Kirill Klip GEM Royalty TNR Gold Lithium Presentation

1. Back into the Future Lithium Will Power Us for the Next 50 Years and then Robots Kirill Klip GEM Royalty TNR Gold Lithium February 2023 1

2. Energy rEVolution The World Just Before the INTERNET The future is already here, not everybody can see it yet. Technology to stop burning oil is here and it is beautiful. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 2

3. Back into the Future The future is already here, not everybody can see it yet, but megatrends are manifesting themselves. rEVolution. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 3

4. Legal Disclaimer All information about Ganfeng Lithium presented using publicly available data. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 4

5. Legal Disclaimer for the US Please read legal disclaimers. There is no investment advice in this presentation. Always consult your qualified financial adviser. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 5

6. Tesla Optimus The future is already here, not everybody can see it yet, but megatrends are manifesting themselves. rEVolution. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 6

10. Elon Musk & Lithium CNBC: “Elon Musk says Tesla may have to get into the Lithium business because cost are so “insane”. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 10

11. Lithium ATH Bloomberg: “Powerful Rally”. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 11

12. Elon Musk & Lithium Elon Musk: “It is looking increasingly like … that Tesla will need to get into the Mining Business”. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 12

13. The Green Energy Metals Royalty Co. TNR Gold Corp. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 13

14. TNR Gold Holds NSR Royalty on Mariana Lithium, Argentina. Ganfeng Lithium Operator 14 Kirill Klip GEM Royalty TNR Gold Lithium February 2023

15. Ganfeng to Invest US$600M TNR Gold NSR Royalty: Ganfeng plans 20K LiCl T/Y over PEA est. of 10K T/Y LCE at Mariana Lithium. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 15

16. Lithium Salars Mariana Lithium Project – Salar Llullaillaco. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 16

17. Ganfeng to Invest US$600M Ganfeng will install 150MW Solar Park at Mariana Lithium. (CGI) Kirill Klip GEM Royalty TNR Gold Lithium February 2023 17

19. Ganfeng to Invest US$600M El Pregon Minera: ”The Operational Phase of the Marina Project Began”. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 19

20. TNR Gold Corp. Northstar: TNR Gold Corp. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 20

21. Clean Air Kirill Klip GEM Royalty TNR Gold Lithium February 2023 21

22. DIEselGate Kirill Klip GEM Royalty TNR Gold Lithium February 2023 22

23. EVs: The End of the ICE Age Kirill Klip GEM Royalty TNR Gold Lithium February 2023 23

24. Electric Cars: Safety & Personal Freedom Electric Cars provide health safety, personal freedom and reduce carbon footprint. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 24

25. Electric Cars Are Cleaner Than ICE By 2019, lifecycle EV emissions were around 3 times lower than ICE conventional car. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 25

26. Electric Cars Are Cleaner Than ICE Lifecycle greenhouse gas emissions: ICE conventional vs. Tesla (US battery). Kirill Klip GEM Royalty TNR Gold Lithium February 2023 26

27. Electric Cars Are Cleaner Than ICE Life Cycle Global Warming Emissions: EVs vs. Gasoline Cars and Trucks. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 27

28. Electric Cars Are Cleaner Than ICE CleanTechnica: Tesla Model 3 lifetime emissions are 65% less than Mercedes C class. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 28

29. Energy rEVolution The World Just Before the INTERNET “Maximum Plaid” of Tesla Roadster: Elon Musk has demonstrated the potential of Electric Cars. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 29

30. The End of the ICE Age & Oil Domination For centuries we have been burning things just to get some energy. It has been mostly Oil for the last 100 years. Not Anymore. We do not have to burn things. Electricity is the most efficient form of Energy known to humans. And now we can Store It and USE IT When We Want. Cheap Lithium Batteries Change Everything. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 30

31. Tesla Model S Before we had the best Electric Cars & affordable EVs. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 31

32. Tesla Model 3 Before we had the best Electric Cars & affordable EVs. Now we have the first best & more affordable Electric Cars. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 32

33. The End of the ICE Age Tesla Model S was an earthquake, followed by tsunami of Model 3. Model Y will end The ICE Age. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 33

34. The End of the ICE Age Tesla Model S was an earthquake, followed by tsunami of Model 3. Model Y will end The ICE Age. On the roads. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 34

