Corporate Presentation

December 2015 www.treasurymetals.com

TREASURY METALS INC. A d v a n c i n g To w a r d P r o d u c t i o n i n O n t a r i o

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FORWARD-LOOKING STATEMENTS

+ This presentation contains projections and forward-looking information that involve various risks and uncertainties regarding future events. Such forward-looking information can include without limitation statements based on current expectations involving a number of risks and uncertainties and are not guarantees 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 the 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. This presentation contains projections and forward looking information that involve various risks and uncertainties regarding future events. Such forward looking information can include without limitation statements based on current expectations involving a number of risks and uncertainties and are not guarantees 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 the 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.

Technical information in this presentation has been reviewed and approved by Mark Wheeler, P. Eng. And Paul Dunbar who are both Qualified Person for the Goliath Gold Project under the definitions established by National Instrument 43-101.

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TREASURY METALS INC. – A CANADIAN GOLD DEVELOPER

(1) Preliminary Economic Analysis (PEA) of the Goliath Gold Project, effective July 19, 2012 (Press release July 19, 2012). (2) Based on Measured and Indicated Resource from NI 43-101 Mineral Resource Estimate completed by P&E Mining Consultants Inc. (Press release, August 28, 2015).

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Canadian Gold Development Opportunity

+ The Goliath Gold Project is one of a few advanced stage development gold projects in Canada

+ Canadian gold assets have been the target of a number of recent M&A transactions

Attractive High Grade Open-Pit

+ Aver. undiluted open-pit grade of 2.80 g/t AuEq(1)

+ Aver. undiluted UG grade of 5.13 g/t AuEq(2)

Advancing Toward

Production

+ PEA(1) and optimization studies complete

+ Mine Permit Process well advanced

+ Moving toward preparation of Feasibility Study

Excellent Infrastructure

in Place

+ Located in northwestern Ontario adjacent to the TransCanada Highway with year-round access

+ Power, natural gas, rail, skilled workforce

Positioning to become one of Canada’s next producing gold mines

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GOLIATH GOLD PROJECT – SUMMARY

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(1) Preliminary Economic Analysis of the Goliath Gold Project, effective July 19, 2012 (Press release July 19, 2012). PEA is based on 2011 resource estimate

The preliminary economic assessment 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.

New 43-101 Resource Estimate

1,165,800 oz Au Eq Measured and Indicated and 341,300 oz Au Eq Inferred

High-Grade Gold

Average open pit grade of 2.80 g/t Au Eq

Attractive Cash Cost

C$698 Operating Cash Cost per ounce of gold (C$668 after silver credit)

Low Initial Capex

C$92.5 million initial CAPEX for open pit and mill with life-of-mine capex totals C$200.5 million

(including underground development)

Strong Metallurgy Recoveries

95% by CIL or 92% by Flotation

+10 Year Production Profile

80,000 oz Au Eq Average Production 10.3 year mine life – Open pit followed by underground operation

Canadian Gold Development Opportunity – Figures based on Preliminary Economic Assessment(1)

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TREASURY METALS – HISTORY OF GOLIATH GOLD PROJECT

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Three Resource Estimates and two Preliminary Economic Assessments (All NI 43-101 Compliant) 120,000+ Metres Drilled 2008-2015

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ADVANCING THE GOLIATH GOLD PROJECT

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+ The 100%-owned high-grade, flagship Goliath Gold Project is located in the Kenora/Dryden district in northwestern Ontario, Canada

+ A preliminary economic assessment (“PEA”)(1) was completed in August 2012 outlining a 2,500 tpd operation with production of 80,000 oz Au Eq per year

+ High grade open-pit production, transitioning to an underground operation in year 5

+ Upfront capital of C$92.5 million

+ Mine life of 10.3 years

+ Optimization studies and additional drilling have been completed and will form the basis of a Feasibility Study Targeting annual production of 70k oz-75k oz Au

+ Advancing through the permitting process with the Environmental Impact Statement (“EIS”) submitted and public comment period and federal government technical reviews completed

Project Development Project Location – Stable & Mining Friendly

(1) The preliminary economic assessment 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.

