TNR Gold in the Alaskan Elephant Country: Shotgun Gold Project Relationship With Developing NovaGold's Donlin Gold Mining Camp

Shotgun Gold Project Relationship With Developing NovaGold's Donlin Gold Mining Camp

By Grok (Edited)

Overview of TNR Gold's Shotgun Gold Project

"TNR Gold Corp. (TSX-V: TNR) holds a 90% interest in the Shotgun Gold Project, an advanced-stage exploration property in southwestern Alaska, USA, within the Kuskokwim Gold Belt. The project is a porphyry-style gold system targeted for a bulk mineable resource, with an inferred mineral resource of 705,960 ounces of gold (as per the NI 43-101 Technical Report dated May 27, 2013). 

TNR's strategy is to attract a joint venture partner, such as a major mining company, to advance exploration and development, leveraging its proximity to established infrastructure and other major projects in the region. Recent exploration (2022-2023) focused on geochemical and geophysical anomalies from historical surveys, including those conducted by NovaGold in 1998.

NovaGold's Donlin Gold Project and Mining Camp Development

NovaGold Resources Inc. (NYSE American/TSX: NG) is a key player in Alaska's gold sector through its involvement in the Donlin Gold Project, located in the same Kuskokwim Gold Belt. Donlin Gold is one of the world's largest known undeveloped gold deposits, with Measured and Indicated Resources of approximately 39 million ounces (541 million tonnes at 2.24 g/t gold) and an additional 6 million ounces Inferred, inclusive of Proven and Probable Reserves of 34 million ounces at 2.09 g/t gold. The project is managed by Donlin Gold LLC, jointly owned by NovaGold (50%) and Barrick Gold Corporation (50% until recently).

As of April 2025, NovaGold and Paulson & Co. (a U.S.-based investment firm) announced a $1 billion transaction to acquire Barrick's 50% stake, restructuring ownership: NovaGold increases to 60% (acquiring 10% for $200 million), and Paulson acquires 40% ($800 million). This deal, which includes equal governance rights and an option for NovaGold to buy out Barrick's outstanding debt, positions Donlin as a flagship development asset with strong exploration upside (current resources cover only ~5% of the land package). The project has federal and state permits in place and benefits from partnerships with local Native corporations (Calista for subsurface rights and The Kuskokwim Corporation for surface rights), emphasizing community support and jurisdictional safety in Alaska.

Development of Donlin is advancing toward feasibility and financing, with potential for a long-life, high-grade open-pit mine. It is expected to create significant infrastructure, including roads, power, ports, and camps, transforming the area into a major "gold mining camp" – a hub that could support satellite projects by reducing logistical costs and enabling economies of scale.

Relationship Between Shotgun Gold and Donlin Gold's Development

The relationship between TNR's Shotgun Gold Project and NovaGold's Donlin Gold is multifaceted, rooted in historical ties, geographical proximity, geological similarities, and strategic synergies for regional development. There is no current operational or financial partnership between TNR and NovaGold (or Donlin Gold LLC), but the projects are interconnected in the broader Alaskan gold landscape. Below is a breakdown:

1. Historical Partnership and Project Transfer

- Shotgun originated from early exploration by NovaGold. In the 1990s-2000s, NovaGold conducted soil surveys (1998) and geophysical work (e.g., SJ Geophysics EM surveys in 2011-2012) on the property, identifying key anomalies that TNR later built upon. - TNR optioned the project from NovaGold and, in 2010, negotiated full ownership by acquiring NovaGold's remaining 50% interest for 6 million TNR shares and 3 million warrants. This ended the direct JV but established TNR as the primary owner, with NovaGold retaining indirect exposure through its historical stake in TNR (NovaGold has been described as a "shareholder" in TNR in various updates). - Post-acquisition, TNR advanced Shotgun to its current resource stage, but early data from NovaGold's work remains integral to ongoing exploration.

2. Geographical and Infrastructural Proximity

- Shotgun is located approximately 190 km (118 miles) south of Donlin Gold, placing it within the emerging Kuskokwim Gold Belt – a world-class, multi-million-ounce gold district. - As Donlin advances (e.g., through its 2025 ownership restructuring and ongoing drilling), it is poised to develop extensive infrastructure, including access roads, airstrips, power generation, and logistics hubs. TNR executives, including Kirill Klip (Executive Chairman), have highlighted how this could benefit Shotgun as a "satellite" deposit, potentially lowering development costs by sharing regional facilities. For instance, Donlin's planned mining camp could enable easier access, reduced permitting hurdles, and shared supply chains for nearby projects like Shotgun. - This positioning aligns with TNR's goal of attracting majors (e.g., similar to Barrick or Newmont) who could integrate Shotgun into a larger camp strategy, especially as Alaska's gold sector heats up with investments like Saudi Arabia's sovereign wealth fund acquiring NovaGold shares in 2020.