35. Tesla 2022 Tesla delivers 3 million electric cars. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 35

36. Tesla 2022 Statista: Tesla Vehicles Deliveries 2012 - 2022. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 36

37. Tesla 2022 Statista: Tesla Vehicles Deliveries 2012 - 2022. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 37

38. Tesla Shattered Legacy Autos Tesla shattered legacy automakers. (Chart by Holger Zschaepitz) Kirill Klip GEM Royalty TNR Gold Lithium February 2023 38

39. Tesla 2021 Tesla vs. Legacy Automakers. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 39

40. Tesla’s Vertical Landing Tesla’s vertical landing. (Chart by Holger Zschaepitz) Kirill Klip GEM Royalty TNR Gold Lithium February 2023 40

41. Tesla Dumps Bitcoin CNBC: “Tesla has dumped 75% of its bitcoin holdings”. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 41

42. Tesla and Competition Tesla Team must concentrate on EVs production execution to justify its valuation. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 42

43. Tesla’s Vertical Landing Tesla in Ludicrous Crypto FSD Mode: FUD, Sweat and Tears. (Chart by Holger Zschaepitz) Kirill Klip GEM Royalty TNR Gold Lithium February 2023 43

44. Tesla’s Vertical Landing Tesla in Ludicrous Crypto FSD Mode: FUD, Sweat and Tears. (Chart by Holger Zschaepitz) Kirill Klip GEM Royalty TNR Gold Lithium February 2023 44

45. Tesla’s Vertical Landing Bloomberg: “Tesla’s Big Step Up in Production”. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 45

46. Tesla’s Vertical Landing Tesla is back on the launch pad. (Chart by Bloomberg) Kirill Klip GEM Royalty TNR Gold Lithium February 2023 46

47. Tesla and Competition Volkswagen accelerates battery EV production. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 47

48. Tesla Semi Tesla Semi is testing new limits for Electric Cars technology. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 48

49. Electric Trucks T&E: “Electric trucks can go the distance”. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 49

50. Cheaper Lithium Batteries Change Everything Advanced materials are the base of Energy rEVolution. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 50

51. Cheaper Lithium Batteries Change Everything Advanced materials are the base of Energy rEVolution. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 51

52. Cheaper Lithium Batteries Change Everything BNEF: “Estimated cost of VW’s future battery packs”. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 52

53. Total Cost of Ownership Is Lower with EVs CleanTechnica: “Large auto leasing company - Electric Cars have mostly lower total cost In Europe”. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 53

54. Total Cost of Ownership Is Lower with EVs BNEF: “Light electric vans and trucks are already competitive in some markets”. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 54

55. Maintenance Is Lower with EVs CleanTechnica: Electric Cars repair and maintenance cost is 50% lower than ICE cars. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 55

56. Maintenance Is Lower with EVs Energy.gov: Electric Cars maintenance cost is lower than ICE cars. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 56

57. Electric Vans Cheaper T&E: “Electric vans cheaper than DIEsel for all users”. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 57

58. EV & ICE Car Cost Parity We are closing on EV & ICE car cost parity. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 58

60. EV & ICE Cost Parity T&E: “EVs will be cheaper than fossil-fuel vehicles in Europe by 2025-2027”. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 60

61. Tesla Battery Day We are closing on EV & ICE car cost parity. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 61

62. Tesla Battery Day We are closing on EV & ICE car cost parity. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 62

64. Tesla Ahead of the Curve Catalyst: Elon Musk talks about Lithium cells cost & battery packs below $100 per kWh. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 64

65. Lithium Battery Prices BNEF: “Hit the Brakes”. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 65

66. The End of the ICE Age Tesla $25,000 Electric Car. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 66

67. The End of the ICE Age Tesla $25,000 Electric Car. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 67

68. Tesla Energy rEVolution Tesla’s rEVolution contribution. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 68

69. Tesla Energy rEVolution Electric Cars are coming much faster than a lot of people are anticipating it. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 69

70. Tesla Energy rEVolution Electric Cars are coming much faster than a lot of people are anticipating it. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 70

71. Not Just Tesla Anymore S&P: “Automakers’ investments in next-generation vehicles to exceed $500B by 2030”. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 71

72. The Switch: Mass Market for EVs Now all automakers are rushing to catch up with Tesla. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 72

