Los Azules Copper NSR Royalty Holding www.tnrgoldcorp.com TSXV: TNR - - PowerPoint PPT Presentation

The Power of Discovery

August 2018

Los Azules Copper NSR Royalty Holding

TSXV: TNR

www.tnrgoldcorp.com

TSXV: TNR

www.tnrgoldcorp.com

TSXV: TNR

www.tnrgoldcorp.com

LEADERSHIP Directors

Kirill Klip, MBA, Executive Chairman Maurice Brooks B.Sc., FCA (ICAEW) Greg Johnson B.Sc. Ross Thompson Special Adviser to the Board - John Davies

…our corporate direction comes from a blend of proven creators of enterprise value and technical expertise…

Management

Kirill Klip, MBA – President and CEO Maurice Brooks – Special Adviser Strategic Risk Management and Interim CFO Anthony Kovacs – Chief Operating Officer Nancy LaCouvée – Corporate Secretary Roberto Lara – Managing Director (South America)

• Dr. Frederick Breaks, P.Geo – Technical Adviser

Natalia Lobanova – CEO EA, PR, Marketing

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www.tnrgoldcorp.com

CORPORATE CULTURE a growing energy metals royalty company with strong management ownership

“

Experienced Management Team Project Portfolio Management Strategic energy metals focus: lithium and copper Gold and precious metal assets Proven Business Model Identify and acquire projects at an early stage Selectively advance projects Use JV partnerships to mitigate costs and risk Maximize value, minimize success time Strong ownership by insiders and management

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GLOBAL ASSETS

CURRENT HOLDINGS Los Azules, Argentina

• World Class Cu-Au deposit
• 0.36% NSR Royalty
• 100% owned by McEwen Mining

Shotgun Gold, Alaska

• Porphyry gold deposit
• Multi-million oz potential
• Well defined mineralization model

International Lithium Corp. (“ILC”)

• TNR spin out in 2011
• TNR holds a Strategic Stake in ILC
• TNR holds 1.8% NSR Royalty in ILC’s

Mariana Lithium Project

• Strategic partners advancing four

lithium projects London Vancouver San Juan Shotgun Los Azules Office Project ILC Lithium Projects Mariana Mavis / Fairservice Raleigh Forgan Avalonia

ASSETS ►Argentina

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Financial Times

“People are more confident in the future, the economy, in making investments. They are tired of corruption and populism,” Cecilia de Francesca.

REUTERS

ASSETS► Los Azules

Argentina is one of the largest economies in Latin America. Argentina is currently undergoing an economic transformation and integration into the global economy. Presidential elections at the end of 2015 led to a significant change in Argentine economic policy. The results of the mid-term elections in October 2017 prove that the new administration is gaining more support for its economic policies in Argentina.

TSXV: TNR

www.tnrgoldcorp.com US $3.3 B Allocated by the World Bank for the execution of the Country Partnership Strategy with Argentina

McEwen Mining World Bank

100% owned by McEwen Mining Inc. TNR holds a 0.36% NSR royalty

Los Azules ranks as one of the top 2 or 3 world class deposits that are “for sale” and in a low risk jurisdiction

TNR holds a 0.36% NSR royalty

“

Note: Mineral resources do not have demonstrated economic viability.

Estimate of Mineral Resources by Type (0.20% Cu cut-off)(1)

Project, Argentina ,” with an effective date of September 1, 2017, prepared by D. Brown, CPEng, M. Bunyard, C. Eng, FAusIMM, B. Davis, FAusIMM, J. Duff, P. Geol, R. Duinker, P. Eng, MBA, J. Farrell, P. Eng, W. Rose, P. E., K. Seddon, CPEng, R. Sim, P. Geo, all of whom are qualified persons and all of whom but D. Brown and J. Duff are considered independent of McEwen Mining, as defined by NI 43-101. TNR Gold Corp. has not engaged an independent qualified person to verify the technical disclosures provided by McEewn Mining Inc. Mineral resources are not mineral reserves and there is no guarantee that the resources reported herein will result in an economic mining scenario.

