Saturday, 11 May 2019

Building The Green Energy Metals Royalty Company: TNR Gold Los Azules Copper NSR Royalty Holding Presentation April 2019.




100% owned by McEwen Mining, TNR holds a 0.36% net smelter return (NSR) royalty on the Project. The Los Azules Preliminary Economic Assessment (PEA) uses commodity price assumptions of $3.00/lb copper, $1,300/oz gold, and $17/oz silver, resulting in an un-discounted net smelter return over the life of the mining project of $35.2 billion, and $10.6 billion using an 8% discount rate. This means TNR’s 0.36% NSR royalty equates to ~$38m life of mine value after applying the 8% discount rate, based on the PEA’s assumptions."





LEGAL DISCLAIMER

Please read legal disclaimer. There is no investment advice on this blog. Always consult a qualified financial adviser before any investment decisions. DYOR.






Tesla Energy rEVolution And The Golden Age For Copper: A Million Tons Of Copper Is On The Way - It Will Not Be Enough.





Bloomberg brings copper into the headlines again with their analysis of "bullish spirits" observed among analysts at the industry event last week. This is not even a rhetorical question for all insiders: "A Million Tons of Copper Is on the Way - It May Not Be Enough". It can be pronounced with certainty - it will not be enough. I will go here with Goldman Sachs this time. Two major trends are colliding which will define the supply and demand for the Green Energy Metal. We have exponential growth of sales for electric cars, charging, solar and wind energy systems. And lack of new discoveries and head grade going down across all copper industry.




Red metal goes green in the Tesla Energy rEVolution. Goldman Sachs now estimates that copper will be in structural "severe deficits" starting from 2023. And it is happening even before The Switch - the real mass-scale transition to renewable energy generation and when electric cars will affect millions of households all over the world. Despite stormy markets, the smart money was buying all the best copper projects last year. Only new copper giants like Los Azules Copper project under operation by the legendary McEwen Mining can bridge the coming very soon huge supply gap. 




Visual Capitalist presents a brilliant illustration of copper place in the energy rEVolution and particularly in electric vehicles. Smart Grids connecting renewables like Solar and Wind with the grid and charging infrastructure for electric cars will bring another drive for copper demand for very many years to come. Green Energy Metals Royalty Company TNR Gold holds 0.36% NSR Royalty on the entire Los Azules Copper project in Argentina and you can find more information about it in our presentation below.





Thursday, 9 May 2019

InvestorIntel: The TNR Win-win Formula Of Gold + Copper + Lithium.



Building The Green Energy Metals Royalty Company: TNR Gold Investor Presentation April 2019.






LEGAL DISCLAIMER

Please read legal disclaimer. There is no investment advice on this blog. Always consult a qualified financial adviser before any investment decisions. DYOR.






InvestorIntel:




MATTHEW BOHLSENMAY 07, 2019

No matter what you read or hear about lithium and its supply, within 3 years time (by 2022) the metal will have trouble meeting the battery megafactories surging demand. Copper will also be in high demand for electric vehicles and their charging infrastructure. Electric cars are coming sooner than what most people think, therefore this will put immense pressure on lithium supply as we will need as much as 5x more lithium by 2025, based on my model’s forecasts. And this is based on only 20% electric car share by end 2025, which given electric cars will start being cheaper than conventional cars by 2022, now makes my forecast quite conservative. JP Morgan is forecasting 30% to 35% market share by 2025.

TNR Gold Corp. (TSXV: TNR) is not just a gold company, they are also working to become a green energy metals royalty company, supplying battery materials for the megatrend in electric vehicles. TNR founded International Lithium Corp. (TSXV: ILC), a green energy metals company that was made public through the spin-out of TNR’s energy metals portfolio. ILC holds interests in lithium projects in Ireland, Canada, and Argentina.

TNR’s 3 projects include gold, copper and lithium.

Shotgun Gold (90%) – Alaska

The 90% owned Shotgun Gold Project is an advanced-stage exploration prospect in southwestern Alaska. It is a porphyry gold deposit with potential for a bulk mineable gold resource.

