Mr. Kirill Klip reports

TNR GOLD ANNOUNCES NORMAL COURSE ISSUER BID

TNR Gold Corp. intends to conduct a normal course issuer bid pursuant to which the company may purchase up to a maximum of 9,548,639 common shares of the company, representing approximately 5 per cent of the company's outstanding shares. No more than 2 per cent of the outstanding shares may be purchased in any 30-day period.

The company intends to commence the bid on or about June 5, 2023, and terminate the bid on or about June 4, 2024. Purchases pursuant to the bid will be made from time to time by PI Financial Corp. on behalf of the company through the facilities of the TSX Venture Exchange. Shares purchased will be paid for with cash available from the company's working capital. All shares purchased pursuant to the bid will be returned to treasury as authorized and unissued shares.

The company is of the view that the recent market prices of its shares do not properly reflect the underlying value of the shares. The company has available cash from its sale of a portion of the Mariana royalty sale and after repayment of outstanding debt. No insiders of the company intend to participate in the bid.

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.

We seek Safe Harbor.