TNR Gold Defends Board Against Dissident Group

TNR Gold Corp. has issued a shareholder letter to clarify its stance against a dissident group led by Jon Christian Evensen, known as Eucalyptus Resources Opportunities Fund 1, LP. The company argues that Eucalyptus has not made a compelling case to replace the existing board, which it believes has delivered value and progress.

In the letter, TNR Gold emphasizes that the dissident group raises concerns regarding the experience, independence, shareholder alignment, and suitability of the proposed nominees. The company also claims that Eucalyptus has misled shareholders through various claims that are allegedly designed to obscure its true intentions. TNR Gold encourages all shareholders to review its presentation available at www.VoteTNR.com before casting their votes.

TNR Gold asserts that it has delivered strong returns, having achieved a 775% five-year total shareholder return and outperforming identified benchmarks. The company also highlights its recent strategic investment from Altius Minerals Corporation, which invested $4.2 million for a 9.9% interest in TNR Gold. International Lithium’s share price increased more than 36% in the first 11 months of Kirill Klip’s tenure as CEO, according to the company.

TNR Gold operates a portfolio of valuable assets, including the Mariana Lithium project in Argentina, the Los Azules Copper project, and the Josemaria project, among others. The company’s plan is to protect and advance these assets to provide shareholders with diversified exposure to lithium, copper, gold, and silver. TNR Gold holds a 1.5% net smelter return royalty on the Mariana Lithium project and a 0.4% net smelter return royalty on the Los Azules Copper project. Additionally, the company has a 7% net profits royalty on the Batidero I and II properties within the Josemaria project.

The board is concerned about Eucalyptus's claims, stating that the dissident group has not provided any premium for control, a better plan, or transparency. TNR Gold notes that Eucalyptus is simply recycling allegations first advanced by Lithium Royalty Corp. during its unsuccessful takeover efforts. The company believes that shareholders should carefully consider the background of the Evensen family, who have significant stakes in TNR Gold, before giving Eucalyptus influence over the company.

TNR Gold is focused on protecting its assets and building long-term value. Shareholders are advised to vote only the BLUE Proxy to support the current board. The BLUE proxy must be received by 10:00 a.m. Pacific Time on Friday, September 18, 2026. Shareholders can change their vote by submitting a later-dated BLUE proxy if they already voted using the green proxy.

In conclusion, TNR Gold is urging all shareholders to carefully review the information provided and to vote only the BLUE Proxy to support the company's strategic direction and leadership.