Moz Au
                                                                                                                                                                                        0 km

                                                                                       M&I: 0.68 Moz Au                                     Goliath               M&I: 0.62 Moz Au
                  Second Phase Production                    Fifteen Mile
                                                                                       Inf: 0.08 Moz Au
                                                                                                                  57 km                     Underground           Inf: 0.20 Moz Au
                                                                                                                                                                                        0 km

                                                                                       M&I: 0.39 Moz Au                                     Goldlund Main         M&I: 0.81 Moz Au
                       Third Phase Production                Beaver Dam
                                                                                       Inf: 0.05 Moz Au
                                                                                                                  37 km                     Open Pit              Inf: 0.88 Moz Au
                                                                                                                                                                                        25 km

                                                                                       M&I: 0.61Moz Au                                                            Maiden resource
                    Fourth Phase Production                  Cochrane Hill
                                                                                       Inf: 0.07Moz Au
                                                                                                                  80 km                     Miller Prospect
                                                                                                                                                                  target 2021
                                                                                                                                                                                        35 km

            Regional Exploration Potential                             45 km ‘corridor’ regional exploration targets                         Multiple high-priority exploration targets along 65 km strike

Source: Historic public disclosure from Atlantic Gold Corporation prior to acquisition by St. Barbara Ltd.; data available on SEDAR at www.sedar.com
Note: See slides that follow for further NI 43-101 resource details and disclosure for Goliath and Goldlund

     11                                www.treasurymetals.com | TSX. TML
SIOUX LOOKOUT

Goliath Gold Complex
                                                                    MILLER
 Exploration Potential
 Opportunities for additional discoveries                      GOLDLUND
           along 65km trend
                                            DRYDEN

                                                     GOLIATH
The Wabigoon Greenstone Belt has Excellent Gold
  Exploration Potential

     Goliath Gold Deposit Resource

• Au mineralization concentrated into
  high-grade shoots which are hosted
  within two parallel felsic zones (Main
  Zone and C Zone) striking E-W and
  steeply dipping ~70 degrees
• Zones are open at depth and along
  strike, resource limited by extents of
  drilling on all sides
• New resource estimate highlighted
  several new areas for growth and
  conversion; lack of drilling is constraint

    Goldlund Gold Deposit Resource

• Deposit hosted within a series of steeply
  dipping granodiorite sills intruding a belt
  of mafic volcanic rocks
• Au associated with strong qz-carb
  alteration, qz-filled fracture sets and        65 km
  stockwork veining
• Concentrations of veining occur
                                                 Strike length   320 km2          Claims staked following
                                                                                  acquisition to make one
                                                                 Total Combined   contiguous land package
  intermittently at intevals of 200-300m
  across the strike of the deposit
                                                ~62   km
                                                 Unexplored
                                                                 Property size
                                                 Strike

           13               www.treasurymetals.com | TSX. TML
Goliath Deposit: Multiple Potential Open Pit Targets
Goliath: Existing Defined Resource Area                           Nose Fold: Geophysical Anomaly
• Additional targets for growth and                               • Several historic gold intersections
  conversion                                                      • Geophysical and Geochemical indicators for targeting
• Drilling to approx. 650 m depth, deposit                        • Soil sampling program to indicate additional targets
  remains open
• Open on strike both east and west. Several
  potential extensions directly to east

                                                                                     Far East: Recently Discovered Zone
                                                                                     • Fence of holes in 2013 showing large
                                                                                       intervals of mineralized material
              Resource Expansion Potential                                           • Immediate follow up required for hole
  10 km of strike length of which only 1.5km is fully explored.                        TL12226 with Gold mineralization
   Recent surface and soil testing programs have indicated
 significant targets along eastern strike for immediate follow
     up. Field programs and drilling is anticipated in 2021.