In 2013 a resource estimate was produced for the property with an Inferred Resource of 20,734,313 tonnes at 1.06 grams per tonne (“g/t”) gold for a total of 705,960 ounces gold (“Au”) using a 0.5 g/t Au cut-off grade. The estimate is based on 34 diamond drill holes totalling 4,932.3 meters. The mineral resource is located from surface to a depth of 150m, and appears to be open at depth, and along strike meaning there is exploration upside. The Company strategy is to attract a joint venture partnership and is actively introducing the project to interested parties.

Los Azules Copper Project (0.36% NSR royalty) – Argentina

100% owned by McEwen Mining, TNR holds a 0.36% net smelter return (NSR) royalty on the Project. The Los Azules Preliminary Economic Assessment (PEA) uses commodity price assumptions of $3.00/lb copper, $1,300/oz gold, and $17/oz silver, resulting in an un-discounted net smelter return over the life of the mining project of $35.2 billion, and $10.6 billion using an 8% discount rate. This means TNR’s 0.36% NSR royalty equates to ~$38m life of mine value after applying the 8% discount rate, based on the PEA’s assumptions.

Mariana Lithium Project (1.8% NSR royalty) – Argentina

TNR retains a 1.8% NSR royalty on the Mariana Lithium property that is currently being advanced in a joint venture between International Lithium Corp. and Ganfeng Lithium International Co. Ltd. Ganfeng is the world’s second largest lithium producer and China’s largest lithium producer, so the project is very likely to make it to production one day.





Kirill Klip, CEO and President of TNR, stated in an interview with Investorintel: “I am really in this game because I believe that all cars will be electric much sooner that a lot of people are anticipating. It means that we will have to produce, moving from today’s level of just 217,000 tons of lithium carbonate as a market total in sales, to 1 million tons annually.”

TNR are focusing on the new energy metals as they believe they are at the very beginning of a megatrend that will have to produce a total 12 million tons of lithium by 2030, to have 200 million electric cars on the road worldwide The total global fleet is forecast to reach 2 billion vehicles by 2030, so 200 million electric cars on the road by 2030 is very possible but will need a large number of new EV metal miners in production.

TNR offers investors the safety of gold, and the growth potential of copper and lithium at a lower risk using royalties. The EV revolution is now unstoppable and embraced by all car companies, even Volkswagen are now saying EVs will go mainstream in 2022. If you want to be part of the new green future with some safety of gold then investors should consider TNR Gold Corp."

Wednesday, 8 May 2019

Gold In The Alaskan Elephant Country: TNR Gold Shotgun Gold Presentation April 2019.



"The Company's strategy with the Shotgun Gold Project is to attract a partnership with one of the major gold mining companies. TNR Gold ("TNR") is actively introducing the project to interested parties," commented Kirill Klip, Executive Chairman of TNR. "We may be at the beginning of a great discovery. There is a clear path on how to move this project forward using the geological and geophysical research currently available to target drilling to expand the resource and form the basis of a preliminary economic analysis. The next step is to acquire a partner that shares our vision and recognizes the growth potential and value to be added to the Shotgun project over time."






LEGAL DISCLAIMER

Please read legal disclaimer. There is no investment advice on this blog. Always consult a qualified financial adviser before any investment decisions. DYOR.





Gold In The Alaskan Elephant Country. McKinsey: Can The Gold Industry Return To The Golden Age? It’s Time To Dig For A Solution To The Gold Mining Reserve Crisis.



Gold loves FED in the election cycle. "Growth solves a lot of problems", according to Larry Kudlow, but what to do when there is no growth anymore? Statutory limitations are making the question to be or not to be elected rhetorical and the only unknown now is what will be the price for the world to pay for the privilege. Among not so many options, throwing US Dollar under the bus seems to be the least unpatriotic compared to many bad choices tried last time. At least it is not a new war.




The majority of voters are not flying to St. Barts for the weekend and they will hardly notice any changes in FED's "Strong Dollar Policy from 1913". They will not be hit with afterparty checks presented in euro. The young libertarians will continue to study Austrian economics on Twitter and play "revolution" with the myriad of sh$tcoins, so weaker dollar will not propel Gold to $10,000 any time soon, which can become uncomfortably disturbing for the lost MMT academics.




