“I am pleased to share updates that reflect the continued support of our leadership team and strategic partners for TNR Gold’s development plan,” commented Kirill Klip, Executive Chairman of TNR Gold.
“I have continued to increase my share ownership in TNR Gold, adding an additional 4,200,000 shares this year. My current holding of 31,363,000 shares reflects my ongoing commitment to the Company and confidence in its strategic direction. TNR Gold’s Chair of the Audit Committee, Chief Financial Officer and Vice President, Corporate Development have also increased their ownership positions.”
Kirill Klip added, “As previously announced on July 17, 2026, Altius Minerals Corporation (“Altius”) acquired 7,435,000 shares of TNR Gold at price per share of CAN$0.23, increasing its ownership position in TNR Gold to an aggregate of 30,935,000 shares. Altius’s increased stake reflects their continued strategic interest in TNR Gold’s management team, its strategic plan and TNR Gold’s royalty portfolio. We welcome Altius increasing its strategic, non-controlling stake in TNR Gold.”
Powered by Tesla Energy rEVolution: TNR Gold Los Azules Copper NSR Royalty Holding with McEwen Inc. Presentation
NEWS RELEASE
TNR Gold NSR Royalty Update – McEwen Provides Update on NSR Royalty on Los Azules Copper
Vancouver, British Columbia – August 10, 2026: TNR Gold Corp. (TSX-V: TNR) (“TNR”, “TNR Gold” or the “Company”) is pleased to advise that McEwen Inc. (“McEwen”) has announced an update on the Los Azules copper, gold and silver 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 project is held by McEwen Copper Inc. (“McEwen Copper”), which is 46.3% owned by McEwen.
An extract from a news release issued by McEwen on August 5, 2026, stated:
“Significant Ownerships
McEwen Copper
McEwen owns a 46.3% equity stake in McEwen Copper. The 2025 Feasibility Study for McEwen Copper’s Los Azules project confirmed robust project economics, including initial 5-year average production of 205 ktpa of copper cathodes and a $1.71/lb 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 ktpa. The Nuton case is preliminary in nature and is not supported by Mineral Reserves.
McEwen also owns a 1.25% NSR royalty on McEwen Copper’s Los Azules copper project.
Under the 2025 Feasibility Study base case of $4.35/lb copper, the royalty is projected to generate approximately $389.5 M of undiscounted pre-tax cash flow over the initial 22-year operating period. Under the PEA-level Nuton case, which assumes a copper price of $4.80/lb and could potentially extend the mine life by an additional 33 years, the royalty is projected to generate a further approximately $633.5 M.
Based on the 2025 Feasibility study and using a recent copper spot price of $6.50/lb, McEwen’s royalty is projected to generate approximately $584 M from the initial case and $860 M from the potential Nuton extension, for a combined undiscounted pre-tax royalty cash flow of approximately $1.4 B.
Los Azules continued to advance toward a Final Investment Decision (“FID”) during Q2, with approximately 27% of the planned FID work program deliverables completed as of June 30, 2026, and the balance targeted for completion in Q4 2026. Key activities included advancing vendor engineering for the SX/EW plant, sulfuric 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 Q2, Société Générale was appointed as exclusive financial advisor 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 September 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, P.Eng with AGP Mining Consultants.
- Technical aspects of the news release related to Financial Modeling – Steve Pozder – P.E. with Samuel Engineering.”
About McEwen Copper
McEwen Copper Inc. is a copper development company whose principal asset is the 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%-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 Corporation (IFC), and admission to the Argentina Regime of Incentives for Investment (RIGI) 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 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 will potentially generate royalty cashflows to contribute significant value for our shareholders.
Over the past thirty 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% 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% 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. Ganfeng Lithium officially inaugurated Mariana Lithium’s start of production at a 20,000 tons-per-annum lithium chloride plant on February 12, 2025.
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 of the Company. The Los Azules Copper Project is being developed by McEwen Inc.
TNR also holds a 7% 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% 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 & 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 future receipt of cash flows from its royalty holdings and the subsequent contribution of significant value to its shareholders; the possible growth of TNR’s value; and TNR’s strategy and business objectives; TNR’s corporate objectives and future potential transactions being considered by the Special Committee and the Board, and the benefit that TNR’s shareholders may derive from same; TNR’s future receipt of cash flows from its royalty holdings and the subsequent contribution of significant value to its shareholders; the possible growth of TNR’s value; future revenue and increased valuations of TNR’s royalty holdings caused by potential strategic alliances with major mining companies and investment institutions; the potential production from the Mariana Lithium Project; future investment of substantial capital in the development of the Shotgun Gold Project by a potential partner of TNR; the possible benefits that may accrue to the Los Azules copper project; the potential acceleration of the Los Azules project’s potential due to Rio Tinto’s involvement in the project; and the potential benefits caused by delivering ‘green copper’ to Argentina and the world. 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 SEDAR+ profile on www.sedarplus.ca. 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 enter into one or more strategic transactions, partnership or a spin-out, or be able to complete any further royalty acquisitions or sales of royalty interests, or portions thereof; debt or equity 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, in future, challenging 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 Inc., Ganfeng Lithium, Lundin Mining and BHP 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."
