TNR Gold NSR Royalty Update - IFC Supports McEwen Copper Through Key Collaboration Towards Financing for Los Azules

Vancouver, British Columbia--(Newsfile Corp. - September 29, 2025) - TNR Gold Corp. (TSXV: TNR) ("TNR", "TNR Gold" or the "Company") is pleased to announce that McEwen Mining Inc. ("McEwen Mining") has 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.

A news release issued by McEwen Mining on August 7, 2025, stated:

"McEwen Copper - Los Azules Project, Argentina (46.4% ownership and 1.25% NSR)

Projects Update

• Invested $15.6 million in Q2, advancing towards publishing a Feasibility Study in late Q3 2025.
• Feasibility Study progressing
  • Cost estimates and hydrogeological modelling being completed to current market conditions.
  • Engineering focusing on reducing upfront capital through layout and infrastructure optimization.
  • Q3 2025 priorities: finalizing geotechnical inputs, completing the optimized mine schedule, life-of-mine production profile, capital and operating cost estimates, and the heap leach design.
• Submitted RIGI application to secure significant tax and regulatory benefits
  • Application submitted on February 11, 2025.
  • On July 11, 2025, a revised application was submitted.

Exploration & Development

• Completed geotechnical, hydrogeological, and condemnation drilling for the Feasibility Study.
• Finalizing updated resource model.
• Exploration has generated three other nearby copper targets which will be drilled in late fall of 2025."

A news release issued by McEwen Mining on September 24, 2025, stated:

"The International Finance Corporation (IFC), a member of the World Bank Group, and McEwen Copper Inc., a subsidiary of McEwen Inc. , have signed a collaboration agreement to support aligning the Los Azules copper project with IFC's environmental, social, and governance (ESG) standards for potential future debt and equity financing, an important milestone in McEwen Copper's broader financing strategy for the project.