TNR Gold NSR Royalty Update - McEwen's Los Azules Copper Definitive Feasibility Study Expected in July 2025

Vancouver, British Columbia--(Newsfile Corp. - May 12, 2025) - TNR Gold Corp. (TSXV: TNR) ("TNR", "TNR Gold" or the "Company") is pleased to announce that in its quarterly earnings announcement, McEwen Mining Inc. ("McEwen Mining") provided an update on the Los Azules copper, gold and silver project in San Juan, Argentina. TNR holds a 0.4% net smelter returns royalty ("NSR Royalty") (of which 0.04% of the 0.4% 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. ("McEwen Copper"), a subsidiary of McEwen Mining.

An excerpt from a news release issued by McEwen Mining on May 8, 2025, is below. For additional details, please refer to the McEwen Mining website.

"McEwen Copper (46.4% owned)

McEwen Copper invested $21.3 million (100% basis) in Q1 to advance its feasibility study on Los Azules. Including amounts spent by Minera Andes Inc. prior to 2012, and McEwen Mining prior to 2021, we have invested over $400 million to develop Los Azules as a world-class copper development project.

Los Azules

Located in the province of San Juan, Argentina, the Los Azules project is one of the world's largest undeveloped copper deposits.

Following the successful conclusion of the 2023-2024 drilling program, the Los Azules team finalized the resource model supporting our planned feasibility study. During 2025, Los Azules spent $21.3 million to support remaining activities required for our feasibility study.

Drilling Program

The 2024-2025 campaign commenced on November 5, 2024, and by March 31, 2025, we have completed 36,000 feet (11,000 meters) of drilling, covering geotechnical, exploration, hydrological, and condemnation work. As of March 31, 2025, the Los Azules drilling database totals approximately 685,600 feet (209,000 meters).

The objectives of the 2024-2025 campaign include conducting hydrogeological testing to assess and model the site's water resources, carrying out condemnation drilling to evaluate areas designated for future permanent mine infrastructure, and completing geotechnical and geophysical studies.

Additionally, drilling has progressed at targets of interest near our deposit, such as the Tango Area, located east of the future Los Azules open pit. Regional exploration efforts are also ongoing, supported by recent helicopter-assisted magnetotelluric surveys, to identify other areas with mineralization potential across our 100% owned mining property.