TNR Gold NSR Royalty Replace – Los Azules Feasibility Examine Confirms Economically Strong Copper Challenge With Main ESG Efficiency

TNR Gold Corp. (TSXV: TNR,OTC:TRRXF) (“TNR”, “TNR Gold” or the “Firm”) is happy to announce that McEwen Inc. (“McEwen”) has offered an replace on the Los Azules copper, gold and silver mission in San Juan, Argentina. TNR holds a 0.4% web 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 Challenge. The Los Azules mission is held by McEwen Copper Inc. (“McEwen Copper”), which is 46.4% owned by McEwen.

A information launch issued by McEwen on October 7, 2025, said:

“McEwen Copper Inc., 46.4% owned by McEwen Inc. is happy to announce constructive outcomes from the unbiased Feasibility Examine (FS) for its 100%-owned Los Azules copper mission in San Juan, Argentina.

The FS confirms Los Azules as a long-life, low-cost producer of high-purity copper cathodes with robust financial returns and sustainability. The mission design advances Los Azules towards development readiness inside a framework that reduces its environmental footprint. Challenge danger has been additional diminished by way of a strategic collaboration settlement with IFC to doubtlessly lead debt financing and extra funding proposals for infrastructure and development.

With these outcomes, Los Azules is positioned to develop into a provider of responsibly produced copper, crucial to the worldwide vitality transition in the direction of a low-carbon sustainable future.

‘The Los Azules Feasibility Examine is greater than a technical milestone – it is a blueprint for the way forward for copper mining. Now we have delivered a plan for a long-life asset that may play a task on this planet’s clean-energy transition. Copper is the inspiration of electrification and the fashionable world, and Los Azules is able to contribute to that international provide chain – responsibly, effectively, and profitably,’ stated Rob McEwen, Chairman and Chief Proprietor of McEwen Inc.

‘With this Feasibility Examine, our crew has remodeled the geological potential of Los Azules into a transparent, actionable improvement plan. This work offers us confidence within the mission’s design, prices, and schedule, offering the inspiration for the following stage of development.

‘Having important expertise with large-scale development and mining operations in Argentina, I’m assured that we now have the suitable plan, the suitable crew, and the suitable partnerships to develop Los Azules. Along with our native communities and authorities companions, we purpose to create Argentina’s first regenerative copper mine – a mannequin for accountable and revolutionary mining,” stated Michael Meding, Vice President of McEwen Copper and Basic Supervisor of Los Azules.

This press launch begins with the FS Highlights under, adopted by Footnotes, a Glossary of Phrases, Items and Abbreviations and continues with an in depth account of the research in a Technical Appendix.

FS Highlights

Easy Takeaways

• Economics After-tax⁽¹⁾:
  NPV(8%) $2.9B
  IRR 19.8%
  Payback Interval 3.9 yrs
  Preliminary Capital $3.17B

• Copper Cathode Manufacturing⁽²⁾:
  Common Years 1-5 204,800 tonnes per yr (451M lbs/yr)
  Lifetime of Mine 21 years
  Common Manufacturing 148,200 t/yr (327M lbs/yr)

• Prices:
  C1 money value $1.71/lb
  AISC $2.11/lb

• Capital Depth Utilizing:
  LOM Capital &
  Manufacturing $1,600/t Cu
  Preliminary Capital &
  Avg. Annual Manufacturing $20,200/t Cu per yr

Designed for Low Influence

• Leach + SX/EW course of produces 99.99% copper cathodes (LME Grade A) on website (no smelter required).

• Challenge design offers:
  – 72% decrease mine-to-metal carbon depth than trade common for mine-to-metal
  – 100% renewable energy⁽⁴⁾ (wind, hydro, photo voltaic)
  – 74% much less water use than standard milling
  – No tailings dam

• Carbon-neutral (Scopes 1 & 2) purpose by 2038.

De-risked Regulatory Standing

• Environmental Influence Assertion EIA (Environmental Allow) for development and operation was permitted by the San Juan Provincial Authorities’s Ministry of Mines in December, 2024.

• Accepted into Argentina’s Massive Funding Incentive Regime (RIGI) in September, 2025, offering tax, overseas alternate and customs stability for 30 years, authorized certainty, overseas alternate rules permitting to depart export proceeds overseas in rising steps that may attain 100% by the point the mission begins exports and entry to worldwide arbitration in case of disputes.

Possession & Companions

• Possession: McEwen Inc. 46.4%, Stellantis 18.3%, Nuton (Rio Tinto) 17.2%,
  Rob McEwen 12.7%, Victor Smorgon Grp 3%, Others 2.4%.

• Preliminary finance proposals from Tier-1 OEMs (Komatsu, Sandvik & others), YPF Luz, European ECAs, and a collaboration settlement with IFC⁽⁵⁾ to align with IFC’s ESG requirements and for potential financing. Indicative proposals might help $1.1B+⁽⁶⁾ in tools and infrastructure financing.

Future Development Alternatives Past the FS

1. Nuton® leaching know-how (Rio Tinto enterprise) might enable processing of major ores with the present infrastructure (indicative recoveries >76%), or a Standard Concentrator might additionally present greater copper recoveries, plus get better gold and silver as effectively. Both course of might lengthen mine life by 30+ years by economically treating major sulfides. Neither of those alternatives are included within the FS base case.

2. Exploration has proven that there are 4 porphyry targets close to the Los Azules deposit that would present additional extension to the mine life. Exploration of the newly recognized targets will begin in This fall 2025. Excessive-priority targets close to Los Azules embrace Tango, Porfido Norte, Franca, and Mercedes.

Timeline & Subsequent Steps

• FS NI 43-101 Technical Report back to be filed: inside 45 days⁽⁷⁾.
• Water concession: software below assessment.
• Development goal: 2026 → SX/EW startup: 2029 → First copper: 2030.

Footnotes to Highlights

⁽¹⁾ NI 43-101 feasibility research utilizing a copper value of $4.35/lb or $9,592/ tonne for money circulation modeling.

⁽²⁾ Common copper restoration is 70.8% over the lifetime of mine.

⁽³⁾ For added particulars on the calculation of Mineral Assets and Mineral Reserves see Part 3 of the Technical Appendix, Mineral Useful resource & Reserve Estimates.

⁽⁴⁾ Energy provide 100% renewable, with 48% decrease electrical energy demand than a standard concentrator.

⁽⁵⁾ Collaboration settlement signed with IFC to align with IFC’s ESG requirements for potential future financing, an essential milestone in McEwen Copper’s broader financing technique.

⁽⁶⁾ Preliminary financing proposals from Tier-1 OEMs, YPF Luz, and European ECAs might present $1.1B+ in tools and infrastructure help.

⁽⁷⁾ The FS NI 43-101 Technical Report can be filed inside 45 days on SEDAR and McEwen Inc.’s web site.

ABOUT MCEWEN INC.

McEwen Inc. shares commerce on each the NYSE and TSX below the ticker MUX.

It offers shareholders with publicity to a rising base of gold and silver manufacturing along with a really giant copper improvement mission, all within the Americas. The gold and silver mines are in prolific mineral-rich areas of the world, the Cortez Development in Nevada, USA, the Timmins district of Ontario, Canada and the Deseado Massif in Santa Cruz province, Argentina. McEwen Inc. is contemplating reactivating a gold and silver mine in Mexico.

