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Torr Announces Results of Annual General and Special Shareholders Meeting

March 14, 2023

Vancouver, British Columbia – March 14, 2023. Torr Metals Inc. (the "Company") (TSX-V: TORR) The Company is pleased to announce the approval of all matters proposed to its shareholders pursuant to its management information circular dated February 7, 2023 (the "Circular") at its annual general and special meeting (the "Meeting") held earlier today. At the Meeting, the shareholders elected Malcolm Dorsey, Sean Mager, Ewan Webster, Nicholas Stajduhar, and John Williamson as directors of the Company, appointed MS Partners LLP as auditors for the ensuing year and authorized the directors to set their remuneration, approved the Company's 10% rolling stock option plan ("Option Plan"), and approved the Company's restricted share unit plan ("RSU Plan"), all of which are more particularly described in the Circular.

The previous 10% rolling stock option plan of the Company was approved by the Company's shareholders on February 10, 2022, and the Option Plan and the RSU Plan were updated in accordance with the policies of the TSX Venture Exchange (the "Exchange") and adopted by the board of directors effective February 7, 2023, subject to approval of the shareholders and the Exchange. The maximum number of common shares which may be issued under the Option Plan is 10% of the Company's issued and outstanding common shares (the "Shares") as of the date of grant. The maximum number of restricted share units ("RSUs") that may be granted under the RSU Plan shall not exceed 3,593,129 Shares, and each RSU entitles the holder, subject to vesting of at least one year from the date of grant and any such other conditions as the directors may determine, to receive one Share. The maximum aggregate number of Shares issuable to insiders of the Company (as a group) under the Option Plan and RSU Plan shall together collectively not exceed 10% of the issued and outstanding number of Shares. A copy of each of the Option Plan and the RSU Plan was appended to the Circular and is available under the Company's profile on SEDAR.

Contact Information

For further information concerning this press release, please contact Malcolm Dorsey, President, Chief Executive Officer, and Director of Torr Metals Inc. at:

Telephone: 236-982-4300
Email: malcolmd@torrmetals.com

Cautionary Statement

The TSX Venture Exchange Inc. has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.

Neither the Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) has in any way passed upon the merits of the Amalgamation and neither of the foregoing entities accepts responsibility for the adequacy or accuracy of this release or has in any way approved or disapproved of the contents of this press release.

Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or future performance. The use of any of the words “could”, “intend”, “expect”, “believe”, “will”, “projected”, “estimated” and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the parties’ current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. The business of the Company is subject to a number of material risks and uncertainties. Please refer to the SEDAR filings of the Company for further details. Various assumptions or factors are typically applied in drawing conclusions or making the forecasts or projections set out in forward-looking information. Those assumptions and factors are based on information currently available to the parties. The material factors and assumptions include the parties being able to obtain the necessary corporate, regulatory and other third parties approvals. The forward looking information contained in this release is made as of the date hereof and the parties are not obligated to update or revise any forward looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward looking information. The foregoing statements expressly qualify any forward looking information contained herein.

(Not for dissemination in the United States of America.)

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