TNR Gold Corp. announced that McEwen Mining Inc. 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. The PEA includes an updated independent mineral resource estimate, which increased to 10.9 billion (B) lbs. Cu (Indicated, grade 0.40%) and 26.7 B lbs.

Cu (Inferred, grade 0.31%) Base Case Highlights (Open-pit, Heap Leach, SX/EW, Nameplate capacity of 175 ktpa Cu Cathodes): Average annual copper (Cu) cathode production of 401 million lbs. (182,100 tonnes) during the first 5 years of operation, and 322 million lbs. (145,850 tonnes) over the 27-year life of the mine (LOM); Total Cu recoverable to cathode of 8.68 billion lbs.

(3.94 million tonnes), based on the LOM extraction of mineralized material containing approximately 11.90 billion lbs. of total Cu (5.40 million tonnes), and average copper recovery of 72.8%. After-tax net present value (NPV8%) of $2.659 billion (1), internal rate of return (IRR) of 21.2%, and a payback period of 3.2 years - at $3.75 per lb.

Cu. Initial capital expenditure of $2.462 billion, and a project capital intensity of $7.66 per lb. Cu ($16,880 per tonne Cu)(2); Average C1(2) cash costs of $1.07 per lb.

Cu and all-in sustaining costs(2) of $1.64 per lb. Cu (AISC Margin of 56%); Average EBITDA per year of $1.101 billion (Years 1-5) and $692 million (Years 6-27); Estimated carbon intensity of 670 kg CO2 equivalent per tonne of Cu (CO2-e/t Cu) (4) for Scope 1&2 GHG Emissions, well below the industry average of 1,980kg CO2-e/t Cu (5).