    14                   www.treasurymetals.com | TSX. TML
Goldlund Deposit: Resource Expansion Potential Along 50km Strike
      • Significant exploration potential across the 50 km strike length of the property
      • Majority of exploration to date focused on the Main Zone (resource area) and Miller

Main Zones: Existing Defined Resource Area
• 7,293 metres of drilling completed to date in                   Miller Prospect: Regional Potential
  2019-2020 work program, targeting resource                      • Located 10 km northeast and along strike of
  extensions within and around the currently-                       existing resource
  defined resource area                                           • 7,386 metres drilled (in 2018 and 2019) with
• Exploration program underway – drills turning                     mineralization outlined over a strike length of ~450
                                                                    metres
                                                                  • Maiden resource to be released as part of PEA

                                                                           Resource Expansion Potential
                                                                  Targeting Main Zone, Miller Prospect and high potential
                                                                   areas along trend to the NE of the Goldlund property

             Goldlund (Main Zone) NI 43-101 Resource*

     15                       www.treasurymetals.com | TSX. TML
Capital Markets
      Overview
Attractive Opportunity for Investment in
        Ontario’s Next Gold Mine

                                           3D rendering of proposed Goliath mine operation
                                           For illustrative purposes.

                                           Images by Cicada Design Inc. are based on design elements from
                                           Goliath Gold Project technical studies.
Capital Markets Snapshot
TSX: TML | OTCQX: TSRMF | FSE: TRC1

  Share Capitalization
   Share Price
                                                                     C$1.28/share
                                                                                             Ownership Summary
   (January 20, 2021)

   Shares Outstanding                                               112.6M shares                                     3%
                                                                                                 20.01%               Management & Board
                                                                                                   First Mining
   Market Capitalization                                                     C$144M            Shareholders (1)
                                                                                                                                  17%
   Convertible Debentures                                                                                                         Institutional
                                                                             US$4.4M
   (at C$0.96 due Nov. 2022)

   Options                                                              1.4M shares

   Fully Diluted                                                    140.7M shares

   Warrants (weighted avg.
                                                                     15M warrants          19.99%
   $1.52)
                                                                                           First Mining (2)
                                                                                                                                  40%
                                                                                                                                  High Net Worth
                                                                                                                                  And Retail
   Warrants issued to First Mining                                11.7M warrants
   ($1.50)
                                                                                           Analyst Coverage
   Cash Position                                                              $7.5M(3)     Haywood Securities | Geordie Mark
(1)(2) As a result of Treasury’s acquisition of Tamaka Gold Corporation. First Mining      PI Financial | Phil Ker
currently owns ~40% of Treasury’s shares but has announced its intention to distribute
23.3 million TML shares and 11.7 million TML warrants (both post-consolidation) to First
Mining shareholders within 12 months of closing of the transaction.
(3) As at last reporting date.

     17                             www.treasurymetals.com | TSX. TML
Compelling Relative Valuation
Opportunity for re-rating when compared to gold developer peer group

3.5
                                              Measured & Indicated Resources (Moz)
  3

2.5

  2

1.5

  1

0.5

  0
           Marathon            Corvus             Integra           Treasury            Skeena                Ascot        Gold        Osisko    Battle North
                                                                                                                         Standard      Mining

1000
                                                                    Market Capitalization
800

600

400

200

  0
             Osisko            Skeena           Marathon               Ascot             Corvus                Gold     Battle North   Integra    Treasury
             Mining                                                                                          Standard
       Source: Company reports, filings and public disclosure; consensus P/NAV sourced from S&P Capital IQ
       Note: Numbers as of January 6, 2021

      18                         www.treasurymetals.com | TSX. TML
Key Catalysts for 2021

• Goliath Gold Complex PEA in Q1 2021
• Exploration results from ongoing drill program in H1 2021 and
  throughout the year
 – 2 drills running for the full year
• IBA negotiations to be initiated in H1 2021
• Provincial permitting to begin at Goliath once sufficient
  definition of project following trade-off studies
• Project financing strategy Q4 2022

 19         www.treasurymetals.com | TSX. TML
Contact Information                  Jeremy Wyeth         Toronto Office
                                                          +1 (416) 214 4654 or
                                     President & CEO
                                                          1.855.664.4654 (toll-free)
                                     +1 (416) 214 4654