73. The Switch: The End of the ICE Age China’s ICE engines passenger vehicles sales collapsed. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 73

74. The Switch Flipped Electric Cars are forecast to account for all the growth in passenger vehicles sales from 2023. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 74

75. Mercedes Kills ICE Engines Daimler stops developing new generations of ICE engines and will concentrate on electric powertrains. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 75

76. The Switch Flipped Global sales of traditional fuel-powered cars and trucks may have already peaked. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 76

77. The Switch Flipped EV sales to grow on price parity, new models. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 77

78. The Switch Flipped EV sales to grow on price parity, new models. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 78

79. Electric Surge Bloomberg: “DIEsel is being eclipsed by Electric Cars in Europe”. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 79

80. Peak ICE Is Behind Us Bloomberg: “Peak ICE Is Behind Us”. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 80

81. Global Electric Vehicles Sales Bloomberg: “Passenger EVs sales as a percentage of total sales, quarterly”. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 81

82. Peak ICE Is Behind Us Bloomberg: “Peak ICE Is Behind Us”. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 82

83. Global Electric Vehicles Sales Statista & Forbes: “EVs Market to Hit Ludicrous Mode ”. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 83

84. Global Electric Vehicles Sales BNEF: “Global passenger EVs sales by drivetrain”. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 84

85. Global Electric Vehicles Sales BNEF: “Global passenger EVs sales by region”. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 85

89. EVs Sales Soar in the UK Bloomberg: “EVs Sales Soar in the UK”. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 89

90. Global Electric Vehicles Fleet BNEF: “Global EV fleet set to top 25 million in 2022”. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 90

91. Norway Electric Cars Sales BNEF: “How Fast Is the Switch to Electric Cars?” Kirill Klip GEM Royalty TNR Gold Lithium February 2023 91

92. Global Electric Vehicles Fleet BNEF: “Global EV fleet set to top 25 million in 2022”. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 92

94. My 20/200 Formula The Switch: we are getting there - mass market for EVs USD$20k buys you BMW 2 style EV with 200 miles range. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 94

95. Electric Vehicles Sales Elements: “10 Years of Global EV Sales”. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 95

96. China Bets on Electric Cars Projected percent composition of passenger vehicles in China over the next two decades. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 96

97. China’s State Grid Is Getting Ready For 100 Million Electric Cars By 2030 Can We Reach 200 Million EVs Globally by That Time? Kirill Klip GEM Royalty TNR Gold Lithium February 2023 97

98. China’s EV Growth S&P Global: “China’s Explosive EV Growth to Stay on Track”. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 98

99. China’s EV Share BNEF: “China’s EV share of passenger car segments”. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 99

100. EVs in China BNEF: “Chinese sales of NEV”. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 100

101. EVs in China Bloomberg: “Soaring Export Sales”. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 101

102. Tesla Comes to China Shanghai welcomes Elon Musk and Tesla Gigafactory 3. Transfer of technology is unavoidable. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 102

103. Tesla Gigafactory 3, China Tesla’s $2B China Gigafactory covers the size of 121 football pitches, aimed to make 3k EVs a week. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 103

104. Tesla Gigafactory 3, China Tesla’s $2B China Gigafactory: “machine is building machines”, reached 8k EVs a week capacity in 2020. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 104

105. Tesla Gigafactory 3, China Tesla’s China Gigafactory: “Machine is building machines”, prepares 21k EVs a week capacity in 2022. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 105

106. Tesla Gigafactory 4, Germany Germany welcomes Tesla Gigafactory 4! Kirill Klip GEM Royalty TNR Gold Lithium February 2023 106

107. Tesla Gigafactory 4, Germany Tesla comes to the motherland of the iconic legacy automakers and will keep them on their toes. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 107

108. Tesla Gigafactory 5, Texas! Tesla selected Texas as location for its Cybertruck Gigafactory 5. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 108

109. Tesla Gigafactory 5, Texas! Tesla selected Texas as location for its Cybertruck Gigafactory 5. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 109

110. Rivian New players are coming in. Rivian is backed by Amazon and Ford. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 110

111. Hummer GM launches Electric Hummer. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 111

112. Ford F-150 Electric Ford launches Electric F-150 Lightning. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 112

113. Tesla Energy rEVolution We must stop burning oil. Solar and Wind. Electricity. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 113

