Mr. Alexander Listov, an investor, reports

EARLY WARNING REPORT

Alexander Listov has acquired a further 3.75 million common shares in the capital of TNR Gold Corp. at prices ranging from 4.5 cents to seven cents per common share since Mr. Listov's last early warning report dated Oct. 5, 2010, which common shares represent approximately 2.58 per cent of the outstanding common shares of TNR.

Mr. Listov now holds 13,350,500 common shares, and Raymond W. Smith Ltd., a company controlled by Mr. Listov, holds 13,331,500 common shares, totalling 26,682,000 common shares in TNR. As at March 21, 2013, TNR had 147,816,447 common shares outstanding, of which Mr. Listov and Raymond W. Smith together owned, or exercised control or direction over, an 18.05-per-cent interest.

The common shares of TNR were acquired by Mr. Listov for investment purposes. Subject to availability, price, the general state of the capital markets and the financial condition of TNR from time to time, Mr. Listov may purchase or sell securities of TNR.