TNR Gold : MD&A YE 2023

FORM 51-102F1

MANAGEMENT'S DISCUSSION AND ANALYSIS

FOR THE YEAR ENDED DECEMBER 31, 2023

789 - 1220 West Pender Street

Vancouver, B.C. V6C 1H2

TELEPHONE: [phone]

FAX: [phone]

Management's Discussion and Analysis

December 31, 2023

The following management's discussion and analysis ("MD&A"), prepared as of April 24, 2024, should be read together with the audited consolidated financial statements for the year ended December 31, 2023 and related notes attached thereto, which are prepared in accordance with International Financial Reporting Standards. All amounts are stated in Canadian dollars unless otherwise indicated.

Additional information related to the Company is available for view on the Company's website at www.tnrgoldcorp.comand SEDAR at www.sedarplus.ca.

FORWARD LOOKING STATEMENTS

Certain information included in this discussion may constitute forward-looking statements. Readers are cautioned not to put undue reliance on forward-looking statements. These statements relate to future events or the Company's future performance, business prospects or opportunities. All statements other than statements of historical fact may be forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "project", "predict", "potential", "targeting", "intend", "could", "might", "should", "believe" and similar expressions. These forward-looking statements include statements regarding the future price of copper, lithium or gold, the timing and amount of estimated future production, costs of production, capital expenditures, the success of exploration activities, permitting time lines, currency fluctuations, the requirements of future capital, drill results and the estimation of mineral resources and reserves. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. The Company believes that the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking statements contained into this report should not be unduly relied upon. These statements speak only as of the date of this report. Actual results and developments are likely to differ, and may differ materially, from those expressed or implied by the forward-looking statements contained in this report. Such statements are based on a number of assumptions, which may prove to be incorrect, including, but not limited to, assumptions about:

• general business and economic conditions;
• the supply and demand for, deliveries of, and the level and volatility of prices of copper, lithium, gold, rare earth elements and other commodity prices;
• the results of drilling and future resource estimates;
• the financial standing of, and the will to see projects through using optimal production methods by companies owning or operating projects of which the Company is due to receive royalties;
• the availability of financing for the Company's development of the projects on reasonable terms;
• the ability to procure equipment and operating supplies in sufficient quantities and on a timely basis; and
• the ability to attract and retain skilled staff.

These forward-looking statements involve risks and uncertainties relating to, among other things, changes in commodity and, particularly, copper, lithium and gold prices, access to skilled mining development personnel, results of exploration and development activities, uninsured risks, the possible effects of the Covid-19 pandemic, regulatory changes, defects in title, availability of materials and equipment, timeliness of government approvals, actual performance of facilities, equipment and processes relative to specifications and expectations and unanticipated environmental impacts on operations. TNR Gold Corp. relies on the confirmation of its ownership for mining claims from the appropriate government agencies when paying rental payments for such mining claims requested by these agencies. There could be a risk in the future of the changing internal policies of such government agencies or risk related to the third parties challenging in the future the ownership of such mining claims.

Actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, the risk factors hereinabove. Additional risk factors are described in more detail hereinafter.

Investors should not place undue reliance on forward-looking statements as the plans, intentions or expectations upon which they are based might not occur. The Company cautions that the foregoing list of important factors is not exhaustive. Investors and others who base themselves on the Company's forward-looking statements should carefully consider the above factors as well as the uncertainties they represent and the risk they entail. The forward-looking statements contained in this report are expressly qualified by this cautionary statement.

1

Management's Discussion and Analysis

December 31, 2023

DESCRIPTION OF BUSINESS

TNR Gold Corp. (the "Company" or "TNR") was incorporated on January 14, 1988 under the laws of the Province of British Columbia. The Company's head office address is Suite 1120, 789 West Pender Street, Vancouver, British Columbia, Canada, V6C 1H2. The registered and records office address is 550 Burrard Street, Suite 2501, Vancouver, BC, V6C 2B5 Canada. The Company is listed on the TSX Venture Exchange and trades under the stock symbol "TNR".

The Company is in the business of acquiring and owning royalties which will pay out in future if the related properties go into production. TNR's royalties are currently receivable from companies with copper, gold, silver and lithium operations in Argentina. The Company is also in the business of acquiring and exploring its mineral properties located in Alaska, United States of America, and has not yet determined whether the properties contain reserves that are economically recoverable.

