green energy metals royalty co.: tnr gold investor presentation november 2017

ThePowerofDiscovery

November2017

BecomingaGreenEnergyMetalsRoyaltyCompany

TSXV:TNR www.tnrgoldcorp.com


LEADERSHIP

Directors

KirillKlip,MBA,ExecutiveChairman

JohnWisbey,DeputyChairman

MauriceBrooksB.Sc.,FCA(ICAEW)

GregJohnsonB.Sc.

RossThompson

…ourcorporatedirectioncomesfroma

blendofprovencreatorsofenter

prise

valueandtechnicalexpertise…

Management

KirillKlip,MBA–PresidentandCEO

MauriceBrooks–SpecialAdviserStrategicRisk ManagementandInterimCFO

AnthonyKovacs–ChiefOperatingOfficer

NancyLaCouvée–CorporateSecretary

RobertoLara–ManagingDirector(SouthAmerica)

Dr.FrederickBreaks,P.Geo–TechnicalAdviser

LobanovaNatalia–CEOEA,PR,Marketing


CORPORATECULTURE

agrowingenergymetalsroyaltycompanywithstrongmanagementownership“

ExperiencedManagementTeam ProjectPortfolioManagement Strategicenergymetalsfocus:lithiumandcopper

Goldandpreciousmetalassets

ProvenBusinessModel Identifyandacquireprojectsatanearlystage

Selectivelyadvanceprojects

UseJVpartnershipstomitigatecostsandrisk

Maximizevalue,minimizesuccesstime

2/3ownershipbyinsidersandmanagement


GLOBALASSETSCURRENTHOLDINGS

LosAzules,Argentina

•  WorldClassCu-Audeposit

•  0.36%NSRRoyalty

•  100%ownedbyMcEwenMining

ShotgunGold,Alaska

•  Porphyrygolddeposit

•  Multi-millionozpotential

•  Welldefinedmineralizationmodel

InternationalLithiumCorp.(“ILC”)

•  TNRspinoutin2011

•  TNRholds10.5%equityinterestinILC

•  TNRholds1.8%NSRRoyaltyinILC’sMarianaLithiumProject

•  Strategicpartnersadvancingfourlithiumprojects

LondonVancouver

SanJuan

Shotgun

LosAzules

Office

Project

ILCLithiumProjectsMariana

Mavis/FairserviceRaleighForgan

Avalonia

ASSETS►Argentina


Fina

ncialTim

es

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

ASSETS►LosAzules

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

McEwenMining

WorldBank

100%ownedbyMcEwenMiningInc.TNRholdsa0.36%NSRroyalty

LosAzulesranksasoneofthetop2or3worldclassdepositsthatare“forsale”andinalowriskjurisdiction

TNRholdsa0.36%NSRroyalty

“

Note:Mineralresourcesdonothavedemonstratedeconomicviability.

EstimateofMineralResourcesbyType(0.20%Cucut-off)(1)

(1)Technicalreporttitled“NI43-101TechnicalReport–PreliminaryEconomicAssessmentUpdatefortheLosAzulesProject,Argentina,”withaneffectivedateofSeptember1,2017,preparedbyD.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,allofwhomarequalifiedpersonsandallofwhombutD.BrownandJ.DuffareconsideredindependentofMcEwenMining,asdefinedbyNI43-101.TNRGoldCorp.hasnotengagedanindependentqualifiedpersontoverifythetechnicaldisclosuresprovidedbyMcEewnMiningInc.Mineralresourcesarenotmineralreservesandthereisnoguaranteethattheresourcesreportedhereinwillresultinaneconomicminingscenario.

McEwenMining


►LosAzulesResource

Totalcontainedcopperis4.6Mt(Indicated)and8.8Mt(Inferred)2

Totalcontainedgoldis1.7Moz(Indicated)and3.8Moz(Inferred)

Totalcontainedsilveris56Moz(Indicated)and136Moz(Inferred)


►LosAzulesResource

McEwenMining

LongitudinalSectionThroughtheLosAzulesDeposit(lookingwest–southwest)

Thecopperresourcecontains10.2billionpoundsIndicatedand19.3billionpoundsInferred2“

(2)Pleaserefertotechnicaldisclosurestatement(1)regardingtheresourceestimate.


►LosAzulesPreliminaryEconomicAssessment2017PEAHighlights(1,3)BaseCase($3.00/lbcopper,$1,300/ozgold,$17/ozsilver)

•  $2.2billionAfter-TaxNPV(8%discountrate)and20.1%After-TaxIRR

•  3.6yearpaybackanda36yearsLifeofMine(LOM);

•  415millionlbaverageannualcopperproductionforthefirst10years.

•  $1.11/lbaveragecashcopperproductioncosts(C1*)forthefirst10years,$1.28/lbaverageC1costsoverLOM.

