An anonymous director of Lithium Royalty reports

LITHIUM ROYALTY CORP. WITHDRAWS PROPOSED ALL-CASH OFFER TO ACQUIRE TNR GOLD

Lithium Royalty Corp. is withdrawing its intention to propose an all-cash offer to acquire all of the common shares of TNR Gold Corp.

In its proposal to the board of directors of TNR on Sept. 25, 2023, Lithium Royalty had proposed a non-binding offer to acquire all of the outstanding common shares of TNR for cash consideration of eight cents per TNR common share, which represented a 45-per-cent premium to TNR's unaffected closing share price on Sept. 28, 2023. Subsequently, Lithium Royalty had sought to engage repeatedly with TNR and the board to discuss a potential transaction that would be acceptable to the board and to all shareholders. To date, Lithium Royalty has not received a reply. Accordingly, while Lithium Royalty believes that the proposed transaction was in the best interest of all TNR shareholders, given the failure of TNR management and the board to reply to its re-engagement, Lithium Royalty is withdrawing its interest in TNR.

About Lithium Royalty Corp.

Lithium Royalty is a lithium-focused royalty company with a globally diversified portfolio of 33 revenue royalties on mineral properties around the world that supply, and are expected to supply, raw materials to support the electrification of transportation and decarbonization of the global economy. Lithium Royalty's portfolio is focused on high-grade and low-cost mineral projects that are primarily located in Australia, Canada, South America and the United States. Lithium Royalty is a signatory to the Principles for Responsible Investment; ESG (environmental, social and governance) factors and sustainable mining are considerations in its investment analysis and royalty acquisitions.