3. Geological Similarities and Exploration Potential

- Both projects are intrusion-related porphyry gold systems with comparable signatures: large-tonnage, bulk-mineable deposits in a tectonically active belt. Academic studies (e.g., by Dr. Tim Baker) list Shotgun alongside Donlin as a "major porphyry gold deposit" with potential for structural repeats and deeper mineralization. - Donlin's recent drilling (e.g., 2020-2021 intercepts like 24.44m at 14.6 g/t gold) demonstrates the belt's depth potential, which TNR believes could mirror at Shotgun (where resources are shallow, from surface to 150m). TNR's 2022-2023 field programs revisited NovaGold-era targets, suggesting untapped upside potential if Donlin's camp validates the district's scale. - NovaGold's success at Donlin (e.g., stock rally of 36% post-2025 Paulson deal) is seen by TNR as a catalyst, drawing attention to the region and increasing interest in satellites like Shotgun.

4. Strategic and Investment Ties

- NovaGold's involvement in Donlin underscores the region's appeal, indirectly boosting TNR's profile. TNR promotes Shotgun as part of the "Alaskan Elephant Country," often referencing Donlin in investor presentations and seeking partners amid Donlin's momentum. - No direct equity or royalty links exist today, but TNR's advisory board includes former NovaGold director Greg Johnson, providing ongoing strategic alignment. TNR is actively soliciting JV interest from majors, positioning Shotgun to leverage Donlin's development for faster advancement. - Recent X (Twitter) discussions from TNR and Klip (e.g., posts from July-September 2025) emphasize this synergy, linking Shotgun's potential to Donlin's $1B transaction and portraying the area as a U.S.-based gold hub.

In summary, while not directly partnered today, Shotgun's relationship to Donlin's development is strategic: historical NovaGold involvement provided foundational data, geographical closeness offers infrastructural benefits as Donlin builds a mining camp, and geological parallels position Shotgun for growth in a validated district. TNR views Donlin's progress (e.g., the 2025 Barrick exit and Paulson entry) as a tailwind, enhancing Shotgun's appeal for future partnerships. Investors should review full technical reports and consult advisors, as exploration results are not independently verified by TNR's QP."

Gold Surged to the Highest Daily Close in History at $3,636 after Monthly ATH at $3,447, and Quarterly ATH at $3,302, Built on Top of Yearly ATH at $2,624. Next is a Climb to $5,000 and Over $10,000

Gold continues to shine incredibly brightly during this magnificent historical rally, and we continue our Chronicles of this mighty Generational Gold Bull Market and TNR Gold's Shotgun Gold Project. Gold surged to a new highest daily closing in history at $3,636 on September 8, 2029, following the very impressive breakout after the recent much-needed consolidation phase. 

This powerful breakthrough has been striking one all-time high daily closing after another: $5,532 on September 2, $3,558 on September 3 and $3,585 on September 5, 2025.

Before it, Gold made daily and monthly all-time highs at $3,447 on August 29, following the previous highest monthly and quarterly closing in history made at $3,302 on June 30, 2025. $3,302 not only marked the highest monthly and quarterly closing in the metal's history, but also followed the previous record set for the highest daily closing at $3,433 on June 13, 2025.

Gold has recently demonstrated remarkable resilience and upward momentum, achieving these new historic milestones. It was a very powerful show of strength by this mighty Generational Gold Bull Market when Gold consolidated around this parabolic curve, on the chart above, and above $3,000 before surging to new all-time highs. You can find more historical charts and observations in our Chronicles of this Generational Gold Bull Market.

Gold has demonstrated incredible performance in the 21st century, providing "The Ultimate Hedge" for all portfolios constructed with stocks, bonds and crypto assets. Asian societies understand the unique qualities of Gold very well. 

The US National Debt is over $37 Trillion and is unsustainable. The ability to continue paying interest and increase this debt depends on the faith in the value of the US Dollar and the appetite for US Treasuries.