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ADVANCING THE GOLIATH GOLD PROJECT

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Project Site Layout Project Location – Northwestern Ontario

+ Located 4km northwest of the village of Wabigoon, 20 km east of Dryden and 2km north of the TransCanada Highway 17

+ Power, local workforce and transportation all readily available

+ Historical industrial offices are now TML’s exploration and development site

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SUPPORTIVE COMMUNITY AND WORKFORCE

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Dryden, Ontario, Canada A Solid Resource Base

• Close proximity to Winnipeg, Thunder Bay, and northern U.S. (Minneapolis)

• Large pool of available skilled workers • Transportation hub with its own airport,

and on the Trans-Canada Highway

• Region benefits from a high concentration of natural resources (precious metals, wood)

• Nearby operating mines are Goldcorp.’s Red Lake and Musselwhite and Barrick’s Hemlo

• Infrastructure on-site (natural gas, hydro)

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GOLIATH GOLD PROJECT SITE

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GOLIATH GOLD DEPOSIT

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Hole T11-132: Remobilized mineralization, coarse Galena (Pb) and Gold

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EXCELLENT INFRASTRUCTURE IN PLACE

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Highway access

Local workforce

Natural Gas

Excellent Infrastructure

in Place

Power lines

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GOLIATH GOLD CONCEPTUAL OPEN PIT OUTLINE

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C Zone

Main Zone

+ The two principle zones of mineralization consist of the Main Zone and C Zone.

+ Zones strike east-west and dip 70 degrees - 80 degrees to the south-southeast

+ Average widths of 10 metres and 30 metres for Main and C Zones respectively with the C Zone running parallel to the Main Zone approx. 40 metres behind the Main Zone (North)

+ Comparable deposits for geometry, potential mining operations and production profile: Black Fox, Young-Davidson and Musselwhite

Goliath Conceptual Open Pit Deposit and Wide Underground Zones

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EXPLORATION 2014/2015 PHASE TWO PROGRAM

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Phase 2 Exploration:

+ Infill in Western shoot Main / C Zone

+ Infill in Central Area of Main Zone

+ Infill of new high grade UG shoot in C Zone

+ Far West Exploration

+ Targets Along Strike Extensions from Current Resource such as underexplored Iron Formation

Further Future Upside:

+ Down Dip from current Resource

+ Resources to East within Property Block

TML Exploration Office Mineralized Extension

Infill Drilling on Resource Area

Soil Sampling

Grids

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GOLIATH - A “BUILDABLE” PROJECT

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+ “Buildability” of Select Canadian Developers and Global Open Pit Developers

Sabina

Gold Canyon

Victoria Gold Almaden Minerals

Belo Sun Kaminak

Avnel Treasury

Lexam

Integra

Carlisle

Source: Company Disclosure, S&P Capital IQ

As at September 23, 2015

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GOLIATH GOLD PROJECT – COMPLETES PUBLIC COMMENT PERIOD

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+ Process Initiating Public Comment Period:

– The Canadian Environmental Assessment Agency determines that Treasury’s April 2015 EIS conforms to its Guidelines.

– Completes public comment period and technical reviews conducted by various agencies.

– Received and preparing response to public and government technical review

+ Purpose of the Open House Meetings:

– Summarize the EIS content and conclusions for the general public and Aboriginal communities.

– Summarize the results of the Effects Assessment, residual effects and their significance.

– Solicit questions from the public and answer questions. Responders include Treasury’s design team and the Federal and Provincial regulators.

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GOLIATH GOLD PROJECT – PROJECT TIMELINE

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Treasury Metals 2014 2015 2016 2017 2018 ::: 2028 2029

Goliath Gold Project Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2

Environmental Baseline Studies

Geological Drilling

Environmental Impact Statement and Federal Permitting

Provincial Permitting

Engineering and Feasibility Study

Mine Financing

Procurement and Site Development

Production Begins

Reclamation

Continued Environmental Baseline/Monitoring

EIS

Continued Infill Drilling

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GOLIATH GOLD PROJECT CASH FLOW SUMMARY

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Preliminary Economic Assessment (2012) After-Tax Project Cash Flow

(1) Assumes US$1,375/oz Au, US$27.00/oz Ag and USD:CAD $1.02.

