The Power of Discovery - TNR Gold Corp...Lithium as operators on the projects that will potentially generate royalty cashflows to contribute significant value for our shareholders

The Power of Discovery

Los Azules Copper NSR Royalty Holding with McEwen Mining

The Power of Discovery

Building The Green Energy Metals Royalty and Gold Company

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION OF TNR GOLD CORP. (“TNR”)

TSXV: TNR www.tnrgoldcorp.com 3

Certain of the statements made in this Presentation may contain forward-looking statements or information within the meaning of the United States Private Securities LitigationReform Act of 1995 and applicable Canadian securities laws. Often, but not always, forward-looking statements and forward-looking information can be identified by the use ofwords such as "plans", “targets”, “targeted”, “expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or believes" or the negatives thereof orvariations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved.

Forward-looking statements or information in this Presentation include, but are not limited to: information with respect to our strategy, plans, goals and outlook for ourproperties, including expansions and production, our future financial and operating performance and targets, development and exploration and other events.

TNR relies on the confirmation of its ownership for mining claims from the appropriate government agencies when paying rental payments for such mining claims requested bythese agencies. There could be a risk in the future of the changing internal policies of such government agencies or risk related to the third parties challenging in the future theownership of such mining claims.

Forward-looking statements and forward-looking information by their nature are based on assumptions and involve known and unknown risks, uncertainties and other factorswhich may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed orimplied by such forward-looking statements or information.

We have made certain assumptions about the forward-looking statements and information, including assumptions about funding by our partners, the political and economicenvironment that we operate in, the future price of commodities, anticipated costs and expenses and impact of the disposition on the business. Even though our managementbelieves that the assumptions made and the expectations represented by such statements or information are reasonable, there can be no assurance that the forward-lookingstatement or information will prove to be accurate. Furthermore, should one or more of the risks, uncertainties or other factors materialize, or should underlying assumptionsprove incorrect, actual results may vary materially from those described in forward-looking statements or information.

These risks, uncertainties and other factors include, among others, the following: closing of transactions not occurring or delayed, political, economic, environmental andpermitting risks, commodity price volatility, discrepancies between actual and estimated production, estimated mineral reserves and resources and metallurgical recoveries,mining operational and development risks, litigation risks, regulatory restrictions, including environmental and permitting regulatory restrictions and liabilities, internal andexternal approval risks, risks of sovereign investment, currency fluctuations, speculative nature of mineral exploration, global economic climate, dilution, share price volatility,competition, and loss of key employees.

There can be no assurance that forward-looking statements or information will prove to be accurate, as actual results and future events could differ materially from thoseanticipated in such statements. Accordingly, you should not place undue reliance on the forward-looking statements or information contained herein.

Except as required by law, we do not expect to update forward-looking statements and information continually as conditions change and you are referred to the full discussion ofthe Company's business contained in the Company's reports filed with the securities regulatory authorities in Canada.

All forward-looking statements and information contained in this Presentation are qualified by this cautionary statement.

CAUTIONARY NOTE TO US INVESTORS


Mineral Reserves and Mineral Resources - The terms "mineral reserve", "proven mineral reserve" and "probable mineral reserve" referred to in theCompany's disclosure are Canadian mining terms as defined in accordance with National Instrument 43-101 -Standards of Disclosure for MineralProjects under the guidelines set out in the Canadian Institute of Mining, Metallurgy and Petroleum (the "CIM") Standards on Mineral Resourcesand Mineral Reserves, adopted by the CIM Council as amended from time to time by the CIM. These definitions differ from the definitions in theUnited States Securities & Exchange Commission ("SEC") Guide 7. Under SEC Guide 7 standards, a “final” or “bankable” feasibility study isrequired to report reserves, the three-year historic average price is used in any reserve or cash flow analysis to designate reserves and the primaryenvironmental analysis or report must be filed with the appropriate governmental authority.

The terms "mineral resource", "measured mineral resource", "indicated mineral resource", "inferred mineral resource" used in the Company'sdisclosure are Canadian mining terms used in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects under theguidelines set out in the CIM Standards. Mineral resources which are not mineral reserves do not have demonstrated economic viability. While theterms "mineral resource", "measured mineral resource," "indicated mineral resource", and "inferred mineral resource" are recognized and required byCanadian regulations, they are not defined terms under standards in the United States and normally are not permitted to be used in reports andregistration statements filed with the SEC. As such, information contained in the Company's disclosure concerning descriptions of mineralizationand resources under Canadian standards may not be comparable to similar information made public by US companies in SEC filings. With respectto "inferred mineral resource" there is a great amount of uncertainty as to their existence and a great uncertainty as to their economic and legalfeasibility. It cannot be assumed that all or any part of an "inferred mineral resource" will ever be upgraded to a higher category. Investors arecautioned not to assume that any part or all of mineral deposits in these categories will ever be converted into reserves.