China bought Gold in August for a tenth straight month after returning to the market in November. So far, after a 7-month pause, China bought 5T in November, 10.3T in December, 5T in January and February, 2.8T in March, 2.2T in April, 1.9T in May, 2.2T in June,  1.9T in July and 1.9T in August 2025.

Central Banks continue to accumulate Gold and diversify their reserve assets. This year, Foreign Central Banks hold more Gold than US Treasuries for the first time since 1966.

Investors have been net sellers of Gold ETFs for 4 years. Last year, investors in Asia started buying Gold ETFs significantly, while investors in Europe were selling, and only this year have investors been buying Gold ETFs in all markets. Now, Gold ETF Inflows outshine Central Banks in supporting Gold.

Gold miners are minting money with expanded margins and now catching up with the rising Gold price. We have a perfect setup for the new Gold Bull Market. For the rest of this decade, the Bull Market for Gold Miners and Gold Exploration Companies will be a major part of it.

The smart money is taking profits in Gold and looking upstream for the new M&A targets. These investments lift Gold producers first; even a minimal spillover in the Gold exploration companies will create fireworks there. 

This coming wave of M&A among Gold producers and investments made by Rob McEwen, Erik Sprott, and other Gold gurus in promising new projects will drive the next stage of remarkable gains for wise investors. 

Now you should really pay some serious attention to our main Story: why NovaGold is holding its stake in TNR Gold and why I believe that the time for the Shotgun Gold Project in Alaska is coming very close to its launch on the new orbit of valuation and development. 

"My belief is TNR's Shotgun Gold Project can potentially grow and become a foremost, immediate satellite site Gold deposit to Donlin Gold's Mining Camp infrastructure. This vision is based on our exploration work and academic studies like the ones from Dr Tim Baker in which Shotgun Gold Project is not only listed alongside Donlin Creek as one of the "Major Porphyry Gold Deposits" but is also projected to contain the similar porphyry intrusion-related type system as Donlin." 

Kirill Klip, Executive Chairman

TNR Gold Corp.

Angela Harmantas from Proactive wrote about the new report on TNR Gold from Fundamental Research Corp:

"TNR Gold’s portfolio spans various mining assets, with a key focus on its Shotgun gold project in Alaska and royalties in two advanced-stage projects in Argentina: the Mariana lithium project, owned by Ganfeng Lithium, and the Los Azules copper-gold project, held by McEwen Copper."

"TNR Gold is about to make a strategic shift in its business model and position itself as a revenue-generating royalty firm, according to analysts at Fundamental Research Corp. 

Production began earlier this year at the Mariana lithium project, owned by China’s Ganfeng Lithium, with TNR set to begin receiving royalty payments as early as the fourth quarter of 2025.

Based on current spot lithium prices, Fundamental Research estimates annual royalty revenue from Mariana could reach C$1 million." (Angela Harmantas)

"The company's other flagship royalty asset is on the Los Azules copper-gold project in Argentina, controlled by privately held McEwen Copper Inc, a division of McEwen Mining Inc (TSX:MUX, NYSE:MUX). The large-scale, open-pittable deposit holds an estimated 38 billion pounds of copper, 4.7 million ounces of gold, and 159 million ounces of silver. McEwen plans to complete a resource update and feasibility study this quarter, with construction targeted for 2026 and production slated to start by 2029.

FRC projects that TNR’s royalty from Los Azules could generate annual revenues of up to C$10 million at current copper prices. 

The firm reiterated its Buy rating and increased a fair value estimate from C$0.28 to C$0.30 per share, compared with a current trading price of C$0.09." (Angela Harmantas)

"Elsewhere, at the Shotgun gold project in Alaska, TNR is actively seeking a JV partner to advance the project to a Preliminary Economic Assessment (PEA). Shotgun hosts inferred resources totaling 706 Koz of gold at a grade of 1.1 grams per tonne. Analysts believe the project has expansion potential, with the Shotgun Ridge deposit remaining open along strike and at depth." (Angela Harmantas) 

Disclaimer: Please be aware that any opinions, estimates or forecasts regarding the performance of TNR Gold Corp. in any research reports do not represent the opinions, estimates or forecasts of TNR Gold Corp. or of its management.

TNR Gold – AmeriGold – Shotgun Gold

The Company’s strategy with the Shotgun Gold Project is to attract a partnership with one of the major gold mining companies. TNR is actively introducing the project to interested parties. We may be at the beginning of a great discovery. There is a clear path to moving this project forward using current geological and geophysical research to target drilling to expand the resource and form the basis of a preliminary economic analysis. The next step is to acquire a partner who shares our vision and recognises the growth potential and value to be added to the Shotgun project over time. 

