Mr. Kirill Klip reports

TNR GOLD NSR ROYALTY UPDATE - LOS AZULES COPPER, GOLD AND SILVER PROJECT: MCEWEN COPPER ANNOUNCES AN ADDITIONAL US$35 MILLION INVESTMENT BY NUTON, A RIO TINTO VENTURE

TNR Gold Corp. partner McEwen Mining Inc. has provided an update on the Los Azules copper, gold and silver project in San Juan, Argentina. TNR holds a 0.4-per-cent net smelter returns 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 project is held by McEwen Copper Inc., a subsidiary of McEwen Mining.

The news release issued by McEwen Mining on Oct. 24, 2024, stated:

McEwen Copper Inc., a subsidiary of McEwen Mining Inc. (NYSE: MUX) (TSX: MUX), is pleased to announce closing of an additional $35-million investment by Nuton LLC, a Rio Tinto Venture.

McEwen Copper previously announced a non-brokered private placement financing of up to 2,333,333 common shares at a subscription price of $30.00 (U.S.) per common share, for gross proceeds of up to $70-million (U.S.). The first tranche of the offering was led by a $14-million investment by McEwen Mining and a $5-million investment by Rob McEwen.

In this second tranche of the offering, Nuton (a Rio Tinto venture) has purchased an additional 1,166,666 common shares of McEwen Copper for $35-million and two other investors have acquired 66,669 common shares for $2-million. Following the closing of this second tranche of the offering, McEwen Copper has raised a total of $56-million.

Nuton now owns 17.2 per cent of McEwen Copper on a fully diluted basis. Following these share issuances, McEwen Copper will have 32,804,284 common shares outstanding, giving it a postmoney market value of $984-million, and its shareholders are: McEwen Mining Inc. 46.4 per cent, Stellantis 18.3 per cent, Nuton 17.2 per cent, Mr. McEwen 12.7 per cent, Victor Smorgon Group 3.0 per cent and other shareholders 2.0 per cent.

Proceeds from the offering will be used to advance ongoing work on the feasibility study for the Los Azules copper project, which is scheduled for publication in the first half of 2025.

Subscription for the remaining 466,664 common shares in the offering is available to qualified accredited investors, subject to a $1-million (U.S.) minimum investment and certain other conditions. The securities sold in the offering are private and subject to transfer restrictions until such time when they become listed on a public exchange.

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.

TNR Gold's 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 TNR Gold's shareholders.

Over the past 28 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 (net smelter return) 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 (LMA), has the right to repurchase a 1.0-per-cent royalty 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 (Canadian) and its shareholder would receive $100,000 (Canadian) on the repurchase by LMA, 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-ton-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 a 0.04-per-cent royalty 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 Gold 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 Gold 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.