114. Green Energy: Clean Equals Cheap All-in cost for clean energy plus storage is getting cheaper. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 114

115. Energy Storage Wood Mackenzie: “Percentage of Distributed Solar Systems Paired with Energy Storage”. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 115

116. Lithium Batteries BNEF: “Clear Leader”. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 116

117. Lithium Batteries Boom Demand for Lithium batteries is forecast to surge. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 117

118. EVs & Mining Mining makes the cars of today and tomorrow possible. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 118

119. Energy & Metals S&P Global: “Electrify Everything”. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 119

120. Lithium Market Bloomberg: “Lithium Is a Small But Rapidly Growing Market”. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 120

121. China Is the Centre of the Lithium Universe. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 121

122. The Lithium Universe TNR Gold NSR Royalty on Mariana Lithium with Ganfeng. Wormholes: Entry Into The Lithium Universe – China. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 122

123. The Green Energy Metals Royalty Co. TNR Gold Corp. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 123

125. Ganfeng Lithium is the Largest Integrated Lithium Producer in China Ganfeng Lithium: “Focus, Innovation, Sustainability”. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 125

126. Ganfeng Lithium is the Largest Integrated Lithium Producer in China Ganfeng Lithium: “China’s Largest Lithium Compounds Producer”. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 126

127. China’s Lithium Giant Ganfeng Lithium: “Our Worldwide Operations”. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 127

128. Entry into Vertically Integrated Lithium Business with Ganfeng TNR Gold’s Royalty on Mariana Lithium provides an entry point into Vertically Integrated Lithium Business with Ganfeng Lithium. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 128

129. Entry into Vertically Integrated Lithium Business with Ganfeng TNR Gold’s Royalty on Mariana Lithium provides an entry point into Vertically Integrated Lithium Business with Ganfeng Lithium. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 129

131. TNR Gold Holds NSR Royalty on Mariana Lithium, Argentina. Ganfeng Lithium Operator 131 Kirill Klip GEM Royalty TNR Gold Lithium February 2023

132. Lithium Batteries BMI: “Global gigafactory pipeline passes the 300 mark”. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 132

133. Battery Metals Boom BNEF: “Rising EV demand supercharges demand forecast for a group of metals”. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 133

134. The Global Battery Arms Race Statista: “Asian Batteries Power Global EV Fleet”. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 134

135. The Global Battery Arms Race Elements: “The Top 10 EV Battery Manufacturers”. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 135

136. Lithium Supply Chain BMI: “Where does China’s dominance lie in the Lithium supply chain?” Kirill Klip GEM Royalty TNR Gold Lithium February 2023 136

137. Lithium Supply Chain BMI: “China’s dominance in mid-stream processing”. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 137

138. Lithium Battery Supply Chain IEA: “China dominates EV battery supply chain”. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 138

139. Lithium Prices Skyrocket Bloomberg: “Powering Up”. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 139

140. Lithium ATH The Economist: “Metal Mania”. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 140

141. Lithium Prices Hit ATH Time: “Price per metric ton of Lithium Carbonate”. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 141

142. Lithium Prices Skyrocket Bloomberg: “A Nearly 500% Surge”. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 142

143. Lithium Prices Skyrocket Bloomberg: “Scarcity Pricing”. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 143

144. Lithium Record-Making Gains BNEF: “EV battery boom catapults Lithium prices to a record in China”. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 144

145. Lithium Power Surge BNEF: “With demand outstripping supply, Lithium is driving up the cost of the energy transition”. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 145

146. Lithium Prices Skyrocket Bloomberg: “Surging prices for the battery material are piling pressure on car-makers”. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 146

147. Lithium ATH Bloomberg: “Rising Again”. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 147

148. Lithium ATH Investing.com: “Lithium Carbonate 99.5% China Spot Overview”. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 148

149. Lithium ATH Investing.com: “Lithium Carbonate 99.5% China Spot Overview”. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 149

150. Lithium ATH Bloomberg: “Lithium’s Eye-Popping Gains”. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 150

151. Lithium ATH Bloomberg: “Powerful Rally”. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 151

152. Lithium Prices BMI: “There is not one price for Lithium”. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 152

153. Lithium Boom Bloomberg: “Electric vehicle rEVolution will fuel global demand for Lithium”. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 153

