TNR Gold NSR Royalty Update - McEwen's Los Azules Copper Definitive Feasibility Study Expected in July 2025 - Seite 2

Feasibility Study and Construction

With the Environmental Impact Assessment (EIA) approval in place since December 2024, Los Azules is advancing towards the release of a definitive feasibility study, expected in July 2025.

Regime of Incentives for Investment (RIGI)

The Regime of Incentives for Investment aims to attract domestic and foreign investment to a number of sectors in Argentina, including mining, enhancing resource exploration and production while creating job opportunities and increasing energy security. On February 11, 2025, McEwen Copper submitted an application for admission to the Los Azules copper project into the RIGI. If approved, the Los Azules project would become eligible for a range of fiscal and regulatory benefits, including a reduction in the corporate income tax rate from 35% to 25%, acceleration of sales tax recovery, reduced tax of dividends from 7% to 3.5%, elimination of export duties currently 4.5%, and relief from the requirement to repatriate export proceeds. Additionally, the project would benefit from a 30-year stability guarantee and access to international arbitration for dispute resolution."

The McEwen Mining 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 Mining'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.

Stated Kirill Klip, TNR Gold's Chief Executive Officer, "We are pleased that McEwen Copper has reached this major milestone after it secured the environmental permit for the construction and operation of the Los Azules copper project. Our Company have repaid our investment loan in full, and we believe that the recent market prices of our shares do not properly reflect the underlying value of the shares. Our transformation from a project generation junior mining company into a cashflow-generating royalty company may bring the necessary catalyst for improved market valuation of our assets. The potential admission to Regime of Incentives for Investment (RIGI) could move the Los Azules copper project development closer to a construction decision.