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Trillium Gold Announces CDN$70,000 Bridge Loan and Issuance of Warrants

March 29, 2023

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

VANCOUVER, BC, March 29, 2023 - Trillium Gold Mines Inc. (TSXV: TGM, FRA: 0702) (“Trillium”) is pleased to announce that it has entered into a bridge loan agreement with RSD Capital Corp. (the “Lender”) dated March 28, 2023 (the “Loan Agreement”) to obtain a bridge loan in the principal amount of C$70,000 (the “Loan”). Trillium will use the proceeds of the Loan for business and commercial uses.

The Loan will bear interest at a rate of 10% per annum, accruing daily on each amount of the Loan advanced from the date of the advance and compounding monthly. Unless accelerated pursuant to the terms of the Loan Agreement, the Loan will become due on the earlier of the day

(i) that is six (6) months from March 29, 2023, and (ii) that Trillium or any of its subsidiaries closes a financing of any kind or nature resulting in gross proceeds equal to or greater than CDN

$70,000. In the event that the Warrants are not approved by the TSX Venture Exchange (the “Exchange”) on or before the day that is 45 days from the date hereof, the interest rate of the Loan shall increase and the Loan will bear an interest rate of 12% per annum calculated in the same manner stipulated in the Loan Agreement. Trillium may prepay the Loan in full, together with all accrued and unpaid interest, at any time upon five (5) business days’ written notice to the Lender.

Under the terms of the Loan Agreement, the Issuer intends to issue to or as directed by the Lender 608,695 warrants (the “Warrants”), which qualify as a Loan Bonus pursuant to section 2 of Policy 5.1. Each Warrant entitles the holder to subscribe for and purchase one common share (a “Common Share”) in the capital of the Issuer at a purchase price of C$0.115 per Common Share for a period of one year following the date of issuance. The price of the warrant has been calculated pursuant to the “Market Price” calculation as defined under Exchange Policy 1.1 Interpretation. Each Warrant is non-assignable and non-transferable and is subject to the applicable regulatory hold period.

The Loan and issuance of the Warrants remains subject to receipt of all necessary regulatory and other approvals, including the final approval of the Exchange.

About Trillium Gold Mines Inc.

Trillium Gold Mines Inc. is a growth focused company engaged in the business of acquisition, exploration and development of mineral properties located in the Red Lake Mining District of Northern Ontario. As part of its regional-scale consolidation strategy, the Company has assembled one of the largest prospective land packages in and around the Red Lake mining district in proximity to major mines and deposits, as well as along the Confederation Lake and

Birch-Uchi greenstone belts. The Company recently closed acquisitions effectively extending its contiguous land position over more than 100 km of favourable structures on trend with Kinross Gold’s Great Bear Project and Evolution Mining’s Red Lake Operation. In addition, the Company has interests in highly prospective properties in Larder Lake and Shining Tree, Ontario.

Visit Trillium’s website at www.trilliumgold.com.

For further information, please contact:

Trillium Gold Mines Inc.

Russell Starr
President, CEO and Director

Donna Yoshimatsu
VP Corporate Development & Investor Relations
Tel: (416) 722-2456

Email: dyoshimatsu@trilliumgold.com or info@trilliumgold.com
Website: www.trilliumgold.com

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 release.

Cautionary note regarding forward-looking statements

This news release contains forward-looking statements and forward-looking information, which involves known and unknown risks, uncertainties and other factors that may cause actual events to differ materially from current expectations. All statements, other than statements of historical facts, are forward-looking statements. Generally, forward-looking statements can be identified by the use of terminology such as “plans”, “expects', “estimates”, “intends”, “anticipates”, “believes” or variations of such words, or statements that certain actions, events or results “may”, “could”, “would”, “might”, “occur” or “be achieved”. Such forward-looking statements include, without limitation, statements regarding the expected use of proceeds of the Loan. This news release contains forward-looking information, which involves known and unknown risks, uncertainties and other factors that may cause actual events to differ materially from current expectations. Forward-looking information is based on management’s reasonable assumptions, estimates, expectations, analyses and opinions, which are based on management’s experience and perception of trends, current conditions and expected developments, and other factors that management believes are relevant and reasonable in the circumstances, but which may prove to be incorrect. Such factors, among others, include: ability to obtain required approvals from the TSX Venture Exchange; impacts arising from the global disruption caused by the Covid-19 coronavirus outbreak, business integration risks; fluctuations in general macroeconomic conditions; fluctuations in securities markets; fluctuations in spot and forward prices of gold or certain other commodities; change in national and local government, legislation, taxation, controls, regulations and political or economic developments; risks and hazards associated with the business of mineral exploration, development and mining (including environmental hazards, industrial accidents); inability to obtain adequate insurance to cover risks and hazards; the presence of laws and regulations that may impose restrictions on mining; employee relations; relationships with and claims by local communities and indigenous populations; availability of increasing costs associated with mining inputs and labour; the speculative nature of mineral exploration and development (including the risks of obtaining necessary licenses, permits and approvals from government authorities); and title to properties.

Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The companies disclaim any intention or obligation, except to the extent required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.