TNR Gold Los Azules Copper NSR Royalty Holding Presentation April 2019

The Power of Discovery
April 2019
Los Azules Copper NSR Royalty Holding

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING
INFORMATION OF TNR GOLD CORP. (“TNR”)
TSXV:TNR www.tnrgoldcorp.com

CAUTIONARY NOTE TO US INVESTORS

LEADERSHIP
Board of Directors
Kirill Klip, MBA – Executive Chairman
John Davies
Greg Johnson, B.Sc.
Natalia Lobanova
Advisory Board
Nicholas Winton
…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, B. Sc., FCA (ICAEW) – CFO
Nancy La Couvée – Corporate Secretary
Roberto Lara – Vice-President, Minera Solitario,
Argentina
Natalia Lobanova – Strategic Communications:
PR, Marketing and Social Media

CORPORATE CULTURE
The green energy metals royalty company
with strong management ownership.
Experienced ManagementTeam
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

GLOBAL ASSETS
CURRENT HOLDINGS
Los Azules Copper Project,Argentina
• Cu-Au deposit
• TNR holds 0.36% NSR Royalty
• 100% owned by McEwen Mining
Shotgun Gold Project,Alaska
• Porphyry gold deposit
• Well defined mineralization
model
• TNR is targeting for a bulk
mineable gold resource
Mariana Lithium Project,Argentina
• TNR holds 1.8% NSR Royalty in
Mariana Lithium
• Mariana Lithium - JV between
ILC and Ganfeng Lithium
LondonVancouver
San Juan
Shotgun Gold
Project
Los Azules Copper
Project
Office
Project
Mariana Lithium Project
Salta

ASSETS►Argentina
TSXV:TNR www.tnrgoldcorp.com CNN
REUTERS

ASSETS►Argentina
FinancialTimes
“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.
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 world copper 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 byType (0.20% Cu cut-off)(1)
(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 McEwen 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
► 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)
► Los Azules Resource
McEwen Mining
LongitudinalSectionThrough the LosAzules Deposit (looking west – southwest)
The copper resource contains 10.2 billion pounds
Indicated and 19.3 billion pounds Inferred2
(2)Please refer to technical disclosure statement (1) regarding the resource estimate.

TSXV:TNR
www.tnrgoldcorp.com 12
► Los Azules Los Azules PEA Annual Production
(4)Please refer to technical disclosure statements (1 and 3) regarding the PEA.
If ItWere in Production Now, Referenced to 2017World Copper Mine Production (4)
McEwen Mining

TSXV:TNR
► Los Azules Los Azules PEA C1 Cost per Pound Copper
If ItWere in Production Now, Referenced to 2017World Copper Mine C1 Cost (4)
McEwen Mining

► 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 billionAfter-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
(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.

TSXV:TNR
► Los Azules PEA: Commodity Price Assumptions
$3.00/lb copper
$1,300/oz gold
$17/oz silver
Undiscounted net smelter return,
over the life of the mining project
$35.2 billion
UndiscountedCash FlowWaterfall Diagram for the Life of Project(4)
McEwen Mining

TSXV:TNR
► Los Azules Potential Value of TNR’s NSR Royalty
DiscountedCash FlowWaterfall Diagram for the Life of Project(4)
McEwen Mining
TNR holds a 0.36% NSR royalty on the
entire LosAzules 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 17
McEwen Mining

TSXV:TNR
CONTACT US
JointVenture
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: +1 604-229-8129
Fax: +1 604-229-8150
www.tnrgoldcorp.com

TSXV:TNR
► 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 43-101Technical 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.TNRGold Corp. has not engaged an independent qualified person to verify the technical disclosures provided by McEwen 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 byQualified 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 byTNR 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, GeologicalConsultant of the Company, and a “Qualified Person” for the purposes of National Instrument 43-101-Standards of Disclosure for
Mineral Projects of theCanadian SecuritiesAdministrators, has reviewed and approved the scientific and technical information contained in this Presentation.

TNR Gold Los Azules Copper NSR Royalty Holding Presentation April 2019

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TNR Gold Los Azules Copper NSR Royalty Holding Presentation April 2019