And, what is the most important, this is all not a theory anymore and the same Larry Kudlow is calling now for FED to cut 50 basis points. Nobody knows the future, but the weaker dollar and negative real rates, like they are already in Europe, will normally move Gold price higher. Central banks are buying Gold at the highest rate since Nixon closed the Gold window and frontrunning all brave libertarians who are still experimenting with their money being tortured by elliptic-curve cryptography, decentralised, distributed from them and centralised again by the super smart shadow characters on the WEB.





In this perfect picture for the next few years: when we will be promised to see the uninterrupted bull markets supported by the strongest economy, which will be pumped by the fearless FED - we have only one missing piece, according to naughty McKinsey. They have managed to find The Gold Mining Reserve Crisis.




Even sh$tcoins prophets know that supply and demand still matter and only happy hodlers can help them to distribute all hard earned founder coins to the freedom-hungry public who is still hiding on facebook from the Big Brother. Gold market manipulation will work only to a certain extent, rising demand for Gold will require more supply in order to make the increase in Gold price manageable for all organised interested parties involved.




And here we have a problem now, according to McKinsey: "Reserves by major Gold companies have declined 26% from 2012 and now below 2007 levels." M&A will be only part of the solution for some companies as it only redistributes the same Gold reserves, we need new discoveries and new elephant projects coming online just to address the gap between growing demand and available supply.




These two major trends are colliding and pushing the gold price to resume its bullish ascend: weaker dollar which is desired now in order to keep growth intact and keep debt crisis manageable; and available Gold reserves just to keep annual production enough for feeding the increased demand without Gold hitting the headlines every week.




Barrick Gold is developing together with NovaGold 40MOZ giant Donlin Gold in Alaska - "arguably the most important Gold project in the world." So where will you be looking for the new elephants? Maybe in the Alaskan Elephant Country. Barrick Gold received crucial permits to advance Donlin Gold now and this new developing mining district in the US can make the promise of "Gold In the USA" providing stable supply feasible again and it can become that solution to "The Gold Mining Reserve Crisis" McKinsey is talking about:
"The Company's strategy with the Shotgun Gold Project is to attract a partnership with one of the major gold mining companies. TNR Gold ("TNR") is actively introducing the project to interested parties," commented Kirill Klip, Executive Chairman of TNR. "We may be at the beginning of a great discovery. There is a clear path on how to move this project forward using the geological and geophysical research currently available to target drilling to expand the resource and form the basis of a preliminary economic analysis. The next step is to acquire a partner that shares our vision and recognizes the growth potential and value to be added to the Shotgun project over time."

Monday, 6 May 2019

Green Energy Metals And rEvolution - Reuters: "Tesla Expects Global Shortage Of Electric Vehicle Battery Minerals."



Reuters joins Bloomberg in sounding the alarm that Green Energy Metals are needed to build a green and beautiful future for all us and they can not be just found on Instagram among motivation quotes and inspiring pictures. Even worse, the metals which are making all our gadgets tick are the result of very long multi-year investment cycle starting from the discovery of those metals and ending up on your kitchen table as part of the iPhone. 




Needless to say, investors in the 21 century have a Twitter 20 min attention span and are not ready to match the investment multi-year cycle for mining. Junior Miners who are the main driving force behind discoveries and supply of the new discoveries for Majors are starving for capital and demography is not helping as well here. Millennials are chasing Crypto Bubbles and Gold Bugs are literally dying out.




And as the final blow to this uncomfortable discovery, escalation of the Trade Wars will bring the realisation that China controls a lot of bottlenecks in the supply chains for critical materials, like Lithium for example. China plans very carefully and is executing with military discipline its 50 years New Energy Plan of leapfrogging The ICE Age technologies and straight into The Post Carbon Economy with electric cars, solar and wind.




Copper and lithium will power Tesla Energy rEVolution for years to come, but if you look at the junior mining space you will hardly notice this excitement coming from electric cars and numerous developments in this space this year. We have a total disconnect between billions of dollars invested by OEMs into electric cars, charging networks and lithium batteries production facilities; and total lack of capital for copper and lithium developers and junior miners. How to cross this digital divide and finance Tesla Energy rEVolution supply lines? We have discussed it at length among our strategic initiatives at TNR Gold.