McEwenMining

(3)ThePEAreportedanddocumentedbyMcEwenMiningispreliminaryinnature,itincludesinferredmineralresourcesthatareconsideredtoogeologicallyspeculativetohavetheeconomicconsiderationsappliedtothemthatwouldenablethemtobecategorizedasmineralreserves,andthereisnocertaintythatthepreliminaryeconomicassessmentwillberealized.Mineralresources,includingthosecategorizedas“measuredandindicated”aswellas“inferred”arenotmineralreservesandtheeconomicviabilityofthesemineralresourceshavenotbeendemonstratedbythiseconomicanalysis.McEwenMining'spressreleasesandwebsitematerialappeartobepreparedbyQualifiedPersonsandtheprocedures,methodologyandkeyassumptionsdisclosedbyMcEwenMiningarethoseadoptedandconsistentlyappliedintheminingindustry,butnoQualifiedPersonengagedbyTNRhasdonesufficientworktoanalyze,interpret,classifyorverifyMcEwenMining'sinformation,nortodeterminethecurrentmineralreserveorresourceoranyotherinformationreferredtointheirpressreleases.Accordingly,thereaderiscautionedinplacinganyrelianceonthesedisclosures.

TSXV:TNR www.tnrgoldcorp.com 12

►LosAzulesPEA:CommodityPriceAssumptions

$3.00/lbcopper

$1,300/ozgold

$17/ozsilver

Undiscountednetsmelterreturn,overthelifeoftheminingproject

$35.2billion

UndiscountedCashFlowWaterfallDiagramfortheLifeofProject(4)

McEwenMining

(4)Pleaserefertotechnicaldisclosurestatements(1and3)regardingthePEA.


►LosAzulesPotentialValueofTNR’sNSRRoyalty

(4)Pleaserefertotechnicaldisclosurestatements(1and3)regardingthePEA.

DiscountedCashFlowWaterfallDiagramfortheLifeofProject(4)

McEwenMining

TNRholdsa0.36%NSRroyaltyontheentireLosAzulesproject

PEAestimatesundiscountedcashflowforthelifeofmineNetSmelterReturnover$35B(4)

PEAestimatesdiscountedcashflow(8%)forthelifeofminewiththeNetSmelterReturnover$10.5B(4)

►LosAzulesSummary

Argentinaisopenforbusiness

LosAzulesdepositismassive

100%ownedbyMcEwenMining

TNRhas0.36%NSRroyalty

PEAshowsfavorableresults

Projectismovingforward

IncreasedValueforTNR!


ASSETS►Alaska


Alaskam

iners.org

“Alaska is a state steeped in a tradition of exploration, mining, and production,” Alaska Miners Association. Alaskaminers.org

Shotgun

Pebble

Donlin

Fort Knox

Pogo

ASSETS►Shotgun

•  90%ownershipbyTNR

•  LocatedinSWAlaskanearDonlinGoldandPebble

•  AlaskaisrisingintermsofpolicyindexaccordingtotheFraserInstitute’s“AnnualSurveyofMiningCompanies”

•  MineralizationstyleissimilartoDonlin

•  Infrastructuredevelopment,communitysupportandpermittingprocessatDonlinwillbenefitShotgun

TSXV:TNR

SHOTGUN

GoldinAlaskanElephantCountry


►ShotgunRidge–MineralizedIntervals

27.4mof2.3g/tAu

NE-Zone

Mid-Zone

SW-Zone22mof2.86g/tAu

18.4mof2.03g/tAu

Significant Drill Hole Intercepts(5)

12-56: 242m of 1.25g/t Au (over all three mineralized zones)

12-57: 209m of 1.02g/t Au

(over all three mineralized zones)

12-58: 46.55m of 1.14 g/t Au

(hole ended prior to intersecting MID and NE-zones)

(5) All widths reported are drill core widths and are not converted into true widths. True widths of the drill hole intercepts, which may be shorter than those reported, are currently unknown.


►ShotgunRidge–RoomtoGrow

OPENMineralizationnotincludedinresourceestimate(6).

(6)Seeslidesattheendofthispresentationforafulldescriptionoftheresourceestimate.

►Shotgun–Resource

Inferredmineralresourceestimate2013(6)

•  20,734,[email protected]/tAu•  705,960ouncesAu

•  0.5g/tAucut-off•  Mineralresourceislocatedfromsurfacetoa

depthof150m

•  Resourceislocatedonaridge,formingatopographichigh

•  Mineralizationappearstobeuniformwithlittle-to-no“nuggeteffect”

•  Mineralizationinsomedrillholesnotincludedinresourcemodel

•  Mineralizationappearstobeopenatdepth,andalongstrike

•  Canaddadditionalresourceswithfuturedrilling


Mineralizationnotincludedinresourceestimate.

(6)Seeslidesattheendofthispresentationforafulldescriptionoftheresourceestimate.


