TNR Gold Grants Stock Options

NEWS RELEASE

TNR Gold Grants Stock Options

Vancouver, British Columbia – September 24, 2025: TNR Gold Corp. (TSX-V: TNR) (“TNR”, “TNR

Gold” or the “Company”) announces the grant of 4,900,000 stock options to directors, employees and

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

have an exercise price of $0.08 per share, expire 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 will potentially generate royalt y cashflows to contribute significant value for our

shareholders.

Over the past twenty-nine 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 r oyalty 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

officially inaugurated Mariana Lithium’s start of production at a 20,000 tons -per-annum lithium chloride

plant on February 12, 2025.

#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 of the Company. The Los Azules Copper Project is being

developed by McEwen Mining.

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 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, 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 those discussed in the sections entitl ed “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

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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 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.