Mr. Kirill Klip reports

TNR GOLD NSR ROYALTY UPDATE - MCEWEN COPPER'S LOS AZULES JOINS ARGENTINA'S LARGE INVESTMENT INCENTIVE REGIME (RIGI)

McEwen Mining Inc. has provided an update on TNR Gold Corp.'s Los Azules copper, gold and silver project in San Juan, Argentina. TNR holds a 0.4-per-cent net smelter return royalty (NSR 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. The Los Azules project is held by McEwen Copper Inc., a subsidiary of McEwen Mining.

A news release, issued by McEwen Mining on Sept. 26, 2025, stated:

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 $2,672-million (U.S.), 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 $30-billion (U.S.) 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.

"The RIGI sends a powerful message to international investors: Argentina is open to supporting long-term projects in energy and critical metals. This framework strengthens confidence in the country and creates the right environment to secure the financing required for mining ventures. For Los Azules, it marks a decisive step that allows us to advance the development and unlock the potential of a copper deposit of global significance," said Rob McEwen, chairman and chief owner of McEwen Inc.

Key benefits of RIGI include legal, fiscal and customs stability for 30 years, such as:

• Legal certainty, including dispute resolution mechanisms and safeguards against regulatory changes.
• Tax incentives including the application of the 25-per-cent-lowest tax bracket for companies (down from the general 35 per cent), a 50-per-cent reduction in the dividend withholding tax, accelerated depreciation for new capital investments, early VAT (value-added tax) recovery and long-term tax stability.
• Streamlined customs and foreign exchange procedures, including the import of capital goods and debt repayment facilitation.

Next steps: toward feasibility and construction

The environmental impact declaration (EIA) for construction and operation was approved in December, 2024, the feasibility study is on track for completion by the end of October, 2025, and the official inclusion of Los Azules in the RIGI has been confirmed. The project is now positioned to begin construction, subject to detailed engineering and securing financing. In parallel, McEwen Copper plans to continue to aggressively explore around Los Azules to potentially extend the size and life of the resource. This progress reinforces McEwen Copper's standing as a leader in sustainable mining and a strategic driver of economic and social development in San Juan and across Argentina.

About McEwen Inc.

McEwen is a gold and silver producer with operations in Nevada (United States), Canada, Mexico and Argentina. The company owns 46.4 per cent of McEwen Copper, which develops the large, advanced-stage Los Azules copper project. Los Azules aims to become Argentina's first regenerative copper mine.

Focused on enhancing productivity and extending the life of its assets, the company's goal is to increase its share price and provide a yield to investors. Rob McEwen, chairman and chief owner, has a personal investment in the companies of $205-million (U.S.).

About McEwen Copper Inc.

McEwen Copper holds a 100-per-cent interest in the Los Azules copper project in San Juan, Argentina, and the Elder Creek copper/gold project in Nevada, United States.

Los Azules is the ninth-largest undeveloped copper deposit in the world. It is designed to be distinctly different from conventional copper mines by consuming significantly less water, emitting much lower carbon emissions and progressing toward carbon neutrality by 2038. Additionally, it will be powered by 100-per-cent renewable electricity once operational. The PEA (preliminary economic assessment) published in June, 2023, for the project estimates a $2.7-billion after-tax NPV (net present value) 8 per cent at $3.75/pound Cu, a 27-year mine life, a copper resource of 10.9 billion pounds at grade 0.40 per cent Cu (indicated category) and an additional 26.7 billion pounds at grade 0.31 per cent Cu (inferred category).

Qualified persons

The McEwen Mining preliminary economic assessment (PEA) is contained in a technical report titled, "Canadian National Instrument 43-101 Technical Report Preliminary Economic Assessment, Los Azules Copper Project" and dated May 31, 2023. The authors of the technical report are: James L. Sorensen, FAusIMM -- Samuel Engineering, Allan L. Schappert, CPG, SME-RM -- Stantec Inc., Steven Alan Pozder, PE, MBA -- Samuel Engineering, Satjeet Pandher, PE -- Stantec, Richard F. Reinke, PGeo -- Stantec, James L. Sorensen, FAusIMM -- Samuel Engineering, Allan L. Schappert, CPG, SME-RM -- Stantec, Steven Alan Pozder, PE, MBA -- Samuel Engineering, Satjeet Pandher, PE -- Stantec, Richard F. Reinke, PGeo -- Stantec, consultants of McEwen Mining.