It has a 46.4% curiosity within the giant, long-life, advanced-stage Los Azules copper improvement mission in San Juan province, Argentina – a area that hosts a few of the nation’s largest copper deposits. The Los Azules copper mission is designed to be one of many world’s first regenerative copper mines and carbon impartial by 2038.

Rob McEwen, Chairman and Chief Proprietor, has a private value foundation for his funding within the firms of over $200 million and takes a wage of $1 per yr, aligning his pursuits carefully with shareholders. He’s a recipient of the Order of Canada, a member of the Canadian Mining Corridor of Fame and a winner of the Ernest & Younger Entrepreneur of the 12 months (Power) award. His goal is to construct MUX’s profitability, share worth and ultimately implement a dividend coverage, as he did whereas constructing Goldcorp Inc.

ABOUT MCEWEN COPPER

McEwen Copper Inc. is a Canadian-based personal firm with a 100% curiosity within the Los Azules copper mission in San Juan, Argentina and the Elder Creek copper/gold mission in Nevada, USA.

Based mostly on S&P World knowledge for 2024, Los Azules projected annual manufacturing would rank it because the 26^th worldwide, as soon as in manufacturing, putting it within the high 6% of all 423 copper producers. The mission additionally ranks 10^th globally when it comes to whole Mineral Assets amongst all undeveloped copper porphyry deposits (firm disclosure).

Los Azules is being designed to offer a mannequin to the trade for a extra sustainable, low-carbon future and to assist enhance public notion of mining by essentially differing from standard copper mines -substantially decreasing water consumption and carbon emissions and working on 100% renewable electrical energy as soon as in manufacturing.

Glossary of Phrases, Items and Abbreviations

AISC – All-In Sustaining Value (C1 + sustaining capital + royalties + taxes)
Approx. – Roughly
B – billion
Blb – billion kilos
Copper cathode – Excessive-purity (usually 99.99%) of refined copper sheets (LME Grade A) produced by way of an electrolytic refining course of. This completed product serves as a major uncooked materials for high-quality copper merchandise, resembling wires, tubes, and varied alloys.
CO₂-e/t Cu – Kilograms of CO₂ equal per tonne of copper
Cu – copper
C1 Prices – Direct money prices of manufacturing
EIA – Environmental Influence Evaluation
FS – Feasibility Examine
GHG Emissions – Greenhouse fuel emissions (CO₂-equivalent)
Heap Leach – Means of extracting metals by percolating acid by way of ore piles
Hypogene or Main – Refers to mineralization fashioned by ascending hydrothermal fluids deep under the floor, often at excessive temperature and strain
IFC – Worldwide Finance Company
IRR (Inner Fee of Return) – Fee at which NPV = 0
ktpa – 1,000 tonnes every year
km – kilometer
lb – pound (0.4536 kg)
leach mission – mission utilizing heap leach course of
LOI – Letter of Intent
LOM – Lifetime of Mine
L/s – 1 liter per second
m – meter
M – million
MW – megawatt (1,000,000 watts)
Mlb – million kilos
NPV (Internet Current Worth) – Current worth of future money flows discounted at 8%
NSR – (Internet Smelter Return) – a royalty primarily based on a proportion of metallic produced primarily based on the metallic sale proceeds much less the price of refining at an off-site refinery (Steel Worth × Payable Steel Content material) − (Therapy Prices + Refining Prices + Penalties + Transport/ Insurance coverage/ Advertising and marketing Prices)
NTP – Discover to Proceed
Nuton^® – Rio Tinto’s proprietary Nuton know-how
OEM – Unique Tools Producer
oz – troy ounce (31.1 grams)
Main or Hypogene – Refers back to the authentic ore minerals fashioned in the course of the preliminary geological processes (e.g., magmatic or hydrothermal exercise). Main mineralization is often discovered at depth and is unaltered by floor weathering.
RIGI – Argentina’s Massive Funding Incentive Regime
SX/EW – Solvent Extraction / Electrowinning
Secondary – Refers to ore minerals or enrichment fashioned after the first (hypogene) stage, often by supergene processes (weathering, oxidation, and downward percolation of fluids close to the floor).
Soluble Copper (CuSOL) – the quantity of copper assayed utilizing sequential methodology that features acid soluble and cyanide soluble assayed parts. Acid soluble copper usually represents readily acid dissolvable oxide, carbonate and related copper minerals. Cyanide soluble copper usually represents secondary copper minerals which are readily leached with industrial bioleach know-how (chalcocite, digenite, covellite)
Supergene – Secondary ore minerals fashioned close to the Earth’s floor by way of weathering, oxidation, and groundwater motion. Metals are leached from higher zones and reprecipitated at depth, usually creating an enriched zone of higher-grade mineralization.
Complete Copper (CuT) – the quantity of copper contained in all mineral types within the deposit by standard assaying methodology. Complete copper consists of the soluble copper element.
t – tonne (1,000 kg)
yr – yr

Technical Appendix

The data on this appendix is offered for technical readers and analysts.

1. Challenge Overview
   Property Description
   Exploration Targets
   A Sustainable Method

2. Copper Worth Assumption

3. Mineral Useful resource & Reserve Estimates
   Up to date Mineral Useful resource Estimate
   Maiden Confirmed and Possible Mineral Reserve Estimate

4. Metallurgy & Restoration

5. Financial Evaluation
   Financial Metrics
   Sensitivity Evaluation

6. Capital & Working Prices
   Capital Prices Estimates
   YPF Funding Energy Provide
   Working Prices Estimates

7. ESG & Sustainability

8. Allowing & Regulatory Standing

9. Growth Timeline

10. Nuton® Alternative

11. Strategic Partnerships

12. Examine Contributors and Certified Individuals

13. Finish Notes

1. Challenge Overview

Property Description

Positioned in Calingasta District, San Juan Province, Argentina, on the border with Chile. The Los Azules copper mission is a basic Andean-style porphyry copper deposit. The big hydrothermal alteration system spans no less than 5 kilometers (km) by 4 km, elongated alongside a north-northwest main structural hall. The Los Azules deposit space itself is roughly 4 km lengthy by 2.2 km large and lies inside the alteration zone.

The bounds of the Los Azules mineralization alongside strike to the North and at depth haven’t but been outlined. Close to-mine major or hypogene copper mineralization extends to no less than 1,000 m under the floor. Close to floor, leached major sulfides (primarily pyrite and chalcopyrite) had been redeposited under the water desk in a sub-horizontal zone of supergene enrichment as secondary chalcocite and covellite. Hypogene bornite seems at deeper ranges along with chalcopyrite. Gold, silver, and molybdenum are current in small quantities, nevertheless copper is the financial driver at Los Azules.

Exploration Targets

Porphyry exploration targets close to to Los Azules embrace Tango, Porfido Norte, Franca, and Mercedes. They’re a precedence for subsequent season’s exploration (see Determine 1). These targets supply the potential to enlarge the dimensions of sources and lengthen the life-of-mine past that offered on this research.

The Franca goal, with high-grade intercepts, reveals the potential to increase the Los Azules useful resource to the northeast. The Mercedes goal west of Los Azules has hydrothermal alteration and related floor geology to Los Azules and has the indication to be one other hidden porphyry, like Los Azules. Porfido Norte is a goal that’s situated alongside the primary Los Azules structural hall with indications of an appropriate intrusive suite of rocks with hydrothermal alteration. Lastly, the Tango goal can be mapped intimately to raised perceive the potential drill targets.