                                     Nicholas Van Dyk     General inquiries
TSX: TML                             Investor Relations   info@treasurymetals.com
OTCQX: TSRMF                         +1 (604) 364 5752
FSE: TRC1

www.treasurymetals.com             @TreasuryMetals

20           www.treasurymetals.com | TSX. TML
Appendices

     www.treasurymetals.com | TSX. TML
Appendix A: Canadian Portfolio

WEEBIGEE-SANDY LAKE GOLD PROJECT (49.9%)                       GOLD ROCK                       LARA POLYMETALLIC
Goldeye Subsidiary                                             PROJECT                         PROJECT
Located in NW Ontario                                          Goldeye Subsidiary              Located in BC

The Weebigee Project is in joint venture with G2 Goldfields.
                                                               Located in NW Ontario
                                                                                               Located in the southern
Drilling includes 0.5 m @ 536.4 g/t gold                                                       region of Vancouver Island,
                  4.0 m @ 23.1 g/t gold                        Located 38 km south of
                                                                                               near Chemainus, about 75
                  1,2 m @ 70.3 g/t gold                        Dryden (Near Treasury’s
                                                                                               km north of Victoria, B.C.
                  6.3 m @ 17.4 g/t gold                        Goliath Gold Project). There    Located in close proximity to
                                                               are 3 known gold
                                                                                               Nystar’s Myra Falls mine and
                                                               occurences in the Eastern
                                                                                               mill.
                                                               third of property discovered
                                                               by surface prospecting.         Project hosts copper-lead-
                                                               Highly prospective for gold,    zinc-gold-silver deposit.
                                                               but not extensively explored.   Highly prospective region for
                                                               Historical Au production in     targeting stratabound, high-
                                                               area.                           grade volcanogenic
                                                                                               massive sulphide deposits,
                                                                                               with emphasis on zinc in
                                                               PLATINEX INC.                   particular.
                                                               (CSE:PTX) EQUITY
                                                               POSITION
                                                               Sale of Shining Tree
                                                               Project, Timmins
                                                               Located in NE Ontario

                                                               Sale of Shining Tree Project
                                                               to create minority equity
                                                               interest in Platinex.

     22                    www.treasurymetals.com | TSX. TML
Appendix B: Goliath Gold Project N1 43-101 Resource Estimate

                                                      Cut-Off                                     Au          Contained Au             Ag         Contained Ag            AuEq            Contained
                            Classification          (g/t AuEq)                    Tonnes         (g/t)            (ounces)            (g/t)           (ounces)            (g/t)        AuEq (ounces)

 In Pit                   Measured                      0.40                    762,000          1.91                  47,000         8.86                217,000          1.99                  49,000

                          Indicated                     0.40                11,849,000           1.37                522,000          5.47              2,083,000          1.42                541,000

                          M+I                           0.40                12,611,000           1.40                569,000          5.67              2,300,000          1.45                590,000

                          Inferred                      0.40                    595,000          1.05                  20,000         2.63                  50,000         1.08                  21,000

 Underground              Measured                      1.90                    163,000          6.42                  34,000        25.81                135,000          6.65                  35,000

                          Indicated                     1.90                  3,429,000          5.34                589,000         16.64              1,834,000          5.49                605,000

                          M+I                           1.90                  3,591,000          5.39                623,000         17.05              1,969,000          5.54                640,000

                          Inferred                      1.90                  1,414,000          4.43                201,000         11.42                519,000          4.53                206,000

 Total                    Measured                 0.40 &1.90                   925,000          2.70                  80,000        11.84                352,000          2.81                  83,000

                          Indicated                0.40 &1.90               15,277,000           2.26              1,111,000          7.98              3,917,000          2.33              1,146,000

                          M+I                       0.40 &1.90              16,202,000           2.29              1,192,000          8.20              4,269,000          2.36              1,223,000

                          Inferred                 0.40 &1.90                 2,009,000          3.43                222,000          8.81                569,000          3.51                227,000

 Independent NI 43-101 Mineral Resource Estimate completed by P&E Mining Consultants Inc., effective date July 1, 2019.