I believe that in order to maximise shareholder value and reach the potential valuations presented above, we must preserve capital, reduce the number of outstanding shares and not invest in Alaska with our own capital.

Our strategy, which we presented to potential strategic partners, involves creating a JV with one of the major gold mining companies. Our partner will invest substantial capital in developing the Shotgun Gold Project while earning a stake in the project.

TNR Gold shareholders will benefit from the strategic partner’s capital being invested “in the ground” and industry expertise, including operations in Alaska.

Management is investigating the best value-creation strategies for the Shotgun Gold Project. It has established the corporate structure of AmeriGold – the stand-alone company that could potentially inherit the Shotgun Gold Project JV operations after the contemplated potential spinout from TNR Gold.

Alastair Ford: TNR Gold’s Recent Rejection of a Takeover Bid From Lithium Royalty Has Shone a Spotlight on the Value of Its Royalty and Exploration Portfolio

 

TNR Gold Shotgun Gold Project Presentation from Kirill Klip

Please visit the TNR Gold website for all updated presentations.

Please read my legal disclaimer. There is NO investment advice on any of Kirill Klip's feeds and blogs. Always consult a qualified financial adviser before making any investment decisions. 

Do Your Own Research.

TNR Gold: Building the Green Energy Metals Royalty Story in Argentina - the New Powerhouse of rEVolution

Guest post:

TNR Gold: Building the Green Energy Metals Royalty Story in Argentina - the New Powerhouse of rEVolution

Konstantin Klip

TNR Gold is moving quickly on its path to transitioning from a project-generating junior mining company into a cash-flow-generating royalty company. We believe that the recent market prices of our shares do not properly reflect the underlying value of the shares and that this transformation will bring the necessary catalyst to crystallise the potential valuation of our assets for investors in the marketplace. Let's explore our company's rising value proposition.

Chart by Nicholas Winton

We repaid our investment loan in full in 2023, and our Company has no debt. TNR Gold bought back more than 6 million shares under the normal course issuer bid in 2024.

We have celebrated major developments with all our royalty projects this year. After meeting with the President of Argentina, Javier Milei, Ganfeng officially inaugurated Mariana Lithium's start of production in Guemes, Salta, on February 12, 2025, and this project will become the first cash-flow-generating royalty for TNR Gold!

In a major vote of confidence, Rio Tinto, the world's second-largest metals and mining company, invested an additional $35M in McEwen Copper, bringing the total investment to $100M. In December 2024, McEwen Copper secured a key environmental permit for the construction and operation of the giant Los Azules Copper project in Argentina! 

Reuters reported that McEwen Mining expects to complete a feasibility study for its Los Azules copper mine in Argentina in two months.

Mining Potential in Argentina 2024

All three of TNR Gold's royalty projects are featured in the Argentina Secretariat of Mining investment feature. Our Company holds 1.5% NSR royalty (of which 0.15% is held on behalf of a shareholder) on Mariana Lithium with Ganfeng, 0.4% NSR royalty (of which 0.04% is held on behalf of a shareholder) on Los Azules Copper with McEwen Mining and 7% net profits royalty on Batidero I and II properties of Josemaria with Lundin Mining.

Mining Potential in Argentina 2024

Argentina’s ability to continue attracting investment is thanks to substantial resource endowments, over 20 bilateral treaties to safeguard against double taxation and incentivise foreign investments, as well as its provincial jurisdictional structure covered previously. The welcoming attitude of provincial officials and the pro-investment environment make a virtuous cycle for any company.

Large Investment Incentive Regime ("RIGI"), approved by the Congress, bold pro-business reforms of the new president, Javier Milei, opened doors for international investors to help the proud people of Argentina build it into the new Powerhouse of Tesla Energy rEVolution.

Javier Milei is making a sweeping reform package for tax, currency, and customs benefits for investors. Argentina is rapidly distancing itself from the jurisdictional risks typically associated with South American mining projects. JPMorgan expects Argentina to overtake Chile in exports by 2027.

Kirill has spent many hours writing about how "Argentina has everything to become the Power House of the Tesla Energy rEVolution." And we have seen that money, sense and Mandarin are flooding into Argentina as step after step it positions itself on the politically strategic tightrope to supply the copper and lithium commodity deficit devoured by green electric transportation.