Here where our GEM Royalty business model is coming into play at TNR Gold. We do not have to dilute our shareholders like there is no tomorrow at the most unfortunate time in the market place. We are holding NSR Royalty on Mariana Lithium JV with the giant from China Ganfeng Lithium as Operator and NSR Royalty on Los Azules Copper with McEwen Mining. We do not have to contribute to any CAPEX for these project's development and we do not have to raise capital in order to do so when Mr Market is still trying to figure out the valuations for the lithium and copper developers.






LEGAL DISCLAIMER

Please read legal disclaimer. There is no investment advice on this blog. Always consult a qualified financial adviser before any investment decisions. DYOR.



Tesla Energy rEVolution And The Golden Age For Copper: A Million Tons Of Copper Is On The Way - It Will Not Be Enough.





Bloomberg brings copper into the headlines again with their analysis of "bullish spirits" observed among analysts at the industry event last week. This is not even a rhetorical question for all insiders: "A Million Tons of Copper Is on the Way - It May Not Be Enough". It can be pronounced with certainty - it will not be enough. I will go here with Goldman Sachs this time. Two major trends are colliding which will define the supply and demand for the Green Energy Metal. We have exponential growth of sales for electric cars, charging, solar and wind energy systems. And lack of new discoveries and head grade going down across all copper industry.




Red metal goes green in the Tesla Energy rEVolution. Goldman Sachs now estimates that copper will be in structural "severe deficits" starting from 2023. And it is happening even before The Switch - the real mass-scale transition to renewable energy generation and when electric cars will affect millions of households all over the world. Despite stormy markets, the smart money was buying all the best copper projects last year. Only new copper giants like Los Azules Copper project under operation by the legendary McEwen Mining can bridge the coming very soon huge supply gap. 




Visual Capitalist presents a brilliant illustration of copper place in the energy rEVolution and particularly in electric vehicles. Smart Grids connecting renewables like Solar and Wind with the grid and charging infrastructure for electric cars will bring another drive for copper demand for very many years to come. Green Energy Metals Royalty Company TNR Gold holds 0.36% NSR Royalty on the entire Los Azules Copper project in Argentina and you can find more information about it in our presentation below.





Reuters:

Exclusive: Tesla Expects Global Shortage Of Electric Vehicle Battery Minerals - Sources

WASHINGTON (Reuters) - Tesla Inc expects global shortages of nickel, copper and other electric-vehicle battery minerals down the road due to underinvestment in the mining sector, the company’s global supply manager for battery metals told an industry conference on Thursday, according to two sources.


Friday, 3 May 2019

Building The Green Energy Metals Royalty Company: TNR Gold Investor Presentation April 2019.



"Kirill Klip, Executive Chairman of the Company commented, "We are very pleased to see that Ganfeng Lithium is advancing the Mariana Lithium project in Argentina towards further pre-feasibility studies. The Mariana Lithium preliminary economic assessment ("PEA"), as announced in our news release of January 28, 2019, was the first PEA on the project that provided a potential value for the total NSR Royalty from Mariana's life of mine cashflow. TNR Gold does not have to contribute any capital for development of Mariana Lithium and our NSR Royalty does not depend on the size of ILC's share in Mariana Lithium. The 1.8% Mariana NSR Royalty is an important part of TNR Gold's portfolio. The essence of our business model is to have industry leaders like Ganfeng Lithium as operators on the projects that will potentially generate royalty cashflows to contribute significant value for our shareholders."




Building The Green Energy Metals Royalty Company: TNR Gold Reports On Mariana Lithium Royalty Holding - Giant From China Ganfeng Lithium Advances The Project In Argentina.




(From the published in March 2019, Ganfeng Lithium's 2018 Audited Annual Report.)

