TNR Gold Update - NSR Royalty on McEwen Mining's Los Azules Copper, Gold and Silver Project

Vancouver, January 30, 2023 - TNR Gold Corp. (TSXV: TNR) ("TNR", "TNR Gold" or the "Company") is pleased to announce that McEwen Mining Inc. ("McEwen Mining") provided an update on the Los Azules Copper Project in San Juan, Argentina. TNR holds a 0.4% net smelter returns royalty ("NSR Royalty") (of which 0.04% of the 0.4% NSR Royalty is held on behalf of a shareholder) on the Los Azules Copper Project. The Los Azules Copper Project is held by McEwen Copper Inc., a subsidiary of McEwen Mining.

The news release issued by McEwen Mining on January 26, 2023, stated:

"McEwen Copper Inc., 68%-owned by McEwen Mining Inc. (NYSE: MUX) (TSX: MUX), today reports rich copper values over attractive widths resulting from infill drilling at its Los Azules project. Los Azules is a large porphyry copper-gold-silver deposit with considerable growth potential, where its ultimate depth and lateral extents remain to be determined.

Table 1 provides a summary of the assay results for eight recent drill holes for copper (Cu), gold (Au) and silver (Ag).

Highlights

• Widespread mineralized magmatic hydrothermal breccias with intercepts such as 237.2 meters (m) of 1.05% Cu including 108 m of 1.71% Cu in hole AZ22173.
• Continuity of an Enriched mineral zone up to 300 m, true thickness.
• Northern exploration hole AZ22174 targeting a deep geophysical anomaly intersected multiple copper-mineralized horizons including disseminated and veinlet-hosted primary copper mineralization and potassic alteration as deep as 1,100 m downhole, with assays pending.

Table 1 - Los Azules Drilling Results - October 2022 to December 2022

Current Drill Program

Drilling resumed in October 2022. This season's +75 holes and +25,000-meter program is designed to:

• Increase drill hole density to upgrade the copper resource classification to measured and indicated to better understand the payback pit design.
• Provide metallurgical, hydrological and geotechnical data to facilitate mine design.
• Test for potential extensions of the resource to the north, south and at depth to determine how much larger the deposit could be.

Since October, some 11,900 m have been drilled from 46 holes.

"We have transitioned into 2023 with tremendous momentum, backstopped by 9 on-site drills, an active community engagement program and a fully staffed technical team advancing Los Azules towards feasibility," commented Michael Meding, Vice President and General Manager of McEwen Copper. "We are delivering a first-class technical evaluation on a copper deposit that will put Argentina at the forefront of critical metals production supporting worldwide electrification and a greener future for generations to come."

Description of Results

Results are summarized on six schematic cross-sections that include simplified interpretations of the mineral zones including: Overburden, Leached, Enriched (also called Supergene) and Primary (also called Hypogene). The green line is the 30-year pit floor from the 2017 NI 43-101 Preliminary Economic Assessment (PEA) report. We see drill results that support and enhance our geological modelling.

Figure 1 is a plan view showing the location of these sections. The cross sections are located 50 m apart, with the lowest numbered section beginning at the south end of the deposit and numbers increasing to the north. For reference, Section 36 is located approximately in the center of the deposit.

Figure 1 - Location of Cross-sections and Drill Holes in the Deposit Plan

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Exploration Drilling

Hole AZ22174 (Figure1) is the 4^th hole at Los Azules to be drilled to a depth in excess of 1,000 m. It represents the most recent validation that the deposit remains open at depth. It is located 900 m north of AZ22171 and was planned based on geophysical analyses and geological modelling. Results are expected to be available for release shortly. Logging of the core over its 1,100 m identified disseminated copper mineralization (chalcocite, chalcopyrite) hosted in pre-mineral diorite, copper in early veinlets and fracture-fills, magmatic hydrothermal breccia and potassic alteration as evidenced by potassium feldspar.

Infill Drilling Results Designed to Upgrade Copper Resources Classification to Measured & Indicated

Figure 2 - Section 36, includes an intercept of 190 m of 0.80% Cu (AZ22175), including a 94 m interval of 1.06% Cu in the Enriched mineral zone. The Enriched mineral zone is interpreted to occur as a sub-horizontal blanket of mineralization that varies in thickness between 150m and 250m across this section. This is typical of many world-class porphyry copper deposits. The hole was drilled to test for the presence of mineralization within a hydrothermal magmatic breccia host rock. Mineralization contained within this zone is on average associated with the highest copper grades at Los Azules.

