Silver North Resources Ltd. press release

TNR Gold Corporate Update and Strategic Review of the Developing M&A Opportunities

2025-11-28

TSXV - TSX Venture Exchange · Silver · Gold · Lead · Zinc · Copper · Canada

Vancouver, British Columbia--(Newsfile Corp. - November 28, 2025) - TNR Gold Corp.(TSXV: TNR)("TNR", "TNR Gold" or the "Company") is pleased to provide a corporate update and announce that the Company is continuing its strategic review of developing M&A opportunities.

"TNR Gold Corp is your gateway to the green energy rEVolution and gold stability," stated Kirill Klip, Executive Chairman of TNR Gold Corp. "We're building a leading green energy metals royalty and gold company, offering a unique entry into the supply chains powering the energy transition. With a 1.5% net smelter returns ("NSR") royalty on the Mariana Lithium Project in Argentina (0.15% NSR royalty is held on behalf of a shareholder), operated by Ganfeng Lithium, and a 0.4% NSR royalty on the Los Azules Copper Project with McEwen Inc. (0.04% of NSR royalty is held on behalf of a shareholder) — backed by majors like Rio Tinto and Stellantis — TNR is potentially positioned for significant cash flows without the capital burden. Add to that our 90% stake in the Shotgun Gold Project in Alaska, near the Donlin Gold deposit, with 705,960 ounces of inferred gold resources, and the Company is also well diversified. TNR delivers exposure to lithium, copper, silver and gold, blending blue-sky discovery with partnerships that drive value, in turn offering potential growth with a hedge in today's economic cycle."

Strategic Priorities

Our priorities remain focused on maximizing value for all our shareholders by preventing unnecessary dilution, reducing general and administrative expenses and delivering above the market returns for our investors. Our strategic action plan includes, but is not limited to, the following initiatives:

Marketing Success and Industry Recognition

Recent increased M&A interest from numerous parties suggests that TNR's management ("Management") has succeeded with its marketing activity by presenting the Company's GEM Royalty Story to the mining and investment industries.

In February 2023, Lithium Royalty Corp. valued only a portion of the Company at US$9 million, based on its purchase of the 0.5% NSR royalty involving the Mariana Lithium project for US $9 million.

Our team has successfully repaid TNR Gold's investment loan in full, returning our shareholders all our assets free from encumbrance. The value generated from delivering that strategic transaction has justified Management's stance on rejecting other opportunistic low-ball offers.

Delivering Value in Uncertain Times and Planning Ahead

Management has succeeded in delivering solid values in uncertain times. The Company's share price has performed above the market average, not only during very challenging market times of the COVID-19 pandemic, but also during the market rout following the U.S. tariff announcements. This has justified the strategy of TNR's board of directors (the "Board") of presenting the Company as a structural hedge in an investment portfolio.

Management has been investing in TNR Gold for over than two decades and continues to support our Company by participating in private placements, even during the darkest hours of the COVID-19 pandemic. Management resumed its buying of shares of the Company and increased its stake in TNR Gold.

Management proposes to hold its 2026 Annual General Meeting of Shareholders on June 16, 2026. Further details will be provided closer to the meeting and included in its management information circular for such meeting. The Company will place before the meeting its audited financial statements for its financial year ended December 31, 2025. Items of annual business include election of directors and appointment of auditor. The Company will also present its stock option plan for annual approval in accordance with the policies of the TSX Venture Exchange.

Strategic Growth and Stability

TNR Gold's assets are now well recognized within the mining and investment industries. The Company has received indications of further M&A interest from numerous parties and even successfully defended our Company from the opportunistic low-ball hostile takeover attempts.

On October 12, 2023, TNR announced that the Board had formed a special committee comprised of independent directors (the "Special Committee") to consider and evaluate strategies to maximize shareholder value, including pursuing one or more strategic transactions. Management continues to work diligently with the Special Committee in order to capitalize on potential transactions, including potential further royalty acquisitions. We believe the Company is a leader among its industry peers in maintaining integrity and consideration towards our retail shareholders, while prioritizing the discipline in order to unlock the full potential valuations of our assets. TNR's Shareholder Rights Plan allows us to pursue the most appealing transactions for the benefit of all our shareholders while avoiding predatory tactics like crawling takeover attempts and low-ball opportunistic offers.