QUALIFIED PERSON

Jonathan Findlay, P. Geo, Geological Consultant of the Company, and a “Qualified Person” for the purposes of National Instrument 43-101-Standards of Disclosure for Mineral Projects of the Canadian Securities Administrators, has reviewed and approved the scientific and technical information contained in this Presentation.

Introducing GEM Royalty TNR Gold Corp.

“Our business model provides the unique entry point into the creation ofsupply chains for critical materials like energy metals which arepowering Tesla Energy rEVolution and Gold industry which is providingthe ultimate hedge during this part of the economic cycle. Ourshareholders are participating in the building of The Green Energy MetalsRoyalty and Gold Company. In our portfolio, we have a uniquecombination of assets providing exposure to different parts of miningcycle: starting with the power of blue sky discovery and includingpartnerships with industry leaders like McEwen Mining and GanfengLithium as operators on the projects that will potentially generateroyalty cashflows to contribute significant value for our shareholders.”

Kirill Klip, Executive Chairman TNR Gold Corp.


LEADERSHIP

Board of Directors

Kirill Klip, MBA – Executive Chairman

John Davies

Greg Johnson, B.Sc.

Konstantin Klip, B.A.

Advisory Board

Nicholas Winton

Management

Kirill Klip, MBA – President and CEO

Maurice Brooks, B. Sc., FCA (ICAEW) – CFO

Konstantin Klip, B.A. – Vice President, Corporate Development

Nancy La Couvée – Corporate Secretary

Roberto Lara – Vice President, Minera Solitario, Argentina


…our corporate direction comes from a blend of proven creators of enterprise value and technical expertise…


CORPORATE CULTURE

The Green Energy Metals Royalty and Gold company with strong management ownership.

Experienced Management TeamProject Portfolio

ManagementStrategic energy metals focus: lithium and

copper

Gold and precious metal assets

Proven Business Model Identify and acquire projects at an early stage

Selectively advance projects

Use JV partnerships to mitigate costs and risk

Maximize value, minimize success time

Strong ownership by insiders and management


GLOBAL ASSETS

CURRENT HOLDINGS

Los Azules Copper Project, Argentina

• Cu-Au deposit

• TNR holds 0.36% NSR Royalty

• 100% owned by McEwen Mining

Shotgun Gold Project, Alaska

• Porphyry gold deposit• Well defined mineralization model

• TNR is targeting for a bulk mineable gold resource

Mariana Lithium Project, Argentina

• TNR holds 1.8% NSR Royalty in Mariana Lithium

• Mariana Lithium - J V between ILC and Ganfeng Lithium

LondonVancouver

San Juan

Shotgun Gold Project

Los Azules Copper Project

OfficeProject

Mariana Lithium Project, Salta

GEM Royalty Business Model


ASSETS ►Copper


“Red metal goes green during Energy rEVolution”

Visual Capitalist

► Los Azules Copper Project update, McEwen Mining.


► “Los Azules Has Resources Of Greater Than 50M Au Oz Equivalent”


"Also, in Argentina is the company's large, 100%-owned Los Azulescopper project. "To give you a sense of its size I will convert the pounds ofcopper to gold equivalent ounces (by dividing the gold price by the copperprice, then take the product and use it to divide the number of Indicatedand Inferred pounds of copper to arrive at the number of gold equivalentounces) and to that number add the gold and silver ounces in the deposit.Based on current metal prices, Los Azules has a resources of greater than50 million gold equivalent ounces. We have focused on derisking thisasset, improving the access, and improving its attraction for a potentialJV partner," Rob explained.

• Rob McEwen, October 2020



ASSETS► Los Azules

"Chile, June 26, 2019 - Argentine and Chileanauthorities have ratified their cooperative tiesand advanced on mechanisms that facilitatethe development of mining projects, withinthe framework of the meeting of theadministrative commission of the treaty onmining integration and complementationbetween the two countries.

The work teams of the administrativecommission of the treaty are formed, in thecase of Argentina, by the secretariat of miningpolicy of the production and labor ministry,headed by Carolina Sánchez, and by thedirectorate of economic relations for theAmericas, part of the foreign affairs ministry,led by Gustavo Infante. On Chile's side wasthe mining undersecretariat, led by PabloTerrazas; and the foreign affairs ministry,assistant deputy secretary, ambassadorRicardo Rojas.

McEwen Mining was awarded the PAE for theLos Azules mining project, approved byArgentina and Chile, to facilitate miningactivity between both countries.”


100% owned byMcEwen Mining Inc.

TNR holds a 0.36% NSR royalty

Argentina and Chile ratified commitment to develop sustainable mining.