Figure 2 - Section 36 - Drilling, Mineral Zones & 30-year PEA Pit (Looking North)

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Figure 3 - Section 41 shows an Enriched zone interval of 232m grading 0.59% Cu (AZ22172), including 32 m of 1.19% Cu. A portion of the shallower mineralization is hosted within an early mineral porphyry and the hydrothermal magmatic breccia associated with the porphyry. Like the breccia, the early mineral porphyry is an important host of higher-grade mineralization and is typically inclined sub-vertical. Closer to the hole's bottom, mineralization is hosted within rock known as diorite, which contains the majority of Primary zone sulphide-bearing mineralization at Los Azules. The drill hole ends with 197.0 m grading 0.31% Cu. Lithology and mineralization correlate well to hole AZ12106, suggesting great continuity.

Figure 3 - Section 41 - Drilling, Mineral Zones & 30-year PEA Pit (Looking North)

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Figure 4 - Section 42 profiles an Enriched zone interval of 232 m grading 0.51% Cu (AZ22177), including 56 m of 0.77% Cu. Again, the drill hole ended in the top of the Primary zone with 79 m of 0.39% Cu. The early mineralized porphyry, hydrothermal magmatic breccias and high copper grades noted in the hole are consistent with the nearby historic drill holes AZ12116 and AZ1048. The true thickness of the Enriched zone is interpreted to be up to 250 m on the section.

Figure 4 - Section 42 - Drilling, Mineral Zones & 30-year PEA Pit (Looking North)

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Figure 5 - Section 43 highlights 226 m grading 0.87% Cu (AZ22176) including 96 m of 1.13% Cu, and 262 m of 0.55% Cu (AZ22169) including 74 m grading 0.93% Cu. Both intervals correspond to the Enriched zone with a true thickness up to 250 m and signified in part by characteristic chalcocite copper mineralization and elevated soluble copper analyses. Mineralization is mainly related to the presence of early mineral porphyry and hydrothermal magmatic breccia. In hole AZ22176, the continued presence of copper mineralization at depth required drilling to continue below the 2017 PEA pit limit. The grades reported for the Primary zone correspond to a 121.9 m interval with a core length-weighted grade of 0.71% Cu. It is noteworthy that the hole ended in elevated copper grades, suggesting potential at depth and an attractive future drilling target.

Figure 5 - Section 43 - Drilling, Mineral Zones & 30-year PEA Pit (Looking North)

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Figure 6 - Section 44, profiles 238 m grading 0.55% Cu (AZ22170) and 237.2 m with 1.05% Cu (AZ22173), including a 108 m interval of 1.71% Cu. Both intercepts correspond to the Enriched zone, consistent with attractive grades reported in previous campaigns including 194 m of 0.56% Cu (AZ22163), 146 m of 1.10% Cu (AZ0620) and 80.4 m grading 0.21% Cu (AZ22167). The interpreted true thickness of the Enriched zone extends to 300 m at the center of the section, owing to the influence of structural controls such as faulting in the core of the deposit.

Figure 6 - Section 44 - Drilling, Mineral Zones & 30-year PEA Pit (Looking North)

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Figure 7 - Section 45 highlights 341 m of 0.53% Cu (AZ22171), including 88 m grading 1.06% Cu in the Enriched zone. The mineralization is primarily contained in hydrothermal magmatic breccia. The interpreted true thickness of up to 300 m in the Enriched zone extends from Section 44. The hole ended in primary mineralization of 35.2 m grading 0.27% Cu and remains open at depth.

Figure 7 - Section 45 - Drilling, Mineral Zones & 30-year PEA Pit (Looking North)

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The Los Azules project is located in San Juan, Argentina. It has many attributes comparable to other world-class copper-gold deposits in South America.

Technical Information

The technical content of this press release has been reviewed and approved by Stephen McGibbon, P.Geo., McEwen Mining's Senior Vice President, Exploration, and a qualified person as defined by NI 43-101.

All samples were collected in accordance with generally accepted industry standards. Drill core samples usually taken at 2 m intervals were split and submitted to the Alex Stewart International laboratory located in the Province of Mendoza, Argentina, for the following assays: gold determination using fire fusion assay and an atomic absorption spectroscopy finish (Au4-30); a 39 multi-element suite using ICP-OES analysis (ICP-AR 39); copper content determination using a sequential copper analysis (Cu-Sequential). An additional 19 element analysis (ICP-ORE) was performed for samples with high sulfide content.

The company conducts a Quality Assurance/Quality Control program in accordance with NI 43-101 and industry best practices using a combination of standards and blanks on approximately one out of every 25 samples. Results are monitored as final certificates are received and any re-assay requests are sent back immediately. Pulp and preparation sample analyses are also performed as part of the QAQC process. Approximately 5% of the sample pulps are sent to a secondary laboratory for control purposes. In addition, the laboratory performs its own internal QAQC checks, with results made available on certificates for Company review.