Management is currently working on new avenues to open the new chapter of growth for the Company's GEM royalty, including trying to facilitate potential strategic alliances with major mining companies and investment institutions. If successful, such alliances would allow us to unlock higher valuations of our royalty holdings and generate new capital without diluting the Company's current shareholders.

Management believes that in order to maximize shareholder value and reach the potential valuations reflecting the intrinsic value of the Company's assets, TNR must preserve capital, reduce its number of outstanding shares, and seek outside investment for the development of the Shotgun Gold Project.

Management believes that potential cash flow expected to be generated from TNR's royalties and capital management strategy would be well used to implement a normal course issuer bid (subject to regulatory approval) in order to reduce the Company's float of shares and deliver returns to its shareholders.

Management is considering the best value-creation strategies for the Shotgun Gold Project and has put in place the corporate structure of AmeriGold — the stand-alone company that could potentially inherit the Shotgun Gold Project joint venture operations after the contemplated potential spinout from TNR Gold.

By maintaining this strategic approach, we aim to continue generating substantial value for our shareholders while ensuring long-term stability and growth.

"We are building _the_Green Energy Metals Royalty and Gold Company," continued Kirill Klip. "Our business model provides a unique entry point into the creation of supply chains for critical materials like energy metals which are powering the Energy rEVolution, and the gold industry which is providing the ultimate hedge during this part of the economic cycle. Our shareholders are participating in the building of The Green Energy Metals Royalty and Gold Company. In our portfolio, we have a unique combination of assets providing exposure to different parts of the mining cycle, starting with the power of blue-sky discovery and including partnerships with industry leaders like McEwen Inc. Ganfeng Lithium, Lundin Mining and BHP as operators on the projects that could potentially generate royalty cashflows to contribute significant value for our shareholders."

TNR Gold's motto remains: "Solid Values in Uncertain Times".

Shotgun Gold Project — Alaska

The Shotgun Gold Project is an advanced-stage exploration prospect in southwestern Alaska. The Company's exploration field program in 2022-2023 at the Shotgun and Winchester prospects, located in the Taylor Mountain Quadrangle, Alaska, investigated the geochemical anomalies generated by the 1998 Novagold Resources soil surveys and the geophysical targets indicated by anomalies from the SJ Geophysics 2011 and 2012 EM surveys.

"The Company's strategy with the Shotgun Gold Project is to attract a partnership with a major gold mining company. TNR Gold has successfully consolidated and updated its mining claims in Alaska and is actively introducing the project to interested parties," commented Kirill Klip. "There is a clear path on how to move this prospective project forward using the geological and geophysical research currently available to target drilling to expand the resource. The next step is to acquire a partner that shares our vision and recognizes the growth potential and value to be added to the Shotgun Gold Project over time. The latest exploration program allows us to provide additional information on TNR's Shotgun Gold Project for our potential strategic partners."

The strategy presented to potential strategic partners involves the creation of a joint venture with a major gold mining company, where TNR's partner would invest substantial capital in the development of the Shotgun Gold Project while earning a stake in the project.

TNR Gold shareholders would benefit from the strategic partner's capital being invested "in the ground", and industry expertise, including operations in Alaska.

Management is investigating the best value-creation strategies for the Shotgun Gold Project and has put in place the corporate structure of AmeriGold — the stand-alone company that could potentially inherit the Shotgun Gold Project joint venture operations after a potential spinout from TNR Gold.

TNR holds a 90% interest in the Shotgun Gold Project that is located 190 kilometres south of the Donlin Gold Project deposits within the Kuskokwim Gold Belt in southwestern Alaska. This area is emerging as a multi-million-ounce gold district. The Shotgun property includes a number of prospects, including Shotgun Ridge and nearby Winchester. The Donlin Gold Project is an intrusion-associated system and represents one of the largest undeveloped gold deposits in the world. The Company believes that there are several key similarities between prospects on the Shotgun property and those of the Donlin Gold Project deposits, as well as other important intrusion-associated deposits worldwide.

The Company is targeting a large tonnage porphyry system at Shotgun Ridge. Structural repeats, as interpreted from airborne magnetic data and ground geophysical surveys, provide TNR with encouraging targets for future drill testing.