(2) See PEA and appendix for assumptions

($80,000,000)

($60,000,000)

($40,000,000)

($20,000,000)

$0

$20,000,000

$40,000,000

$60,000,000

$80,000,000

Year -2 Year -1 Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 Year 12

CA

D$

Operating Cash Flow Less: Capital Investment Working Capital Net Cash Flow to Project

Total

LOM Net Metal Revenue: C$1,150,701,000

LOM Net Income After Depreciation and Taxes: C$250,732,000

LOM Depreciation: C$199,078,000

LOM Capital Investment: C$200,533,000

LOM Net Pre-Tax Cash Flow: C$334,682,000

LOM Net Post-Tax Cash Flow: C$249,753,000

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MINING PLAN – FEASIBILITY STUDY TARGETS

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The preliminary economic assessment 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.

+ Updated Canadian Dollar and Costs

+ Feasibility Studies will target annual gold production of ~70-80,000 oz/annum

+ Mill daily throughput rate will be optimized within a range from 2,100 to 2,700 t/d

+ Potential lower stripping ratio (and costs) while maintaining grade

+ Initial Capex is targeted to be ~ C$ 100 MM and sustaining similar to PEA, life of mine capex including underground of C$200 MM including a 20% contingence

+ Total Mine Life should increase beyond PEA primarily in Open pit

+ Feasibility Study will be based on new resource estimate

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POTENTIAL INPUT COSTS AND IMPACT OF CANADIAN DOLLAR ON THE PROJECT

1Cash Costs and AISC based on Corporate PEA. AISC based on World Gold Council definition. Closure costs were adjusted higher from PEA numbers to better reflect recent Ontario project examples. PEA was based on USD/CAD $1.02

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Recent range C$1,400 - C$1,600 per Oz

Higher Canadian gold price and firmer USD gold price

Input Costs declining to neutral

Energy, Employment and Construction

~C$668 per Oz1 cash costs (after silver credit)

C$800 - C$950 per Oz1 AISC expected from Feasibility Study

Attractive Ontario Power costs

Expected to be C$0.07 per / kWh for Hydro and natural gas available

Reduced Strip Ratio

From in-fill drilling and C-Zone

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TREASURY METALS – SHARE STRUCTURE

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Publicly traded: TML (TSX) and TSRMF (OTC)

Share price / Market Cap: $0.45 / $36MM

Shares outstanding (Basic): 80.4M

Shares outstanding (Fully-Diluted): 86.4M (5.9 M wts / 4M options)

Cash: $1.0 million1

Largest investors: Insiders (14%); Laramide (5.5%); Canaccord Retail (~6.5%); Oban (2%); Sprott (~2%); Gravitas (~2%)

Most recent financings:

$2M private placement at $.45/$.50 (Sept/2015)

$800,000 private placement @$0.40 (Dec/14)

3.3M private placement @$0.40 and $6M RMB facility (Jan/14)

$2M private placement @$0.45/@$0.50 (May/13)

$6M bought deal private placement @$0.75/$0.80 (Sept/12)

$4M private placement @$1.15 (Dec/11)

1 The Company has also drawn C$5M of $6M drawdown of RMB facility which closed in January

2014. The facility is due in July 2016, see MD&A for details of RMB Merchant funding facility.

Relative Share Price Performance – Canadian Developers Outperforming

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Source: Bloomberg. As at September 23, 2015

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RECENT ACQUISITIONS OF ONTARIO JUNIOR GOLD EXPLORATION & DEV. COMPANIES

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Transaction details includes Acquisition valuation and EV/Resource paid by Acquiror

Date Enterprise Total Attributable Resource EV/Resource

Announced

Acquiror Target Value

M&I MI&I M&I MI&I

(US$M) (M oz Au Eq.) (M oz Au Eq.) (US$/oz Au Eq.) (US$/oz Au Eq.)

May 31, 13 New Gold Inc. Rainy River Resources Ltd. $291.8 6.3 8.7 $46.17 $33.62

Nov 12, 12 Osisko Mining Corporation Queenston Mining Inc. $433.2 2.1 4.0 $210.51 $108.17

Oct 15, 12 Argonaut Gold Inc. Prodigy Gold Incorporated $281.6 5.9 6.2 $48.01 $45.13

Apr 27, 12 IAMGOLD Corporation Trelawney Mining and Exploration Inc. $513.5 0.9 7.4 $596.96 $69.54

Average 3.8 6.5 $197.93 $67.49

Jan. 17, 14 Goldcorp Inc. Probe Mines Ltd. $353.0 3.9 6.4 $88 $81

The trend of Ontario takeovers is poised to continue due to low political risk, excellent infrastructure, high

quality projects and the lower Canadian dollar.” Treasury Metals Vice-President Corporate Development Greg

Ferron

Source: Company, Canaccord Genuity, Company Reports, Capital IQ

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PEER GROUP BENCHMARKING

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+ Initial Capital Costs (US$ MM)

Source: Company Disclosure

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HOW DOES GOLIATH GET BUILT AND FUNDED

Goliath Gold Project Benefits From Safe, Stable, Mining-Friendly Jurisdiction

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+ Project Finance & Debt Discussions Ongoing from traditional bank opportunities to the mine debt groups.

