6. TSXV: TNR www.tnrgoldcorp.com
GLOBAL ASSETS
CURRENT HOLDINGS
Los Azules, Argentina
• World Class Cu-Au deposit
• 0.36% NSR Royalty
• 100% owned by McEwen Mining
Shotgun Gold, Alaska
• Porphyry gold deposit
• Multi-million oz potential
• Well defined mineralization model
International Lithium Corp. (“ILC”)
• TNR spin out in 2011
• TNR holds 10.5% equity interest in ILC
• TNR holds 1.8% NSR Royalty in ILC’s
Mariana Lithium Project
• Strategic partners advancing four
lithium projects
London Vancouver
San Juan
Shotgun
Los Azules
Office
Project
ILC Lithium Projects Mariana
Mavis / Fairservice
Raleigh
Forgan
Avalonia
8. ASSETS ► Los Azules
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.
TSXV: TNR www.tnrgoldcorp.com
US $3.3 B
Allocated by the World Bank for
the execution of the Country
Partnership Strategy with
Argentina
McEwen Mining
World Bank
100% owned by
McEwen Mining Inc.
TNR holds a 0.36% NSR
royalty
11. TSXV: TNR www.tnrgoldcorp.com
► Los Azules Preliminary Economic Assessment
2017 PEA Highlights(1,3)
Base Case ($3.00/lb copper, $1,300/oz gold, $17/oz silver)
• $2.2 billion After-Tax NPV (8% discount rate) and 20.1% After-Tax IRR
• 3.6 year payback and a 36 years Life of Mine (LOM);
• 415 million lb average annual copper production for the first 10 years.
• $1.11/lb average cash copper production costs (C1*) for the first 10 years,
$1.28/lb average C1 costs over LOM.
McEwen Mining
(3) The PEA reported and documented by McEwen Mining is
preliminary in nature, it includes inferred mineral resources that are
considered too geologically speculative to have the economic
considerations applied to them that would enable them to be
categorized as mineral reserves, and there is no certainty that the
preliminary economic assessment will be realized. Mineral resources,
including those categorized as “measured and indicated” as well as
“inferred” are not mineral reserves and the economic viability of these
mineral resources have not been demonstrated by this economic
analysis.
McEwen Mining's press releases and website material appear to be
prepared by Qualified Persons and the procedures, methodology and
key assumptions disclosed by McEwen Mining are those adopted and
consistently applied in the mining industry, but no Qualified Person
engaged by TNR has done sufficient work to analyze, interpret,
classify or verify McEwen Mining's information, nor to determine the
current mineral reserve or resource or any other information referred
to in their press releases. Accordingly, the reader is cautioned in
placing any reliance on these disclosures.