Mr. Kirill Klip reports

TNR CALLS ON EUCALYPTUS TO PROVIDE DISCLOSURE REGARDING JOINT ACTORS; COMMENCES INVESTIGATION

TNR Gold Corp. has commenced an investigation into the actions of Eucalyptus Resources Opportunities Fund 1 LP, led by Jon Christian (J.C.) Evensen, in connection with the company's upcoming annual general and special meeting of shareholders schedulled to take place on Sept. 22, 2026.

• TNR is concerned that Eucalyptus may have failed to disclose relationships and arrangements material to shareholders.
• TNR is investigating potential securities law violations.
• Shareholders are urged to vote only the blue proxy for all TNR Gold director nominees and disregard any materials received from Eucalyptus.
• Shareholders who have questions or require assistance voting on the blue proxy are encouraged to contact Kingsdale Advisors toll-free in North America at 1-855-476-7861 or by e-mail at contactus@kingsdaleadvisors.com.

Based on information recently obtained, TNR's board of directors believes Eucalyptus may have failed to provide legally required disclosure regarding its potential co-ordination with certain other shareholders in acquiring TNR shares with the intention of voting jointly or in concert at the meeting. TNR has reached out to Eucalyptus to request that it provide all legally required disclosure to shareholders.

The board believes it is critical that shareholders receive all information to which they are legally entitled regarding Eucalyptus's potential co-ordination with joint actors before casting their votes. The company is actively investigating these matters to ensure compliance with applicable securities laws and that shareholders can make informed voting decisions based on full disclosure of any arrangements or relationships between Eucalyptus and other shareholders. TNR will provide further updates on these matters as appropriate.

Questions? need help voting the blue proxy?

Vote the blue proxy to protect TNR Gold's proven strategy and preserve the institutional knowledge and continuity needed to advance its assets.

The blue proxy must be received no later than 10 a.m. Pacific Time on Friday, Sept. 18, 2026. If you voted using a green proxy, it is not too late-the later-dated blue proxy will replace and revoke your earlier voting instruction. Shareholders who have questions or need assistance voting their common shares should contact Kingsdale Advisors, TNR Gold's strategic shareholder adviser.

Kingsdale Advisors

North American toll-free:  1-855-476-7861

Text and call number:  1-437-561-5018

E-mail:  contactus@kingsdaleadvisors.com

Website:  Vote TNR website

Advisers

Norton Rose Fulbright Canada LLP is acting as legal counsel to TNR Gold. Kingsdale Advisors is acting as strategic shareholder adviser to TNR Gold.

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 its 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 (net smelter returns) 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 Lithium 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 Inc.

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.

We seek Safe Harbor.