As always, all readers must read carefully all disclaimers, do their own due diligence and study audited reports of all companies involved in Mariana Lithium project in their entirety. Now we can discuss what we know from the published Ganfeng Lithium's 2018 Audited Annual Report in March 2019, that Ganfeng is expecting pre-feasibility and feasibility study of Mariana Lithium project to be completed in 2019. And ILC has announced in its Audited 2018 FS which was published on April 30, 2019, that Ganfeng decided to propose a budget for Mariana Lithium Project of $10 million dollars for the first 6 months of 2019. Earlier this year Ganfeng has invested an additional $160 million dollars in the Lithium Americas in order to advance their Cauchari-Olaroz lithium brine projects in Argentina. The development of Mariana Lithium Project in Salta can benefit from all R&D and learning curve of Ganfeng's development with Lithium Americas in Argentina and, hopefully, avoid the costly mistakes of other lithium brine operators.



(From the published on April 30, 2019, ILC's Audited 2018 FS.)






LEGAL DISCLAIMER

Please read legal disclaimer. There is no investment advice on this blog. Always consult a qualified financial adviser before any investment decisions. DYOR.



Building The Green Energy Metals Royalty Company: Kirill Klip On TNR Gold’s Copper And Lithium Royalties And Gold Project In Alaska.


"Internet decentralised our Information, Tesla rEVolution is decentralising our Energy, Blockchain will decentralise access to the Capital."



Over the past twenty-three years, TNR, through its lead generator business model, has been successful in generating high-quality exploration projects around the globe. With the Company’s expertise, resources and industry network, it identified the potential of the Los Azules copper project in Argentina and now holds a 0.36% NSR Royalty on the entire project, which is being developed by McEwen Mining Inc.
In 2009, TNR Gold founded International Lithium Corp. (“ILC”), a green energy metals company that was made public company through the spin-out of TNR’s energy metals portfolio in 2011. ILC holds interests in lithium projects in Argentina, Ireland and Canada.
TNR retains a 1.8% NSR Royalty on the Mariana Lithium property in Argentina. ILC has a right to repurchase 1.0% of the NSR royalty on the Mariana Lithium property of which 0.9% relates to the Company’s NSR interest. The Company would receive $900,000 on the execution of the repurchase. The project is currently being advanced in a joint venture between ILC and Ganfeng Lithium International Co. Ltd.
TNR provides significant exposure to gold through its 90% holding in the Shotgun Gold porphyry project in Alaska. The project is located in Southwestern Alaska near the Donlin Gold project, which is being developed by Barrick Gold and Novagold Resources Inc.
The Company’s strategy with Shotgun Gold Project is to attract a joint venture partnership with one of the gold major mining companies.  The Company is actively introducing the project to interested parties.
At its core, TNR provides significant exposure to gold, copper and lithium through its holdings in Alaska (the Shotgun gold porphyry project) and Argentina, and is committed to the continued generation of in-demand projects, while diversifying its markets and building shareholder value.



PDAC 2019: TNR Gold Updates On Copper & Lithium Royalties And Shotgun Gold Project.




