TNR Gold NSR Royalty Update - McEwen Copper’s Los Azules Joins Argentina’s Large Investment Incentive Regime (RIGI)
NEWS RELEASE
TNR Gold NSR Royalty Update - McEwen Copper’s Los Azules
Joins Argentina’s Large Investment Incentive Regime (RIGI)
Vancouver, British Columbia – October 2, 2025: TNR Gold Corp. (TSX-V: TNR) (“TNR”, “T NR Gold ”
or the “Company”) is pleased to announce that McEwen Mining Inc. (“ McEwen Mining”) has provided
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”), a subsidiary of McEwen Mining.
A news release issued by McEwen Mining on September 26, 2025, stated:
“McEwen Copper Inc. (“McEwen Copper”) is pleased to announce, as communicated by Minister of
Economy Luis Caputo in his X account, the approval of Los Azules to participate in Argentina’s Large
Investment Incentive Regime (RIGI), a key policy instrument to promote strategic initiatives that drive
the country’s productive development.
The Project’s inclusion in the RIGI encompasses an investment of US $2.672 billion, consolidating
under a single plan the exploration, construction, and operational stages of the copper mining
development project located in Calingasta, San Juan Province.
This milestone represents a decisive endorsement from Argentina for a project set to become the first
in the nation’s mining history to produce high- purity copper cathodes, ready for direct industrial use.
The approval not only endorses the technical and financial robustness of Los Azules but also its
sustainable approach, designed from the outset to minimize environmental and water impacts,
operate entirely on renewable energy and contribute to local economic development in a structural
and long-term manner.
Los Azules is projected to generate more than US $30 billion in export revenues (based on the
Preliminary Economic Assessment (PEA) base case published in June 2023) and deliver a substantial
net inflow of foreign currency to Argentina, while creating significant positive impacts in employment,
local development, and tax revenues at both the provincial and national levels.
‘This approval reinforces McEwen Copper’s long-term commitment to Argentina and the Province of
San Juan, advancing a model of modern, responsible, and sustainable mining. The integration of Los
Azules into the RIGI under a single strategic investment plan enhances operational predictability and
establishes a clear framework for engagement with the State and future partners,’ said Michael
Meding, Vice President of McEwen Copper and General Manager of the Los Azules Project.
‘The RIGI sends a powerful message to international investors: Argentina is open to supporting long-
term projects in energy and critical metals. This framework strengthens confidence in the country and
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creates the right environment to secure the financing required for mining ventures. For Los Azules, it
marks a decisive step that allows us to advance the development and unlock the potential of a copper
deposit of global significance,’ said Rob McEwen, Chairman and Chief Owner of McEwen Inc.
Key benefits of RIGI include legal, fiscal, and customs stability for 30 years, such as:
• Legal certainty, including dispute resolution mechanisms and safeguards against regulatory
changes.
• Tax incentives including the application of the 25% lowest tax bracket for companies (down from
the general 35%), a 50% reduction in the dividend withholding tax, accelerated depreciation for
new capital investments, early VAT recovery, and long-term tax stability.
• Streamlined customs and foreign exchange procedures, including the import of capital goods and
debt repayment facilitation.
Next Steps: Toward Feasibility and Construction
The Environmental Impact Declaration (EIA) for construction and operation was approved in
December 2024, the feasibility study is on track for completion by the end of October 2025, and the
official inclusion of Los Azules in the RIGI has been confirmed. The Project is now positioned to begin
construction, subject to detailed engineering and securing financing. In parallel, McEwen Copper
plans to continue to aggressively explore around Los Azules to potentially extend the size and life of
the resource. This progress reinforces McEwen Copper’s standing as a leader in sustainable mining
and a strategic driver of economic and social development in San Juan and across Argentina.
ABOUT MCEWEN INC.
McEwen Inc. is a gold and silver producer with operations in Nevada (USA), Canada, Mexico, and
Argentina. The Company owns 46.4% of McEwen Copper, which develops the large, advanced-stage
Los Azules copper project. Los Azules aims to become Argentina's first regenerative copper mine.
Focused on enhancing productivity and extending the life of its assets, the Company's goal is to
increase its share price and provide a yield to investors. Rob McEwen, Chairman and Chief Owner,
has a personal investment in the companies of US$205 million.
ABOUT MCEWEN COPPER
McEwen Copper Inc. holds a 100% interest in the Los Azules copper project in San Juan, Argentina
and the Elder Creek copper/gold project in Nevada, USA.