TNR Gold Corp. is working to become the green energy metals royalty and gold company. At its core, TNR has a wide scope of exposure to gold, copper, silver and lithium through its holdings in Alaska (the Shotgun gold porphyry project) and Argentina and is committed to the continued generation of in-demand projects, while diversifying its markets and building shareholder value.

The Company will continue to pursue opportunities to raise additional capital through equity markets, sale of the Company's interest in mineral projects or royalties, and/or debt to fund its exploration and operating activities; however, there is no assurance of the success or sufficiency of these initiatives. The Company's ability to continue as a going concern is dependent upon it securing the necessary working capital and exploration requirements and eventually to generate positive cash flows either from operations or additional financing. The consolidated financial statements do not reflect the adjustments to the carrying values of assets and liabilities and the reported expenses and balance sheet classifications that would be necessary if the going concern assumption were inappropriate, and these adjustments could be material.

OVERALL PERFORMANCE

To date, the Company has not yet realized profitable operations, and has relied on debt and equity financings and trade credit to fund the losses. The Company recognized a comprehensive income of $7,891,907 (2022 - loss of $303,678) during the year ended December 31, 2023. The difference is mainly due to gain on partial disposition of NSR in Mariana Project of $9,857,540 (2022 - $915,670) realized during the period.

Significant events and transactions during the year ended December 31, 2023, and to the date of this MD&A include the following:

• On April 8, 2024, the Company announced that Ganfeng Lithium reported an update on the Mariana Lithium Project. the 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. Ganfeng stated that the construction of the salt fields, salt wells, chemical plants, photovoltaics, and other infrastructure facilities were progressing and scheduled to produce the first batch of products at the end of 2024.
  See "Mariana Lithium Project (Argentina)" for further details.
• On March 5, 2024, the Company announced that McEwen Mining Inc. ("McEwen") gave a market update on drilling assay results from eighteen drill rigs on the Los Azules copper, gold and silver project in San Juan, Argentina. The Los Azules project is held by McEwen Copper Inc. ("McEwen Copper"), a subsidiary of McEwen. McEwen stated that the results validated previous drilling results but also confirm the continuity of mineralization and extend the mineralization. Highlights included:
  Hole AZ23205MET returned 257 m of 0.76% Cu within the Enriched zone.
  Hole AZ23228MET returned 446 m of 0.63% Cu in the Enriched zone, including 76 m of 0.92% Cu. Hole AZ23230MET returned 250 m of 0.68% Cu in the Enriched zone, including 192 m of 0.83% Cu.
  The objective of the drilling campaign at Los Azules was to collect information needed as the project advances towards the completion of a feasibility study. In addition to resource drilling, geotechnical, metallurgical, hydrogeological, exploration, and condemnation drilling were also being performed. McEwen stated that the Los Azules Project was fully funded for the 2023-2024 drilling campaign and that McEwen Copper was seeking funding to support feasibility-level

2

Management's Discussion and Analysis

December 31, 2023

engineering and pre-construction work. For the 62,000-metre drill program, 43,000 metres were completed as of the date of the news release.

See "Los Azules Project (Argentina)" for further details.

