Mr. Kirill Klip reports

TNR GOLD UPDATE - NSR ROYALTY ON MCEWEN MINING'S LOS AZULES COPPER, GOLD AND SILVER PROJECT

Further to TNR Gold Corp.'s news release dated May 9, 2022, McEwen Mining Inc. has provided a financing update and progress report on the Los Azules copper project in San Juan, Argentina. TNR holds a 0.4-per-cent net smelter return royalty (including a 0.04-per-cent NSR held on behalf of a shareholder) on the Los Azules copper project. The Los Azules copper project is held by McEwen Copper Inc., a subsidiary of McEwen Mining.

The news release issued by McEwen Mining on June 21, 2022, stated:

McEwen Copper Inc., a subsidiary of McEwen Mining, is pleased to announce the closing of the second tranche of the previously announced private placement offering of up to eight million common shares of McEwen Copper Inc. priced at $10 (U.S.) per common share. The second tranche comprises a $10-million investment by the Victor Smorgon Group advised by Arete Capital Partners, both of Australia, and $5-million from other investors, for total gross proceeds of $15-million. The amounts raised in the first and second tranches of the private placement now stand at $55-million. The offering remains open until July 6, 2022.

The news release issued by McEwen Mining on June 23, 2022, stated:

McEwen Copper: Los Azules progress report No. 3

Drilling returns:

• 330 metres of 0.83 per cent Cu, including 103.4 m of 1.31 per cent Cu (AZ22146);
• 298 m of 0.55 per cent Cu, including 54 m of 1.38 per cent Cu (AZ22149);
• 176 m of 1 per cent Cu, including 44 m of 1.38 per cent Cu (AZ22158).

McEwen Copper, a subsidiary of McEwen Mining, is pleased to provide its third progress report on the advancement of its large Los Azules copper project located in the San Juan province, Argentina.

Improving the company's knowledge and confidence of this copper resource

The objectives of the company's 59,000-metre drilling program at Los Azules are to:

• Upgrade the inferred mineral resources to indicated;
• Conduct metallurgical, hydrological and geotechnical drilling to accelerate its study work;
• Selectively test high-value exploration targets.

This program will almost double the historic database of 66,000 m of drilling from 202 holes. So far in 2022, approximately 13,500 m have been drilled in 29 holes and assays have been returned for 6,035 m of drilling from 15 holes, which are designed to improve confidence and increase the company's indicated resource category.

Section B-B' includes hole AZ22146, which produced an attractive intercept of 0.83 per cent Cu over 330 m, and included an interval of 103.4 m grading 1.31 per cent Cu. This result correlates well with hole AZ22142 on Section A-A' which intersected 419.1 m of 0.79 per cent Cu and includes 104 m of 1 per cent Cu in the enriched supergene zone. This represents 200 m of continuity of mineralization, consistent with the lithological and structural features that control the distribution of copper and gold at Los Azules.

Holes AZ22145 (181 m of 0.18 per cent Cu) and AZ22148 (239 m of 0.26 per cent Cu) located on the southwest flank of the deposit returned grades within the expected ranges for the flanks of the deposit. Results from both holes compare favourably with AZ0618(228.4 m of 0.21 per cent Cu) from an early drill program. It is notable that many of the holes ended in mineralization.

Hole AZ22144 was drilled in the area of inferred mineralization, as classified in the 2017 preliminary economic assessment (PEA), and returned 448.6 m of 0.30 per cent Cu. The drill hole ended in visible copper mineralization 294 m below the 30-year pit limit from the 2017 study, indicating potential at depth. The grade and extent of mineralization compares well with historic hole AZ1297 (911 m of 0.34 per cent Cu) and to previously released hole AZ22143 (310.5 m of 0.20 per cent Cu).

Assay results are now being returned for Section C-C' completed 400 m north of Section B. Hole AZ22149, drilled within an area classified as indicated (2017 PEA), returned 298 m of 0.55 per cent Cu and included 54 m of 1.38 per cent Cu beginning at 376 m down-hole. Hole AZ22147, drilled along the far southwest flank of the deposit, returned low-grade mineralization in an area classified as inferred mineralization in the 2017 PEA.

Partial assay results have been returned for hole AZ22158, located 300 metres south of Section A. It correlates well with the high-grade mineralization in hole AZ22142. Results to date for this hole are 176 m grading 1 per cent Cu in the enriched mineralization zone and includes an interval of 44 m grading 1.38 per cent Cu.

Hyperspectral scanning

Two geologr hyperspectral rock analyzers are being used to guide and improve the robustness of the geological and metallurgical modelling and further the company's knowledge of the deposit and potentially revealing additional exploration targets.

Roads

Los Azules is no longer remote as a result of the company's work this year. It has constructed a lower-altitude road access that provides it with the opportunity for year-round work at the site. Having two roads into Los Azules represents an important development and safety feature for the project.

Technical information

The technical content of this news release has been reviewed and approved by Stephen McGibbon, PGeo, senior vice-president, exploration, of McEwen Mining and a qualified person as defined by National Instrument 43-101.

All samples were collected in accordance with generally accepted industry standards. Drill core samples usually taken at two m intervals are split and submitted to Alex Stewart International laboratory in Mendoza, Argentina, for the following assays: gold determination using fire assay fusion and an atomic absorption spectroscopy finish (Au4-30); a 39-multielement suite using inductively coupled plasma optical emission spectroscopy analysis (ICP-AR 39); copper content determination using a sequential copper analysis (Cu-Sequential). An additional 19-element analysis (ICP-ORE) was performed for samples with high sulphide content.