Technical aspects of the McEwen Mining news release containing the PEA were reviewed and verified by James L. Sorensen -- FAusIMM Reg. No. 221286 with Samuel Engineering, who is a qualified person as defined by National Instrument 43-101 -- Standards of Disclosure for Mineral Projects and a consultant of McEwen Mining.

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.

Kirill Klip stated: "We are pleased that McEwen Copper has reached this major milestone after it secured an environmental permit for the construction and operation of the Los Azules copper project. Our company has 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 TNR's assets. Our transformation from a project generation junior mining company into a cash-flow-generating royalty company may bring the necessary catalyst for improved market valuation of our assets. The admission to the Regime of Incentives for Investment (RIGI) could move the Los Azules copper project development closer to a construction decision."

Significant developments on the advancement of the Los Azules project toward the feasibility stage have led to increased Rio Tinto and Stellantis holdings in McEwen Copper, strategic partners of this large copper, gold and silver project. In 2023, Stellantis invested an aggregate 72 billion Argentine pesos. An additional $100-million (U.S.) in total was invested by Rio Tinto's Venture Nuton in McEwen Copper. TNR Gold's vision is aligned with the leaders of innovation among automakers like Stellantis, whose aim is to decarbonize mobility and mining industry leaders such as Mr. 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 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 new president of Argentina has introduced important government policies aimed at supporting business and unlocking the country's economic potential. 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 Los Azules project preliminary economic assessment (PEA) results highlight 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.

It is also encouraging to see an updated independent mineral resource estimate that has increased the resource estimate significantly. Infill drilling during the 2023 to 2024 season upgraded the resource categories, validated the geological model and confirmed the high-grade zone. Resource drilling for the Los Azules feasibility study is now complete, and the study appears to be on track for delivery in 2025.

Los Azules was ranked in the top 10 largest undeveloped copper deposits in the world by Mining Intelligence (2022). TNR Gold does not have to contribute any capital for the development of the Los Azules project. The essence of the company's business model is to have industry leaders like McEwen Mining as operators on the projects that will potentially generate royalty cash flows to contribute significant value for its 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 the company's shareholders.

Over the past 29 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.

TNR holds a 1.5-per-cent NSR royalty on the Mariana lithium project in Argentina, of which 0.15 per cent of such NSR royalty is held on behalf of a shareholder of the company. Ganfeng Lithium's subsidiary, Litio Minera Argentina (LMA), has the right to repurchase 1.0 per cent of the NSR royalty on the Mariana project, of which 0.9 per cent is the company's NSR royalty interest. The company would receive $900,000, and its shareholder would receive $100,000 on the repurchase by LMA, resulting in TNR holding a 0.45-per-cent NSR royalty and its shareholder holding a 0.05-per-cent NSR royalty.

The Mariana lithium project is 100 per cent owned by Ganfeng Lithium. The Mariana lithium project has been approved by the Argentina provincial government of Salta for an environmental impact report. Ganfeng officially inaugurated Mariana Lithium's start of production at a 20,000-ton-per-annum lithium chloride plant on Feb. 12, 2025.

TNR Gold also holds a 0.4-per-cent NSR royalty on the Los Azules copper project, of which 0.04 per cent of the 0.4-per-cent NSR royalty is held on behalf of a shareholder of the company. The Los Azules copper project is being developed by McEwen Mining.

TNR also holds a 7-per-cent NPR on the Batidero I and II properties of the Josemaria project that is being developed by the joint venture between Lundin Mining and BHP.

TNR provides significant exposure to gold through its 90-per-cent holding in the Shotgun gold porphyry project in Alaska. The project is located in southwestern Alaska near the Donlin gold project, which is being developed by Novagold Resources. The company's strategy with the Shotgun gold project is to attract a joint venture partnership with a major gold mining company. The company is actively introducing the project to interested parties.

At its core, TNR provides a wide scope of exposure to gold, copper, silver and lithium through its holdings in Alaska (the Shotgun gold porphyry project) and royalty holdings in Argentina (the Mariana lithium project, the Los Azules copper project and the Batidero I and II properties of the Josemaria project), and is committed to the continued generation of in-demand projects, while diversifying its markets and building shareholder value.

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