TNR Gold Grants Stock Options

NEWS RELEASE

TNR Gold Grants Stock Options

Vancouver, British Columbia – December 7, 202 3: TNR Gold Corp. (TSX-V: TNR) (“TNR”, “TNR

Gold” or the “Company”) announces the grant of 1,290,000 stock options to directors, employees and

consultants of the Company pursuant to the terms of the Company’s Stock Option Plan. The stock options

are exercisable at $0.05 per share until five years from the date of grant and are subject to a trading hold

period of four months.

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-seven 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.

#1120, 789 West Pender Street,

Vancouver, B.C.

V6C 1H2 , Canada

T: +1 (604) 229-8129

E-mail: [email protected]

Website: http://www.tnrgoldcorp.com

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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. T he 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, and future potential transactions being considered by the Special Committee and the Board.

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 tho se 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

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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 it s 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 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. Exce pt as required by law, the Company assumes no

obligation to update forward -looking information should circumstances or management’s estimates or

opinions change.