Determine 1: Los Azules deposit (outlined in blue), and exploration targets Mercedes, Porfido Norte, Franca and Tango (black squares). Satellite tv for pc picture with Complete Magnetic Depth map.

To view an enhanced model of this graphic, please go to:
https://photos.newsfilecorp.com/recordsdata/2014/269916_b933a7e8141c3bb4_003full.jpg

Heap Leach SX/EW — The Most popular Path Ahead

The FS is predicated on a heap leach course of utilizing solvent extraction-electrowinning (SX/EW) to provide 99.99% copper cathodes (LME Grade A equal) on the market in Argentina or worldwide markets. There are three principal explanation why the implementation technique stays a leach mission, as within the 2023 PEA⁽¹¹⁾:

Environmental Footprint: Course of water consumption is 74% decrease than a milling operation (158 L/s LOM common vs. 600 L/s). Internet electrical energy demand is 48% lowerthan a concentrator (119 MW vs. 230 MW). GHG emissions are 72% decrease than the typical mining operation (1,082 vs. 3,930 kg CO₂-e/t Cu for Mine-to-Steel⁽¹²⁾, with a roadmap to realize additional reductions by way of new applied sciences, with the final word purpose of reaching net-zero carbon by 2038 with some offsets. Los Azules copper cathodes will thus be enticing to end-users searching for to measurably cut back their upstream environmental impacts.

Lowered Allowing Threat: With the approval of our Environmental Influence Evaluation on December 3, 2024, and the approval of our software for the Massive Funding Incentive Regime (RIGI) on September 26, 2025, and the anticipated approval of our Water Concession allow for operations, Los Azules is effectively positioned to start development. The mission makes use of heap leach know-how that’s effectively accepted within the San Juan Province in the present day. It additionally eliminates tailings and tailings dams, conserves scarce water sources, and reduces the general complexity of the mine, optimizing the allowing course of.

Producing Cathodes: The leach course of will produce LME Grade A copper cathodes, which can be utilized straight within the fabrication of copper merchandise, each inside Argentina and internationally. The manufacturing of copper cathodes eliminates reliance on third occasion overseas smelters for the processing of concentrates into refined copper merchandise. It additionally eliminates important GHG emissions related to transportation, and air pollution related to smelting. Counterparty and pricing dangers are additionally diminished.

A Sustainable Method

The FS marks one other important step towards our purpose of decreasing our environmental footprint. Larger environmental and social stewardship units our mission aside from different potential mine developments, which appropriately justifies sure financial trade-offs. Commerce-offs to realize the environmental advantages of heap leaching are decrease general copper restoration, barely greater unit prices, and fewer speedy cashflow attributable to prolonged leach cycles. However, the leach mission stays economically enticing. Moreover, McEwen Copper believes that a few of these drawbacks will be mitigated by implementing growing applied sciences such because the Nuton^® Expertise, mentioned under. Moreover, trolley-assist haulage, conveyor waste haulage, and In-Pit Crush and Convey (IPCC) can be additional evaluated in the course of the detailed engineering stage to proceed to cut back the mine’s carbon footprint. Moreover general CAPEX is decrease than comparable concentrators.

The crew has additionally labored safely with 1,848,632 man-hours labored since our final Misplaced Time Incident and since January of 2022 we now have labored a complete of two,367,891 man-hours to realize this research consequence.

We developed regenerative guiding rules to border our method to sustainable innovation and set high-reaching targets addressing all sides of the mining and processing choices thought-about for Los Azules. The mission improvement seeks to considerably cut back the environmental footprint of mining operations and their related GHG emissions by integrating the most recent renewable and environmentally accountable applied sciences and processes. The mission has letters of intent (LOIs) to acquire 100% of its vitality from renewable sources (wind, hydro, and photo voltaic), primarily from YPF Luz, utilizing a mix of off-site and onsite installations. The mission can also be searching for to have long-term web constructive impacts on the higher Andean ecosystem, native wildlife, the lives of miners, and residents of close by communities, whereas contributing positively to the native and nationwide financial system of Argentina. Seek advice from the complete FS NI 43-101 Technical Report for extra details about our regenerative method.

2. Copper Worth Assumptions

The copper value used for mineral reserves within the FS was $4.25 per pound and $4.80per pound for mineral sources, in step with analysts’ consensus projections for long-term copper costs that vary between $3.55 and $5.00 per pound, with a median value of $4.25 per pound. The mineral useful resource value was set at 113% of the mineral reserve value.

Economics within the cashflow mannequin had been analyzed at $4.35 per pound copper. This displays analysts’ consensus on the time of publication of the feasibility research.

3. Mineral Useful resource & Reserve Estimates

The FS consists of an up to date unbiased Mineral Useful resource and a maiden Mineral Reserve estimate, which comprises a Mineral Useful resource of 5.4 B lbs Cu Measured and Indicated (965.5 million tonnes at grade 0.255% Cu) and 20.0 B lbs Cu Inferred (4,239.3 million tonnes at grade 0.214% Cu) (unique of Reserves), and a maiden Mineral Reserve of 10.2 B lbs Cu Confirmed and Possible (1,023.1 million tonnes at grade 0.453% Cu).

This research offers an replace on the work finished for the 2023 Los Azules PEA. Drilling greater than 120,000 meters with greater than 2.3 M man-hours labored within the final three seasons has upgraded the useful resource classes to permit us to current a Mineral Reserve within the FS much like the 1.182 B tonnes of mineable Mineral Assets containing 10.9 B lbs Cu within the 2023 PEA. This achievement included a marketing campaign in the course of the 2023/2024 season with 70,000 meters drilled and as much as 23 rigs working concurrently at website.

This program was executed in collaboration with seven drilling contractors, together with two native ventures that had been working LF160 Boart Longyear rigs owned by McEwen Copper. Throughout this era, the corporate additionally acquired the most important fleet of LF160s in South America and assembled a extremely educated crew to help the bold drilling program.

Maiden Confirmed and Possible Mineral Reserve Estimate

The Los Azules mission is to be developed as a large-scale open pit mining operation. 1.02 billion tonnes of ore can be mined at common diluted head grades of 0.45% Cu and a strip ratio of 1.65:1 over a 21-year mine life together with pre-production and stockpile reclaim plus 2 years of leaching operation manufacturing.

Given the priority in regards to the geotechnical stability of the final word pit slopes, a number of consultants reviewed the info, and E-Mining Expertise in the end offered the evaluation that was used to design the pit. The numerous quantity of drilling, assessment of core, and evaluation resulted in a delay within the supply of the feasibility research however has improved the boldness within the design foundation for the open pit. The last word slopes won’t be mined for a number of years into the mine life, which permits time for added geotechnical work to be finished to enhance the understanding of the rock qualities that may help these design parameters for interim and supreme pit phases.

The Los Azules pit can be mined in 12 phases. Eighteen geotechnical sectors had been outlined with general slope angles starting from 32 to 37 levels, based on E-Mining Expertise’s geotechnical research. The shallowest general slope angles are within the north and south of the pit, in addition to within the backside portion of the japanese aspect, attributable to a fault-weakened zone.

Massive electrically powered hydraulic shovels can be utilized in mixture with ultra-class 360-tonne haul vans. These are sized to mine 15-meter-high benches. To maximise productiveness, effectivity and security in a excessive altitude setting, the drills and haul vans can be autonomously operated.

The Mineral Reserves for Los Azules are up to date and said in Desk 1. Measured mineral sources and Indicated mineral sources had been transformed to Confirmed and Possible mineral reserves, respectively. Ore reserves had been estimated utilizing long-term metallic value estimates of $4.25/ lb Cu.