Detailed information about the inferred mineral resource estimate is included in the technical report titled, "Technical Report on the Shotgun Gold Project, Southwest Alaska", dated May 27, 2013 that can be found on the TNR Gold website at www.tnrgoldcorp.comor on SEDAR+ at www.sedarplus.ca.

Mariana Lithium NSR Royalty Holding

On February 20, 2025, TNR Gold announced that Ganfeng Lithium Group Co., Ltd. ("Ganfeng") provided an update on the Mariana Lithium Project. TNR holds a 1.5% NSR royalty on the Mariana Lithium Project in Argentina, of which 0.15% NSR royalty is held on behalf of a shareholder of TNR.

On February 14, 2025, Ganfeng announced commencement of formal production of the Mariana Lithium salt-lake project in Argentina. Ganfeng stated in its announcement:

"A production ceremony for the first phase of the Mariana lithium salt-lake project in Argentina owned by Litio Minera Argentina S.A. (hereinafter referred to as "LMA"), a wholly-owned subsidiary of Ganfeng Lithium Group Co., Ltd. was held at the project site on 12 February 2025, which means the formal production of the first phase of the Mariana lithium salt-lake project.

Mariana lithium salt-lake project is located in Salta Province, Argentina, with total lithium resources of approximately 8,121,000 tons of LCE currently explored. After the formal production of the first phase of Mariana lithium salt-lake project with an annual production capacity of 20,000 tons of lithium chloride production line, the Company will actively accelerate the ramp-up of the production capacity of the project. With the gradual release of production capacity, the supply and cost structure of the lithium resources of the Company will be further optimized, the Company's profitability will be enhanced, and the Company's core competitiveness in the global market will be continuously improved.

The Company will perform the corresponding procedures and obligation of information disclosure according to the subsequent progress of the relevant matters. Investors are advised to invest rationally and pay attention to the investment risks."

On April 30, 2025, Ganfeng in Its 2024 Annual Report stated:

"Mariana is a lithium-potassium salt lake located in Salta Province, Argentina. According to a technical report issued by Golder Associates Consulting Ltd., the total lithium resources at the Mariana lithium salt lake project amounted to approximately 8,120,000 tons of LCE. The construction of the project has been completed. In February 2025, the production line for phase I of the Mariana lithium salt-lake project with a planned annual production capacity of 20,000 tons of lithium chloride was officially put into operation. The Company will accelerate the progress of the production capacity ramp-up of the project, and it is expected that the Mariana project will gradually supply lithium chloride products in a stable manner from the second half of 2025 onwards."

On September 30, 2025, Ganfeng in Its 2025 Interim Report stated:

"Securing high-quality and stable lithium resources is fundamental to the long-term sustainable growth of our business. The Company adheres to the aim of globalizing the layout of its resources, and will continuously expand its current lithium resources portfolio through further exploration, and actively improve the self-sufficiency rate of resources of the Company. In terms of brine, the Company will proactively advance the development and construction of the Mariana lithium salt-lake project..."

"We are very pleased that Ganfeng officially inaugurated the Mariana Lithium's start of production at a 20,000 tons-per-annum lithium chloride plant on February 12, 2025," commented Kirill Klip. "We are looking forward to our first NSR royalty cash flow payment from the Mariana Lithium Project.

TNR does not have to contribute any capital for the development of the Mariana Lithium Project, the Los Azules Copper Project or the Josemaria Project. The essence of our business model is to have industry leaders like Ganfeng as operators on the projects that will potentially generate royalty cashflows to contribute significant value for our shareholders."

Los Azules Copper, Gold and Silver NSR Royalty Holding

On October 10, 2025, TNR Gold announced that McEwen Inc. provided an update on the Los Azules Copper Project in San Juan, Argentina. TNR holds a 0.4% NSR royalty (of which 0.04% of the 0.4% royalty is held on behalf of a shareholder of TNR) on the Los Azules Copper Project. The Los Azules Copper Project is held by McEwen Copper Inc., a subsidiary of McEwen Inc.

An excerpt from a news release issued by McEwen Inc. on October 7, 2025, is below. For additional details, please refer to the McEwen Inc. website.