• On February 28, 2024, the Company announced that McEwen gave a market update on results from Phase 1 copper heap leaching metallurgical tests undertaken at SGS Chile Limitada in Santiago, Chile. The test results generated an average copper recovery of 76.0%, representing an increase of 3.2% over the recovery rate used in the June 2023 preliminary economic assessment for Los Azules.
• On December 7, 2023, the Company granted 1,290,000 stock options to directors, officers and consultants of the Company pursuant to the terms of the Company's Stock Option Plan. The stock options are fully vested on the date of grant and are exercisable at $0.05 per share until five years from the date of grant.
• On October 18, 2023, the Company reported that McEwen Copper, the owner of the Los Azules copper project, announced a binding agreement for an additional $10.0 million investment by Nuton LLC, a Rio Tinto Venture, and existing McEwen Copper shareholder. McEwen Copper stated that Nuton agreed to invest US$10.0 million to acquire 152,615 shares of McEwen Copper in a two-part transaction and an additional 232,000 common shares owned by McEwen Mining. Proceeds of the subscription and purchase were estimated at $4.0 million to McEwen Copper and $6.0 million to McEwen Mining, respectively. After closing, Nuton would own 14.5% of McEwen Copper on a fully diluted basis. McEwen Mining Inc. stated that it retains 47.7% ownership of McEwen Copper, with an implied market value of $380 million.
• On October 16, 2023, the Company reported that McEwen Copper announced the closing of an additional ARS $42 billion investment by Stellantis N.V. ("Stellantis"), one of the world's leading automakers and mobility providers. Pursuant to the investment, 1,900,000 shares of McEwen Copper were acquired in a private placement. The proceeds of the private placement will be used to advance development of the Los Azules project. Giving effect to the pending investment by Nuton LLC, holdings of Stellantis increased to 19.4% of McEwen Copper.
• On September 26, 2023, the Company granted 1,500,000 stock options to directors, officers and consultants of the Company pursuant to the terms of the Company's Stock Option Plan. The stock options fully vested on the date of grant and are exercisable at $0.05 per share until five years from the date of grant.
• In July 2023 and August 2023, the Company reported that McEwen Copper announced assay results from an ongoing infill drill program at Los Azules. Infill and other resource drilling completed since the preliminary economic assessment ("PEA") (see press release dated June 20, 2023) model data cut-off date confirm alignment of new assay results to the resource model prediction for the same area. Copper grade continuity modeled in the core of the deposit is well-supported by core logging and new assay results.
  Significant infill intercepts included:
• • 398 meters (m) grading 0.75% Cu (est. true thickness), including a sub-interval of 124 m grading 1.43% Cu.
  • 202 m grading 0.63% Cu (est. true thickness) contained within an overall intercept of 239.2 m grading 0.59% Cu.
  • 338 m grading 0.58% Cu and Primary mineralization of 84 m grading 0.27% Cu.
  • 353 m of 0.46% Cu including an Enriched zone intercept of 190 m grading 0.57% Cu.
  • 386 meters (m) grading 0.66% Cu (est. true thickness), including a sub-interval of 196 m grading 0.99% Cu.
  • 383.5 m grading 0.50% Cu (est. true thickness), including a sub-interval of 120 m grading 0.67% Cu.
  • 308 m grading 0.69% Cu (est. true thickness), including a sub-interval of 142 m grading 0.82% Cu.
  • 374 m grading 0.50% Cu including an Enriched zone intercept of 206 m grading 0.65% Cu.

This recently completed phase of drilling occurred between October 2022 and June 2023 and used up to 15 rigs to complete 39,900 m of drilling in 138 holes, to evaluate geotechnical, hydrological, resource and exploration-related parameters and opportunities. The Los Azules drill hole database now totals 126,000 m.

• On June 26, 2023, the Company reported that McEwen Copper provided results of an updated PEA on the Los Azules project.
  The PEA included an updated independent mineral resource estimate that increased the estimated resource to 10.9 billion

3

Management's Discussion and Analysis

December 31, 2023

• (B) lbs. Cu (Indicated, grade 0.40%) and 26.7 B lbs. Cu (Inferred, grade 0.31%). For further details, refer to the Company's press release dated June 26, 2023 and "Los Azules Project" in this MD&A.

• On June 1, 2023, the Company announced a normal course issuer bid (the "Bid") pursuant to which the Company may purchase up to a maximum of 9.5 million common shares of the Company (the "Shares"), representing approximately 5% of the Company's outstanding Shares at the time of announcement. Pursuant to the Bid, no more than 2% of the outstanding Shares may be purchased in any 30-day period. As of the date of this MD&A, the Company has purchased 6.1 million Shares of which 1.0 million Shares were purchased in the quarter.
  The Company is of the view that the recent market prices of its Shares do not properly reflect the underlying value of the Shares. The Company has available cash from its sale of a portion of the Mariana Royalty sale and after repayment of outstanding debt. No insiders of the Company intend to participate in the Bid.
  The Company intends to terminate the Bid on or about June 4, 2024. Purchases pursuant to the Bid will be made from time to time by PI Financial Corp. on behalf of the Company through the facilities of the TSX Venture Exchange. Shares purchased will be paid for with cash available from the Company's working capital. All Shares purchased pursuant to the Bid will be returned to treasury as authorized and unissued shares.
• In April 2023, the Company awarded bonuses totaling $450,000 to the directors, officers, and consultants of the Company. The bonuses were based on the outstanding achievements in:

• 1. preserving, building and monetizing value of the Company's assets in the previous 16 years;
  2. successfully negotiated and completed the sale of 0.5% NSR royalty in Mariana Lithium Project for USD$9,000,000, including 0.05% NSR royalty being sold by TNR on behalf of its shareholder. This represents one-quarter of the NSR royalty held by the Company;
  3. creating the conditions whereby the Company was able to successfully negotiate and complete the successful repayment of the long-term investment loan in the principal amount of $6,943,237 plus accrued interest of $696,226; and
  4. building the Company's royalty portfolio.
• In May 2023, the Company announced an update from Ganfeng Lithium 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. In its 2022 Annual Report, Ganfeng Lithium reported, "The Mariana lithium salt lake project in Argentina is progressing smoothly at present, the first evaporation pond of which has been in the stage of water injection. It is expected that the project will commence production in 2024."
• In March 2023, the Company announced that McEwen Copper had received investments from two strategic investors: Nuton (a Rio Tinto Venture and part of the world's second largest mining company) and Stellantis.
  The Nuton transaction consisted of a private placement of 350,000 shares of McEwen Copper, and the purchase of 1,250,000 shares of McEwen Copper indirectly owned by McEwen in a secondary sale, for an aggregate price of US $55 million. FCA Argentina S.A., a subsidiary of Stellantis acquired shares of McEwen Copper for a price of ARS $30.0 billion. The Stellantis transaction consisted of a private placement of 2,850,000 shares of McEwen Copper, and the purchase of 1,250,000 shares indirectly owned by McEwen in a secondary sale. Subsequent to the transactions, Stellantis and Nuton each owned 14.2% of McEwen Copper, while McEwen's ownership was reduced to approximately 52%.
• On February 21, 2023, the Company announced it repaid in full the existing long-term investment loan in the principal amount of CAN$6,943,237 and all accrued interest in the amount of CAN$696,226.
• On February 2, 2023, the Company announced completion of the royalty purchase agreement that was announced in July 2022, with an Ontario limited partnership affiliated with Lithium Royalty Corp ("LRC") for the sale of a portion of its NSR Royalty involving the Mariana Lithium Project ("Mariana"). LRC purchased from TNR, 0.5% NSR royalty for USD$9,000,000, including 0.05% NSR Royalty sold by TNR on behalf of its shareholder. This represents one-quarter of the NSR Royalty held by the Company. Following this transaction, TNR holds a 1.5% NSR royalty on Mariana, including a 0.15% NSR royalty held on behalf of a shareholder (which represents a 1.35% NSR held by TNR and a 0.15% NSR in favour of the shareholder).

4

Management's Discussion and Analysis

December 31, 2023

EXPLORATION AND EVALUATION ASSETS

A detailed listing and narrative of the Company's properties is included in the consolidated financial statements for the year ended December 31, 2023.

Project Updates

Shotgun Gold Project (Alaska)

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, an area emerging as a world-class gold district hosting multi-million ounces of gold resources. The Shotgun project includes a number of prospects, including Shotgun Ridge and nearby Winchester. 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 in the Shotgun Project area and that of the Donlin Gold deposit as well as other significant intrusion associated deposits around the world.

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.

On August 24, 2022, the Company announced the start of an exploration program on Shotgun. The 2022 field program at the Shotgun and Winchester prospects, located in the Taylor Mountain Quadrangle, Alaska, will investigate 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 exploration field program in 2022-2023 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 latest exploration program allows us to provide additional information on TNR's Shotgun Gold Project for our potential strategic partners.

The Company has completed a resource estimate at the Shotgun Gold Project. The Shotgun Ridge prospect contains an estimated inferred mineral resource of 20,734,313 tonnes at 1.06 grams per tonne ("g/t") for a total of 705,960 ounces gold ("Au") using a 0.5 g/t Au cut-off. The inferred mineral resource estimate was prepared by Allan Armitage, PhD., P.Geol., of GeoVector Management Inc. and included in a technical report prepared in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects, titled, "Technical Report on the Shotgun Gold Project" and dated May 27, 2013.