►Shotgun–UnderstandingTargets

TSX.V:TNR 200m

Area of current resource and drilling

Undrilledtargetshavepotentialtohostmulti-millionozdepositsofgold

IPsurveysanddrillingonlycoverasmallportionofintrusivecomplex

►Shotgun–Opportunity

CampScaleOpportunity


25km

ASSETS►InternationalLithiumCorp.


“Lithium will power humans for the next 50 years, then robots”


TNRGoldHolds10.5%EquityStakeinILC

In2010,TNRidentifiedandacquiredaglobalportfoliooflithiumprojects

TNRspun-outILCforthedevelopmentoftheselithiumresourcesinternationally

InternationalLithiumCorp.waslistedontheTSXVentureExchangeonMay24,2011

Avalonia-$10Mworkplanfundedbystrategicpartner

Mariana–Strategicpartnerfast-tracktoproduction

Mavis/FairserviceRaleigh–Strategicpartneractivelyexploring

TNRholds1.8%NSRRoyaltyontheMarianaLithiumProject

LondonVancouver

SanJuan

OfficeILCLithiumProjectsMariana

Mavis/FairserviceRaleighForgan

Avalonia

►InternationalLithium TSXV:ILC


MarianaLithiumBrine,Argentina

Avalonia,Ireland

Mavis/Fairservice,Ontario,Canada

Raleigh,Ontario,Canada

Forgan,Ontario,Canada

►InternationalLithium-Assets

TSXV:TNR

CONTACT

JointVenturePartnerships

Financing

-Wewelcomeyourinquiries-InvestorRelationshub

http://www.tnrgoldcorp.com/s/StockInfo.asp [email protected]

1111MelvilleStreet,Suite1100Vancouver,BC,V6E3V6

Phone:+1604-700-8912Fax:+1604-484-7143www.tnrgoldcorp.com


►TechnicalDisclosureStatementsCertainInformationinthispresentationisbasedonstudiesconductedbyMcEwenMiningInc.andtheirconsultantsand“QualifiedPersons”asdefinedbyNationalInstrument43-101.StatementsinthepresentationreferringtoResourceEstimatesandaPreliminaryEconomicAssessmentaretakenfromtheinformationpubliclyprovidedbyMcEwenMiningInc.Thetechnicalreport,whichincludestheresultsofthepreliminaryeconomicanalysis(“PEA”),isavailableontheMcEwenMiningwebsiteandundertheprofileofMcEwenMiningonSEDARatwww.sedar.com.Thefollowingnotesarereferencedinthispresentation.

(1)Technicalreporttitled“NI43-101TechnicalReport–PreliminaryEconomicAssessmentUpdatefortheLosAzulesProject,Argentina,”withaneffectivedateofSeptember1,2017,preparedbyD.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,allofwhomarequalifiedpersonsandallofwhombutD.BrownandJ.DuffareconsideredindependentofMcEwenMining,asdefinedbyNI43-101.TNRGoldCorp.hasnotengagedanindependentqualifiedpersontoverifythetechnicaldisclosuresprovidedbyMcEewnMiningInc.Mineralresourcesarenotmineralreservesandthereisnoguaranteethattheresourcesreportedhereinwillresultinaneconomicminingscenario.

(3)ThePEAreportedanddocumentedbyMcEwenMiningispreliminaryinnature,itincludesinferredmineralresourcesthatareconsideredtoogeologicallyspeculativetohavetheeconomicconsiderationsappliedtothemthatwouldenablethemtobecategorizedasmineralreserves,andthereisnocertaintythatthepreliminaryeconomicassessmentwillberealized.Mineralresources,includingthosecategorizedas“measuredandindicated”aswellas“inferred”arenotmineralreservesandtheeconomicviabilityofthesemineralresourceshavenotbeendemonstratedbythiseconomicanalysis.

McEwenMining'spressreleasesandwebsitematerialappeartobepreparedbyQualifiedPersonsandtheprocedures,methodologyandkeyassumptionsdisclosedbyMcEwenMiningarethoseadoptedandconsistentlyappliedintheminingindustry,butnoQualifiedPersonengagedbyTNRhasdonesufficientworktoanalyze,interpret,classifyorverifyMcEwenMining'sinformation,nortodeterminethecurrentmineralreserveorresourceoranyotherinformationreferredtointheirpressreleases.Accordingly,thereaderiscautionedinplacinganyrelianceonthesedisclosures.

JonathanFindlay,P.Geo,GeologicalConsultantoftheCompany,anda“QualifiedPerson”forthepurposesofNationalInstrument43-101-StandardsofDisclosureforMineralProjectsoftheCanadianSecuritiesAdministrators,hasreviewedandapprovedthescientificandtechnicalinformationcontainedinthisPresentation.