 

Desk 1 Notes:

• The Certified Particular person for the Mineral Reserve estimates is Gordon Zurowski P.Eng., an AGP worker. Mineral Reserves have an efficient date of 03 September 2025. Mineral Reserves are reported on a 100% foundation.

• Mineral Reserves are estimated assuming open pit mining strategies and embrace dilution. Recoveries had been primarily based on the extractions proven in Determine 2. Pit slopes differ by sector and vary from 32° to 37°. The cut-off is variable and ranges from $4.79/t NSR to $7.23/t NSR. The copper value used was $4.25/lb Cu. Cu restoration varies by lithology. Mining prices differ by bench with a minimal of $2.14/t and a most of $4.11/t. Processing prices are variable and vary from $3.18/t to $5.62/t leached. The processing prices embrace: $1.61/t G&A, $0.43/t leached for sustaining capital, and $0.15/t leached to account for closure value. Copper cathode gross sales value is $0.02/lb Cu. Copper cathode was assumed to be offered FOB the mine website.

Up to date Mineral Useful resource Estimate

The database for useful resource estimation has a cutoff date of March 27, 2025. A further 1,075 meters of drilling from 4 geotechnical holes, accomplished from early 2025 thus far, weren’t included within the useful resource estimate.

The mineral sources have been categorised based on pointers and logic set out within the Canadian Institute of Mining, Metallurgy and Petroleum (CIM 2019) Definitions referred to in NI 43-101. Assets had been categorised as Measured, Indicated or Inferred by contemplating the geology, sampling, and grade estimation facets of the mannequin. For geology, consideration was given to the boldness within the interpretation of the lithologic area boundaries and geometry. For sampling, consideration was given to the quantity and spacing of composites, the orientation of drilling and the reliability of sampling. For the estimation outcomes, consideration was given to the boldness with which grades had been estimated, as measured by the standard of the match between the grades of the info and the mannequin.

Mineral sources are decided utilizing an NSR cut-off worth to cowl the processing value for every restoration methodology. For supergene and first materials utilizing sulfuric acid leaching and SX/EW restoration, a marginal cut-off was used that was variable starting from $4.79/t NSR to $7.23/t NSR. The supergene and first materials will be handled in a float mill with NSR cutoffs of $5.13/t and $5.11/t, respectively. NSR values are primarily based on a copper value of $4.80/lb, gold at $2,500/oz and silver at $32/oz the place relevant. Variable pit slopes between 32° and 37° had been utilized relying on sector.

The present database is enough for making ready a long-range mannequin that may function a foundation for modeling related to finishing the FS. The extent of mineralization alongside strike exceeds three kilometers, and the space throughout strike is roughly one kilometer. The deposit is open at depth. Over the roughly 2.5 km strike size the place mineralization is strongest, the typical drill spacing ranges from roughly 50 meters to greater than 120 meters. The central core of the enriched zone is drilled at an approximate 50 m spacing. The assay database considers 627 drillholes with 132,255 meters of assayed intervals. Useful resource estimation work was carried out utilizing Datamine Studio software program.

Assets disclosed in Desk 2 are reported in two classes associated to processing amenability:

1) supplies which are fitted to processing in a commercially confirmed standard, ambient situations, copper bio-leaching scheme (Leach); and

2) supplies which are higher suited to processing both in a extra superior bio-leaching scheme resembling Nuton^® Expertise or conventional milling/concentrator method (Mill or Leach+).

 

Notes to Desk 2:

• The Certified Particular person for the Mineral Useful resource estimate is Jeff Sullivan – CRM-SA, LLC. Mineral Assets have an efficient date of September 3, 2025.
• Mineral sources, which aren’t mineral reserves, wouldn’t have demonstrated financial viability. The estimate of mineral sources could also be materially affected by environmental, allowing, authorized, title, socio-political, advertising, or different related elements.
• The amount and grade of reported inferred mineral sources on this estimation are unsure in nature and there’s inadequate exploration to outline these inferred mineral sources as an indicated or measured mineral useful resource; it’s anticipated that additional infill drilling will end in upgrading nearly all of this materials to an indicated or measured classification.
• Affordable prospects of eventual financial extraction are demonstrated by utilizing a calculated NSR worth in every block to judge an open pit shell utilizing Measured, Indicated and Inferred blocks in Geovia Whittle™ pit optimization software program. Mining prices differ by bench with a minimal of $2.14/t and a most of $6.38/t.
• NSR was calculated utilizing the next: metallic costs of $4.80/lb for copper, $2,500/oz for gold and $32/oz for silver, Processing prices are variable and vary from $3.18/t to $5.62/t leached. Milling course of value are $5.13/t for supergene and $5.11/t for major ores. Complete freight prices of $150/t for focus, promoting prices of $0.02/lb for copper.
• A marginal cut-off was used that was variable starting from $4.79/t NSR to $7.23/t NSR primarily based on extraction of the useful resource from the enriched zone utilizing sulfuric acid leaching and SX/EW restoration; the restoration was calculated utilizing the extractions proven in Determine 2 and making use of a 95% operational effectivity.
• The supergene and first materials can doubtlessly be handled in a mill/concentrator with NSR cut-offs of $5.13/t for supergene and $5.11/t for major respectively. The mill has the additional benefit of additionally recovering the gold and silver current within the useful resource. Extra parameters are used for the NSR calculation for this situation. Mill recoveries for the secondary copper sources had been 89.3% and for the first sources had been 93.2%.
• Relying on the potential depth of the pit, whole pit slope angles ranged from 32° to 37° relying on the sector. Overburden slopes had been set at 32°.
• Composites of two m size had been capped the place wanted; the capping technique is predicated on the distribution of grade which varies by location (i.e. area or proximity to controlling buildings) and the related potential metallic removing. The useful resource estimate is predicated on uncapped copper grades; native capped grades are used for gold and silver.
• Block grades had been estimated utilizing a mix of unusual Kriging and inverse distance squared weighting relying on area dimension.
• Mannequin blocks are 20 m x 20 m x 15 m in dimension.

4. Metallurgy & Restoration

The metallurgical improvement for the Los Azules feasibility was accomplished in three phases:

Part 1: Baseline testing from the take a look at work program outlined within the 2023 PEA.

Part 2: Testing utilizing samples from the 2021-2022 drilling campaigns, to develop the variability database from Part 1 and to increase the geometallurgical knowledge set to incorporate lithologic domains.

Part 3: Scale-up validation utilizing samples from the 2022-2023 exploration campaigns, to validate scale-up from the baseline 3-meter columns to the deliberate 9-meter bench top of the heap leach pad and to substantiate extraction inside the take a look at applications. The Part 3 grasp composites had been constructed by lithologic area and had been pulled from inside the pit shell for the preliminary 5 years of operation. Extra samples had been collected from the 2023-2024 exploration marketing campaign from holes drilled vertically.

The metallurgical work accomplished thus far offers complete understanding of the anticipated efficiency traits of the Los Azules deposit. The anticipated copper extractions proven in Determine 2 are utilized within the block mannequin to calculate NSR worth for every block in conjunction. Copper recovered to cathodes will contemplate a heap effectivity and stock issue of 95% of the extractable copper, primarily based on common expertise and trade apply.

Determine 2: All 360-day column extraction knowledge plotted as soluble copper (CuSOL) to whole copper (CuT) ratio of the pinnacle grade damaged out by lithology and ratios.