154. Lithium Carbonate Use CNBC: “Lithium carbonate use for various devices”. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 154

155. UBS Lithium Demand Forecast Over 1,000,000 T LCE/Y 2026 UBS Lithium demand forecast. Actual production: 2020 - 369,000 T LCE. 2021 – 497,000 T LCE. 2022 – 680,000 T LCE. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 155

156. Lithium Accelerated Demand BNEF: “The world is going to need five times more Lithium by end of the decade”. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 156

157. Lithium Accelerated Demand BNEF: “Metals demands from Lithium-ion batteries”. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 157

158. Lithium Supply & Demand BMI: “Lithium & The Great Raw Material Disconnect”. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 158

159. Lithium Supply & Demand BMI: “Lithium and the great raw material disconnect”. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 159

160. Lithium Supply & Demand BMI: “Integration - It takes much longer to build a raw material project than a battery or car plant”. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 160

161. Lithium Demand BMI: “How much raw material will Tesla’s Gigafactory consume?” Kirill Klip GEM Royalty TNR Gold Lithium February 2023 161

162. Lithium Supply & Demand BMI: “The disconnect between Lithium supply and battery ambitions”. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 162

163. Lithium Demand BMI: “Lithium demand skyrockets to 2050”. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 163

164. Lithium Supply & Demand Bloomberg: “Supply and Demand Both Set For Double- Digit Growth in 2023”. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 164

165. Lithium Demand Albemarle: “Lithium Demand - 3.7M T LCE by 2030”. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 165

166. Lithium Supply & Demand BNEF: “BNEF battery metals supply and demand forecast”. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 166

167. Global Lithium Supply Elon Musk: Hard? Or Easy? Kirill Klip GEM Royalty TNR Gold Lithium February 2023 167

168. Lithium Supply BMI: “Lithium batteries is totally reliant on steady raw materials supply”. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 168

169. Lithium Supply Chains BMI: “Lithium supply chains are complicated and need billions in investment”. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 169

170. Summer 2017 My “Totally Outrageous” Forecast 36M T LCE Needed By 2040 For 600M EVs 100M T Lithium LCE Needed by 2050 if Elon Musk and Warren Buffett Are Right About Electric Cars. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 170

171. Lithium - Most Wanted Worldwide Lithium demand and supply. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 171

172. Lithium Demand – Batteries! BMI: “A complete 180 degrees in 5 years! Lithium batteries dictate the Lithium industry”. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 172

173. Lithium Demand Bloomberg: “Electric rEVolution”. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 173

174. Lithium Batteries BMI: “Timeline - Battery commercialisation”. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 174

175. Lithium Batteries BMI: “Lithium-ion Battery Cell Capacity by Country”. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 175

176. Lithium Batteries BNEF: “Pole Position”. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 176

177. Lithium Batteries BMI: “The Lithium Batteries: from Niche to Mainstream”. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 177

178. Lithium Batteries BMI: “Supply Chain Impact – Mean Rising Battery Costs”. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 178

179. Lithium Batteries BMI: “Europe’s Top 5 EV Lithium battery makers”. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 179

180. Lithium Batteries BNEF: “Global Lithium-ion Battery Demand”. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 180

181. Lithium Batteries Statista: “High Demand for Lithium Batteries”. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 181

182. Lithium Batteries BNEF: “Greedy for Gigawatts”. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 182

183. Lithium Batteries BMI: “The Energy Storage Has Arrived”. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 183

184. Lithium Batteries BMI: “USA Giga Pace Must Triple and Target at Least 3TWh by 2032”. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 184

185. Lithium Batteries BMI: “USA Battery Cell Capacity and Raw Material Demand by 2032”. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 185

186. Lithium Batteries BMI: “China’s Dominance Will Not Be Bridged This Decade”. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 186

187. Lithium Batteries BMI: “The Elements of Energy Storage rEVolution”. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 187

188. Lithium Demand BMI: “Raw Materials & Mining – the Limiting Factor”. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 188

189. Lithium Market Deficit BNEF: “Looming Deficit”. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 189

190. Lithium Market Deficit BNEF: “Under Pressure”. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 190

191. Lithium Supply Bloomberg: “A Handful of Suppliers”. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 191

192. Lithium Supply BNEF: “Lithium Plans”. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 192

193. 100M T Lithium LCE Needed by 2050 100M T Lithium LCE needed ONLY for All New Electric Cars. The Economist: 1.8 Billion Electric Cars by 2040. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 193