Table 2 - Hole Locations and Lengths for October to December 2022 Drilling Results at Los Azules

Geochemical results and hole collar locations and lengths for October 2022 to January 2023 at Los Azules can be found at the McEwen Mining website at www.mcewenmining.com.

The McEwen Mining press release appears to be prepared by Qualified Persons (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.

"We are pleased to see these significant developments on the advancing Los Azules Project towards feasibility and continued support by Rob McEwen of McEwen Copper," stated Kirill Klip, TNR's Chief Executive Officer. "It's very encouraging to see the opportunity to expand the deposit, and the involvement of Rio Tinto, which may accelerate realizing the enormous potential of the Los Azules Project with Rio Tinto's innovative technology.

"The personal commitment from Rob McEwen and his investment of US$40 million enabled the rapid advancement of this deposit to this new phase of development in an appropriate corporate structure. McEwen Copper has raised more than US$81 million and is well positioned for further stages of development of the Los Azules Project.

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

ABOUT TNR GOLD CORP.

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

Our 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.

Our 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 have the potential to generate royalty cashflows that will contribute significant value for our shareholders.

Over the past twenty-six 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% NSR Royalty on the Mariana Lithium Project in Argentina, of which 0.15% NSR royalty is held on behalf of a shareholder. Ganfeng Lithium's subsidiary, Litio Minera Argentina ("LMA"), has the right to repurchase 1.0% of the NSR royalty on the Mariana Project, of which 0.9% is the Company's NSR Royalty interest. The Company would receive CAN$900,000 and its shareholder would receive CAN$100,000 on the repurchase by LMA, resulting in TNR holding a 0.45% NSR royalty and its shareholder holding a 0.05% NSR royalty.

The Mariana Lithium Project is 100% owned by Ganfeng Lithium. The Mariana Lithium Project has been approved by the Argentina provincial government of Salta for an environmental impact report, and the construction of a 20,000 tons-per-annum lithium chloride plant has commenced.

TNR Gold also holds a 0.4% NSR Royalty on the Los Azules Copper Project, of which 0.04% of the 0.4% NSR royalty is held on behalf of a shareholder. The Los Azules Copper Project is being developed by McEwen Mining.

TNR also holds a 7% net profits royalty holding on the Batidero I and II properties of the Josemaria Project that is being developed by Lundin Mining. Lundin Mining is part of the Lundin Group, a portfolio of companies producing a variety of commodities in several countries worldwide.

TNR provides significant exposure to gold through its 90% 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 Barrick Gold and 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 & 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.

On behalf of the Board of Directors,

Kirill Klip
Executive Chairman

www.tnrgoldcorp.com

For further information concerning this news release please contact Kirill Klip, +1 604-229-8129.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Statement Regarding Forward-Looking Information

Except for statements of historical fact, this news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", "will", "could" and other similar words, or statements that certain events or conditions "may" or "could" occur, although not all forward-looking statements contain these identifying words. Specifically, forward-looking statements in this news release include, but are not limited to, statements made in relation to: TNR's corporate objectives, changes in share capital, market conditions for energy commodities, the results of McEwen Mining's, Ganfeng Lithium's and Lundin Mining's preliminary economic assessments, Feasibility Study, or Mineral Resource and Mineral Reserve estimations, life of mine estimates, and mine and mine closure plans and improvements in the financial performance of the Company. Such forward-looking information is based on a number of assumptions and subject to a variety of risks and uncertainties, including but not limited to those discussed in the sections entitled "Risks" and "Forward-Looking Statements" in the Company's interim and annual Management's Discussion and Analysis which are available under the Company's profile on www.sedar.com. While management believes that the assumptions made and reflected in this news release are reasonable, should one or more of the risks, uncertainties or other factors materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking information. In particular, there can be no assurance that: TNR will be able to repay its loans or complete any further royalty acquisitions or sales; debt or other financings will be available to TNR; or that TNR will be able to achieve any of its corporate objectives. 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 by these 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 the ownership of such mining claims. Given these uncertainties, readers are cautioned that forward-looking statements included herein are not guarantees of future performance, and such forward-looking statements should not be unduly relied on.

In formulating the forward-looking statements contained herein, management has assumed that business and economic conditions affecting TNR and its royalty partners, McEwen Mining Inc., Ganfeng Lithium and Lundin Mining will continue substantially in the ordinary course, including without limitation with respect to general industry conditions, general levels of economic activity and regulations. These assumptions, although considered reasonable by management at the time of preparation, may prove to be incorrect.

Forward-looking information herein and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this cautionary statement. Except as required by law, the Company assumes no obligation to update forward-looking information should circumstances or management's estimates or opinions change.

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