To view an enhanced model of this graphic, please go to:
https://photos.newsfilecorp.com/recordsdata/2014/269916_b933a7e8141c3bb4_004full.jpg

Notes: IMP = Intermineral Porphyry, IMP BX = IMP Breccia, DIO = Diorite, EMP = Early Mineral Porphyry, and EMP BX = EMP Breccia

The anticipated general whole copper restoration is roughly 70.8% and is distributed over a three-year timeframe from placement on the leach pad to account for the timing of lively leaching cycles because the pad is constructed. The copper extraction methodology greatest displays the potential variability associated to host rock supplies and the anticipated variability associated to copper grades, mineralogy and restoration that may be virtually utilized within the mining modeling. Within the opinion of the QP, the metallurgical take a look at work and evaluation help the metallurgical assumptions offered and used within the mineral reserve assertion, the feasibility mine plans, and the financial evaluation offered on this report.

Processing of the first ores will be achieved by utilizing each the Nuton course of, various leaching processes resembling chloride leaching or by utilizing a standard milling operation to provide concentrates. The benefit of standard milling is the extra income from the recovered gold and silver from the deposit. The subsequent stage of metallurgical take a look at work will embrace enough work to judge the processing technique for use for the first ores in the course of the detailed engineering and preliminary operations part.

5. Financial Evaluation

Financial Metrics

All forex proven within the FS is expressed in fixed Q2 2025 United States {Dollars} except in any other case famous.

The Enterprise Case for the leach mission makes use of a copper value assumption of $4.35/lb. Abstract outcomes are offered under in Desk 3.

 

The FS for Los Azules envisions a mean annual copper cathode manufacturing of 451 million lbs per yr (204,800 tonnes) in the course of the first 5 years of operation, representing a rise of fifty million lbs per yr in comparison with the preliminary 5 years of the 2023 PEA manufacturing schedule. Over the 21-year lifetime of mine, the typical annual copper cathode manufacturing is projected at 327 million lbs per yr (148,200 tonnes).

Based mostly on the LOM extraction of mineralized materials containing roughly 10.2 billion lbs (4.63 million tonnes) of whole copper, and a mean copper restoration of 70.8%, whole copper recoverable to cathode is 7.23 billion lbs (3.28 million tonnes). The copper manufacturing by yr is proven in Determine 3:

Determine 3: Copper Cathode Manufacturing by 12 months

To view an enhanced model of this graphic, please go to:
https://photos.newsfilecorp.com/recordsdata/2014/269916_b933a7e8141c3bb4_005full.jpg

Different financial metrics:

• Preliminary capital expenditure $3.17 billion
• Challenge capital depth $9.18/ lb Cu per yr (or $20,200/ t Cu per yr) primarily based on Preliminary capital / common annual manufacturing, or $0.73/ lb Cu (or $1,600/ t Cu) primarily based on LOM Capex / LOM manufacturing⁽⁸⁾.
• Common EBITDA⁽⁹⁾ per yr $1.31 billion for Years 1-5 and $696 million for Years 6-21.

A Nuton^® Expertise Case is taken into account within the alternative part of the FS as a separate mission at a PEA-level of research. That case would course of major materials stockpiled in the course of the mining of the leach mission and mineral sources outdoors of the Mineral Reserve pit with low soluble copper content material. The Nuton case would use the present processing services to help the operation, with a brand new leach pad and Pregnant Leach Resolution pumped again to the unique solvent alternate & electrowinning facility. The usage of Nuton^® Expertise has the potential to increase the lifetime of the mission and can proceed to be evaluated after the conclusion of the FS.

Sensitivity Evaluation

The leach mission economics stay enticing (i.e. with an after-tax IRR of 15% or above) at a copper value above $3.74 per pound and are equally immune to a rise in LOM capital expenditure of as much as 25% and a rise in working bills of as much as 37% (see Determine 4 under).

Desk 4 under reveals the sensitivity of the leach mission’s after-tax economics to copper value fluctuations (+/- 20%). The mission after-tax NPV8% is breakeven at a copper value of $3.10 per pound.

 

Desk 5 under reveals the sensitivity of the mission economics to preliminary and sustaining capital expenditure escalation on an after-tax foundation.

 

Desk 6 under reveals the sensitivity of the mission economics to working expenditure escalation on a after-tax foundation.

 

Determine 4: Chart of IRR Sensitivity (After-Tax) Relative to Copper Worth, CAPEX and OPEX

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6. Capital & Working Prices

Capital Prices Estimates

The mission consists of the event of an open pit mine with multi-stage crushing and screening, a heap leach pad, and a copper solvent extraction-electrowinning (SX/EW) facility with a nominal manufacturing capability of 215 ktpa copper cathodes (design most 240 ktpa). Preliminary capital infrastructure for the Base Case consists of the next services:

• Mine improvement and related infrastructure
• Coarse rock storage and ore dealing with (crushing, conveying, agglomeration)
• Heap leach pads and conveyor stacking methods
• SX/EW facility
• Sulfuric acid plant
• On-site utilities and ancillary services together with a development camp
• Off-site infrastructure: energy transmission line (outsourced), entry roads, and everlasting camp

The Challenge’s preliminary capital prices are primarily based on budgetary quotes for main tools, current in-house value info and set up elements, and regional contractor inputs and services obtained between Q2 and Q3 2025. The capital prices for the mission are summarized in Desk 5 and needs to be considered with the extent of accuracy anticipated for a Feasibility Examine.

Design allowances for supplies portions and labor and contingencies had been included within the mission estimate.

 

YPF Funding Energy Provide

The development value of the Energy Provide line to website and {the electrical} system upgrades whole roughly $440 million which has not been included within the capital estimate as YPF Luz, a big Argentinean energy utility firm, can be setting up the road at their expense pursuant to a long-term, renewable energy buy settlement and connection compensation that may observe the phrases agreed to in a Memorandum of Understanding.

Up to now, the corporate acquired preliminary finance proposals from Tier-1 OEMs and European export credit score companies for alternatives exceeding $1.1 billion for infrastructure and know-how, masking 85 to 100% of main mechanical tools and native set up prices – see the Strategic Partnerships part.

Working Prices Estimates

Desk 8 summarizes the LOM mission working prices per tonne of fabric processed and per pound of copper produced.

 

7. ESG & Sustainability

Environmental Highlights:

• Course of water use: 159 L/s LOM common, 74% decrease than a standard millproducing copper focus with approx. 600 L/s⁽¹⁰⁾.
• Peak Web site Water use: 244.2 L/s, with 227 L/s allotted for mining actions and 17.2 L/s for human use.
• Electrical energy demand: 119 MW (48% decrease than a concentrator)
• GHG emissions: For the present mission foundation, the estimated annual common Inexperienced Home Fuel (GHG) emissions for the Los Azules mission is 1,082 kg CO2-e/t Cu from Scope 1 and a couple of sources. This locations the mission on the bottom decile of the copper trade carbon curve, effectively under the estimated trade common of 4,026 kg CO2-e/t Cu(5) utilizing Skarn Associates mine-to-metal “E1” metric⁽¹³⁾. Initially of operations, Los Azules will already be one of many lowest carbon copper cathodes produced on this planet.
  The mission continues to develop electrification methods for the mine and general mission together with software of trolley help for mine haulage, in-pit crushing and conveying and waste conveyance. The timing for these purposes and others is below remaining evaluation. Los Azules can also be effectively positioned to make the most of rising alternatives (e.g. battery electrical mine and companies automobiles) and longer-term growing applied sciences.
• Objective: McEwen Copper is dedicated to changing into carbon impartial by 2038 at Los Azules, a goal achievable utilizing rising applied sciences and offsets.

