tnr gold los azules copper royalty presentation november 2017

ThePowerofDiscovery

November2017

LosAzulesCopperNSRRoyaltyHolding

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

NataliaLobanova–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!


TSXV:TNR

CONTACT

JointVenturePartnerships

Financing

-Wewelcomeyourinquiries-InvestorRelationshub

https://tnrgoldcorp.com/investors/

[email protected] 1111MelvilleStreet,Suite1100

Vancouver,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.