Mr. Kirill Klip reports

TNR GOLD NSR ROYALTY UPDATE - MCEWEN COPPER COMPLETES US$240 MILLION TERM LOAN TO ADVANCE LOS AZULES TOWARD FINAL INVESTMENT DECISION

TNR Gold Corp. royalty partner McEwen 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 (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.

Delivering on strategy

The NSR Royalty forms part of TNR Gold's larger portfolio, which provides diversified exposure to lithium, copper, gold and silver. The portfolio includes 1.5-per-cent net smelter return royalty at Mariana Lithium (Argentina), 7-per-cent net profits royalty on the Batidero I and II properties at Josemaria (Argentina), and a 90-per-cent interest in the Shotgun gold project (Alaska).

TNR Gold's continuing strategy has delivered a 775-per-cent total shareholder return over five years, as compared with 161 per cent for the equal-weighted royalty peer group, 252 per cent for the market-cap-weighted royalty peer group and 207 per cent for the VanEck Junior Gold Miners ETF. The company is debt free, has attracted a major royalty investor in Altius Minerals and has advanced value-creating assets.

The Los Azules project is held by McEwen Copper Inc., which is 46.3 per cent owned by McEwen. An extract from a news release issued by McEwen on Aug. 27, 2026, stated:

"McEwen Inc. today announced that its 46.3-per-cent-owned subsidiary McEwen Copper Inc. has closed a $240-million senior secured four-year term loan facility with a syndicate of lenders. Participants include Sprott Natural Resource Investment Partners for $112-million, and Rob McEwen, chairman and chief owner of the company, for $85-million; and other lenders for a total of $43-million.

The proceeds of the term loan will be used to continue advancing engineering and early works of the Los Azules copper project in San Juan, Argentina, and for general corporate purposes. A final investment decision and full project financing is expected in mid-2027, with commercial copper cathode production targeted for 2030, subject to project financing and customary approvals. The term loan provides funding while McEwen Copper advances the broader project debt financing for Los Azules, for which Societe Generale was appointed sole financial adviser in May, 2026. Preparations for a potential initial public offering of McEwen Copper continue in parallel.

The principal amount of the term loan will bear interest at 12.0 per cent per annum, payable monthly, with a four-year term and the principal amount due on maturity. The term loan can be repaid in full or in part prior to maturity upon payment of the remaining principal and accrued interest plus a fee equal to 5 per cent of the remaining principal. In connection with the term loan, lenders also received 15,000 five-year McEwen Copper common share purchase warrants for each $1-million of principal, with an exercise price of $40 per share.

'This financing reflects our lenders' confidence in Los Azules and in the progress Argentina has made over the past two and a half years. The initiatives of President Javier Milei have helped make Argentina an increasingly attractive destination for large-scale foreign investment. Economic stabilization, stronger credit ratings, lower country risk and the RIGI are bringing long-term capital back to the country. San Juan continues to demonstrate the qualities of a dependable mining jurisdiction, supported by strong institutions, rigorous processes and sound governance. We are proud to be building Los Azules here," said Michael Meding, managing director of McEwen Copper.

Los Azules project update

Work at Los Azules continues to advance toward a final investment decision. The 2025 to 2026 field campaign was completed with more than 5,600 metres of drilling. Geotechnical results were better than expected and will improve the open pit design as mine planning advances. Condemnation drilling confirmed the suitability of the planned location for the North-East rock storage facility. Engineering for the final investment decision is ahead of plan. Engineering for the key process equipment packages (solvent extraction/electrowinning, sulphuric acid and crushing) has been awarded to Metso, the mining fleet tender is in final evaluation, and the selection of the EPCM contractor is expected by the fourth quarter of 2026.

At the peak of the past field season, the project employed more than 500 people, with nearly 90 per cent hired from San Juan. Door-to-door household surveys in the communities near the project show trust and acceptance levels above 90 per cent. McEwen Copper continues community programs, which have trained close to 2,000 Calingasta residents in technical skills, and a community partnerships program that finances productive, social and irrigation initiatives in the local communities.

This winter, the project experienced one of the heaviest snow seasons in more than two decades. Returning to site and managing the meltwater will require additional focus, and McEwen Copper stands ready to support the response led by the government of San Juan and local communities with heavy machinery and water management works. At the same time, the snowmelt is expected to refill hydroelectric reservoirs and recharge aquifers after years of drought, a welcome development for a region that has faced prolonged water scarcity. The Los Azules team has decades of experience working in the high Andes and managing snow events of this kind.

About McEwen Inc.