194. Growing U.S. Energy Storage Energy Storage Systems will consume more Lithium batteries’ capacity than Electric Cars in the future. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 194

195. Energy Storage Systems Solar & Wind Energy Storage Systems will consume more Lithium batteries’ capacity than Electric Cars in the future. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 195

196. Energy Storage Systems Solar & Wind Energy Storage Systems will consume more Lithium batteries’ capacity than Electric Cars in the future. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 196

197. Energy Storage Systems Tesla: “Goal One – 100% electric transportation requires 100X growth”. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 197

198. Energy Storage Systems Tesla: “100% renewable energy requires 1600X growth”. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 198

199. Tesla Giant Battery Tesla deployed the largest Lithium battery plant in Australia. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 199

200. Energy Security - It Is Not About Oil Anymore Tesla’s Lithium supply chain goes all around the globe and back to China now. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 200

202. Tesla Goes Lithium Upstream Lithium batteries is totally reliant on steady raw materials supply. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 202

203. The Real Lithium Scare You can’t get secure supply of battery grade Lithium. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 203

204. Security Of Lithium Supply • Autos are here now: The Price of Lithium is the second thought after you have established Secure Supply of Lithium with battery grade quality. • The Future: The Price of Lithium and its Amount Somewhere will be not important if You Can’t Get It. • Scene One: China is diverting Supply of Lithium Chemicals for Batteries to Their Own Producers. • Scene Two: Australia, Chile, Argentina, Canada and Others Prohibit The Export of Any Battery Grade Chemicals other than In Lithium Batteries. • Industry was starving for Capital: further concentration. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 204

205. Disruption of $12T Industries: Energy and Transportation • Disruption of $12 Trillion Industries: $8T Energy & $4T Transportation is based on $10B Lithium Market by sales in 2021. • Industry needs $20B Investment to meet UBS 1M T/y LCE demand by 2026. • Investors were burnt and retreated – Price Shocks Are Imminent after consolidation. • M&A will redistribute the existing production first and near-future supply development second. • Tesla Energy rEVolution – All Known Reserves of Lithium will be produced, but who will own it then? Kirill Klip GEM Royalty TNR Gold Lithium February 2023 205

206. Smart Money Controls Bottlenecks Energy Security. Electrification. Disruption of $12T Energy and Transportation depended on $10B Lithium market. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 206

208. Lithium Supply BNEF: “Buried Treasure”. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 208

209. Lithium Supply Bloomberg: “Get Digging”. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 209

210. How To Cross Digital Divide And Finance Tesla rEVolution? Capital is coming to global renewable energy space, but only the best Lithium companies can get it. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 210

211. How To Cross Digital Divide And Finance Tesla rEVolution? Lithium industry was starving, now the best Lithium companies can get Capital. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 211

212. Mining & rEVolution Bloomberg: “Cumulative capital for new investment in the EV industry”. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 212

213. How To Cross Digital Divide And Finance Tesla rEVolution? Lithium industry was starving, now the best Lithium companies can get Capital. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 213

214. Battery Metals Elements: “Expensive battery metals”. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 214

215. Battery Metals Investments The metal needed to support a 2-degree trajectory would require over $1T investments. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 215

216. Energy Transition BNEF: “Driving Investment”. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 216

217. Energy Metals Elements: “The Key Minerals in an EV Battery”. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 217

218. We Need to Produce 12 Million T of Lithium LCE by 2030 2030: To Have 200 Million Electric Cars – 12 Million T of Lithium 2040: To Have 600 Million Electric Cars – 36 Million T of Lithium 2050: To Have All New Cars Electric – 100 Million T of Lithium Kirill Klip GEM Royalty TNR Gold Lithium February 2023 218

219. Lithium Production Elements: “25 years of Lithium production”. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 219

220. The End of the ICE Age & Oil New Players Are at the Table Who will control the future of Tesla Energy rEVolution? The Lithium Race Is ON. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 220

221. Lithium Mining Companies Elements: “The World’s Top 10 Lithium Mining Companies”. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 221

224. China’s Lithium Giant Ganfeng Lithium: “China’s Largest Lithium Compounds Producer”. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 224