The company carries out a quality assurance/quality control program consistent with NI 43-101 and industry best practices utilizing a combination of standards and blanks approximately one in every 25 samples. Results are monitored as the final certificates are received and any reassay requests are sent back immediately. Pulp and prep duplicate sample analyses are also taken as part of the QA/QC process. Approximately 5 per cent of sample pulps are sent to a secondary laboratory for check assays. In addition, the assay lab performs its own internal QA/QC checks with results available in the certificates for review by the company.

The McEwen Mining press release appears to be prepared by qualified persons (as that term is defined by National Instrument 43-101 -- Standards of Disclosure for Mineral Projects) and the procedures, methodology and key assumptions disclosed therein are those adopted and consistently applied in the mining industry, but no qualified person engaged by TNR has done sufficient work to analyze, interpret, classify or verify McEwen Mining's information to determine the current mineral resource or other information referred to in its press releases. Accordingly, the reader is cautioned in placing any reliance on the disclosures therein.

"We are pleased to see these significant developments on the Los Azules copper project and continued support by Rob McEwen of the newly created McEwen Copper," stated Kirill Klip, TNR's chief executive officer. "It's very encouraging to see that McEwen Copper raised additional $15-million (U.S.) and these new positive results which demonstrate continued success of a major 53,000-metre drilling program on this copper, gold and silver project. The personal commitment from Rob McEwen and his investment of $40-million (U.S.) enabled the rapid advancement for this deposit to this new phase of development in an appropriate corporate structure which will allow financing and further stages of development of the Los Azules copper project.

"TNR Gold does not have to contribute any capital for the development of Los Azules. The essence of our business model is to have industry leaders like McEwen Mining as operators on the projects that will potentially generate royalty cash flows to contribute significant value for our shareholders."

Private placement update

The company also announces that, further to its news release dated April 4, 2022, the company has closed the non-brokered private placement of up to five million units. On closing of the first tranche on May 19, 2022, the company issued 1.25 million units at five cents per unit for proceeds of $62,500. Each unit consists of one common share of the company and one-half of a non-transferable common share purchase warrant with each whole warrant exercisable into one common share of the company at an exercise price of 7.5 cents per share for two years from the date of issue. No further tranches will be issued.

The proceeds of the private placement will be used for exploration, maintenance of the Shotgun gold project and for general working capital purposes. All private placement securities will be restricted from trading for a period of four months plus one day from the date of closing.

The company paid cash finder's fee of 5 per cent of the gross proceeds sourced by the finder.

Mr. Klip, executive chairman of the company, a non-arm's-length party, participated in this private placement. The issuance of private placement securities to a non-arm's-length party constitutes related party transactions under Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions. Because the company's shares trade only on the TSX Venture Exchange, the issuance of securities is exempt from the formal valuation requirements of Section 5.4 of MI 61-101 pursuant to Subsection 5.5(b) of MI 61-101 and exempt from the minority approval requirements of Section 5.6 of MI 61-101 pursuant to Section 5.7(b). The company did not file a material change report 21 days prior to the closing of the private placement as the details of the participation of insiders of the company had not been confirmed at that time.

About TNR Gold Corp.

TNR Gold is working to become the green energy metals royalty and gold company.

Over the past 26 years, TNR, through its lead generator business model, has been successful in generating high-quality exploration projects around the globe. With the company's expertise, resources and industry network, it identified the potential of the Los Azules copper project in Argentina, which is being developed by McEwen Mining now. TNR Gold holds a 0.4-per-cent NSR royalty on the Los Azules copper project, including a 0.04-per-cent NSR held on behalf of a shareholder.

TNR retains a 2-per-cent NSR royalty on the Mariana lithium project in Argentina with Ganfeng Lithium, including a 0.2-per-cent NSR held on behalf of a shareholder. Ganfeng's subsidiary, Litio Minera Argentina, has a right to repurchase 1 per cent of the NSR royalty on the Mariana project, of which 0.9 per cent relates to the company's NSR royalty interest. The company would receive $900,000 on the completion of the repurchase. The project is currently being advanced by Ganfeng Lithium International Co. Ltd.

TNR also holds a 7-per-cent NPR (net profits royalty) holding on the Batidero I and II properties of the Josemaria project, which is being developed by Lundin Mining. Lundin Mining is part of the Lundin Group, a portfolio of companies producing a variety of commodities in several countries worldwide.

TNR provides significant exposure to gold through its 90-per-cent holding in the Shotgun gold porphyry project in Alaska. The project is located in southwestern Alaska near the Donlin gold project, which is being developed by Barrick Gold and Novagold Resources Inc.

The company's strategy with the Shotgun gold project is to attract a joint venture partnership with one of the gold major mining companies. The company is actively introducing the project to interested parties.

At its core, TNR provides a wide scope of exposure to gold, copper, silver and lithium through its holdings in Alaska (the Shotgun gold porphyry project) and Argentina (the Los Azules copper and the Mariana lithium projects) and is committed to the continued generation of in-demand projects, while diversifying its markets and building shareholder value.

We seek Safe Harbor.