Mr. Kirill Klip reports

TNR GOLD NSR ROYALTY UPDATE - GANFENG'S MARIANA LITHIUM - EXPECTED TO COMMENCE PRODUCTION IN 2024

Ganfeng Lithium has provided an update on the Mariana lithium project. TNR Gold Corp. holds a 1.5-per-cent NSR (net smelter return) royalty on the Mariana lithium project in Argentina, of which 0.15-per-cent NSR royalty is held on behalf of a shareholder.

In its 2022 annual report, Ganfeng Lithium reported:

"The Mariana lithium salt lake project in Argentina is progressing smoothly at present, the first evaporation pond of which has been in the stage of water injection. It is expected that the project will commence production in 2024."

Kirill Klip, TNR's chief executive officer, commented: "We are very pleased that Mariana Lithium project is progressing smoothly towards expected commercial production in 2024.

"Representatives of Ganfeng Lithium confirmed to the governor of Salta Gustavo Saenz that the Mariana project, on which construction began last June, will start producing, in 2024, an estimated 20,000 tons per year of lithium chloride. The government of Salta has reported on Ganfeng Lithium's announcement that the operational phase of the Mariana lithium project began in January, 2023.

"TNR does not have to contribute any capital for the development of the Mariana project. The essence of our business model is to have industry leaders like Ganfeng Lithium 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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