"_McEwen Copper Inc., 46.4% owned by McEwen Inc. is pleased to announce positive results from the independent Feasibility Study (FS) for its 100%-owned Los Azules copper project in San Juan, Argentina._

The FS confirms Los Azules as a long-life, low-cost producer of high-purity copper cathodes with strong economic returns and sustainability. The project design advances Los Azules toward construction readiness within a framework that reduces its environmental footprint. Project risk has been further reduced through a strategic collaboration agreement with IFC to potentially lead debt financing and additional funding proposals for infrastructure and construction.

With these results, Los Azules is positioned to become a supplier of responsibly produced copper, critical to the global energy transition towards a low-carbon sustainable future.

"The Los Azules Feasibility Study is more than a technical milestone — it's a blueprint for the future of copper mining. We have delivered a plan for a long-life asset that will play a role in the world's clean-energy transition. Copper is the foundation of electrification and the modern world, and Los Azules is ready to contribute to that global supply chain — responsibly, efficiently, and profitably," said Rob McEwen, Chairman and Chief Owner of McEwen Inc.

"With this Feasibility Study, our team has transformed the geological potential of Los Azules into a clear, actionable development plan. This work gives us confidence in the project's design, costs, and schedule, providing the foundation for the next stage of growth."

"Having significant experience with large-scale construction and mining operations in Argentina, I am confident that we have the right plan, the right team, and the right partnerships to develop Los Azules. Together with our local communities and government partners, we aim to create Argentina's first regenerative copper mine — a model for responsible and innovative mining," said Michael Meding, Vice President of McEwen Copper and General Manager of Los Azules.

This press release starts with the FS Highlights below, followed by Footnotes, a Glossary of Terms, Units and Abbreviations and continues with a detailed account of the study in a Technical Appendix.

FS Highlights

Simple Takeaways

_Economics After-tax(1): NPV(8%) $2.9B IRR 19.8% Payback Period 3.9 yrs Initial Capital $3.17B_

_Copper Cathode Production(2): Average Years 1-5 204,800 tonnes per year (451M lbs/yr) Life of Mine 21 years Average Production 148,200 t/yr (327M lbs/yr)_

_Costs: C1 cash cost $1.71/lb AISC $2.11/lb_

_Scale - Reserves and Resources(3): Mineral Reserves Proven & Probable 10.2B lbs Cu (1.02 B tonnes at 0.45% Cu)

Mineral Resources (exclusive of Reserves) Measured & Indicated 5.4B lbs Cu (0.97 B tonnes at 0.26% Cu) Inferred 20.0B lbs Cu (4.24 B tonnes at 0.21% Cu)_

_Capital Intensity Using: LOM Capital & Production $1,600/t Cu Initial Capital & Avg. Annual Production $20,200/t Cu per yr_

Designed for Low Impact

Leach + SX/EW process produces 99.99% copper cathodes (LME Grade A) on site (no smelter required).

Project design provides: 72% lower mine-to-metal carbon intensity than industry average for mine-to-metal 100% renewable power(4)(wind, hydro, solar) 74% less water use than conventional milling No tailings dam

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

De-risked Regulatory Status

Environmental Impact Statement EIA (Environmental Permit) for construction and operation was approved by the San Juan Provincial Government's Ministry of Mines in December, 2024.

Accepted into Argentina's Large Investment Incentive Regime (RIGI) in September, 2025, providing tax, foreign exchange and customs stability for 30 years, legal certainty, foreign exchange regulations allowing to leave export proceeds abroad in increasing steps that will reach 100% by the time the project starts exports and access to international arbitration in case of disputes.

Ownership & Partners

Ownership: 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 agreement with IFC(5)to align with IFC's ESG standards and for potential financing. Indicative proposals could support $1.1B+(6)in equipment and infrastructure financing.

Future Growth Opportunities Beyond the FS

Nuton® leaching technology (Rio Tinto venture) could allow processing of primary ores with the existing infrastructure (indicative recoveries >76%), or a Conventional Concentrator could also provide higher copper recoveries, plus recover gold and silver as well. Either process could extend mine life by 30+ years by economically treating primary sulfides. Neither of these opportunities are included in the FS base case.

Exploration has shown that there are four porphyry targets near the Los Azules deposit that could provide further extension to the mine life. Exploration of the newly identified targets will start in Q4 2025. High-priority targets near Los Azules include Tango, Porfido Norte, Franca, and Mercedes.