+ Feasibility/ ECPM – discussions are ongoing

+ Insiders Are Large Shareholders Attractive European shareholder base. Canadian shareholder base. Building institutional investors and analyst coverage.

Major Mineral & Energy Projects in Ontario and Western Canada. Local access to skilled mine building, engineer consultants and workforce. Reduced labour, service costs, mining equipment in today’s economy.

Source: Ontario Mining and Exploration Directory and Resource Guide 2015

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MANAGEMENT TEAM AND BOARD OF DIRECTORS

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Martin Walter, President and CEO Marc Henderson, Chairman

Dennis Gibson, Chief Financial Officer Martin Walter, Director

Norm Bush, Vice President, Goliath Gold Project Doug Bache, Independent Director

Greg Ferron, Vice President, Corporate Development

Bill Fisher, Independent Director

Mark Wheeler, Director, Projects Flora Wood, Independent Director

Paul Dunbar / Adam Larsen Project Geologists

Blaise Yerly, Independent Director

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NEXT CATALYSTS AND DEVELOPMENTS

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+ Completion of Three Town Hall Meetings

• CEAA initiated First Nations Meetings

• CEAA initiates technical review process

+ Grade Control of Open Pit

+ Designing next exploration program

+ New Resource Estimate Completed

+ Complete Feasibility Study incorporating new resource estimate and optimization studies

+ Permitting activities both Federal and Provincial – ongoing including completion of 30 day public comment period

+ Pursue additional strategic funding partners and potential property acquisitions

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CONTACT INFO

www.treasurymetals.com

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Martin Walter

President and CEO

416.214.4654

martin@treasurymetals.com

Greg Ferron

VP, Corp. Development

416.214.4654

greg@treasurymetals.com

Toronto Office

416.214.4654 or

1.855.664.4654 (toll-free)

Dryden Office

807.938.6961

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TECHNICAL DATA APPENDIX

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GOLIATH GOLD PROJECT – NI 43-101 RESOURCE ESTIMATE*

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Resource Category

Block Cut-off AuEq g/t Tonnage

Au (g/t)

Contained Au (ounces) Ag (g/t)

Contained Ag (ounces)

AuEq (g/t)

Contained AuEq (ounces)

Open Pit Measured 0.35 1,015,000 1.90 62,100 7.8 256,000 2.00 65,200

Indicated 0.35 17,174,000 1.22 675,700 5.2 2,869,000 1.29 710,400

M+I 0.35 18,189,000 1.26 737,800 5.3 3,125,000 1.33 775,600

Inferred 0.35 1,351,000 0.99 42,800 4.3 186,000 1.04 45,000

Underground Measured 1.90 103,000 7.32 24,200 23.1 76,000 7.60 25,100

Indicated 1.90 2,264,000 4.84 352,400 14.4 1,044,000 5.02 365,000

M+I 1.90 2,367,000 4.95 376,600 14.7 1,120,000 5.13 390,100

Inferred 1.90 2,120,000 4.22 287,300 10.9 743,000 4.35 296,300

Total Measured 0.35&1.90 1,117,000 2.40 86,300 9.2 332,000 2.51 90,300

Indicated 0.35&1.90 19,437,000 1.65 1,028,100 6.3 3,913,000 1.72 1,075,500

M+I 0.35&1.90 20,554,000 1.69 1,114,400 6.4 4,245,000 1.76 1,165,800

Inferred 0.35&1.90 3,470,000 2.96 330,100 8.3 928,000 3.06 341,300

* Independent NI 43-101 Mineral Resource Estimate completed by P&E Mining Consultants Inc. (Press release, August 28, 2015).