 Notes from Resource Estimate:
 1.   Mineral Resources which are not Mineral Reserves do not have demonstrated economic viability.
 2.   The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues.
 3.   The Inferred Mineral Resource in this estimate has a lower level of confidence than that applied to an Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably
      expected that the majority of the Inferred Mineral Resource could be upgraded to an Indicated Mineral Resource with continued exploration.
 4.   The Mineral Resources were estimated using the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM Standards on Mineral Resources and Reserves, Definitions and Guidelines
      prepared by the CIM Standing Committee on Reserve Definitions and adopted by the CIM Council.
 5.   The mined tonnage by historical underground drifts was not removed as the amount was insignificant to this Mineral Resource Estimate.
 6.   A gold price of US$1,275/oz and silver price of US$16.50/oz based on the June 30, 2019 three-year trailing average prices and an exchange rate of US$1.00=Cdn0.77 were utilized in the AuEq cut-off
      grade calculations of 0.40 g/t AuEq for Open Pit and 1.90 g/t AuEq for Underground Mineral Resources.
 7.   Open Pit mining costs were assumed at C$3.45/t for mineralized material, C$3.30/t for waste rock and C$2.00/t for overburden, while Underground mining costs were assumed at C$77.00/t, with
      process costs of C$18.15/t, G&A of C$2.86/t, and process recoveries of 95.5% for gold and 62.6% for silver.
 8.   The Au:Ag ratio used for AuEq was 1:112.17.
 9.   A bulk density model averaged 2.78 t/m3 for mineralized material.
 10. Totals in the table may not sum due to rounding.

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Appendix B: Goldlund Gold Project N1 43-101 Resource Estimate
                                                                                      Cut-Off                                    Au              Contained
                                   Classification                Zone                 (g/t Au)                Tonnes            (g/t)           Au (ounces)

                                 Indicated               1                              0.40              4,882,400             2.16                 330,150

                                                         2                              0.40              1,642,900             1.76                   93,000

                                                         4                              0.40              1,664,600             2.73                 146,100

                                                         7                              0.40              4,161,600             1.58                 210,753

                                                         8                              0.40                508,600             2.00                   29,200

                                                         Total Indicated                0.40            12,860,000              1.96                 809,200

                                 Inferred                1                              0.40            11,288,000              1.54                 558,600

                                                         2                              0.40              1,028,000             1.22                   40,000

                                                         3                              0.40              1,385,000             1.61                   71,666

                                                         4                              0.40                734,000             2.40                   57,000

                                                         5                              0.40              1,284,000             1.19                   49,000

                                                         7                              0.40              1,928,000             1.29                   79,688

                                                         8                              0.40                715,000             0.90                   21,000

                                                         Total Inferred                 0.40            18,362,000              1.49                 876,954

 Notes from Resource Estimate:
 1.   Based on the technical report titled "Technical Report and Resource Estimation Update, Goldlund Gold Project, Sioux Lookout, Ontario" with an effective date of March 15, 2019, which was
      prepared for First Mining by WSP Canada Inc. in accordance with NI 43-101, and which is available under First Mining's SEDAR profile at www.sedar.com.
 2.   The overall stripping ratio for the whittle pit is 4.71:1.
 3.   A base case cut-off grade of 0.4 g/t Au was used for this updated mineral resource estimate.
 4.   Resources are stated as contained within a conceptual pit shell using a metal price of US$1,350 per ounce of gold, mining costs of US$2.00 per tonne, processing plus G&A costs of US$15.40 per
      tonne, 93% recoveries and an average pit slope of 48 degrees.
 5.   Mineral resources are not mineral reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the mineral resources will be converted into mineral
      reserves.
 6.   Mineral resource tonnage and contained metal have been rounded to reflect the accuracy of the estimate, and numbers may not add due to rounding.

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