McEwen provides its shareholders with exposure to a growing base of gold and silver production in addition to a very large copper development project, all in the Americas. The gold and silver mines are in prolific mineral-rich regions of the world: the Cortez trend in Nevada, United States, the Timmins district of Ontario and Flin Flon in Manitoba, Canada, and the Deseado Massif in Santa Cruz province, Argentina. McEwen is also reactivating its El Gallo gold and silver mine in Mexico.

The company has a 46.3-per-cent interest in McEwen Copper, which owns the large, long-life, advanced-stage Los Azules copper development project in San Juan province, Argentina -- a region that hosts some of the country's largest copper deposits. Based on McEwen Copper's last financing in October, 2024, the implied value of McEwen's ownership interest was $456-million (U.S.). Since then, the value of Los Azules has improved for three important reasons: 1) the copper price is 50 per cent higher, 2) the company has completed a feasibility study using a $4.35/pound copper price and 3) Los Azules received approval under Argentina's Large Investment Regime (RIGI), which significantly improves the economics of the project. Los Azules is a shovel-ready project designed to be one of the world's first regenerative copper mines and carbon neutral by 2038.

McEwen also owns a 1.25-per-cent NSR on Los Azules. Based on the 2025 feasibility study and using a recent copper spot price of $6.50/lb, McEwen's royalty is projected to generate approximately $584-million from the initial case and $860-million from the potential Nuton extension, for a combined undiscounted pretax royalty cash flow of approximately $1.4-billion.

McEwen also recently purchased 27.3 per cent of Paragon Advanced Labs Inc., a newly listed public company that is deploying PhotonAssay units around the world, a technology that the company believes is poised to become the new industry standard for assaying precious and base metals, with Paragon aiming to be one of the leading service providers.

Chairman and chief owner Rob McEwen has invested over $290-million (U.S.) personally and takes a salary of $1 per year, aligning his interests with shareholders. He is a recipient of the Order of Canada, a member of the Canadian Mining Hall of Fame and a winner of the EY Entrepreneur of the Year (Energy) award. His objective is to build MUX's profitability and share value, as he did while building Goldcorp Inc."

For further details, visit the McEwen website.

Qualified persons

The McEwen Copper feasibility study technical report has an effective date of Sept. 3, 2025.

The feasibility study and associated news disclosures were reviewed and verified by the following qualified persons who are independent consultants of McEwen Copper:

• Technical aspects of the news release related to project execution, development information and other information excluding mineral resource disclosure -- James L. Sorensen -- FAusIMM Reg. No. 221286 with Samuel Engineering.
• Technical aspects of the news release related to metallurgical summary and process information -- Michael McGlynn -- SME registered member No. 4149430 with Samuel Engineering.
• Disclosure related to the updated Los Azules mineral resource estimate -- Jeff Sullivan -- FAusIMM Reg. No. 201778 with CRM-SA LLC.
• Disclosure related to the initial Los Azules mining and mineral reserve estimate -- Gordon Zurowski, PEng, with AGP Mining Consultants.
• Technical aspects of the news release related to financial modelling -- Steve Pozder -- PE with Samuel Engineering.

About McEwen Copper Inc.

McEwen Copper is a copper development company whose principal asset is the Los Azules project in San Juan province, Argentina -- an advanced-stage project counted among the largest undeveloped copper resources globally. McEwen Copper is 46.3 per cent owned by McEwen.

Qualified person

The McEwen 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'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.

Kirill Klip, the company's chief executive officer, stated: "We are pleased that McEwen Copper has reached this milestone following the release of the feasibility study and securing of an environmental permit for the construction and operation of Los Azules. The collaboration between McEwen Copper and International Finance Corp. (IFC), and admission to the Argentina Regime of Incentives for Investment (RIGI) could move the Los Azules copper project development closer to a construction decision.

Mining in Argentina is being recognized by the government as an integral part of its economic development plan, providing jobs and enriching local communities. The president of Argentina has introduced important government policies aimed at supporting business and unlocking the country's economic potential.

TNR Gold shares along with others, an aim to decarbonize mobility, and mining industry leaders such as Rob McEwen, whose vision is "to build a mine for the future, based on regenerative principles that can achieve net zero carbon emissions by 2038."

Together with Rio Tinto's Venture Nuton, McEwen Copper is exploring new technologies that save energy, water, time and capital, advancing Los Azules toward the goal of leading environmental performance. The involvement of Rio Tinto, with its innovative technology, may also accelerate realizing the potential of the Los Azules project.

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.

The feasibility study confirms Los Azules project as a long-life, low-cost producer of high-purity copper cathodes with strong economic returns and sustainability. It highlights the potential to create a robust leach project while reducing the environmental footprint, and greater environmental and social stewardship sets the project apart from other potential mine developments.

"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 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 metals royalty and gold company.

The company's 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.

The company'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 will potentially generate royalty cash flows to contribute significant value for our shareholders.

Over the past thirty 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.

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