Mr. Kirill Klip reports

TNR GOLD NSR ROYALTY UPDATE - LOS AZULES COPPER, GOLD AND SILVER PROJECT - MCEWEN COPPER ANNOUNCES $10 MILLION ADDITIONAL INVESTMENT BY NUTON, A RIO TINTO VENTURE

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

The news release issued on Oct. 11, 2023, by McEwen Mining stated:

McEwen Copper, a subsidiary of McEwen Mining, is pleased to announce a binding agreement for an additional $10-million (U.S.) investment by Nuton LLC, a Rio Tinto venture, and existing McEwen Copper shareholder.

Nuton has agreed to invest $10-million (U.S.) to acquire shares of McEwen Copper in a two-part transaction expected to close by Oct. 19, 2023, consisting of a private placement of 152,615 McEwen Copper common shares, and the purchase of 232,000 common shares owned by McEwen Mining in a secondary sale. Proceeds of the subscription and purchase are expected to be approximately $4-million (U.S.) to McEwen Copper and $6-million (U.S.) to McEwen Mining, respectively. The proceeds of the private placement will be used to advance the development of the Los Azules copper project in San Juan, Argentina, and for general corporate purposes.

After closing, Nuton will own 14.5 per cent of McEwen Copper on a fully diluted basis, and McEwen Mining will own 47.7 per cent. The transaction values McEwen Copper at approximately $800-million (U.S.).

In connection with the transaction, McEwen Copper and certain of its affiliates agreed to amend the Nuton collaboration agreement to extend the period of exclusivity over novel, trade secret or patented copper heap leach technologies until Feb. 1, 2025.

About McEwen Copper Inc.

McEwen Copper holds a 100-per-cent interest in the Los Azules copper project in San Juan, Argentina, and the Elder Creek project in Nevada, United States.

Los Azules was ranked in the top 10 largest undeveloped copper deposits in the world by Mining Intelligence (2022). Its current copper resources are estimated at 10.9 billion pounds at a grade of 0.40 per cent Cu (indicated category) and an additional 26.7 billion pounds at a grade of 0.31 per cent Cu (inferred category). A preliminary economic assessment published in June, 2023, estimated a $2.7-billion after-tax net present value (8 per cent) at $3.75/lb Cu and a 27-year mine life.

After closing the Stellantis investment, also announced today, and the pending investment by Nuton, McEwen Copper will have 30,937,615 common shares outstanding, and its shareholders are: McEwen Mining (47.7 per cent), Stellantis (19.4 per cent), Nuton (14.5 per cent), Rob McEwen (12.9 per cent), Victor Smorgon Group (3.2 per cent) and other shareholders (2.3 per cent).

The McEwen Mining press release appears to be reviewed and verified by a qualified person (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 led to the increased Stellantis holdings in McEwen Copper, as a strategic partner in the future development of this giant copper, gold and silver project. In February, 2023, Stellantis invested 30 billion Argentine pesos, and with this additional investment of 42 billion Argentine pesos, has a total investment of 72 billion Argentine pesos. An investment of $10-million (U.S.) in McEwen Copper was also invested by Rio Tinto's Venture Nuton after its initial $25-million (U.S.) investments in 2022 and $30-million (U.S.) in 2023," stated Kirill Klip, TNR's chief executive officer. "TNR Gold's vision is aligned with the leaders of innovation among automakers like Stellantis, whose aim is decarbonizing mobility, and 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. The Los Azules project preliminary economic assessment (PEA) results highlighted the potential to create very robust leach project, while reducing environmental footprint, and greater environmental and social stewardship sets the project apart from other potential mine developments.

"It's very encouraging to see an updated independent mineral resource estimate that has increased significantly. 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 metal 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 its shareholders.

Over the past 27 years, TNR Gold, 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, has been recognized.

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.