TNR Gold: McEwen Mining Files Preliminary Economic Assessment for Los Azules Project, Estimates Life of Mine Undiscounted NSR of $35 Billion

McEwen Mining announced that the technical report supporting the disclosure in its news release dated September 7, 2017 is now filed on SEDAR. McEwen Mining states, "The PEA, dated September 1, 2017, is entitled 'NI 43-101 Technical Report — Preliminary Economic Assessment Update for the Los Azules Project, Argentina,' and was prepared by independent 'Qualified Persons' (as that term is defined in NI 43-101) at Hatch Ltd."

The technical report, which includes the results of the preliminary economic analysis ("PEA"), is available on the McEwen Mining website and under the profile of McEwen Mining on SEDAR at www.sedar.com.

The Company holds a 0.36% royalty on the net smelter return ("NSR") of the entire Los Azules project. TNR summarized the PEA results in a news release issued on October 10, 2017.

Figure 1-11: Undiscounted Cash Flow Waterfall Diagram

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The Los Azules PEA study used commodity price assumptions of $3.00/lb copper, $1,300/oz gold, and $17/oz silver, resulting in an undiscounted net smelter return, over the life of the mining project, of $35.2 billion and $10.6 billion, using an 8% discount rate. Figure 1-11 from the PEA shows the undiscounted cash flow as a waterfall diagram. Figure 1-12, also from the PEA shows a waterfall diagram for the discounted cash flow.

Figure 1-12: Discounted Cash Flow Waterfall Diagram

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The PEA reported and documented by McEwen Mining is preliminary in nature, it includes inferred mineral resources that are considered too geologically speculative to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the preliminary economic assessment will be realized. Mineral resources, including those categorized as "measured and indicated" as well as "inferred" are not mineral reserves and the economic viability of these mineral resources have not been demonstrated by this economic analysis.

McEwen Mining's press releases and website material appear to be prepared by Qualified Persons and the procedures, methodology and key assumptions disclosed by McEwen Mining 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, nor to determine the current mineral reserve or resource or any other information referred to in their press releases. Accordingly, the reader is cautioned in placing any reliance on these disclosures.

In its September 7, 2017 press release, McEwen Mining stated, "The 2017 PEA is a substantial revision of the previous 2013 PEA and contemplates an enhanced implementation strategy resulting in improved economics while reducing execution risk. It envisions an owner-operated mine and conventional concentrator (flotation circuit) producing a copper concentrate for export."

"The Los Azules PEA study for McEwen Mining is the first preliminary economic study that provides a potential value for the total net smelter return from the project's life of mine cash flow. TNR's 0.36% royalty on the net smelter return is an important part of TNR's portfolio," commented Kirill Klip, Executive Chairman of TNR. "Further advancement of this project and building on the results of the PEA will continue to contribute significant value for our shareholders."

Jonathan Findlay, P.Geo, Geological Consultant of the Company and a "Qualified Person" for the purposes of National Instrument 43-101 — Standards of Disclosure for Mineral Projects ("NI 43-101"), has reviewed and approved the scientific and technical information contained in this news release.

ABOUT TNR GOLD CORP.

TNR Gold Corp. is working to become an energy metals royalty company. Over the past twenty-two years, TNR, through its lead generator business model, has been successful in generating high quality exploration projects around the globe. With the Company's expertise, resources and industry network, it identified the potential of the Los Azules copper project in Argentina and now holds a 0.36% NSR royalty on the prospect.

TNR is also a major shareholder of International Lithium Corp. ("ILC"), with current holdings of approximately 11% of the outstanding shares of ILC. ILC holds interests in lithium projects in Argentina, Ireland and Canada.

TNR retains a 1.8% NSR royalty on the Mariana Lithium property in Argentina. ILC maintains a right to repurchase 1.0% of the NSR royalty on the Mariana Lithium property of which 0.9% relates to the Company's NSR interest. The Company would receive $900,000 on execution of the repurchase. The project is currently being advanced in a joint venture between ILC and Ganfeng Lithium International Co. Ltd.

At its core, TNR provides significant exposure to gold, copper and lithium through its holdings in Alaska (the Shotgun gold porphyry project) and Argentina, and is committed to 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 +1 604-700-8912

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 PEA, 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 repay its loans or complete any further royalty acquisitions or sales; debt or other financing will be available to TNR; or that TNR will be able to achieve any of its corporate objectives. 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. and International Lithium Corp. or its joint venture partner, Ganfeng Lithium International Co. Ltd. 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.