"We aim to proactively manage our capital and royalty portfolio in order to optimize our holdings and meet strategic goals," commented Kirill Klip, Executive Chairman of TNR. "TNR's strategic initiatives include research and marketing of convertible royalty debentures - debt instruments allowing conversion directly into part-ownership of our royalty holdings; merger and acquisition-related activities aimed at creating partnerships on the basis of our royalty holdings and exploring the opportunities provided by blockchain technology in order to create access to capital allocated for crypto assets. We are actively seeking partners who would like to connect their digital assets with our potential future royalty cash-flow streams. 
"The TNR team has the full support of the Company's investment loan capital provider who backs our business plan and long-term strategic initiatives. It's clear that the decision of our investment loan capital provider earlier this year, to extend the due date of the investment loan by three years, is a resounding show of confidence in TNR's business strategy, asset portfolio and management team. 
"After receipt of debenture loan repayment in February, we have addressed another important issue for TNR by considerably improving our working capital and strengthening the balance sheet. We have the resources to concentrate our efforts on building a premier green energy metals royalty company by maximizing the value of our royalty portfolio of copper and lithium projects that are instrumental in the electric vehicle and green energy sectors. In addition, TNR's business plan includes investigating new strategic acquisitions and developing the Shotgun Gold project in Alaska."
TNR benefits by not being required to contribute any capital to our royalty holdings on the Los Azules copper project and on the Mariana Lithium Project in Argentina. The Company's strategy with the Shotgun Gold Project is to attract a joint venture partnership with one of the major gold mining companies. TNR is actively introducing the project to interested parties. The essence of our business model is to have industry leaders like McEwen Mining and Ganfeng Lithium as operators on the projects that will potentially generate royalty cash flows to contribute and develop significant long-term value for our shareholders.
Strategic Initiatives
"As mentioned in the strategic initiative news release of December 18, 2018, the Company is performing extensive due diligence regarding the potential of the blockchain technology and how this technology can not only serve our needs with the investment community, should we consider further capital funding for future investments, but how it can assist the entire mining and commodity sector as a whole," stated John Davies, Director of TNR. "This, quite directly, goes straight to the heart of TNR, "the little company with a great ambition to not only build long-term shareholder value but better our communities far and wide. 
"Blockchain technology is, in my opinion, a crucial concern of the world of finance going forward. Moving past the fluctuation of prices of various cryptocurrencies in what is the still the early stages of the section, blockchain technology is built upon mathematics code, where reliability, authentication and authorization, is a cornerstone and welcomed by a generation of investors. 
"For the mining sector, and others, this has enormous implications as it naturally plays a role in the matter of the proof of origin, thus the ethics of the supply chain, procurement, custody and of course respecting care of the environment and humanity. 
"Furthermore and equally as important, is understanding financing via cryptocurrency. Through this medium, the potential to accelerate economic development is enormous and can quickly connect the global investment community while eliminating expenses. Essentially, this has the potential to be a pipeline to connect investors from all over the world with the mining community in a highly trustworthy setting and in a manner that directs funds to project development."






TNR Gold:

TNR GOLD UPDATES ON COPPER & LITHIUM ROYALTIES AND SHOTGUN GOLD PROJECT


Vancouver, British Columbia--(Newsfile Corp. - February 25, 2019) - TNR Gold Corp. (TSXV: TNR) ("TNR" or the "Company") is pleased to report that as a result of our strategic initiatives, we have successfully achieved very important milestones toward building the green energy metals royalty company. 
"We aim to proactively manage our capital and royalty portfolio in order to optimize our holdings and meet strategic goals," commented Kirill Klip, Executive Chairman of TNR. "TNR's strategic initiatives include research and marketing of convertible royalty debentures - debt instruments allowing conversion directly into part-ownership of our royalty holdings; merger and acquisition-related activities aimed at creating partnerships on the basis of our royalty holdings and exploring the opportunities provided by blockchain technology in order to create access to capital allocated for crypto assets. We are actively seeking partners who would like to connect their digital assets with our potential future royalty cash-flow streams. 
"The TNR team has the full support of the Company's investment loan capital provider who backs our business plan and long-term strategic initiatives. It's clear that the decision of our investment loan capital provider earlier this year, to extend the due date of the investment loan by three years, is a resounding show of confidence in TNR's business strategy, asset portfolio and management team. 
"After receipt of debenture loan repayment in February, we have addressed another important issue for TNR by considerably improving our working capital and strengthening the balance sheet. We have the resources to concentrate our efforts on building a premier green energy metals royalty company by maximizing the value of our royalty portfolio of copper and lithium projects that are instrumental in the electric vehicle and green energy sectors. In addition, TNR's business plan includes investigating new strategic acquisitions and developing the Shotgun Gold project in Alaska."
TNR benefits by not being required to contribute any capital to our royalty holdings on the Los Azules copper project and on the Mariana Lithium Project in Argentina. The Company's strategy with the Shotgun Gold Project is to attract a joint venture partnership with one of the major gold mining companies. TNR is actively introducing the project to interested parties. The essence of our business model is to have industry leaders like McEwen Mining and Ganfeng Lithium as operators on the projects that will potentially generate royalty cash flows to contribute and develop significant long-term value for our shareholders.



