Taranis Resources Inc. Announces Partial Closing of Debt Settlement and Granting of Incentive Stock Options

FOR IMMEDIATE RELEASE

Taranis Resources Inc.

681 Conifer Lane Estes Park, Colorado 80517 www.taranisresources.com

TARANIS RESOURCES INC. ANNOUNCES PARTIAL CLOSING OF DEBT SETTLEMENT AND GRANTING OF INCENTIVE STOCK OPTIONS

Estes Park, Colorado, February 17, 2023 – Taranis Resources Inc. (“Taranis”) [TSX.V: TRO] announces that it has closed a portion of the debt settlement originally announced on December 5, 2022. Taranis has issued 255,753 common shares at a deemed price of $0.17 per share to settle outstanding indebtedness of $43,478 – the shares are subject to a hold period in Canada until June 17, 2023.

Taranis also announces that, pursuant to the requirements of the TSX Venture Exchange, it will be seeking disinterested shareholder approval for the balance of $178,487 of additional indebtedness proposed to be settled for 1,049,923 additional shares at the same deemed price of $0.17 per share at its next annual general meeting of shareholders, expected to be held in either May or June 2023.

Taranis also announces that it has granted incentive stock options to its Directors and Officers entitling them to purchase up to a total of 2,500,000 shares at a price of $0.17 per share for a period of five years.

About Taranis Resources Inc.

For additional information on Taranis or its 100%-owned Thor project in southeastern British Columbia, visit our website at www.taranisresources.com.

Taranis currently has 85,937,104 shares issued and outstanding (92,012,104 shares on a fullydiluted basis).

TARANIS RESOURCES INC.

Per: John J. Gardiner (P. Geol.), President and CEO

For further information contact:

John J. Gardiner 681 Conifer Lane Estes Park, Colorado 80517 Phone: (303) 716-5922 Cell: (720) 209-3049 [email protected]

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE.

This News Release may contain forward looking statements based on assumptions and judgments of management regarding future events or results that may prove to be inaccurate as a result of factors beyond its control, and actual results may differ materially from expected results.