Mr. Kirill Klip reports

TNR GOLD NSR ROYALTY UPDATE - GANFENG REAFFIRMED ITS PLANS TO START PRODUCTION AT MARIANA LITHIUM BY THE END OF 2024

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

Ganfeng Lithium has announced in its interim report published on Sept. 30, 2024, that it continues to advance the construction of the Mariana lithium project. Ganfeng reaffirmed its plans to start production by the end of 2024.

"We are building the green energy metals royalty and gold company," commented Kirill Klip, executive chairman of TNR Gold. "Our 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.

"Our portfolio provides a unique combination of assets with exposure to multiple aspects of the mining cycle: the potential of blue-sky discovery at Shotgun gold project, and important partnerships with industry leaders Like Ganfeng Lithium, McEwen Mining and Lundin Mining as operators on the projects that have the potential to generate royalty cash flows that will contribute significant value for the company.

"Last year, we repaid our investment loan in full, and our company has no debt. We believe that the recent market prices of our shares do not properly reflect the underlying value of the shares. Our transformation from the project generation junior mining company into the cash-flow-generating royalty company will bring the necessary catalyst for the market valuation of our assets.

"We are very pleased that the Mariana lithium project is progressing smoothly towards commercial production scheduled for 2024. At the 13th International Seminar on Lithium in South America, organized in Jujuy by Panorama Minero, the president of Ganfeng's subsidiary Litio Minera Argentina SA, Jason Luo, confirmed that 'the production phase will begin at the end of 2024.' Representatives of Ganfeng Lithium also confirmed to the Governor of Salta Gustavo Saenz that the Mariana project, on which construction began in June, 2022, will start producing, in 2024, an estimated 20,000 tons per year of lithium chloride. The government of Salta has stated that Ganfeng Lithium announced that the operational phase of the Mariana lithium project began in January, 2023. We are looking forward to our first NSR royalty cash flow payments from the Mariana lithium project.

"TNR does not have to contribute any capital for the development of the Mariana lithium project, the Los Azules copper project or the Josemaria 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 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 28 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 have been recognized.

TNR Gold holds a 1.5-per-cent NSR royalty on the Mariana lithium project in Argentina, of which 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 1.0 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 LMA, resulting in TNR Gold 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 Argentine provincial government of Salta for an environmental impact report, and the construction of a 20,000-ton-per-year lithium chloride plant has commenced.

TNR Gold also holds a 0.4-per-cent NSR royalty on 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. Los Azules copper project is being developed by McEwen Mining.

TNR Gold also holds a 7-per-cent net profit 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 Gold 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, 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.