Los Azules is the 9 th largest undeveloped copper deposit in the world. It is designed to be distinctly
different from conventional copper mines by consuming significantly less water, emitting much lower
carbon emissions, and progressing towards carbon neutrality by 2038. Additionally, it will be powered
by 100% renewable electricity once operational. The PEA published in June 2023 for the Project
estimates a $2.7 billion after -tax NPV8% at $3.75/lb Cu, a 27- year mine life, a copper resource of
10.9 billion pounds at grade 0.40% Cu (Indicated category) and an additional 26.7 billion pounds at
grade 0.31% Cu (Inferred category).”
For further details, visit the McEwen Mining website.
Qualified Persons
The McEwen Mining preliminary economic assessment (PEA) is contained in a technical report titled,
“Canadian National Instrument 43-101 Technical Report Preliminary Economic Assessment, Los Azules
copper Project” and dated May 31, 2023. The authors of the technical report are: James L. Sorensen,
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FAusIMM - Samuel Engineering, Allan L. Schappert, CPG, SME-RM - Stantec Inc., Steven Alan Pozder,
PE, MBA - Samuel Engineering, Satjeet Pandher, PE - Stantec Inc., Richard F. Reinke, P. Geo. - Stantec
Inc., James L. Sorensen, FAusIMM - S amuel Engineering, Allan L. Schappert, CPG, SME-RM - Stantec
Inc., Steven Alan Pozder, PE, MBA - Samuel Engineering, Satjeet Pandher, PE - Stantec Inc., Richard
F. Reinke, P. Geo. - Stantec Inc., consultants of McEwen Mining.
Technical aspects of the McEwen Mining news release containing the PEA were reviewed and verified
by James L. Sorensen – FAusIMM Reg. No. 221286 with Samuel Engineering, who is a Qualified Person
as defined by National Instrument 43-101– Standards of Disclosure for Mineral Projects and a consultant
of McEwen Mining.
The McEwen Mining press release appear s 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 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.
Kirill Klip stated, “We are pleased that McEwen Copper has reached this major milestone after it secured
an environmental permit for the construction and operation of the Los Azules copper project. Our
Company has repaid our investment loan in full, and we believe that the recent market prices of our
shares do not properly reflect the underlying value of TNR’s assets . Our transformation from a project
generation junior mining company into a cashflow-generating royalty company may bring the necessary
catalyst for improved market valuation of our assets. The admission to the Regime of Incentives for
Investment (RIG I) could move the Los Azules copper project development closer to a construction
decision.”
Significant developments on the advancement of the Los Azules project towards the feasibility stage
have led to increased Rio Tinto and Stellantis holdings in McEwen Copper, strategic partners of this large
copper, gold and silver project. In 2023, Stellantis invested an aggregate ARS $72 billion. An additional
US $100 million in total was invested by Rio Tinto’s Venture Nuton in McEwen Copper. 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 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 new president of Argentina has introduced important government policies aimed at supporting
business and unlocking the country’s economic potential. Mining in Argentina is being recognized by the
government as an integral part of its economic development plan, providing jobs and enriching local
communities.
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The Los Azules Project preliminary economic assessment (PEA) results highlight 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.
It’s also encouraging to see an updated independent mineral resource estimate that has increased the
resource estimate significantly. Infill drilling during the 2023-24 season upgraded the resource categories,
validated the geological model and confirmed the high-grade zone. Resource drilling for the Los Azules
feasibility study is now complete, and the study appears to be on track for delivery in 2025.
Los Azules was ranked in the top ten largest undeveloped copper deposits in the world by Mining
Intelligence (2022). 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 hav e 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 will potentially generate royalty 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.
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.
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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, for ward-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,
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 use of potential
future cash flows to fund a normal course issuer bid; the potential spin-out of the Shotgun Gold Project;
future investment of s ubstantial capital in the development of the Shotgun Gold Project by a potential
partner of TNR; the future potential of the the Kuskokwim Gold Belt in southwestern Alaska; the possible
benefits that may accrue to the Los Azules copper project if McEwen Copper’s application for admission
to the Regime of Incentives for Investment is successful; 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 vari ety of risks and uncertainties, including but not limited to
those discussed in the sections entitled “Risks” and “Forward- Looking Statements” in the Company’s
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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 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.