TNR Gold NSR Royalty Update - McEwen Copper's Los Azules Joins Argentina's Large Investment Incentive Regime (RIGI)

Vancouver, British Columbia--(Newsfile Corp. - October 2, 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 September 26, 2025, stated:

"McEwen Copper Inc. ("McEwen Copper") is pleased to announce, as communicated by Minister of Economy Luis Caputo in his X account, the approval of Los Azules to participate in Argentina's Large Investment Incentive Regime (RIGI), a key policy instrument to promote strategic initiatives that drive the country's productive development.

The Project's inclusion in the RIGI encompasses an investment of US $2.672 billion, consolidating under a single plan the exploration, construction, and operational stages of the copper mining development project located in Calingasta, San Juan Province.

This milestone represents a decisive endorsement from Argentina for a project set to become the first in the nation's mining history to produce high-purity copper cathodes, ready for direct industrial use. The approval not only endorses the technical and financial robustness of Los Azules but also its sustainable approach, designed from the outset to minimize environmental and water impacts, operate entirely on renewable energy and contribute to local economic development in a structural and long-term manner.

Los Azules is projected to generate more than US $30 billion in export revenues (based on the Preliminary Economic Assessment (PEA) base case published in June 2023) and deliver a substantial net inflow of foreign currency to Argentina, while creating significant positive impacts in employment, local development, and tax revenues at both the provincial and national levels.

'This approval reinforces McEwen Copper's long-term commitment to Argentina and the Province of San Juan, advancing a model of modern, responsible, and sustainable mining. The integration of Los Azules into the RIGI under a single strategic investment plan enhances operational predictability and establishes a clear framework for engagement with the State and future partners,' said Michael Meding, Vice President of McEwen Copper and General Manager of the Los Azules Project.