Mr. Kirill Klip reports

TNR GOLD NSR ROYALTY UPDATE ON MCEWEN LOS AZULES COPPER, GOLD AND SILVER PROJECT - NEW ASSAY RESULTS

TNR Gold Corp. has provided an update from McEwen Mining Inc. on the Los Azules copper, gold and silver project in San Juan, Argentina. TNR holds a 0.4-per-cent net smelter return royalty (NSR royalty) (of which 0.04 per cent of the 0.4-per-cent NSR royalty is held on behalf of a shareholder) on the Los Azules copper project. The Los Azules is held by McEwen Copper, a subsidiary of McEwen Mining.

The news release issued by McEwen Mining stated:

McEwen Copper, 52 per cent owned by McEwen Mining, is pleased to report the latest assay results from Los Azules, where a continuing drilling program continues to deliver consistent infill results. Located in San Juan, Argentina, the Los Azules project has many features comparable to world-class copper-gold deposits in South America, including a thick blanket of higher-grade enriched (or supergene) mineralization.

Significant infill intercepts

• 0.50 per cent Cu over 502 metres, including 0.87 per cent Cu over 172 m (AZ22181);
• 1.00 per cent Cu over 282 metres, including 1.40 per cent Cu over 172 m (AZ22186);
• 0.66 per cent Cu over 500 metres, including 0.92 per cent Cu over 276 m (AZ22184A).

Highlights

• Hole AZ22183 returned an enriched zone intercept of 0.87 per cent Cu over 152 m (estimated true thickness) which expands mineralization from adjacent high-grade results drilled in prior programs.
• In hole AZ22184A, an enriched zone interval grading 0.92 per cent Cu over 276 m (estimated true thickness) occurs in a hydrothermal magmatic breccia within the core of the deposit. This breccia unit acts as a conduit for mineralizing fluids, sometimes forming higher grades within the broader porphyry mineralization at Los Azules.
• Hole AZ22181 returned an enriched zone intercept of 0.87 per cent Cu over 172 m (estimated true thickness) and fills a gap between high-grade holes drilled earlier in 2022.
• Hole AZ22186 includes an interval grading 1.00 per cent Cu over 282 m (true thickness of 247 m) in the enriched zone nearby a historic high-grade intercept.

"We have four different drilling contractors with 13 drills turning," commented Michael Meding, vice-president and general manager of McEwen Copper. "This initiative also involves training and optimizing the entire value chain, with the significant engagement of local suppliers and services."

After resuming the exploration program in October, 2022, drilling has now reached the 25,000 metres initially planned and will continue until the end of the field season. Key objectives of the program include:

• Increasing drilling density to upgrade the classification of shallower copper resources to measured and indicated categories;
• Providing metallurgical, hydrological and geotechnical data for the feasibility study mine design to be completed in late 2024;
• Testing for extensions of Los Azules mineralization to the north, south and at depth.

The attached table presents the summary of copper (Cu), gold (Au) and silver (Ag) assay results from 19 recently completed exploration or geotechnical holes totalling about 8,000 metres of core.

Results are summarized on four schematic cross-sections that include simplified interpretations of overburden thickness and the leached, enriched and primary mineral zones. The enriched (or supergene) mineral zone refers to the enrichment of a copper deposit by precipitation-derived water circulation that carries copper minerals downward through the rocks to accumulate in a thick, often horizontal blanket. Immediately above the enriched zone is the leached zone, from which copper was removed and transported. Weathering and oxidation often aid in this process. Below the enriched zone, the primary (or hypogene) zone is formed by ascending copper-rich thermal fluids having a much deeper magmatic origin. The green line outlines the 30-year pit floor from the 2017 National Instrument 43-101 preliminary economic assessment (PEA) report.

The cross-sections are located 50 m apart, with the lowest numbered section beginning at the south end of the deposit and increasing to the north.

Technical information

The technical content of this press release has been reviewed and approved by Stephen McGibbon, PGeo, McEwen Mining's senior consulting geologist, and a qualified person as defined by NI 43-101.

All samples were collected in accordance with generally accepted industry standards. Drill core samples, usually taken at two m intervals, were split and submitted to the Alex Stewart International laboratory located in the province of Mendoza, Argentina, for the following assays: gold determination using fire fusion assay and an atomic absorption spectroscopy finish (Au4-30); a 39-multielement suite using ICP-OES analysis (ICP-AR 39); copper content determination using a sequential copper analysis (Cu sequential LM-140). An additional 19-element analysis (ICP-ORE) was performed for samples with high sulphide content.

