TNR Gold Welcomes CAN$4.2 Million Strategic Investment by Altius Minerals

• On April 6 2026, TNR Gold Corp. entered into a subscription agreement with Altius Resources Inc., a wholly‑owned subsidiary of Altius Minerals Corp. (TSX: ALS), for a private placement of 23,500,000 common shares at CAN$0.1775 per share (30‑day VWAP).
• The placement represents approximately 9.9 % of the post‑issuance equity and generates gross proceeds of about CAN$4.2 million.
• Proceeds will fund corporate development initiatives and general working capital.
• Ancillary agreements grant Altius Royalty Corp. a right‑of‑first‑offer on TNR’s 1.35 % NSR royalty in the Mariana Lithium Project (Argentina) and its 0.36 % NSR royalty in the Los Azules Copper Project (Argentina), plus a five‑year voting agreement that allows Altius to participate in future private placements to maintain its pro‑rata ownership and to vote its TNR shares in favour of management‑nominated directors or board‑unanimously recommended matters.
• The closing is subject to customary conditions, including TSX Venture Exchange approval.

• The investment provides financing equivalent to roughly 10 % of TNR’s current market capitalization (≈CAD$42 million), a material inflow for a company that has historically carried minimal cash and no debt.
• Altius Minerals is a recognized strategic royalty investor; its entry brings not only capital but also a potential pathway to monetize TNR’s key royalty interests via the ROFO clauses, aligning with TNR’s stated transition to a cash‑flow‑generating royalty model.
• Prior news flow (Mariana Lithium first export and production start, Los Azules feasibility study highlighting a $2.9 B NPV, Eucalyptus’ share acquisition) already positioned the company for upside; this placement is a new, unexpected development that materially enhances funding flexibility and strategic credibility.
• Therefore, the news constitutes a Material - Positive event.

TNR Gold Corp. is a mining‑focused royalty company that generates revenue from non‑operating interests in mineral projects. Its core holdings include: - Mariana Lithium Project (Argentina): 1.5 % NSR royalty (0.15 % held for a shareholder); Ganfeng Lithium commenced commercial production Feb 2025, with first lithium chloride export completed Feb 2026. - Los Azules Copper Project (Argentina): 0.4 % NSR royalty (0.04 % held for a shareholder); McEwen Mining’s feasibility study (Oct 2025) shows post‑tax NPV $2.9 B, IRR 19.8%, supporting a long‑life, low‑cost copper operation. - Batidero I & II Properties (Josemaria Copper‑Gold Project, Argentina): 7 % net profits royalty (NPR) on Lundin Mining’s development. - Shotgun Gold Project (Alaska): 90 % interest via Bristol Exploration Co. Inc., with inferred gold resources of ~706 koz Au; potential for joint‑venture or spin‑out.

The company emphasizes a business model that avoids capital expenditures, relying instead on royalty cash flows from third‑party operators.