TNR Gold NSR Royalty Update - IFC Supports McEwen Copper Through Key Collaboration Towards Financing for Los Azules

Executive Summary

• McEwen Mining provided a detailed update on the Los Azules copper‑gold‑silver project, noting $15.6 M invested in Q2 and progress toward a feasibility study expected by late Q3 2025.
• The International Finance Corporation (IFC) signed a collaboration agreement with McEwen Copper to align the project with IFC ESG standards, positioning IFC as a potential lead lender or equity partner for future financing.
• TNR Gold highlighted its 0.4 % NSR royalty on Los Azules and reiterated that it will not be required to fund development, while noting increased strategic interest from Rio Tinto and Stellantis.

Key Details

• Investment & Feasibility Progress – $15.6 M invested in Q2 2025; cost estimates, hydrogeological modelling, and engineering work underway to reduce upfront capital.
• Feasibility Study Timeline – Target completion late Q3 2025 (October 2025 cited for final delivery). Deliverables include geotechnical inputs, optimized mine schedule, LOM production profile, capital & operating cost estimates, and heap‑leach design.
• Regulatory Milestones – RIGI application submitted Feb 11 2025; revised submission July 11 2025 to secure tax/regulatory incentives.
• Exploration Update – Completed geotechnical, hydrogeological, and condemnation drilling; updated resource model in progress; three nearby copper targets slated for fall‑2025 drilling.
• IFC Collaboration Agreement – IFC will help align Los Azules with its Performance Standards on Environmental & Social Sustainability, de‑risking the project and facilitating future debt/equity financing.
• Potential Financing Impact – IFC positioned as possible lead lender or equity partner; alignment expected to attract international investors seeking ESG‑compliant projects.
• Royalty Interests (TNR Gold) – Holds 0.4 % NSR royalty on Los Azules (0.04 % held on behalf of a shareholder); no capital contribution required for project development.
• Strategic Partners – Rio Tinto’s Venture Nuton and Stellantis have invested in McEwen Copper (≈US$100 M total from Rio Tinto; ARS $72 B from Stellantis). Their involvement may accelerate technology adoption and project advancement.
• PEA Reference – 2023 Preliminary Economic Assessment estimated a post‑tax NPV of US$2.7 B (8% discount) at $3.75/lb Cu, 27‑year mine life, with 10.9 B lbs Indicated + 26.7 B lbs Inferred resources.
• Quotes –
• “We are pleased to be collaborating with McEwen Copper… to align with IFC Performance Standards and lay the ground for international project financing.” – Manuela Adl, IFC Senior Country Manager (Argentina)
• “This IFC collaboration is a game‑changer for Los Azules—it will help us align with top‑tier sustainability standards while paving the way for IFC as a potential lead lender and equity partner.” – Rob McEwen, Chairman, McEwen Inc.
• Additional Context – TNR Gold’s executive chairman Kirill Klip emphasized that the royalty model provides cash‑flow upside without capital outlay, and cited recent share price undervaluation relative to underlying asset value.

Notable Quotes

• “We are pleased that McEwen Copper has reached this major milestone after it secured an environmental permit for the construction and operation of the Los Azules copper project.” – Kirill Klip, Executive Chairman, TNR Gold Corp.
• “This IFC collaboration is a game‑changer for Los Azules—it will help us align with top‑tier sustainability standards while paving the way for IFC as a potential lead lender and equity partner.” – Rob McEwen, Chairman, McEwen Inc.

All boilerplate, forward‑looking cautions, and “About” sections have been omitted.