June 26, 2019

McEwen Mining

The Argentine Production Ministry

Los Azules ranks as one of the top world copper deposits that are “for JV or sale” and in a low risk

jurisdiction

15

TNR holds a 0.36% NSR royalty

Note: Mineral resources do not have demonstrated economic viability.

Estimate of Mineral Resources by Type (0.20% Cu cut-off)(1)

(1)Technical report titled “NI 43-101 Technical Report – Preliminary Economic Assessment Update for the Los Azules Project, Argentina”, with an effective date of September 1, 2017, prepared by D. Brown, CPEng, M. Bunyard, C. Eng, FAusIMM, B. Davis, FAusIMM, J. Duff, P. Geol, R. Duinker, P. Eng, MBA, J. Farrell, P. Eng, W. Rose, P. E., K. Seddon, CPEng, R. Sim, P. Geo, all of whom are qualified persons and all of whom but D. Brown and J. Duff are considered independent of McEwen Mining, as defined by NI 43-101. TNR Gold Corp. has not engaged an independent qualified person to verify the technical disclosures provided by McEwen Mining Inc. Mineral resources are not mineral reserves and there is no guarantee that the resources reported herein will result in an economic mining scenario.

McEwen Mining

TSXV: TNR www.tnrgoldcorp.com

► Los Azules Resource


Total contained copper is 4.6Mt (Indicated) and 8.8Mt (Inferred)2

Total contained gold is 1.7Moz (Indicated) and 3.8Moz (Inferred)

Total contained silver is 56Moz (Indicated) and 136Moz (Inferred)

► Los Azules Resource

McEwen Mining

Longitudinal Section Through the Los Azules Deposit (looking west – southwest)

The copper resource contains 10.2 billion pounds Indicated and 19.3 billion pounds Inferred2

(2)Please refer to technical disclosure statement (1) regarding the resource estimate.


► Los Azules Los Azules PEA Annual Production

(4)Please refer to technical disclosure statements (1 and 3) regarding the PEA.

If It Were in Production Now, Referenced to 2017 World Copper Mine Production (4)

McEwen Mining


► Los Azules Los Azules PEA C1 Cost per Pound Copper


If It Were in Production Now, Referenced to 2017 World Copper Mine C1 Cost (4)

McEwen Mining


► Los Azules Preliminary Economic Assessment

2017 PEA Highlights(1,3)

Base Case ($3.00/lb. copper, $1,300/oz gold, $17/oz silver)

• $2.2 billion After-Tax NPV (8% discount rate) and 20.1% After-Tax IRR

• 3.6 year payback and a 36 years Life of Mine (LOM);

• 415 million lb. average annual copper production for the first 10 years.

• $1.11/lb. average cash copper production costs (C1*) for the first 10 years, $1.28/lb. average C1 costs over LOM.

McEwen Mining

(3) The PEA reported and documented by McEwen Mining is preliminary in nature, it includes inferred mineral resources that are considered too geologically speculative to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the preliminary economic assessment will be realized. Mineral resources, including those categorized as “measured and indicated” as well as “inferred” are not mineral reserves and the economic viability of these mineral resources have not been demonstrated by this economic analysis.

McEwen Mining's press releases and website material appear to be prepared by Qualified Persons and the procedures, methodology and key assumptions disclosed by McEwen Mining 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, nor to determine the current mineral reserve or resource or any other information referred to in their press releases. Accordingly, the reader is cautioned in placing any reliance on these disclosures.


► Los Azules PEA: Commodity Price Assumptions

$3.00/lb. copper

$1,300/oz gold

$17/oz silver

Undiscounted net smelter return, over the life of the

mining project

$35.2 billion

Undiscounted Cash Flow Waterfall Diagram for the Life of Project(4)

McEwen Mining



► Los Azules Potential Value of TNR’s NSR Royalty


Discounted Cash Flow Waterfall Diagram for the Life of Project(4)

McEwen Mining

TNR holds a 0.36% NSR royalty on the entire Los Azules project

PEA estimates undiscounted cash flow for the life of mine Net Smelter Return over $35B (4)

PEA estimates discounted cash flow (8%) for the life of mine with the Net Smelter Return over $10.5B (4)



“At our Los Azules copper project, we expect to provide an update onthe construction of a new access road to the project in the comingmonths. This critical infrastructure would provide year-round access tothe project, compared to the current road which is only passable 5months of the year. The Los Azules PEA published in 2017 projected arobust operation at $3/lb copper. With the improving copper price,interest in the project has increased.

We are currently evaluating two alternatives to realize more value forour shareholders: one is pursuing a joint venture with a senior miningcompany to bring the project into production; and the other alternativeis spinning out the asset into a new public company. Concurrently weare looking at opportunities to improve the economics of Los Azuleswith ore sorting technologies.”

