Turmalina Metals Announces AGM Results

Thursday, August 18, 2022

Turmalina Metals Announces AGM Results

Vancouver, B.C. – Turmalina Metals Corp. (“Turmalina”, or the “Company”; TBX-TSXV, TBXXF-OTCQX, 3RI-FSE) is pleased to announce voting results of its annual general meeting of shareholders (AGM) that was held on August 12, 2022.

At the AGM, shareholders set the size of the board of directors at five and the following nominees were elected:

James Rogers Bryan Slusarchuk Francisco Azevedo, Jr.

Laura Bastias Latika Prasad

Shareholders also approved:

• The appointment of Davidson & Company LLP as the auditor of Turmalina Metals for the ensuing fiscal year,
• Authorization for the directors to fix the remuneration paid to the auditor, and
• A resolution authorizing the new update of Turmalina Metal Corp.’s rolling stock option plan (the “New Option Plan”).

The New Option Plan allows the board of directors to grant such number of stock options of the Company up to 10% of the issued and outstanding common shares of the Company at the time of grant. The Company adopted the New Option Plan in order to comply with recent amendments made to the TSX Venture Exchange (the “TSXV”) policy governing security based compensation and include, among other things:

• specific restrictions with respect to adjustments to security based compensation. Any adjustment to stock options granted (except in relation to a consolidation or share split) is subject to the prior acceptance of the TSXV;
• Investor Relations Service Providers may not receive any security based compensation other than stock options; and
• allowing for option holders to exercise options on a “Cashless Exercise” or “Net Exercise” basis.

The Company has 6,520,000 stock options currently outstanding under the New Option Plan and 169,952 stock options remain available for grant. All options granted under the Company’s previous option plan are now subject to the New Option Plan without any action required on the part of the option holders.

A copy of the New Option Plan was attached to the Circular, a copy of which was filed on SEDAR on July 19, 2022.

On Behalf of the Company,

James Rogers, Chief Executive Officer and Director

Email: [email protected]

Website: turmalinametals.com Address: #488 - 1090 West Georgia St, Vancouver, BC V6E 3V7.

For Investor Relations enquiries, please contact Bryan Slusarchuk at +1 833 923 3334 (toll free) or via [email protected].

Statements

About Turmalina Metals: Turmalina Metals is a TSXV-listed exploration company focused on developing our portfolio of high grade gold-copper-silver projects in South America. Our focus is on tourmaline breccias, a deposit style overlooked by many explorers. Turmalina Metals is led by a team responsible for multiple gold-copper-silver discoveries who are highly experienced in this deposit style. Our projects are characterised by open high-grade mineralization in established mining and exploration areas that present compelling drill targets. The San Francisco project is in Argentina. For further information on the San Francisco Project, refer to the technical report entitled “NI43-101 Technical Report San Francisco Copper Gold Project, San Juan Province, Argentina” dated November 17, 2019 under the Corporation’s profile at www.sedar.com. The Chanape Project is in Peru. For further information on the Chanape Project, refer to the technical report entitled “NI43-101 Technical Report on the Chanape Gold- Silver-Copper Project, San Damian District, Huarochiri Province, Peru” dated June 20, 2022.

Forward Looking Statement: This news release contains certain "forward-looking statements" within the meaning of such statements under applicable securities law. Forward-looking statements are frequently characterized by words such as "anticipates", "plan", "continue", "expect", "project", "intend", "believe", "anticipate", "estimate", "may", "will", "potential", "proposed", "positioned" and other similar words, or statements that certain events or conditions "may" or "will" occur. These statements are only predictions. Various assumptions were used in drawing the conclusions or making the projections contained in the forward-looking statements throughout this news release. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made and are subject to a variety of risks (including those risk factors identified in the Corporation’s prospectus dated November 21, 2019) and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. The Corporation is under no obligation, and expressly disclaims any intention or obligation, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.

There is no assurance when the government-imposed measures related to COVID-19 in Argentina and Peru will be lifted. There is uncertainty over the form and duration of government measures and multiple policy changes may occur with regards to these measures over time. The Company may not provide updates on various government measures and changes to these measures as they occur. Protocols related to COVID-19, and the effects of the pandemic on service providers located throughout South America, may lead to delays in the future reporting of results.