The Shotgun Zone mineral resource estimate is based on 34 diamond drill holes (NQ) totalling 4,932.3 metres, with 2,481 assays (0.2 up to 10 metres in length). Holes were drilled by several operators in five drill campaigns conducted between 1984 and 2012. The 34 drill holes are spaced primarily 40 to 100 metres apart in an area of approximately 375 x 300 metres. The drill holes tested mineralization to a vertical depth up to 150 metres.

The Shotgun project contains several gold targets, with most of the historic work having been carried out at Shotgun Ridge. The results of this resource estimate are an indicator to the Company that the Shotgun Ridge may prove up additional resources with further drilling. A table of the resource estimates at select cut-off grades is given below.

Shotgun Resource Estimate - modelled at a ~ 0.3 to 0.5 g/t cut-off.

Au Cut-off	Tonnes	Grade (g/t)	Ounces
0.3 g/t	24,509,842	0.96	759,442
0.5 g/t	20,734,313	1.06	705,960
0.7 g/t	14,779,225	1.24	590,600
1.0 g/t	9,101,458	1.49	437,365

The Company believes that the reported grade of 1.06 g/t Au at a 0.5 g/t Au cut-off is a realistic target for continued resource expansion and that this grade and cut-off combination is in line with other bulk mineable gold deposits in the region. Based on the recently identified structural model of mineralization and associated geophysical signatures that are duly coincident with the mineral resource shell and the mineralization model parameters, there are several targets at surface in close proximity to the defined resource that have never been drill tested. These targets will be a priority for future drill campaigns.

5

Management's Discussion and Analysis

December 31, 2023

The Shotgun gold mineralization is associated with intrusions of various compositions (incl. granite porphyry), which intruded the Cretaceous sedimentary rocks of the Kuskokwim Group. Mineralization was emplaced within a transpressional environment evidenced by northeast oriented right lateral strike slip faulting and open folding with northwest oriented axes. In the Shotgun Zone, northwest oriented dilational jogs or relay zones host mineralized quartz breccias. A resource model for the Shotgun Zone was constructed based on the distribution of the gold mineralization (> 0.3 to 0.5 g/t Au) and this model was used to constrain the composite values chosen for interpolation, and the ore blocks reported in the mineral resource. A block model (x -548000, y - 6697000, z - 800, no rotation) with block dimensions of 5 x 5 x 5 metres in the x, y and z directions was placed over resource model solids with only that proportion of each block below the topographic/overburden surface and inside the solid recorded. Grades for gold were interpolated into the blocks by the inverse distance squared ("ID2") method using a minimum of 2 and maximum of 12 composites to generate block grades in the Inferred resource category.

The search ellipse used to interpolate grade into the blocks measured 110 x 60 x 110 (Principle Az - 235°, Principle Dip - 25°, Intermediate Az.- 325°). The size and orientation of the search ellipse approximates the strike, dip and thickness of the resource model and takes into account the limited drilling and relatively wide spacing of the drilling.

Two-metre composite samples were used in the resource estimation. An average specific gravity (SG) of 2.60 was used for the resource estimate. The average SG value is based on limited SG testing (18 samples) of representative mineralized core from 11 drill holes that intersect the resource model. Gemcom GEMS 6.4.1 software was used to complete the resource estimate.

GeoVector has estimated a range of inferred resources at various Au g/t cut-off grades (COG) for the Shotgun Zone. The current inferred resource is stated using a grade cut-off of 0.50 g/t Au. A cut-off grade of 0.50 is considered a reasonable economic cut-off grade for the Shotgun zone to maximize the grade of the resource while maintaining a coherent model of the resource. A COG of 0.50 is a reasonable cut-off for this type of Au deposit in this region (e.g. Donlin, Livengood).

The Company's strategy with the Shotgun Gold Project is to secure a partnership with one of the major gold mining companies. TNR is actively introducing the project to interested parties. There is a clear path on how to move this project forward using the geological and geophysical research currently available to target drilling to expand the resource and form the basis of a preliminary economic analysis. The next step is to acquire a partner that shares the same vision and recognizes the growth potential and value to be added to the Shotgun project over time.

