Treasury Metals’ positive PEA for Goliath

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Treasury Metals announces positive PEA for Goliath Gold Complex

Treasury Metals has announced average annual production of 102,000 permitting and approvals for the Goliath the results from a preliminary ounces of gold for the first nine years, Gold Complex will be to treat the economic assessment for the with a post-tax NPV of $328 million Goliath, Goldlund and Miller deposits company’s Goliath Gold Complex, and IRR of 30.2 per cent. The project is as three distinct projects for provincial which includes the Goliath, Goldlund underpinned by a high-quality resource, permitting. and Miller deposits along a prospective and we have taken a conservative The schedule for permitting and 65-kilometre trend in northwestern approach to resource estimation, approvals for the Goliath Gold Project Ontario. with the total M&I ounces virtually is more advanced than the schedule The PEA, prepared by Ausenco Engineering “We have confirmed the Goliath Gold for Goldlund and Miller, given that a Canada in accordance with National Instrument Complex has sufficient critical mass Federal Environmental Assessment (EA) has 43-101, demonstrates the potential to develop a and we expect Treasury Metals to already been completed for this project. low-cost 5,000 tonnes per day combined open pit become one of Ontario’s next gold Therefore, following the release of the PEA, and underground mining operation with strong producers” the Goliath Gold Project may proceed directly into economics. provincial permitting and

“With the announcement of the PEA other environmental approvals using results today, combined with receipt of unchanged from previous estimates. the updated proposed mining plan, the federal Environmental Assessment “We also see significant exploration while additional baseline data collection approval in 2019, we have confirmed potential across our 330-square- will be completed for Goldlund and the Goliath Gold Complex has sufficient kilometre land package. In 2021, we are Miller to support anticipated future critical mass and we expect Treasury focusing on in-fill and definition drilling provincial approval processes. A full Metals to become one of Ontario’s next to better define the resource, while also year of baseline data collection has been gold producers,” said Jeremy Wyeth, initiating step-out drilling to test new completed for the Goldlund site and will President and CEO of Treasury Metals. targets around both the Goliath and continue throughout the remainder of

“Our robust case for the project Goldlund deposits.” 2021 to support the anticipated future supports a 13-year mine life with The approach to environmental provincial approval processes.