As I wrote before, if TNR Gold can do one thing well, it's to identify underappreciated assets and squat on them until pop hype and fanfare wake up the hatchling within. But there’s a certain poetry to this business model; TNR must be warmed in turn by those looking for underappreciated assets, so participating in this type of venture requires a certain kind of paternal patience, no matter the blizzard coming.

Angela Harmantas from Proactive wrote about the new report on TNR Gold from Fundamental Research Corp:

"TNR Gold’s portfolio spans various mining assets, with a key focus on its Shotgun gold project in Alaska and royalties in two advanced-stage projects in Argentina: the Mariana lithium project, owned by Ganfeng Lithium, and the Los Azules copper-gold project, held by McEwen Copper."

"TNR Gold is about to make a strategic shift in its business model and position itself as a revenue-generating royalty firm, according to analysts at Fundamental Research Corp. 

Production began earlier this year at the Mariana lithium project, owned by China’s Ganfeng Lithium, with TNR set to begin receiving royalty payments as early as the fourth quarter of 2025.

Based on current spot lithium prices, Fundamental Research estimates annual royalty revenue from Mariana could reach C$1 million." (Angela Harmantas)

"The company's other flagship royalty asset is on the Los Azules copper-gold project in Argentina, controlled by privately held McEwen Copper Inc, a division of McEwen Mining Inc (TSX:MUX, NYSE:MUX). The large-scale, open-pittable deposit holds an estimated 38 billion pounds of copper, 4.7 million ounces of gold, and 159 million ounces of silver. McEwen plans to complete a resource update and feasibility study this quarter, with construction targeted for 2026 and production slated to start by 2029.

FRC projects that TNR’s royalty from Los Azules could generate annual revenues of up to C$10 million at current copper prices. 

The firm reiterated its Buy rating and increased a fair value estimate from C$0.28 to C$0.30 per share, compared with a current trading price of C$0.09." (Angela Harmantas)

 Disclaimer: Please be aware that any opinions, estimates or forecasts regarding the performance of TNR Gold Corp. in any research reports do not represent the opinions, estimates or forecasts of TNR Gold Corp. or of its management.

 

Core management at TNR Gold has displayed an unassailable tact in its decision-making; from closing a deal just before a lithium price crash to choosing the projects in the correct nation and with the correct partners amidst a torrent of noise present in the lithium market.

"Marketing Success and Industry Recognition

• Recent increased M&A interest from numerous parties suggests that TNR’s management (“Management”) has succeeded with its marketing activity by presenting the Company’s GEM Royalty Story to the mining and investment industries.
• In February 2023, Lithium Royalty Corp. valued only a portion of the Company at US$9 million, based on its purchase of the 0.5% NSR royalty involving the Mariana Lithium project for US $9 million.
• Our team has successfully repaid TNR Gold’s investment loan in full, returning our shareholders all our assets free from encumbrance. The value generated from delivering that strategic transaction has justified Management’s stance on rejecting other opportunistic low-ball offers."

Stability has always been a mantra for our Company - Solid Values in Uncertain Times. Be it fluctuating or stabilised lithium prices, these are royalty projects for keypoint critical metals under industry majors with no input needed; a simple fundamental win maker for shareholders: 1.5% NSR royalty (of which 0.15% is held on behalf of a shareholder) on a major Mariana Lithium project that’s currently being developed by Chinese champion Ganfeng, 0.4% NSR royalty (of which 0.04% is held on behalf of a shareholder) on the giant Los Azules copper project being worked up by McEwen Mining and 7% net profits royalty on Batidero I and II Properties of Josemaria copper project in Argentina under Lundin Mining.

There is the Danger of Death Grips on Dead Horse Deposits among junior mining companies. Where a majority of value stems from a single prospect, there always exists a risk of ‘We Have to Make It Work’ that sees cash flow money bleed out. If management deigns to stay past the Pump and Dump phase.

TNR Gold's hands-off cash-generating royalties, in multiples and with industry majors, provide both incentive to stay at the helm and the cash to reasonably evaluate options regarding cash-flow intensive prospects in gold, lithium and copper.

The gap between Science and ‘fast’ Wall Street money is how investor money evaporates in mining, particularly in lithium. Only a few companies in the world are able to *rear* lithium operations into producing projects, less so reaching forecasted capacity.