Mariana Lithium Project (Argentina)

TNR retains a NSR royalty on the Mariana Lithium property in Argentina, including a portion of the NSR royalty that TNR holds on behalf of a shareholder. TNR's entitlement to the Mariana NSR royalty arises from an option agreement among TNR and Compania Minera Solitario Argentina S.A. collectively with TNR (together, the "Optionor"), and International Lithium Corp. ("ILC") and its subsidiary, Litio Minera Argentina S.A. ("LMA") collectively with ILC (together, the "Optionee") dated May 19, 2011, pursuant to which ILC was obligated to pay to TNR a 2% NSR royalty and had a right to buy back one-half of the NSR Royalty (1%) for $1,000,000.

On October 21, 2021, TNR Gold announced that ILC issued a news release announcing the completion of the sale to Ganfeng Lithium Netherlands Co., B.V. of ILC's remaining 8.58% stake in LMA, the owner of the Mariana Lithium Project in Salta, Argentina. The deal included confirmation that LMA would assume all rights or obligations that ILC had in respect of the Mariana property.

Both TNR Gold and LMA have acknowledged LMA's responsibility to pay the 2% NSR royalty on the commencement of Commercial Production at the Mariana Lithium Project, and LMA has assumed the right to the repurchase of 50% of the NSR royalty (that is 1%).

In February 2023, the Company closed a royalty purchase agreement (the "Royalty Purchase Agreement") with an Ontario limited arms' length partnership affiliated with LRC for the sale of a portion of the Company's NSR involving Mariana. LRC purchased from TNR, 0.5% NSR royalty for USD$9,000,000, including 0.05% NSR royalty sold by TNR on behalf of its shareholder. This represents one-quarter of the NSR royalty held by the Company. After the closing of transaction with LRC, TNR now holds a 1.5% NSR royalty, including a 0.15% NSR royalty held on behalf of a shareholder. TNR sold the portion of the NSR royalty that is not subject to any buy-back rights.

6

Management's Discussion and Analysis

December 31, 2023

LMA has the right to purchase from TNR 1.0% of the NSR royalty for aggregate payment of CAN$1,000,000 at any time within 240 days of "Commencement of Commercial Production" as defined in the underlying agreement. The Company would receive CAN$900,000 and its shareholder would receive CAN$100,000 on the completion of the repurchase by LMA. If such purchase was made by LMA, TNR would hold a 0.45% NSR and its shareholder would hold a 0.05% NSR.

Representatives of Ganfeng Lithium confirmed to the Governor of Salta Gustavo Sáenz that the Mariana Project, that began construction in June 2022, will start producing in 2024 an estimated 20 thousand tons per year of lithium chloride. In May 2023, the Company announced that in its 2022 Annual Report, Ganfeng Lithium reported, "The Mariana lithium salt lake project in Argentina is progressing smoothly at present, the first evaporation pond of which has been in the stage of water injection. It is expected that the project will commence production in 2024."

On April 8, 2024, the Company announced that in its 2023 Annual Report, Ganfeng Lithium reported:

"Mariana is a lithium-potassium salt lake located in Salta Province, Argentina. The construction of the project started in June 2022, and the infusion of brine into the salt fields started at the end of 2022. Currently, the construction of the salt fields, salt wells, chemical plants, photovoltaics, and other infrastructure facilities are progressing smoothly, and it is scheduled to produce the first batch of products at the end of 2024."

Mariana Mineral Resource Estimate - 2021

On July 8, 2021, ILC announced an updated resource estimate on the Mariana project. ILC's news release stated:

"The Company has now received a 300-page report (the "Report") from strategic partner Ganfeng Lithium Co. Ltd., ("GFL") that contains an updated mineral resource estimate for the Mariana lithium brine project (the "Project") located in Salta, Argentina. This Report was not prepared for public NI43-101 reporting standards, and therefore the Company is unable to disclose it fully. However, in the interests of investor transparency and to avoid selective disclosure, we are disclosing the following details from the Report which have already been disclosed in a news release issued by Ganfeng Lithium on July 6, 2021, and/or in a news release by the Salta Government in Argentina on June 16, 2021.