Los Azules Copper Project NSR Royalty Holding
In a news release dated February 21, 2019, McEwen Mining Inc. ("McEwen Mining") stated: "Our focus is on delivering near-term production growth from our projects in the United States and Canada, and on advancing Los Azules." The statement gives TNR confidence that McEwen Mining is keen to move the Los Azules project forward.
In addition, McEwen Mining stated the following on its 100% owned Los Azules project: "We spent $6 million at Los Azules during 2018. The activities performed were mainly technical site investigations and environmental baseline monitoring work, to advance permitting efforts. We are currently investigating a new access route to the project that, if developed into a road, could provide year-round access to Los Azules, greatly accelerating the potential development of the project and reducing operating costs. Our 2019 exploration budget for Los Azules is $3 million."
McEwen Mining's press releases and website material appear to be prepared by "Qualified Persons" (as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101")) 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.
The Company holds a 0.36% royalty on the net smelter return ("NSR") royalty of the entire Los Azules copper project in Argentina. TNR summarized the PEA results in a news release issued on October 10, 2017.



Mariana Lithium Project NSR Royalty Holding
International Lithium Corp. ("ILC") issued a news release on January 22, 2019 in relation to the Mariana Lithium project in Salta Province, Argentina. TNR holds a 1.8% NSR Royalty on the Mariana project.
The news release issued by ILC states that a technical report "Preliminary Economic Assessment of the Mariana Lithium Brine Project," or "PEA" with an effective date of November 15, 2018, is now available under ILC's profile on SEDAR, http://www.sedar.com.
The Mariana Lithium project is owned 82.754% by Ganfeng Lithium and 17.246% by ILC.
Highlighted results of the PEA as reported by ILC:
  • 25-year mine life producing 10,000 tonnes per year ("TPY") Lithium Carbonate Equivalent ("LCE") plus 84,000 TPY Sulphate of Potash ("SOP").
  • The estimated CAPEX and OPEX are for a conventional brine extraction facility, solar evaporation ponds and SOP processing with a level of accuracy of -30/+50%.
  • CAPEX estimated at US $243 million for 25-year mine life.
  • NPV = US $192 million after-tax at 10% discount rate, IRR = 20% post-tax.
  • Project results remain positive, even with important negative variations on the driver variables, indicating project strength and resilience; thus, the PEA study indicates Mariana's proposed 10,000 TPY LCE concentrated brine and 84,000 TPY SOP fertilizer operation has the potential to generate strong economic returns.
ILC's press releases and website material appear to be prepared by Qualified Persons as defined by NI 43-101 and the procedures, methodology and key assumptions disclosed by ILC 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 ILC'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.



Shotgun Gold Project
TNR provides significant exposure to gold through its 90% holding in the Shotgun Gold porphyry project in Alaska. The project is located in South-Western Alaska near the Donlin Gold project. Alaska's attractiveness is rising according to the investment index of the Fraser Institute's "Annual Survey of Mining Companies".
TNR published a resource estimate on the Shotgun in 2013. TNR reported an inferred resource of 20,734,313 tonnes at 1.06 grams per tonne ("g/t") gold for a total of 705,960 ounces gold ("Au") using a 0.5 g/t Au cut-off grade (news release issued on April 22, 2013 and technical report titled, "Technical Report on the Shotgun Gold Project", dated May 27, 2013 and filed on SEDAR).
The Company's strategy with the Shotgun Gold Project is to attract a joint venture partner with a major gold mining company. TNR is actively introducing the project to interested parties.



Strategic Initiatives
"As mentioned in the strategic initiative news release of December 18, 2018, the Company is performing extensive due diligence regarding the potential of the blockchain technology and how this technology can not only serve our needs with the investment community, should we consider further capital funding for future investments, but how it can assist the entire mining and commodity sector as a whole," stated John Davies, Director of TNR. "This, quite directly, goes straight to the heart of TNR, "the little company with a great ambition to not only build long-term shareholder value but better our communities far and wide. 
"Blockchain technology is, in my opinion, a crucial concern of the world of finance going forward. Moving past the fluctuation of prices of various cryptocurrencies in what is the still the early stages of the section, blockchain technology is built upon mathematics code, where reliability, authentication and authorization, is a cornerstone and welcomed by a generation of investors. 
"For the mining sector, and others, this has enormous implications as it naturally plays a role in the matter of the proof of origin, thus the ethics of the supply chain, procurement, custody and of course respecting care of the environment and humanity. 
"Furthermore and equally as important, is understanding financing via cryptocurrency. Through this medium, the potential to accelerate economic development is enormous and can quickly connect the global investment community while eliminating expenses. Essentially, this has the potential to be a pipeline to connect investors from all over the world with the mining community in a highly trustworthy setting and in a manner that directs funds to project development."
Afzaal Pirzada, Consultant to the Company and a Qualified Person as defined by NI 43-101, has reviewed the technical content of this news release.