Investors must remember that a lot of 'Lithium companies' have only the word lithium in their name but lack the capacity, know-how or legislative backing to produce lithium even in 10 years. The whole industry produced 1.3M T LCE in 2024, now we have to increase this production by 2.5X and jump to over 3.3M T LCE by 2030.

Sometimes the lithium market is as fun as watching salt dry. Now, after the confirmation of the continued exponential growth of EV sales in China, "the Lithium Universe shows signs of life again". 

Beware of the Thousand and One lithium mining dreams. Stick with industry majors like Ganfeng Lithium, which knows how to get strategic resourcing done!

Ganfeng's Mariana Lithium project is distinguished by the decision to preserve the salt flat as a complex environmental system. Consequently, the operations and facilities were planned from a robust and studied environmental basis. 

"Lithium Universe shows signs of life, and Ganfeng Lithium is accelerating the progress of the production capacity ramp-up of the Mariana Lithium project.

"Mariana is a lithium-potassium salt lake located in Salta Province, Argentina. According to a technical report issued by Golder Associates Consulting Ltd., the total lithium resources at the Mariana lithium salt lake project amounted to approximately 8,120,000 tons of LCE. The construction of the project has been completed. In February 2025, the production line for phase I of the Mariana lithium salt-lake project with a planned annual production capacity of 20,000 tons of lithium chloride was officially put into operation. The Company will accelerate the progress of the production capacity ramp-up of the project, and it is expected that the Mariana project will gradually supply lithium chloride products in a stable manner from the second half of 2025 onwards." (Ganfeng Lithium, 2024 Annual Report, April 30, 2025)"

With recent events, it's easy to choose when comparing Argentina to neighbouring Chile, where our sector’s worst nighttime bogeyman of resource nationalisation is heralded by a far-left socialist & communist coalition prevailing in political elections.

"But is the Mariana royalty even the best asset inside TNR?"

 

"Arguably not, since the Los Azules royalty, according to some calculations, may be worth as much as US$30mln. Rob McEwen himself holds a 1.25% NSR royalty over Los Azules, and he’s been putting some pretty punchy numbers around his own interest in his recent video presentations. (Alatair Ford)

 

"The company's other flagship royalty asset is on the Los Azules copper-gold project in Argentina, controlled by privately held McEwen Copper Inc, a division of McEwen Mining Inc (TSX:MUX, NYSE:MUX). The large-scale, open-pittable deposit holds an estimated 38 billion pounds of copper, 4.7 million ounces of gold, and 159 million ounces of silver. McEwen plans to complete a resource update and feasibility study this quarter, with construction targeted for 2026 and production slated to start by 2029.

FRC projects that TNR’s royalty from Los Azules could generate annual revenues of up to C$10 million at current copper prices." (Angela Harmantas)

 

Energy transition to renewables has High Materials Intensity, of which copper (at 5x more intensity) is a major constituent and a common denominator across *all* technologies. Bet on precedent; global copper production has only managed to double every 25 years…

TNR Gold’s vision is aligned with mining industry leaders such as Rob McEwen, whose vision is ‘to build a copper mine for the future, based on regenerative principles that can achieve net zero carbon emissions by 2038’. This will be achieved by implementing new technologies with Nuton, the technological venture of Rio Tinto.

Nuton is working on innovative technology to be implemented at Los Azules Copper. You can clearly see the benefits of a major industry partner for McEwen Mining. Los Azules is ranked top 10 largest undeveloped copper deposits in the world by Mining Intelligence (2022). PEA provided an updated independent mineral resource estimate that has increased significantly. 

TNR Gold's business model provides an exceptionally valued entry point into the creation of a critical material supply chain like copper and lithium energy metals, which are powering the EV revolution and the gold and silver industry, which is providing the ultimate hedge during this part of the economic cycle.

I believe that TNR Gold is close to enjoying a pincer move after many years of planning. The company picks up not one but two potentially cashflow-generating royalties in the future on the essential critical metals electrifying the gears of change within the electric and renewable global market. TNR’s 7% NPR holding on the Batidero I and II properties of the Josemaria Project held by the JV between Lundin Mining and BHP represents future growth potential for the royalty portfolio.

TNR Gold’s purpose is quite simple in intent; a solid value launchpad of green royalties for the gold in the USA rocketship in fueling. 

After Ganfeng officially inaugurated Mariana Lithium's start of production in February, 2025 is set to be a very interesting year for TNR Gold, one that is due to go by in pop celebration, national flag-waving fanfare and certain marching bands.