Highlights from the Report which are already in the public domain are as follows:

1. The resource estimate contained in the Report, detailed in the table below, includes:
2. • 6,854,000 tonnes of lithium carbonate ("Li2CO3") equivalent (LCE) in the Measured and Indicated Resource categories, an increase of 55% over the 2019 estimate of 4,410,000 tonnes of Measured and Indicated Resource (Company news release, February 6, 2020)
   • an additional 1,267,000 tonnes of Li2CO3 in the Inferred Resource category
   • these amounts are also now stated as 7,863,000 tonnes of lithium chloride equivalent in the Measured and Indicated Resource categories, and an additional 1,454,000 tonnes of lithium chloride equivalent in the Inferred Resource category
3. Ganfeng have reported that an Environmental Impact Report approval has been received from the Salta regional government in Argentina for the construction of a plant with a designed annualized capacity of 20,000 tonnes per annum of lithium chloride.
4. The Salta regional government has disclosed in a news release following its discussions with Ganfeng that the likely project expenditure from now to bring the Mariana Project to full production is around US$600 million.

Report - Mariana Lithium Brine Project, Argentina

Further to previous Company news releases dated March 8, 2017, April 20, 2017, and February 6, 2020, ILC has received the Report for the Mariana lithium brine project containing an update to the resource estimate for the Project. Golder Associates Consulting Ltd. ("Golder") prepared the Report based on an independent lithium brine resource estimate by Geos Mining Minerals Consultants ("Geos") based in Sydney, Australia.

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Management's Discussion and Analysis					December 31, 2023
Resource	Aquifer	Brine	Brine	Li	K	Li	LCE#	LiCl#
Volume	Volume*	Density	(mg/L)	(mg/L)	(kt)	(kt)	(kt)
Category
(Mm3)	(GL)	(g/mL)
Measured	17,653	2,648	1.217	315	9,598	833	4,436	5,089
Indicated	9,286	1,393	1.213	326	10,044	454	2,418	2,774
Inferred	4,747	712	1.211	334	10,121	238	1,267	1,454
Measured +	26,939	4,041	1.215	319	9,752	1,287	6,854	7,863
Indicated

• Brine volumes are reported using a conservative aquifer average specific yield (SY) of 15%. Due to the nature of brine deposits, it is not relevant to estimate Mineral Resources to a specific cut-off grade. However, a nominal grade cut-off value of 230 mg/L Li has been applied for reporting purposes only.
  # Based on standard conversion rates, and assumes full extraction and conversion.
  LCE = Lithium Carbonate Equivalent; conversion factor 5.324 (Ministry of Energy and Mines, British Columbia, Canada).
  LiCl = Lithium Chloride; conversion factor 6.1078
  Figures have been rounded. Well efficiency and production efficiency are modifying factors to resources and reserves, respectively.

The Qualified Person who prepared the brine resource estimate in the Report is Llyle Sawyer, MAIG of Geos. The effective date for the estimate is June 4, 2021.

Mineral resources are not mineral reserves as defined by the Canadian Institute of Mining and Metallurgy, and the Company cannot guarantee that the resources reported here will be converted to mineral reserves. Mineral resources that are not mineral reserves do not have demonstrated economic viability."

The ILC press releases and website material appear to be prepared by Qualified Persons and the procedures, methodology and key assumptions disclosed therein are those adopted and consistently applied in the mining industry, but no Qualified Person engaged by TNR has done sufficient work to analyse, interpret, classify or verify ILC's information to determine the current mineral resource or other information referred to in its press releases. Accordingly, the reader is cautioned in placing any reliance on the disclosures therein.

For additional details, refer to the Company's news releases dated February 2, 2023 and May 2, 2023.

Los Azules Project (Argentina)

The Company has a 0.4% NSR Royalty on the Los Azules Project, including a 0.04% NSR Royalty that TNR holds on behalf of a shareholder. The Los Azules Copper Project is an advanced large-scale porphyry copper exploration project located in the prolific Andean Cordillera copper belt, 56 miles (90 km) north of Glencore's El Pachón project and near the border with Chile. The project is owned and operated by McEwen Copper, a subsidiary of McEwen.

McEwen stated in its press release of October 30, 2023:

"Since the creation of McEwen Copper, shareholders have invested $397 million (including investments by Stellantis in Argentine Pesos at official exchange rates at the time of each transaction) to acquire shares even though the Company has remained private. The recent transactions occurred at $26.00 per share of McEwen Copper, giving it a market value of approximately $800 million. McEwen Mining retains 47.7% ownership of McEwen Copper, with an implied market value of $380 million, this represents a value accretion for McEwen Mining shareholders of $98 million or two (2) dollars per share since March 2023.

