TRU Precious Metals Provides Update on Transaction with Altius Minerals Subsidiary

Fredericton, New Brunswick–(Newsfile Corp. – February 2, 2021) – TRU Precious Metals Corp. (TSXV: TRU) (OTC: TRUIF) (“TRU” or the “Company”) wishes to provide an update to the previously announced binding term sheet dated January 6, 2021, entered into with a subsidiary of TSX-listed Altius Minerals Corporation (“Altius”), for the option (the “Option”) to purchase Altius’ Golden Rose project (the “Golden Rose Project”) located in the southwestern portion of the Central Newfoundland Gold Belt (the “Transaction”).

Change of Business

In connection with the Option, TRU has applied to the TSX Venture Exchange (the “Exchange”) for a Change of Business (as such term is defined in Exchange Policy 5.2) to a “mining issuer” from its current classification as an “investment issuer” under the Exchange’s policies. The Company expects all of its current officers and directors to remain in their existing roles with the Company during the Change of Business and thereafter.

Completion of the Change of Business is subject to a number of conditions including receipt of the approval of the Exchange. The Change of Business cannot close until approval of the Exchange is obtained. There can be no assurance that the Change of Business will be completed as proposed or at all.

Trading in the common shares in the capital of the Company (“TRU Shares”) will remain halted pending further filings with the Exchange, including the Geological Report (as defined below), and are expected to remain halted for approximately 30 to 60 days during the Exchange review process. Following the trading halt, the Company will also take the necessary steps to resume trading of the TRU Shares on the OTCQB Venture Market.

In connection with the Change of Business, Altius and TRU have commissioned an independent geological report on the Golden Rose Project (the “Geological Report”), which is currently being prepared. Prior to completion of the Change of Business, a copy of the Geological Report will be filed and posted on SEDAR. Further information on the Option Agreement (as hereafter defined) and the Golden Rose Project will be filed and posted on SEDAR upon the completion of a filing statement that will be prepared in connection with the Change of Business. The parties are also currently negotiating the definitive Option Agreement.

TRU continues to evaluate various equity financing options in connection with the Option and the Change of Business, to bolster its treasury for its anticipated initial exploration commitment at the Golden Rose Project, along with the first phase of the Company’s intended drill program at its 100%-owned Twilite Gold Project.

Golden Rose Project

The Golden Rose Project is a regional-scale land package covering 105 km² within the Valentine Lake structural corridor, and is easily accessible via provincial highway and forest access roads. It is located between Marathon Gold Corp.’s Valentine Gold Project to the northeast and Matador Mining Ltd.’s Cape Ray Gold Project to the southwest.

Figure 1: Golden Rose Project Regional Location

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