Notes from Resource Estimate: 1. Mineral resources which are not mineral reserves do not have demonstrated economic viability. The estimate of

mineral resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues.

2. The quantity and grade of reported Inferred resources in this estimation are uncertain in nature and there has been insufficient exploration to define these Inferred resources as an Indicated or Measured mineral resource and it is uncertain if further exploration will result in upgrading them to an Indicated or Measured mineral resource category.

3. The mineral resources in this press release 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.

4. A gold price of US$1,397/oz and silver price of US$22.93/oz based on the April 30, 2015 three year trailing average prices and an exchange rate of US$1.06=Cdn$1.00 were utilized in the AuEq cut-off grade calculations of 0.35 g/t AuEq for Open Pit and 1.90 g/t AuEq for Underground mineral resources.

5. Open Pit mining costs were assumed at Cdn$5.00/t for mineralized material, Cdn$3.15/t for waste rock and Cdn$2.00/t for overburden, while Underground mining costs were assumed at Cdn$70.00/t, with process costs of Cdn$13.81/t, G&A of Cdn$2.72/t, and process recoveries of 95% for gold and 70% for silver.

6. The Au:Ag ratio used for AuEq was 82.68. 7. A bulk density model averaged 2.76 t/m3 for mineralized material. 8. Totals in the table may not sum due to rounding.

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2012 PRELIMINARY ECONOMIC ASSESSMENT(1)

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+ >2.8 g/t Au Eq. Open Pit, 3.05 g/t Au Eq Average Mill Feed

+ U$1,375 Gold Price, After Tax NPV (5%) of C$144.3M, IRR 32.4%, 2.8 year payback

The preliminary economic assessment 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.

(1) Independent NI 43-101 Resource Estimate completed by ACA Howe International on November 7, 2011 (Press release, Nov. 9, 2011) and restated in the Preliminary Economic Analysis of the Goliath Gold Project, effective July 19, 2012 (Press release July 19, 2012).

Preliminary Economic Assessment

Project Parameters Unit Amount

Gold Resources

Gold and Silver - Resources Mined Oz 835,000 and 2,703,000

Gold and Silver - Production Oz 793,000 and 1,892,000

Gold Price - Optimized Pit Model US $/Oz $1,175

Cut-off Grade - Open Pit and Underground Au g/tonne 0.45 and 2.5

Average Mill Feed Gold Grade (Au Eq) Au (g/tonne) 3.05

Operating Metrics

Waste Mined Tonnes 42,030,000

Total Tonnes Ore Produced (OP and UG) Tonnes 9,039,000

Open Pit Ore Production Rate tpd/tpa 2,500 tonne/day or 875,000/yr

Total Strip Ratio Waste:Ore 9.3:1

Gold and Silver Recovery (Processing) % 95% and 70%

Dilution and ore loss % 15% and 95%

Average Gold Production (Au Eq) Oz/year 80,000

Mine life years 10.3 years

Financial Metrics

Realized Gold and Silver Price (Base Case) US$/Oz US$1,375 and $27

Total Initial Capital Expenditures C$M $92.50

Total Sustaining Capital (Including U/G) C$M $107.95

Total Capital Investment C$M $200.45

Cash Operating Cost C$/Oz $698

Mining Costs - Open Pit and UG $/tonne OP $3.01 and UG $60

General and Admin cost C$/yr or tonne 1.75M or $2.05

Milling Costs and G&A Costs $/tonne $15.81 and $2.05

Average NSR % 0.70%

Exchange Rate C$ C$1.02: US$1.00

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West Extension

GOLIATH GOLD – LONGITUDINAL SECTIONS

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C Zone

Main Zone

Near surface resources

High-grade shoots

Near surface resources

+ High-grade shoots remain open at depth

800 metres

2,200 metres

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GOLIATH GOLD PROJECT- MILL PROCESS

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+ 2,375 tonne sample previously tested with 97% recovery using CIL process and 70% recovery from gravity alone.

+ Two additional samples tested:

– G&T Metallurgical Services – 95+% recovery with cyanide, 60-70% recovery by gravity, 8-12 hours leach time, medium hardness rock.

– Gekko Systems Australia – tested their Python Process to confirm amenability ore to treatment using VSI and continuous gravity concentration CGR.

+ Trade off and final studies incorporated in Optimization Study in Q2 2014.

Goliath Gold Conceptual Flow Sheet