225. China’s Lithium Giant Ganfeng Lithium: “Lithium Resources Development”. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 225

226. China’s Lithium Giant Ganfeng Lithium: “Lithium chemical capacity”. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 226

227. China’s Lithium Giant Ganfeng Lithium: “Lithium capacity in expansion”. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 227

228. China’s Lithium Giant Ganfeng Lithium: “Ganfeng Lithium Battery”. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 228

229. China’s Lithium Giant Ganfeng Lithium: “Solid-State Battery”. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 229

230. Solid-State Lithium-Metal Batteries Solid-State Lithium-Metal Batteries can provide safer energy storage foe EVS with longer range. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 230

231. China’s Lithium Giant Ganfeng Lithium: “Vertically Integrated Business Model”. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 231

232. China’s Lithium Giant Ganfeng Lithium: “World-leading Position in Lithium Compounds and Metals”. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 232

233. China’s Lithium Giant Ganfeng Lithium: “Access to Secure, High Quality Supply of Lithium Raw Materials”. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 233

234. China’s Lithium Giant Ganfeng Lithium: “Access to Secure, High Quality Supply of Lithium Raw Materials”. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 234

235. China’s Lithium Giant Ganfeng Lithium: “Blue-chip Customer Base with High Visibility for Growing Demand”. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 235

236. China’s Lithium Giant Ganfeng Lithium: “Lithium Battery – Ganfeng LiEnergy”. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 236

237. Ganfeng Lithium Customers Ganfeng Lithium supplies Tesla, Volkswagen and BMW. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 237

238. Ganfeng Tesla Supply Deal Ganfeng made Lithium supply deal with Tesla. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 238

240. Ganfeng Volkswagen Deal Ganfeng made Lithium supply deal with Volkswagen. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 240

241. Ganfeng BMW Supply Deal Ganfeng made Lithium supply deal with BMW. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 241

242. Mariana Lithium Ganfeng Lithium Operator Ganfeng Lithium brings the capital and technology to extract and process Lithium for an established and growing market. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 242

243. TNR Gold Mariana Lithium Royalty Holding Kirill Klip GEM Royalty TNR Gold Lithium February 2023 243

245. Mariana Lithium in Salta Ganfeng Lithium Operator Ganfeng Lithium brings the capital and technology to extract and process Lithium for an established and growing market. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 245

246. Mariana Lithium “Phase I” 20,000 T Lithium Chloride Ganfeng Lithium brings the capital and technology to extract and process Lithium for an established and growing market. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 246

247. The Green Energy Metals Royalty & Gold Company. TNR Gold Corp. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 247

248. GEM Royalty Co. TNR Gold Corp. (TSXV: TNR) The Green Energy Metals Royalty & Gold Company. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 248

252. TNR Gold Corp. Global Assets TNR Gold Corp. Current Holdings. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 252

253. TNR Gold Business Model We do not have to contribute any capital to the development of Mariana Lithium. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 253

254. TNR Gold Corp. Global Assets TNR Gold Corp. Current Holdings. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 254

255. Mariana Lithium, Argentina Mariana Lithium PEA released December 2018. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 255

257. Mariana Lithium NSR Royalty TNR Gold reports on Mariana Lithium Royalty Holding. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 257

301. Ganfeng to Invest US$600M El Pregon Minera: ”The Operational Phase of the Marina Project Began”. Kirill Klip GEM Royalty TNR Gold Lithium February 2023 301

306. GEM Royalty Co. TNR Gold Corp. • Becoming The Green Energy Metals Royalty Co. • Assets with major companies as Operators. • Green Energy Metals: Lithium, Copper and Silver. • TNR holds NSR Royalty on Mariana Lithium. • TNR holds NSR Royalty on Los Azules Copper. • TNR holds NPR Royalty on Batidero, Josemaria. • TNR holds 90% stake in Shotgun Gold, Alaska. • TNR Gold presentations on www.tnrgoldcorp.com • All information is available on www.sedar.com Kirill Klip GEM Royalty TNR Gold Lithium February 2023 306

307. Thank you! Energy rEVolution. The World Just Before The INTERNET. Contact k.klip@btinternet.com Visit www.kirillklip.blogspot.com Follow on Twitter @kirillklip Kirill Klip GEM Royalty TNR Gold Lithium February 2023 307

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