Mr. Kirill Klip reports

TNR GOLD PROVIDES UPDATE ON JOINT ACTOR INVESTIGATION

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

As previously announced, TNR Gold has commenced an investigation regarding Eucalyptus's co-ordination with joint actors. The company's continuing investigation has uncovered information suggesting a potential conspiracy among Eucalyptus and certain joint actors to co-ordinate their undisclosed acquisition and voting of TNR shares in breach of applicable securities laws. Based on information obtained to date, it appears that the nature and extent of such co-ordination may go well beyond what Eucalyptus has publicly disclosed, involving a number of joint actors that the company believes are implementing a scheme to acquire and vote TNR shares to seize control of the company's board of directors without making legally required disclosure.

Despite TNR's requests to Eucalyptus and its suspected joint actors to act transparently in accordance with securities laws, no corrective disclosure has been made as of the date of this announcement. The company has significant concerns that shareholders may have been deprived of disclosure material to their voting decisions and is evaluating all options to protect the interests of shareholders and the integrity of the voting process at the meeting.

TNR's investigation into these matters is continuing, and the company will provide further updates 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

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 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 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 net smelter return 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 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, 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.