McEwen Mining Inc. provided an update on the Los Azules Copper 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 Copper Project is held by McEwen Copper Inc., a subsidiary of McEwen Mining.

Hole AZ22174 (Figure1) is the 4th hole at Los Azules to be drilled to a depth in excess of 1,000 m. It represents the most recent validation that the deposit remains open at depth. It is located 900 m north of AZ22171 and was planned based on geophysical analyses and geological modelling. Results are expected to be available for release shortly.

Logging of the core over its 1,100 m identified disseminated copper mineralization (chalcocite, chalcopyrite) hosted in pre-mineral diorite, copper in early veinlets and fracture-fills, magmatic hydrothermal breccia and potassic alteration as evidenced by potassium feldspar. Figure 2 - Section 36, includes an intercept of 190 m of 0.80% Cu (AZ22175), including a 94 m interval of 1.06% Cu in the Enriched mineral zone. The Enriched mineral zone is interpreted to occur as a sub- horizontal blanket of mineralization that varies in thickness between 150m and 250m across this section.

This is typical of many world-class porphyry copper deposits. The hole was drilled to test for the presence of mineralization within a hydrothermal magmatic breccia host rock. Mineralization contained within this zone is on average associated with the copper grades at Los Azules.

Figure 3 - Section 41 shows an Enriched zone interval of 232m grading 0.59% Cu (AZ22172), including 32 m of 1.19% Cu. A portion of the shallower mineralization is hosted within an early mineral porphyry and the hydrothermal magmatic breccia associated with the porphyry. Like the breccia, the early mineral porphyry is an important host of higher-grade mineralization and is typically inclined sub- vertical.

Closer to the hole's bottom, mineralization is hosted within rock known as diorite, which contains the majority of Primary zone sulphide-bearing mineralization at Los Azules. The drill hole ends with 197.0 m grading 0.31% Cu. Lithology and mineralization correlate well to hole AZ12106, suggesting great continuity.

Figure 4 - Section 42 profiles an Enriched zone interval of 232 m grading 0.51% Cu (AZ22177), including 56 m of 0.77% Cu. Again, the drill hole ended in the top of the Primary zone with 79 m of 0.39% Cu. The early mineralized porphyry, hydrothermal magmatic breccias and high copper grades noted in the hole are consistent with the nearby historic drill holes AZ12116 and AZ1048.

The true thickness of the Enriched zone is interpreted to be up to 250 m on the section. Figure 5 - Section 43 highlights 226 m grading 0.87% Cu (AZ22176) including 96 m of 1.13% Cu, and 262 m of 0.55% Cu (AZ22169) including 74 m grading 0.93% Cu. Both intervals correspond to the Enriched zone with a true thickness up to 250 m and signified in part by characteristic chalcocite copper mineralization and elevated soluble copper analyses.

Mineralization is mainly related to the presence of early mineral porphyry and hydrothermal magmatic breccia. In hole AZ22176, the continued presence of copper mineralization at depth required drilling to continue below the 2017 PEA pit limit. The grades reported for the Primary zone correspond to a 121.9 m interval with a core length-weighted grade of 0.71% Cu.

It is noteworthy that the hole ended in elevated copper grades, suggesting potential at depth and an attractive future drilling target.