McEwen Copper is now well financed for the remainder of 2023 and well into 2024. The funds raised will be used to advance the feasibility study on the Los Azules project and for other corporate purposes. McEwen Mining also received proceeds of $6 million to augment its balance sheet.

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Management's Discussion and Analysis

December 31, 2023

Currently, we have fourteen drill rigs on site at Los Azules, scaling up to 18 drill rigs for our drilling campaign targeting more than 45,000 meters. This program will generate all the remaining data required to complete the planned feasibility study by Q1 2025."

On June 26, 2023, the Company reported on results of a PEA of the Los Azules Project in a news release issued by McEwen Copper summarized below:

"McEwen Mining Inc. is pleased to provide results of the updated Preliminary Economic Assessment (the "2023 PEA") on the Los Azules Copper Project in San Juan Argentina (the "Project"). Los Azules is 100% owned by McEwen Copper Inc., which is 52% owned by McEwen Mining.

The PEA includes an updated independent mineral resource estimate, which increased to 10.9 billion (B) lbs. Cu (Indicated, grade 0.40%) and 26.7 B lbs. Cu (Inferred, grade 0.31%)

Base Case Highlights (Open-pit, Heap Leach, SX/EW, Nameplate capacity of 175 ktpa Cu Cathodes):

• Average annual copper (Cu) cathode production of 401 million lbs. (182,100 tonnes) during the first 5 years of operation, and 322 million lbs. (145,850 tonnes) over the 27-year life of the mine (LOM)
• Total Cu recoverable to cathode of 8.68 billion lbs. (3.94 million tonnes), based on the LOM extraction of mineralized material containing approximately 11.90 billion lbs. of total Cu (5.40 million tonnes), and average copper recovery of 72.8%
• After-taxnet present value (NPV8%) of $2.659 billion (1), internal rate of return (IRR) of 21.2%, and a payback period of 3.2 years - at $3.75 per lb. Cu.
• Initial capital expenditure of $2.462 billion, and a project capital intensity of $7.66 per lb. Cu ($16,880 per tonne Cu)(2)
• Average C1(2) cash costs of $1.07 per lb. Cu and all-in sustaining costs(2) of $1.64 per lb. Cu (AISC Margin of 56%)(2)
• Average EBITDA(3) per year of $1.101 billion (Years 1-5) and $692 million (Years 6-27)
• Estimated carbon intensity of 670 kg CO2 equivalent per tonne of Cu (CO2-e/tCu) (4) for Scope 1&2 GHG Emissions, well below the industry average of 1,980kg CO2-e/tCu (5). McEwen Copper's goal at Los Azules is to be carbon neutral by 2038, a target which is achievable through the use of emerging technologies and offsets
• Estimated site-wide water consumption of 137 liters per second (L/s) from years 1 to 10, increasing to 163 L/s from years 11 to 27, this compares to approximately 600 L/s (6) for a conventional mill producing copper concentrate

∙ 1.182 billion tonnes of mineralized material placed on heap leach pad with in-situ total copper grade of 0.46% and in-situ soluble copper grade of 0.31% (7)

The 2023 PEA Technical Report is prepared in accordance with the requirements set forth by Canadian National Instrument 43-101 ("NI 43-101") for the disclosure of material information and is intended to meet the requirements of a Preliminary Economic Assessment (PEA) level of study and disclosure as defined in the regulations and supporting reference documents. The effective date of the report is May 9, 2023. All currency shown in this report is expressed in Q1 2023 United States Dollars unless otherwise noted.

This study is preliminary in nature and includes 26% inferred mineral resources in the conceptual mine plan. Inferred mineral resources are considered too speculative geologically and in other technical aspects to enable them to be categorized as mineral reserves under the standards set forth in NI 43-101. There is no certainty that the estimates in this PEA will be realized.

Study Contributors

The 2023 PEA technical report was prepared by Samuel Engineering Inc., with contributions from Knight Piésold Consulting, Stantec Consulting International Ltd, McLennan Design, Whittle Consulting Pty Ltd, and SRK Consulting UK Limited under the supervision of David Tyler, McEwen Copper Project Director. The 2023 PEA technical report has been filed on SEDAR and on the Company's website.

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