The mission will supply 100% renewable vitality (wind, hydro, photo voltaic) and goals for web constructive impacts on native ecosystems and communities.

8. Allowing & Regulatory Standing

The Environmental Influence Evaluation (EIA) for Los Azules was granted on December 3, 2024.

On September 26, 2025, Los Azules was accepted into the Massive Funding Incentive Regime RIGI. The funding regime offers the mission with authorized, fiscal, and customs stability for 30 years, together with:

• Authorized certainty, together with tax, customs and overseas alternate stability for 30 years, with improved mechanisms compared with a previous regime relevant to mining actions, and entry to worldwide arbitration ought to a dispute come up.

• Tax incentives within the funding part -such as launch from VAT funds which considerably reduces the monetary burden throughout construction- and within the operation part, such because the discount of the company earnings tax price to 25% from the final 35%, a 50% discount within the dividend withholding tax, no export tax, an accelerated depreciation for brand spanking new capital investments, and exemption from export duties.

• Streamlined customs procedures, together with obligation and tax exemptions to import of capital items and the flexibility to depart export proceeds in overseas financial institution accounts, obtainable to be utilized to debt compensation or another purpose.

The Water Concession allow purposes are at the moment below assessment with the provincial authorities. The usage of heap leach know-how, which is effectively accepted in San Juan Province, reduces allowing complexity by eliminating tailings and conserving water.

9. Nuton® Alternative

Nuton is a know-how enterprise of Rio Tinto that grew to become a strategic associate of McEwen Copper in 2022. The Nuton^® Expertise is a collection of proprietary applied sciences that present alternatives to leach each major and secondary copper sulfides, offering a big alternative to optimize mine plans and general mining and processing operations. As well as, Nuton^® Expertise offers important different advantages, resembling decrease general vitality consumption, decrease CO2 emissions, smaller land footprint, and decrease water consumption per unit of copper produced than standard sulfide mineralization restoration processes.

Based mostly on strategic planning work by Whittle Consulting and contemplating the inferred sources, the usage of Nuton provides the chance to increase the mine life past standard leaching by 30 years or extra.

Based mostly on preliminary scoping testing, the Nuton^® Expertise provides the potential for copper recoveries of as much as 85% on major copper sulfide ore our bodies, relying on the precise mineralogy make-up of the mineral useful resource. At Los Azules, the Nuton^®Expertise has the potential to economically course of the big major sulfide copper useful resource as an alternative choice to a concentrator, with low incremental capital following the oxide and supergene leach, no tailings requirement, and a smaller environmental footprint. Producing copper cathode with Nuton^® on-site additionally has the benefit of simplifying outbound logistics compared to copper concentrates and provides a completed product to the home and worldwide market.

The outcomes modelled utilizing Nuton’s proprietary computational fluid dynamics mannequin are very encouraging and point out that unoptimized copper restoration to cathode from major materials utilizing Nuton^® Expertise ought to vary from 73% to 79%. Moreover, restoration from secondary materials utilizing Nuton^® Expertise is excessive, starting from 80% to 86%. This might present a big alternative to optimize the mine plan and cut back the necessity for selective mining, as simultaneous stacking of each secondary and first mineralization won’t influence the copper restoration of both materials sort. Based mostly on the present useful resource estimate, utilizing Nuton^® Expertise within the mission might have a big constructive influence on the anticipated lifetime of the mine and the projected cashflow, with out considerably rising the preliminary capital funding required.

Column leaching of Los Azules composite samples at Nuton^® services was accomplished in Q1 2024 and used to help modelled metallurgical recoveries. Testing has been accomplished at Nuton services with a Part 2a program, growing course of design standards and evaluating efficiency examined at a ten m tall, giant column scale. Totally mass balanced outcomes are anticipated to be accomplished in This fall 2025. Preliminary evaluation of the assay knowledge suggests related outcomes to these offered within the PEA doc. Apart from refining and validating modelled knowledge by way of further column testing for Los Azules, Nuton is progressing an industrial-scale deployment on the Johnson Camp Mine (JCM) owned and operated by Gunnison Copper Company Inc. in Arizona, USA. This deployment’s purpose is to validate the Nuton^® Expertise bundle, from design and engineering to commissioning and operation, and to de-risk future Nuton deployments just like the potential one at Los Azules.

McEwen Copper and Nuton are actively collaborating to deploy the Nuton^® Expertise at Los Azules. Whereas a proper industrial settlement isn’t but in place, each events are dedicated to working in good religion towards establishing such an association.

10. Growth Timeline

The Gantt chart under presents a simplified mission improvement timeline primarily based on regional contractor inputs and long-lead tools and supplies supply assumptions offered by distributors.

The schedule assumes that the feasibility research work is accomplished in October 2025, essential permits to start work are accomplished, and preliminary financing is in place to realize the scheduled milestones.

Following this Degree 3 schedule, the SX/EW plant might begin in 2029, and the primary cathode could be produced in 2030.

Determine 5: – Gantt Chart for Los Azules Challenge Growth Timeline

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11. Strategic Partnerships

McEwen Copper partnered with Nuton to judge the applying of Nuton^®Expertise for the therapy of major mineralization on the Los Azules mission. Nuton additionally holds a 17.2% fairness stake in McEwen Copper.

Stellantis, the world’s fifth largest automaker, can also be a strategic shareholder with an 18.3% curiosity. The partnership features a copper cathode and concentrates buy rights settlement and a joint dedication to attaining carbon neutrality by 2038.

As of the date of this launch, McEwen Copper has acquired preliminary finance proposals with referential situations from Tier 1 OEMs together with, Komatsu, and Sandvik, in addition to from European export credit score companies, masking 85 to 100% of the main mechanical tools and 50% of the native development value for the mission. The Argentine energy firm YPF Luz has signed an settlement with Los Azules to offer financing for the upgrades to the facility grid and the facility provide to the mine website and has agreed to offer 100% renewable energy to the mission. These proposals open the chance to finance greater than $1.1 billion in investments for the crushing and dealing with system, SX/EW plant, acid plant, drilling fleet, and hauling and loading mining fleet, incorporating state-of-the-art applied sciences that help our regenerative guiding rules and dedication to sustainable innovation.

In September 2025, McEwen Copper introduced that it had signed a collaboration settlement with the Worldwide Finance Company (IFC), a member of the World Financial institution Group, to help the alignment of the Los Azules copper mission with IFC’s ESG requirements for potential future financing. This represents an essential milestone within the firm’s broader financing technique, serving to to align the mission with top-tier sustainability requirements whereas paving the way in which for IFC as a possible lead lender and fairness associate.

12. Examine Contributors and Certified Individuals

The FS Technical Report is ready in accordance with the necessities set forth by Canadian Nationwide Instrument 43-101 (“NI 43-101”) for the disclosure of fabric info and is meant to fulfill the necessities of a Feasibility Examine (FS) degree of research and disclosure as outlined within the rules and supporting reference paperwork. The efficient date of the report is September 3, 2025.