Rob McEwen, McEwen Mining NR dated January 29, 2021



“Plans for Los Azules

We are concurrently working on two alternatives to fund theadvancement and development of Los Azules. One alternative is to jointventure with a senior industry player to bring the project into production.The other alternative is to spin out Los Azules into a separate companyand raise funds for it to aggressively advance the project towards aproduction decision. With the increasing copper price, we have received aheightened level of interest in Los Azules from major mining companies.”

Rob McEwen, McEwen Mining NR dated February 2, 2021



“…Beneficial developments that we welcomed, but were beyond our control,were the massive increases in the prices of silver and copper and the resultantincrease in the values of our silver and copper assets. For example, using thecurrent price of copper in the financial model from our 2017 PreliminaryEconomic Assessment of Los Azules, we arrive at a Net Present Value,discounted at 8%, of approximately $5 billion. In respect of the potential valueof our silver assets, if we combine the San José mine and the Fenix Project, itcould potentially represent a medium-sized silver producer. One investmentbanker we spoke to suggested the value of such a company could be a minimumof $140 million. We believe that there is significant value to be realized byspinning these assets out in two separate vehicles. In this manner we could raisethe necessary capital to advance these properties, while maintaining a largeshareholding. I believe that the shares of these new companies will grow invalue along with the growth in demand for these metals, on the back of the greentechnology movement. Specifically, the electrification of transportation,renewable energy technologies and the continuing urbanization of Asia andAfrica…”

Rob McEwen, McEwen Mining NR dated March 11, 2021













► Los Azules Summary

Argentina is open for business

Los Azules deposit is massive

100% owned by McEwen Mining

TNR has 0.36% NSR royalty

PEA shows favorable results

Project is moving forward

Increased Value for TNR!


McEwen Mining

www.tnrgoldcorp.comTSXV: TNR 32

CONTACT US TODAY

Financing

We welcome your inquiries

Investor Relations Hub

https://tnrgoldcorp.com/investors/

[email protected]

3500 – 1055 Dunsmuir St.,PO Box 49114, Vancouver, BC,

Canada, V7X 1H7

Phone: +1 604-229-8129Fax +1 604-229-8150

www.tnrgoldcorp.com

April 2021

Joint Venture Partnerships

https://tnrgoldcorp.com/investors/

mailto:[email protected]

tel:+1(604)229-8129

tel:+1(604)2298150

http://tnrgoldcorp.com/


► Technical Disclosure Statements

Certain Information in this presentation is based on studies conducted by McEwen Mining Inc. and their consultants and “Qualified Persons” as defined by National Instrument 43-101. Statements in the presentation referring to Resource Estimates and a Preliminary Economic Assessment are taken from the information publicly provided by McEwen Mining Inc.

The technical report, which includes the results of the preliminary economic analysis (“PEA”), is available on the McEwen Mining website and under the profile of McEwen Mining on SEDAR at www.sedar.com.

The following notes are referenced in this presentation:

(1)Technical report titled “NI 43-101 Technical Report – Preliminary Economic Assessment Update for the Los Azules Project, Argentina”, with an effective date of September 1, 2017, prepared by D. Brown, CPEng, M. Bunyard, C. Eng, FAusIMM, B. Davis, FAusIMM, J. Duff, P. Geol, R. Duinker, P. Eng, MBA, J. Farrell, P. Eng, W. Rose, P. E., K. Seddon, CPEng, R. Sim, P. Geo, all of whom are qualified persons and all of whom but D. Brown and J. Duff are considered independent of McEwen Mining, as defined by NI 43-101. TNR Gold Corp. has not engaged an independent qualified person to verify the technical disclosures provided by McEwen Mining Inc. Mineral resources are not mineral reserves and there is no guarantee that the resources reported herein will result in an economic mining scenario.

(3) The PEA reported and documented by McEwen Mining is preliminary in nature, it includes inferred mineral resources that are considered too geologically speculative to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the preliminary economic assessment will be realized. Mineral resources, including those categorized as “measured and indicated” as well as “inferred” are not mineral reserves and the economic viability of these mineral resources have not been demonstrated by this economic analysis.

McEwen Mining's press releases and website material appear to be prepared by Qualified Persons and the procedures, methodology and key assumptions disclosed by McEwen Mining 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, nor to determine the current mineral reserve or resource or any other information referred to in their press releases. Accordingly, the reader is cautioned in placing any reliance on these disclosures.

Jonathan Findlay, P. Geo, Geological Consultant of the Company, and a “Qualified Person” for the purposes of National Instrument 43-101-Standards of Disclosure for Mineral Projects of the Canadian Securities Administrators, has reviewed and approved the scientific and technical information contained in this Presentation.

http://www.sedar.com/

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The Power of Discovery - TNR Gold Corp...Lithium as operators on the projects that will potentially generate royalty cashflows to contribute significant value for our shareholders