Mr. Kirill Klip reports

TNR GOLD NSR ROYALTY UPDATE - MCEWEN PROVIDES UPDATE ON NSR ROYALTY ON LOS AZULES COPPER

McEwen Inc. has provided an update on Los Azules copper, gold and silver project in San Juan, Argentina, in which TNR Gold Corp. holds a 0.4-per-cent net smelter return royalty (of which 0.04 per cent of the 0.4-per-cent NSR royalty is held on behalf of a shareholder) on Los Azules copper project. Los Azules project is held by McEwen Copper Inc., which is 46.3 per cent owned by McEwen.

An extract from a news release issued by McEwen on Aug. 5, 2026, stated:

"Significant ownerships

"McEwen Copper

"McEwen owns a 46.3-per-cent equity stake in McEwen Copper. The 2025 feasibility study for McEwen Copper's Los Azules project confirmed robust project economics, including initial five-year average production of 205,000 tpa of copper cathodes and a $1.71-per-pound C1 cash cost over a 22-year mine life. The study also identified the potential to extend the mine life by an additional 33 years under the Nuton case for a total of 55 years, with average copper cathode production of approximately 141,000 tpa. The Nuton case is preliminary in nature and is not supported by mineral reserves.

"McEwen also owns a 1.25-per-cent NSR royalty on McEwen Copper's Los Azules copper project.

"Under the 2025 feasibility study base case of $4.35 per lb copper, the royalty is projected to generate approximately $389.5-million of undiscounted pretax cash flow over the initial 22-year operating period. Under the PEA-level Nuton case, which assumes a copper price of $4.80 per lb and could potentially extend the mine life by an additional 33 years, the royalty is projected to generate a further approximately $633.5-million.

"Based on the 2025 feasibility study and using a recent copper spot price of $6.50 per lb, McEwen's royalty is projected to generate approximately $584-million from the initial case and $860-million from the potential Nuton extension, for a combined undiscounted pretax royalty cash flow of approximately $1.4-billion.

Los Azules continued to advance toward a final investment decision during second quarter, with approximately 27 per cent of the planned FID work program deliverables completed as of June 30, 2026, and the balance targeted for completion in fourth quarter 2026. Key activities included advancing vendor engineering for the SX/EW plant, sulphuric acid plant and crushing systems, progressing mining fleet evaluation, power supply assessment and EPCM contractor selection, and commencing construction of the access road and site camp. The company also completed its planned H1 2026 field campaign of geotechnical, condemnation and hydrogeological drilling.

During second quarter, Societe Generale was appointed as exclusive financial adviser for the project's debt financing process, and preparations were initiated for a potential initial public offering. McEwen Copper is also reviewing an enhanced financing proposal received from European export credit agency. Management remains focused on completing the FID work program, with construction targeted to commence in early 2027 and production in 2030, subject to project financing and customary approvals."

For further details, visit the McEwen website.

Qualified persons

The McEwen Copper feasibility study technical report has an effective date of Sept. 3, 2025.

The feasibility study and associated news disclosures were reviewed and verified by the following qualified persons who are independent consultants of McEwen Copper:

• Technical aspects of the news release related to project execution, development information and other information excluding mineral resource disclosure -- James L. Sorensen -- FAusIMM Reg. No. 221286 with Samuel Engineering;
• Technical aspects of the news release related to metallurgical summary and process information -- Michael McGlynn -- SME registered member No. 4149430 with Samuel Engineering;
• Disclosure related to the updated Los Azules mineral resource estimate -- Jeff Sullivan -- FAusIMM Reg. No. 201778 with CRM-SA LLC;
• Disclosure related to the initial Los Azules mining and mineral reserve estimate -- Gordon Zurowski, PEng, with AGP Mining Consultants;
• Technical aspects of the news release related to financial modelling -- Steve Pozder, PE, with Samuel Engineering.

About McEwen Copper Inc.

McEwen Copper is a copper development company whose principal asset is Los Azules project in San Juan province, Argentina -- an advanced-stage project counted among the largest undeveloped copper resources globally. McEwen Copper is 46.3 per cent owned by McEwen.

Qualified person

The McEwen 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'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, the company's chief executive officer, stated: "We are pleased that McEwen Copper has reached this milestone following the release of the feasibility study and securing of an environmental permit for the construction and operation of Los Azules. The collaboration between McEwen Copper and International Finance Corp., and admission to the Argentina Regime of Incentives for Investment could move the Los Azules copper project development closer to a construction decision.

"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 president of Argentina has introduced important government policies aimed at supporting business and unlocking the country's economic potential.

"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 Rob 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 Rio Tinto's Venture Nuton, McEwen Copper is exploring new technologies that save energy, water, time and capital, advancing Los Azules towards 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 feasibility study confirms Los Azules project as a long-life, low-cost producer of high-purity copper cathodes with strong economic returns and sustainability. It highlights 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.

"TNR Gold does not have to contribute any capital for the development of the Los Azules project. The essence of our business model is to have industry leaders like McEwen as operators on the projects that will potentially generate royalty cash flows to contribute significant value for our shareholders."

About TNR Gold Corp.

TNR Gold is working to become the green energy metal royalty and gold company.

Its 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.

Its 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 shareholders.

Over the past 30 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, 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 Argentine provincial government of Salta for an environmental impact report. Ganfeng Lithium officially inaugurated Mariana Lithium's start of production at a 20,000-ton-per-year lithium chloride plant on Feb. 12, 2025.

TNR Gold also holds a 0.4-per-cent NSR royalty on 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. Los Azules copper project is being developed by McEwen.

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, 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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