The report was ready by Samuel Engineering Inc., with contributions from Knight Piésold Consulting, AGP Mining Consultants Inc, Nuton, a Rio Tinto Enterprise, E-Mining Expertise S.A., Name & Nicholas, Inc., Itasca Consulting Group, Inc., CRM-SA, LLC, McLennan Design/Perkins&Will, Whittle Consulting Pty Ltd, Techint S.A.C.I., BW Hidrogeología y Medioambiente, and SRK Consulting UK Restricted, below the supervision of David Tyler, McEwen Copper Challenge Director.

The feasibility research and related disclosures have been reviewed and verified by the next certified individuals below NI 43-101 – Requirements of Disclosure for Mineral Tasks:

• Technical facets of this information launch associated to Challenge Execution, Growth info, and different info excluding mineral useful resource disclosure, have been reviewed and verified by James L. Sorensen – FAusIMM Reg. No. 221286 with Samuel Engineering.
• Technical facets of this information launch associated to McEwen info, and different info excluding mineral useful resource disclosure, have been reviewed and verified by David Tyler – SME Registered Member. No. 3288830. He’s the Challenge Director of the Los Azules Challenge and isn’t unbiased of the issuer.
• Technical facets of this information launch associated to Metallurgical Abstract and Course of Info, have been reviewed and verified by Michael McGlynn – SME Registered Member No. 4149430 with Samuel Engineering.
• Disclosure associated to the up to date Los Azules mineral useful resource estimate has been reviewed and permitted by Jeff Sullivan – FAusIMM Reg. No. 201778 with CRM-SA, LLC.
• Disclosure associated to the preliminary Los Azules mining, and mineral reserve estimate has been reviewed and permitted by Gordon Zurowski, P.Eng with AGP Mining Consultants.
• Technical facets of this information launch associated to Monetary Modeling, have been reviewed and verified by Steve Pozder – P.E. with Samuel Engineering.

13. Finish Notes

⁽⁸⁾ Challenge capital depth is outlined as Preliminary Capex ($) / LOM Avg. Annual Copper Manufacturing (lbs or tonnes per yr) or as LOM Capex ($) / LOM Copper Manufacturing (lbs or tonnes). C1 money prices per pound produced is outlined because the money value incurred at every processing stage, from mining by way of to recoverable copper delivered to the market, web of any by-product credit. All-in sustaining prices (AISC) per pound of copper produced provides manufacturing royalties, non-recoverable VAT and sustaining capital prices to C1. AISC margin is the ratio of AISC to gross income. Capital depth, C1 money prices per pound of copper produced, AISC per pound of copper produced, and AISC margin are all non-GAAP monetary metrics. Numbers might not whole attributable to rounding.

⁽⁹⁾ Annual earnings earlier than curiosity, taxes, depreciation, and amortization (EBITDA). EBITDA is a non-GAAP monetary measure.

⁽¹⁰⁾ 2017 NI 43-101 Technical Report on Los Azules Challenge, Hatch Engineering (Throughput of 120,000 tpd of mineralized materials).

⁽¹¹⁾ 2023 NI 43-101 Technical Report on Los Azules Challenge, Samuel Engineering.

⁽¹²⁾ Kilograms of Carbon Dioxide Equal per tonne of Copper Equal produced. Carbon Dioxide Equal means having the identical international warming potential as another greenhouse fuel.

⁽¹³⁾ Skarn Associates Copper Mine GHG and Power Depth Curve Generator, June 2025 dataset for the yr 2030. The E1 metric consists of all GHG emissions from mine to sophisticated metallic. Skarn recommends E1 depth as probably the most appropriate metric for evaluating operations, permitting SXEW and focus producers to be evaluated on the identical curve, on the identical product boundary – refined copper cathode.”

For additional particulars, go to the McEwen web site.

Certified Individuals

The McEwen Copper feasibility research technical report has an efficient date of September 3, 2025.

The feasibility research and related information disclosures had been reviewed and verified by the next certified individuals who’re unbiased consultants of McEwen Copper:

• Technical facets of the information launch associated to Challenge Execution, Growth info, and different info excluding mineral useful resource disclosure – James L. Sorensen – FAusIMM Reg. No. 221286 with Samuel Engineering.
• Technical facets of the information launch associated to Metallurgical Abstract and Course of Info – Michael McGlynn – SME Registered Member No. 4149430 with Samuel Engineering.
• Disclosure associated to the up to date Los Azules mineral useful resource estimate – Jeff Sullivan – FAusIMM Reg. No. 201778 with CRM-SA, LLC.
• Disclosure associated to the preliminary Los Azules mining, and mineral reserve estimate – Gordon Zurowski, P.Eng with AGP Mining Consultants.
• Technical facets of the information launch associated to Monetary Modeling – Steve Pozder – P.E. with Samuel Engineering.

The McEwen press launch seems to be reviewed and verified by a Certified Particular person (as that time period is outlined by Nationwide Instrument 43-101 – Requirements of Disclosure for Mineral Tasks) and the procedures, methodology and key assumptions disclosed therein are these adopted and constantly utilized within the mining trade, however no Certified Particular person engaged by TNR has finished enough work to research, interpret, classify or confirm McEwen’s info to find out the present mineral useful resource or different info referred to in its press releases. Accordingly, the reader is cautioned in putting any reliance on the disclosures therein.

Kirill Klip, the Firm’s Chief Govt Officer, said, “We’re happy that McEwen Copper has reached this main milestone releasing feasibility research after it secured an environmental allow for the development and operation of the Los Azules copper mission. Feasibility research confirms that Los Azules copper is economically sturdy mission with main ESG efficiency. The collaboration between McEwen Copper and IFC, and admission to the Argentina Regime of Incentives for Funding (RIGI) might transfer the Los Azules copper mission improvement nearer to a development choice.

“The brand new president of Argentina has launched essential authorities insurance policies aimed toward supporting enterprise and unlocking the nation’s financial potential. Mining in Argentina is being acknowledged by the federal government as an integral a part of its financial improvement plan, offering jobs and enriching native communities.

“Our Firm has repaid our funding mortgage in full, and we consider that the current market costs of our shares don’t correctly mirror the underlying worth of TNR’s property. Our transformation from a mission era junior mining firm right into a cashflow-generating royalty firm might convey the required catalyst for improved market valuation of our property.

“Vital developments on the development of the Los Azules mission in the direction of the feasibility stage have led to elevated Rio Tinto and Stellantis holdings in McEwen Copper, strategic companions of this massive copper, gold and silver mission. In 2023, Stellantis invested an mixture ARS $72 billion. A further US $100 million in whole was invested by Rio Tinto’s Enterprise Nuton® in McEwen Copper. TNR Gold’s imaginative and prescient is aligned with the leaders of innovation amongst automakers like Stellantis, whose purpose is to decarbonize mobility, and mining trade leaders resembling Rob McEwen, whose imaginative and prescient is ‘to construct a mine for the longer term, primarily based on regenerative rules that may obtain web zero carbon emissions by 2038’.

“Along with Nuton®, McEwen Copper is exploring new applied sciences that save vitality, water, time and capital, advancing Los Azules in the direction of the purpose of main environmental efficiency. The involvement of Rio Tinto, with its revolutionary know-how, may additionally speed up realizing the potential of the Los Azules mission.

“The inexperienced vitality rEVolution depends on the provision of crucial metals like copper. Delivering ‘inexperienced copper’ to Argentina and the world will contribute to the clear vitality transition and electrification of transportation and vitality industries.