TNR Gold Corp. is working to become the green energy metals royalty company.
Over the past twenty-three years, TNR, through its lead generator business model, has been successful in generating high-quality exploration projects around the globe. With the Company's expertise, resources and industry network, it identified the potential of the Los Azules copper project in Argentina and now holds a 0.36% NSR royalty on the entire project, which is being developed by McEwen Mining Inc.
In 2009, TNR founded International Lithium Corp. ("ILC"), a green energy metals company that was made public through the spin-out of TNR's energy metals portfolio in 2011. ILC holds interests in lithium projects in Argentina, Ireland and Canada. 
TNR retains a 1.8% NSR royalty on the Mariana Lithium Project in Argentina. ILC has a right to repurchase 1.0% of the NSR royalty on the Mariana Lithium Project, of which 0.9% relates to the Company's NSR royalty interest. The Company would receive $900,000 on the completion of the repurchase. The project is currently being advanced in a joint venture between ILC and Ganfeng Lithium International Co. Ltd.
TNR provides significant exposure to gold through its 90% holding in the Shotgun Gold porphyry project in Alaska. The project is located in Southwestern Alaska near the Donlin Gold project, which is being developed by Barrick Gold and Novagold Resources Inc.
The Company's strategy with Shotgun Gold Project is to attract a joint venture partnership with one of the gold major mining companies. The Company is actively introducing the project to interested parties.
At its core, TNR provides significant exposure to gold, copper and lithium through its holdings in Alaska (the Shotgun Gold porphyry project) and Argentina (the Los Azules copper and the Mariana Lithium projects) and is committed to the continued generation of in-demand projects, while diversifying its markets and building shareholder value.
On behalf of the Board of Directors,
Kirill Klip
Executive Chairman
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Cautionary Statement Regarding Forward-Looking Information
Except for statements of historical fact, this news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", "will", "could" and other similar words, or statements that certain events or conditions "may" or "could" occur, although not all forward-looking statements contain these identifying words. Specifically, forward-looking statements in this news release include, but are not limited to, statements made in relation to: TNR's corporate objectives, changes in share capital, market conditions for energy commodities, the results of McEwen Mining's and ILC's PEAs, and improvements in the financial performance of the Company. Such forward-looking information is based on a number of assumptions and subject to a variety of risks and uncertainties, including but not limited to those discussed in the sections entitled "Risks" and "Forward-Looking Statements" in the Company's interim and annual Management's Discussion and Analysis which are available under the Company's profile on www.sedar.com. While management believes that the assumptions made and reflected in this news release are reasonable, should one or more of the risks, uncertainties or other factors materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking information. In particular, there can be no assurance that: TNR will be able to repay its loans or complete any further royalty acquisitions or sales; debt or other financing will be available to TNR; or that TNR will be able to achieve any of its corporate objectives. Given these uncertainties, readers are cautioned that forward-looking statements included herein are not guarantees of future performance, and such forward-looking statements should not be unduly relied on.
In formulating the forward-looking statements contained herein, management has assumed that business and economic conditions affecting TNR and its royalty partners, McEwen Mining Inc. and International Lithium Corp. will continue substantially in the ordinary course, including without limitation with respect to general industry conditions, general levels of economic activity and regulations. These assumptions, although considered reasonable by management at the time of preparation, may prove to be incorrect.
Forward-looking information herein and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this cautionary statement. Except as required by law, the Company assumes no obligation to update forward-looking information should circumstances or management's estimates or opinions change.