McEwen Mining

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► Los Azules Resource

Total contained copper is 4.6Mt (Indicated) and 8.8Mt (Inferred)2 Total contained gold is 1.7Moz (Indicated) and 3.8Moz (Inferred) Total contained silver is 56Moz (Indicated) and 136Moz (Inferred)

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► Los Azules Resource

McEwen Mining

Longitudinal Section Through the Los Azules Deposit (looking west – southwest)

The copper resource contains 10.2 billion pounds Indicated and 19.3 billion pounds Inferred2

“

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► Los Azules Preliminary Economic Assessment

2017 PEA Highlights(1,3)

Base Case ($3.00/lb copper, $1,300/oz gold, $17/oz silver)

• $2.2 billion After-Tax NPV (8% discount rate) and 20.1% After-Tax IRR
• 3.6 year payback and a 36 years Life of Mine (LOM);
• 415 million lb average annual copper production for the first 10 years.
• $1.11/lb average cash copper production costs (C1*) for the first 10 years,

$1.28/lb average C1 costs over LOM.

McEwen Mining

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.

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► Los Azules PEA: Commodity Price Assumptions $3.00/lb copper $1,300/oz gold $17/oz silver Undiscounted net smelter return,

• ver the life of the mining project

$35.2 billion

Undiscounted Cash Flow Waterfall Diagram for the Life of Project(4)

McEwen Mining

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► Los Azules Potential Value of TNR’s NSR Royalty

Discounted Cash Flow Waterfall Diagram for the Life of Project(4)

McEwen Mining

TNR holds a 0.36% NSR royalty on the entire Los Azules project PEA estimates undiscounted cash flow for the life of mine Net Smelter Return over $35B (4) PEA estimates discounted cash flow (8%) for the life of mine with the Net Smelter Return over $10.5B (4)

► Los Azules Summary

Argentina is open for business Los Azules deposit is massive 100% owned by McEwen Mining TNR has 0.36% NSR royalty PEA shows favorable results Project is moving forward

Increased Value for TNR!

TSXV: TNR www.tnrgoldcorp.com 14

TSXV: TNR

CONTACT

Joint Venture Partnerships Financing

• We welcome your inquiries -

Investor Relations hub

https://tnrgoldcorp.com/investors/

IR@tnrgoldcorp.com 1111 Melville Street, Suite 1100 Vancouver, BC, V6E 3V6, Canada Phone: +1 604-700-8912 Fax: +1 604-484-7143 www.tnrgoldcorp.com

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► Technical Disclosure Statements

Certain Information in this presentation is based on studies conducted by McEwen Mining Inc. and their consultants and “Qualified Persons” as defined by National Instrument 43-101. Statements in the presentation referring to Resource Estimates and a Preliminary Economic Assessment are taken from the information publicly provided by McEwen Mining Inc. 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 following notes are referenced in this presentation.

(1)Technical report titled “NI 43-101 Technical Report – Preliminary Economic Assessment Update for the Los Azules Project,Argentina ,” with an effective date of

September 1, 2017, prepared by D. Brown, CPEng, M. Bunyard, C. Eng, FAusIMM, B. Davis, FAusIMM, J. Duff, P. Geol, R. Duinker, P. Eng, MBA, J. Farrell, P. Eng, W. Rose,

• P. E., K. Seddon, CPEng, R. Sim, P. Geo, all of whom are qualified persons and all of whom but D. Brown and J. Duff are considered independent of McEwen Mining, as

defined by NI 43-101. TNR Gold Corp. has not engaged an independent qualified person to verify the technical disclosures provided by McEewn Mining Inc. Mineral resources are not mineral reserves and there is no guarantee that the resources reported herein will result in an economic mining scenario.

(3) 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.

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 of the Canadian Securities Administrators, has reviewed and approved the scientific and technical information contained in this Presentation.