Slide 1: Keep TNR in the Right Hands
KEEP TNR IN THE RIGHT HANDS TNR shareholders are facing a choice: seasoned, steady and professional hands with a proven track record or someone posing as Koala, posting frivolous things and backed by mysterious funds. TNR Gold Corp. (TSXV:TNR) – September 22, 2026 – 2026 AGSM
Slide 2: A Message from the Board
A MESSAGE FROM THE BOARD Dear fellow Shareholder, TNR Gold Corp. (“TNR”, “TNR Gold”, or the “Company”) shareholders are facing a choice: seasoned, steady and professional hands with a proven track record or someone posing as Koala, posting frivolous things and backed by mysterious funds. While the d
Slide 3: Agenda / Our Board
AGENDA OUR BOARD 1 Pg. 4: Key Takeaways 2 Pg. 5: The Facts on Performance John Davies 3 Pg. 9: The Board Responsible for TNR’s success Lead Independent Kirill Klip Executive Chairman Director and Chair of and CEO the Audit Committee 4 Pg. 11: Governance is a Priority 5 Pg. 12: The Dissident and his
Slide 4: Key Takeaways
KEY TAKEAWAYS 1. No Case for Any Change: Koala and his joint actors have failed to demonstrate the need for any level of change, let alone sweeping board-level changes at TNR. 2. Governance Concerns: Preexisting relationships among the dissident nominees and with mystery funds, coupled with limited
Slide 5: The Facts on Performance
THE FACTS ON PERFORMANCE The past year marked a turning point for TNR. By implementing a strategy focused on becoming the green energy metals royalty and gold company, funded through strategic partnerships rather than dilution, TNR is delivering measurable results. The Company’s share price performa
Slide 6: The Facts on Performance: Track Record for Shareholder Returns and Alignment
THE FACTS ON PERFORMANCE: OUR TRACK RECORD FOR SHAREHOLDER RETURNS AND ALIGNMENT 1 - Year 3 - Year 5 - Year Cumulative Total Shareholder Return* Extended As of Unaffected Extended As of Unaffected Extended As of Unaffected Date Through Date Through Date Through TNR Gold 276% 312% 392% 438% 700% 775%
Slide 7: The Facts on Performance: A Company Transformed
THE FACTS ON PERFORMANCE: A COMPANY TRANSFORMED TNR's success has not been linear. This progress was made possible in part by an instrumental investment loan, facilitated by Kirill Klip in his capacity as a Director and major shareholder. Understanding the context behind the loan is essential to und
Slide 8: The Facts on Performance: An Essential Investment Loan
THE FACTS ON PERFORMANCE: AN ESSENTIAL INVESTMENT LOAN Expanding Our Making Inroads with Industry Royalties Portfolio Partners The investment loan enabled TNR to strengthen its project TNR's royalty portfolio has attracted engagement from major sector portfolio: players in recent years, validating t
Slide 9: The Board Responsible for TNR's Success: A Team That Delivers Results
THE BOARD RESPONSIBLE FOR TNR’S SUCCESS: A TEAM THAT DELIVERS RESULTS ✓ Over 20 years of patient portfolio building, with the current Board and Management team steadily advancing TNR's royalty and mineral interests. ✓ A strong asset portfolio, including interests in the Mariana Lithium Project, Los
Slide 10: The Board Responsible for TNR's Success: Steady Hands Backed by a Proven Track Record
THE BOARD RESPONSIBLE FOR TNR’S SUCCESS: STEADY HANDS BACKED BY A PROVEN TRACK RECORD TNR's nominees bring the experience, governance oversight, and shareholder alignment to keep executing TNR's strategy — steady hands building the Company's portfolio and long-term value John Davies Kirill Klip, MBA
Slide 11: Governance Remains a Key Priority
GOVERNANCE REMAINS A KEY PRIORITY While the Company has come far since 2017 in ensuring financial stability and making inroads with new industry partners, we remain cognizant of prevailing governance trends. Establishing the Compensation, Ongoing Board Appointment of a Lead Independent Corporate Gov
Slide 12: Koala and His Unproven Dissident Slate
KOALA AND HIS UNPROVEN DISSIDENT SLATE: LIMITED VALUE CREATION & QUESTIONABLE INDEPENDENCE In stark contrast, the dissident, posing as Koala, seemingly assembled a dissident slate to force a proxy battle upon shareholders without a clear and articulated plan that demonstrates how he could create sup
Slide 13: The Dissident Slate: Built from a X/Twitter Feed and Backed by Mysterious Funds
THE DISSIDENT SLATE: BUILT FROM A X/TWITTER FEED AND BACKED BY MYSTERIOUS FUNDS 13
Slide 14: The Dissident Slate: Koala's Social Media Associations
THE DISSIDENT SLATE: KOALA’S SOCIAL MEDIA ASSOCIATIONS DUŠAN PETKOVIĆ ADRIATIC METALS PLC MICHAEL HORNER PAUL CRONIN 14
Slide 15: The Social Media Backdrop: Koala and His Social Media Fixation
THE SOCIAL MEDIA BACKDROP: KOALA AND HIS SOCIAL MEDIA FIXATION Along with his questionable “track record” and “plan” (or the lack of one thereof), the dissident frequently masquerades under the social media guise of Koala (@YellowLabLife) with a pattern of sensationalistic and frivolous commentary t
Slide 16: The Social Media Backdrop: Our Progress Despite Dissident Interference
THE SOCIAL MEDIA BACKDROP: OUR PROGRESS DESPITE DISSIDENT INTERFERENCE As part of his social media discourse, Koala has also implied that his volumetric share purchases (and “generated market inte rest” in June 2025) are the sole driver for the continued rise in our share price. This is simply not t
Slide 17: The Choice Facing Shareholders
THE CHOICE FACING SHAREHOLDERS Your investment is at a critical juncture. Evaluate the facts from fiction before the upcoming meeting: The TNR Board Koala’s Dissident Slate Proven record of value creation: Delivered massive A self-serving social media figure: Led by a disruptive quantified returns,
Slide 18: Koala's "Oversight"
KOALA’S “OVERSIGHT” Koala’s Statements Fact Check “At the scheduled 2026 annual general and special meeting on September 22, 2025, It’s time for a change” ✓ The Meeting has been set for September 22, 2026. (Letter to Shareholders from The President - Eucalyptus Resources, pg. 1) The TNR Board “Koa
Slide 19: Disclaimer
DISCLAIMER This presentation represents the opinions of TNR Gold and is based on publicly available information with respect to Eucalyptus Resources Opportunities Fund 1, LP and its nominees, including filings made by certain issuers on SEDAR+ and other third-party sources. The information presented