“The feasibility research confirms Los Azules mission as a long-life, low-cost producer of high-purity copper cathodes with robust financial returns and sustainability. It highlights the potential to create a sturdy leach mission whereas decreasing the environmental footprint, and higher environmental and social stewardship units the mission aside from different potential mine developments.

“Los Azules was ranked within the high ten largest undeveloped copper deposits on this planet by Mining Intelligence (2022). TNR Gold doesn’t must contribute any capital for the event of the Los Azules Challenge. The essence of our enterprise mannequin is to have trade leaders like McEwen as operators on the tasks that may doubtlessly generate royalty cashflows to contribute important worth for our shareholders.”

ABOUT TNR Gold CORP.

TNR Gold Corp. is working to develop into the inexperienced vitality metals royalty and gold firm.

Our enterprise mannequin offers a singular entry level within the creation of provide chains for crucial supplies like vitality metals which are powering the vitality rEVolution, and the gold trade that’s offering a hedge for this stage of the financial cycle.

Our portfolio offers a singular mixture of property with publicity to a number of facets of the mining cycle: the facility of blue-sky discovery and essential partnerships with trade leaders as operators on the tasks that may doubtlessly generate royalty cashflows to contribute important worth for our shareholders.

Over the previous twenty-nine years, TNR, by way of its lead generator enterprise mannequin, has been profitable in producing high-quality international exploration tasks. With the Firm’s experience, sources and trade community, the potential of the Mariana Lithium Challenge and Los Azules Copper Challenge in Argentina, amongst many others, have been acknowledged.

TNR holds a 1.5% NSR royalty on the Mariana Lithium Challenge in Argentina, of which 0.15% of such NSR royalty is held on behalf of a shareholder of the Firm. Ganfeng Lithium’s subsidiary, Litio Minera Argentina (“LMA“), has the suitable to repurchase 1.0% of the NSR royalty on the Mariana Challenge, of which 0.9% is the Firm’s NSR royalty curiosity. The Firm would obtain CAN$900,000, and its shareholder would obtain CAN$100,000 on the repurchase by LMA, leading to TNR holding a 0.45% NSR royalty and its shareholder holding a 0.05% NSR royalty.

The Mariana Lithium Challenge is 100% owned by Ganfeng Lithium. The Mariana Lithium Challenge has been permitted by the Argentina provincial authorities of Salta for an environmental influence report. Ganfeng formally inaugurated Mariana Lithium’s begin of manufacturing at a 20,000 tons-per-annum lithium chloride plant on February 12, 2025.

TNR Gold additionally holds a 0.4% NSR royalty on the Los Azules Copper Challenge, of which 0.04% of the 0.4% NSR royalty is held on behalf of a shareholder of the Firm. The Los Azules Copper Challenge is being developed by McEwen.

TNR additionally holds a 7% NPR on the Batidero I and II properties of the Josemaria Challenge that’s being developed by the joint-venture between Lundin Mining and BHP.

TNR offers important publicity to gold by way of its 90% holding within the Shotgun Gold porphyry mission in Alaska. The mission is situated in Southwestern Alaska close to the Donlin Gold mission, which is being developed by Novagold Assets. The Firm’s technique with the Shotgun Gold Challenge is to draw a three way partnership partnership with a significant gold mining firm. The Firm is actively introducing the mission to events.

At its core, TNR offers a large scope of publicity to gold, copper, silver and lithium by way of its holdings in Alaska (the Shotgun Gold porphyry mission) and royalty holdings in Argentina (the Mariana Lithium mission, the Los Azules Copper Challenge and the Batidero I & II properties of the Josemaria Challenge), and is dedicated to the continued era of in-demand tasks, whereas diversifying its markets and constructing shareholder worth.

On behalf of the Board of Administrators,

Kirill Klip
Govt Chairman

www.tnrgoldcorp.com

Neither TSX Enterprise Alternate nor its Regulation Companies Supplier (as that time period is outlined within the insurance policies of the TSX Enterprise Alternate) accepts duty for the adequacy or accuracy of this launch.

Cautionary Assertion Concerning Ahead-Trying Info

Apart from statements of historic truth, this information launch comprises sure “forward-looking info” inside the which means of relevant securities legislation. Ahead-looking info is continuously characterised by phrases resembling “plan”, “count on”, “mission”, “intend”, “consider”, “anticipate”, “estimate”, “will”, “might” and different related phrases, or statements that sure occasions or situations “might” or “might” happen, though not all forward-looking statements comprise these figuring out phrases. Particularly, forward-looking statements on this information launch embrace, however aren’t restricted to, statements made in relation to: TNR’s company targets and future potential transactions being thought-about by the Particular Committee and the Board, and the profit that TNR’s shareholders might derive from identical; TNR’s future receipt of money flows from its royalty holdings and the next contribution of serious worth to its shareholders; the attainable development of TNR’s worth; future income and elevated valuations of TNR’s royalty holdings brought on by potential strategic alliances with main mining firms and funding establishments; the usage of potential future money flows to fund a traditional course issuer bid; the potential spin-out of the Shotgun Gold Challenge; future funding of considerable capital within the improvement of the Shotgun Gold Challenge by a possible associate of TNR; the longer term potential of the the Kuskokwim Gold Belt in southwestern Alaska; the belief of the outcomes and estimates contained within the McEwen feasibility research; the potential acceleration of the Los Azules mission’s potential attributable to Rio Tinto’s involvement within the mission; and the potential advantages brought on by delivering ‘inexperienced copper’ to Argentina and the world. Such forward-looking info is predicated on a lot of assumptions and topic to quite a lot of dangers and uncertainties, together with however not restricted to these mentioned within the sections entitled “Dangers” and “Ahead-Trying Statements” within the Firm’s interim and annual Administration’s Dialogue and Evaluation which can be found below the Firm’s SEDAR+ profile on www.sedarplus.ca. Whereas administration believes that the assumptions made and mirrored on this information launch are affordable, ought to a number of of the dangers, uncertainties or different elements materialize, or ought to underlying assumptions show incorrect, precise outcomes might differ materially from these described in forward-looking info. Particularly, there will be no assurance that: TNR will enter into a number of strategic transactions, partnership or a spin-out, or be capable of full any additional royalty acquisitions or gross sales of royalty pursuits, or parts thereof; debt or fairness financings can be obtainable to TNR; or that TNR will be capable of obtain any of its company targets. TNR depends on the affirmation of its possession for mining claims from the suitable authorities companies when paying rental funds for such mining claims requested by these companies. There may very well be a danger in the way forward for the altering inner insurance policies of such authorities companies or danger associated to the third events, in future, difficult the possession of such mining claims. Given these uncertainties, readers are cautioned that forward-looking statements included herein aren’t ensures of future efficiency, and such forward-looking statements shouldn’t be unduly relied on.

In formulating the forward-looking statements contained herein, administration has assumed that enterprise and financial situations affecting TNR, and its royalty companions, McEwen, Ganfeng Lithium and Lundin Mining will proceed considerably within the unusual course, together with with out limitation with respect to common trade situations, common ranges of financial exercise and rules. These assumptions, though thought-about affordable by administration on the time of preparation, might show to be incorrect.

Ahead-looking info herein and all subsequent written and oral forward-looking info are primarily based on estimates and opinions of administration on the dates they’re made and are expressly certified of their entirety by this cautionary assertion. Besides as required by legislation, the Firm assumes no obligation to replace forward-looking info ought to circumstances or administration’s estimates or opinions change.

To view the supply model of this press launch, please go to https://www.newsfilecorp.com/launch/269916