The company conducts a quality assurance/quality control program in accordance with NI 43-101 and industry-best practices using a combination of standards and blanks on approximately one out of every 25 samples. Results are monitored as final certificates are received, and any reassay requests are sent back immediately. Pulp and preparation sample analyses are also performed as part of the QA/QC process. Approximately 5 per cent of the sample pulps are sent to a secondary laboratory for control purposes. In addition, the laboratory performs its own internal QA/QC checks, with results made available on certificates for company review.

About McEwen Mining Inc.

McEwen Mining is a gold and silver producer with operations in Nevada, Canada, Mexico and Argentina. In addition, it owns 68 per cent of McEwen Copper, which owns the large, advanced-stage Los Azules copper project in Argentina. The company's goal is to improve the productivity and life of its assets with the objective of increasing its share price and providing a yield. Chairman and chief owner Rob McEwen has personally provided the company with $220-million (U.S.) and takes an annual salary of $1 (U.S.).

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 that significant developments on the advancement of the Los Azules copper project towards feasibility have brought Stellantis as a strategic partner in the future development of this giant copper, gold and silver project. An additional investment of $55-million (U.S.) in McEwen Copper has been also been invested by Rio Tinto's Venture Nuton," stated Kirill Klip, TNR's chief executive officer. "TNR Gold's vision is aligned with the leaders of innovation among automakers like Stellantis, with the aim of decarbonizing mobility, and our mining industry leaders like Rob McEwen's vision 'to build a mine for the future, based on regenerative principles that can achieve net zero carbon emissions by 2038.'

"The green energy rEVolution relies on the supply of critical metals like copper; delivering 'green copper' to Argentina and the world will contribute to the clean energy transition and electrification of transportation and energy industries.

"Strong team performance is accelerating the McEwen Copper Los Azules program in 2023. These new exploration results highlight the potential to create additional value for the Los Azules project, and continuity of mineralization in the infill program is derisking the project.

"It's very encouraging to see the opportunity to expand the deposit. Together with Nuton, McEwen Copper is exploring new technologies that save energy, water, time and capital, advancing Los Azules towards the goal of the leading environmental performance. The involvement of Rio Tinto with its innovative technology, may also accelerate realizing the enormous potential of the Los Azules project.

"Los Azules was ranked in the top 10 largest undeveloped copper deposits in the world by Mining Intelligence (2022). TNR Gold does not have to contribute any capital for the development of the Los Azules project. 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."

About TNR Gold Corp.

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

Its business model provides a unique entry point in the creation of supply chains for critical materials like energy metals that are powering the energy revolution and the gold industry that is providing a hedge for this stage of the economic cycle.

Its portfolio provides a unique combination of assets with exposure to multiple aspects of the mining cycle: the power of blue-sky discovery and important partnerships with industry leaders as operators on the projects that have the potential to generate royalty cash flows that will contribute significant value for the company's shareholders.

Over the past 27 years, TNR, through its lead generator business model, has been successful in generating high-quality global exploration projects. With the company's expertise, resources and industry network, the potential of the Mariana lithium project and Los Azules copper project in Argentina, among many others, have been recognized.

TNR holds a 1.5-per-cent NSR royalty on the Mariana lithium project in Argentina, of which a 0.15-per-cent NSR royalty is held on behalf of a shareholder. Ganfeng Lithium's subsidiary, Litio Minera Argentina, has the right to repurchase 1 per cent of the NSR royalty on the Mariana project, of which 0.9 per cent is the company's NSR royalty interest. The company would receive $900,000 and its shareholder would receive $100,000 on the repurchase by Litio Minera Argentina, resulting in TNR holding a 0.45-per-cent NSR royalty and its shareholder holding a 0.05-per-cent NSR royalty. The Mariana lithium project is 100 per cent owned by Ganfeng Lithium.

The Mariana lithium project has been approved by the Argentina provincial government of Salta for an environmental impact report, and the construction of a 20,000-tonne-per-annum lithium chloride plant has commenced.

TNR Gold also holds a 0.4-per-cent NSR royalty on the Los Azules copper project, of which 0.04 per cent of the 0.4-per-cent NSR royalty is held on behalf of a shareholder. The Los Azules copper project is being developed by McEwen Mining.

TNR also holds a 7-per-cent net profits royalty holding on the Batidero I and II properties of the Josemaria project that 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. The company's strategy with the Shotgun gold project is to attract a joint venture partnership with a major gold mining company. 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 royalty holdings in Argentina (the Mariana lithium project, the Los Azules copper project, and the Batidero I and II properties of the Josemaria project), and is committed to the continued generation of in-demand projects, while diversifying its markets and building shareholder value.

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