Mr. Kirill Klip reports

TNR GOLD NSR ROYALTY UPDATE - GANFENG'S MARIANA LITHIUM OFFICIALLY COMMENCED PRODUCTION

Ganfeng Lithium has provided an update on the Mariana lithium project in Argentina, on 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.

On Feb. 14, 2025, Ganfeng announced commencement of formal production of the Mariana lithium salt lake project in Argentina. Ganfeng stated in its announcement: "A production ceremony for the first phase of the Mariana lithium salt lake project in Argentina owned by Litio Minera Argentina SA, a wholly owned subsidiary of Ganfeng Lithium Group Co. Ltd., was held at the project site on Feb. 12, 2025, which means the formal production of the first phase of the Mariana lithium salt lake project.

"Mariana lithium salt lake project is located in Salta province, Argentina, with total lithium resources of approximately 8,121,000 tons of LCE currently explored. After the formal production of the first phase of Mariana lithium salt lake project with an annual production capacity of 20,000 tons of lithium chloride production line, the company will actively accelerate the ramp-up of the production capacity of the project. With the gradual release of production capacity, the supply and cost structure of the lithium resources of the company will be further optimized, the company's profitability will be enhanced and the company's core competitiveness in the global market will be continuously improved.

"The company will perform the corresponding procedures and obligation of information disclosure according to the subsequent progress of the relevant matters. Investors are advised to invest rationally and pay attention to the investment risks. Announcement is hereby given."

As stated by Gasgoo out of Shanghai, "Ganfeng Lithium has invested in multiple salt lake projects across Argentina, including Cauchari-Olaroz, Mariana, PPG, PG, Incahuasi and SDLP. Except for Cauchari-Olaroz, the other five projects are all situated in Salta province.

"Luo Xiaofeng, head of Ganfeng Lithium's South America operations, highlighted the company's role in strengthening China-Argentina ties: 'Through joint efforts, in September, 2024, we facilitated the signing of a letter of intent for a sister-province relationship between Jiangxi province, China, and Salta province, as well as a sister-city agreement between Xinyu city and Salta city.' These agreements mark a new phase in bilateral co-operation and set a model for China-Argentina industrial collaboration.Currently, Ganfeng Argentina is preparing to submit RIGI applications for the Mariana, PPG and Cauchari-Olaroz projects. RIGI, introduced by the Argentine government in 2024, is a large-scale investment incentive program offering tax, foreign exchange and import-export policy benefits to enterprises, further deepening Ganfeng Lithium's co-operation with Argentina.

"Over the years, Ganfeng Lithium has steadily expanded its investments in Argentina, not only in equity, project construction and equipment procurement, but also in community development. The company has provided free medical equipment, education programs and essential supplies, significantly improving local living conditions.

"The launch of the Mariana project injects new momentum into Salta's economy and mining sector. Salta Governor Gustavo Saenz emphasized the project's importance, stating: "Mariana is one of the most significant projects in our province. Its development has not only driven economic growth but has also created over 11,600 and jobs both directly and indirectly, bringing transformative change to the region's mining industry.

"Alongside economic contributions, Ganfeng Lithium remains committed to environmental sustainability. To conserve local water resources, the Mariana project utilizes non-potable water sources with excessive heavy metal content and implements water recycling systems. Despite the project's remote high-altitude location and limited infrastructure, Ganfeng Lithium has built a 120-megawatt photovoltaic power station and a 288-megawatt-hour energy storage system equipped with its in-house developed battery technology. This ensures that the Mariana project operates entirely on renewable energy with uninterrupted 24-hour power supply.

"Additionally, to protect local wildlife such as flamingos and alpacas, Ganfeng Lithium has established 19 ecological conservation zones around the Mariana project. The company collaborates with local research institutions and biologists to monitor water quality and vegetation changes in real time, publishing regular environmental reports to promote harmonious co-existence between industry and nature.

"Ganfeng Lithium made its first investment in Argentina's salt lake projects in 2011. Over the past 14 years, the company has steadily expanded its local footprint, advancing exploration and construction, while fostering strong ties with local communities and governments."

"We are building the green energy metals royalty and gold company, and, now, we are graduating to the cash-flow-generating royalty 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, Lundin Mining and BHP as operators on the projects that have the potential to generate royalty cash flows that will contribute significant value for the company.

"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 Ganfeng officially inaugurated the Mariana lithium's start of production at a 20,000-ton-per-annum lithium chloride plant on Feb. 12, 2025. 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 shareholders.

Over the past 29 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 has 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 1.0 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 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. Ganfeng officially inaugurated Mariana lithium's start of production at a 20,000-ton-per-year lithium chloride plant on Feb. 12, 2025.

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 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 the joint venture between Lundin Mining and BHP.

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, 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.

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