►ShotgunZoneResourceEstimate:effectivedateMay27,2013

TheShotgunZonemineral resourceestimate isbasedon34diamonddrillholes (NQ)totaling4,932.3metres,with2,481assays (0.2upto10metres in length).Holesweredrilledbyseveraloperatorsinfivedrillcampaignsconductedbetween1984and2012.The34drillholesarespacedprimarily40to100metresapartinanareaofapproximately375x300metres.Thedrillholestestedmineralizationtoaverticaldepthupto150metres.TheShotgungoldmineralizationisassociatedwithintrusionsofvariouscompositions(incl.graniteporphyry)whichintrudedtheCretaceoussedimentaryrocksoftheKuskokwimGroup.Mineralizationwasemplacedwithinacompressionalenvironmentevidencedbynortheastorientedrightlateralstrikeslipfaultingandopenfoldingwithnorthwestorientedaxes.IntheShotgunZone,northwestorienteddilationaljogsorrelayzoneshostmineralizedquartzbreccias.AresourcemodelfortheShotgunZonewasconstructedbasedonthedistributionofthegoldmineralization(>0.3to0.5g/tAu)andthismodelwasusedtoconstrainthecompositevalueschosenforinterpolation,andtheoreblocksreportedinthemineralresource.Ablockmodel(x–548000,y–6697000,z–800,norotation)withblockdimensionsof5x5x5metresinthex,yandzdirectionswasplacedoverresourcemodelsolidswithonlythatproportionofeachblockbelowthetopographic/overburdensurfaceandinsidethesolidrecorded.Gradesforgoldwereinterpolatedintotheblocksbytheinversedistancesquared(ID2)methodusingaminimumof2andmaximumof12compositestogenerateblockgradesintheInferredresourcecategory.Thesearchellipseusedtointerpolategradeintotheblocksmeasured110x60x110(PrincipleAz–235°,PrincipleDip-25°,IntemediateAz.-325°).Thesizeandorientationofthesearchellipseapproximatesthestrike,dipandthicknessoftheresourcemodelandtakesintoaccountthelimiteddrillingandrelativelywidespacingofthedrilling.Twometrecompositesampleswereusedintheresourceestimation.Anaveragespecificgravity(SG)of2.60wasusedfortheresourceestimate.TheaverageSGvalueisbasedonlimitedSG testing (18 samples)of representativemineralizedcore from11drillholeswhich intersect the resourcemodel.GemcomGEMS6.4.1 softwarewasused tocomplete the resourceestimate.GeoVectorhasestimatedarangeofInferredresourcesatvariousAug/tcut-offgrades(COG)fortheShotgunZone.Thecurrentinferredresourceisstatedusingagradecut-offof0.50g/tAu.Acut-offgradeof0.50 isconsideredareasonableeconomiccut-offgradefortheShotgunzonetomaximizethegradeoftheresourcewhilemaintainingacoherentmodeloftheresource.ACOGof0.50isareasonablecut-offforthistypeofAudepositinthisregion(Donlin,Livengood).TheinferredmineralresourceestimatewaspreparedincompliancewiththestandardsofNI43-101byAllanArmitage,PhD.,P.Geol.,ofGeoVectorManagementInc.,andisresponsibleforthetechnicalcommentsrelatedtotheresourceestimateanditsparameters.Armitageisan“independentqualifiedperson”forthepurposesofNationalInstrument43-101StandardsofDisclosureforMineralProjectsoftheCanadianSecuritiesAdministratorsandhasverifiedthedatadisclosedinthisdocument.FormoreinformationseeTNRGoldCorp.newsreleasesdatedApril22andMay30,2013andfiledonwww.SEDAR.com


►ShotgunZoneResourceEstimate:effectivedateMay27,2013FormoreinformationseeTNRGoldCorp.newsreleasesdatedApril22andMay30,2013andfiledonwww.SEDAR.com.

Shotgun Ridge Inferred Resource Estimate – Au (g/t) cut-off

Cut-off Tonnes Grade(g/t) Grams Ozs <0.1g/t 24,551,029 0.96 23,628,833 759,770 0.1g/t 24,545,917 0.96 23,628,825 759,769 0.2g/t 24,545,917 0.96 23,628,825 759,769 0.3g/t 24,509,842 0.96 23,618,643 759,442 0.5g/t 20,734,313 1.06 21,955,342 705,960 0.7g/t 14,779,225 1.24 18,367,655 590,600 1.0g/t 9,101,458 1.49 13,602,038 437,365 1.5g/t 3,722,669 1.90 7,081,574 227,703 2.0g/t 874,455 2.52 2,203,359 70,848 3.0g/t 63,168 3.16 199,328 6,409 4.0g/t 1,300 5.46 7,096 228 5.0g/t 650 6.53 4,243 136

Modeled based on a 0.3 – 0.5 g/t Au cut-off