GEM Royalty TNR Gold Corp.
“TNR Gold Corp is your gateway to the green energy rEVolution and gold stability! We're building a leading green energy metals royalty and gold company, offering a unique entry into the supply chains powering the energy transition. With a 1.5% NSR royalty (of which 0.15% is held on behalf of a shareholder) on the Mariana Lithium Project in Argentina, operated by Ganfeng Lithium, and a 0.4% NSR (of which 0.04% is held on behalf of a shareholder) on the massive Los Azules Copper Project with McEwen Mining—backed by giants like Rio Tinto and Stellantis—we’re positioned for significant cash flows without the capital burden. Add to that our 90% stake in the Shotgun Gold Project in Alaska, near the Donlin Gold deposit, with 705,960 ounces of inferred gold resources, and we’re a diversified powerhouse. TNR delivers exposure to lithium, copper, silver and gold, blending blue-sky discovery with partnerships that drive value—perfect for investors seeking growth and a hedge in today’s economic cycle!”
Kirill Klip, Executive Chairman,
TNR Gold Corp.
“We are building The Green Energy Metals Royalty and Gold Company. Our business model provides the unique entry point into the creation of supply chains for critical materials like energy metals which are powering Tesla Energy rEVolution and Gold industry which is providing the ultimate hedge during this part of the economic cycle. Our shareholders are participating in the building of The Green Energy Metals Royalty and Gold Company. In our portfolio, we have a unique combination of assets providing exposure to different parts of mining cycle: starting with the power of blue sky discovery and including partnerships with industry leaders like McEwen Mining, Ganfeng Lithium and Lundin Mining as operators on the projects that will potentially generate royalty cashflows to contribute significant value for our shareholders.”Kirill Klip, Executive Chairman,
TNR Gold Corp.
Copper is hitting one all-time high after another over the last few months, and Rob McEwen is talking about developing the giant Los Azules Copper, Gold and Silver Project in Argentina into the world's first "regenerative mine" producing low-carbon "Green Copper".
Reuters reports:
"Rio Tinto is evaluating the economic potential of McEwen Copper’s giant Los Azules project in Argentina as the mining group considers increasing its 17.2% stake in the development, two industry sources said.
Los Azules is among the world’s 10 largest undeveloped copper projects and the move highlights Rio Tinto’s push for large-scale copper assets as miners scramble to meet surging demand from data centres and the global clean energy transition."
Chart by Nicholas Winton
Today, you can learn more about the latest developments with TNR Gold and our NSR Royalty Holding on the Los Azules Copper, Gold and Silver Project in Argentina.
The TNR Gold Team delivered a 240% increase in share price during 2025. Building on this momentum, the company’s share price has risen an additional 53% year-to-date through April 6, 2026. The market responded positively to the announcement of the Strategic Investment by Altius Minerals, with TNR Gold shares trading as high as C$0.27 and closing at C$0.26, an increase of approximately 30%, following the announcement. The completion of the Private Placement (“Closing”) is subject to customary conditions precedent, including approval of the TSX Venture Exchange.
None of this would have been possible without your unwavering support and trust in our talented Team. On behalf of the entire TNR Gold Team, I extend our deepest gratitude.
"Kirill Klip, Executive Chairman of TNR Gold stated, “We are delighted to welcome Altius as a strategic, non-controlling investor in TNR Gold. This investment enables TNR Gold to advance the execution of its strategic plan and reflects strong market recognition of the quality of our assets and their potential.”
"Kirill Klip continued, “Our business model provides a unique entry point into the creation of supply chains for critical materials like energy metals, which are powering the Energy rEVolution, and the gold industry that is providing the ultimate hedge during this part of the economic cycle. Our shareholders are participating in the building of The Green Energy Metals Royalty and Gold Company. In our portfolio, we have a unique combination of assets providing exposure to different parts of the mining cycle, starting with the power of blue-sky discovery, and including partnerships with industry leaders like McEwen Inc., Ganfeng Lithium, Lundin Mining and BHP as operators on the projects that could potentially generate royalty cashflows to contribute value for our shareholders. My holding of 27,263,000 common shares in TNR Gold serves as further evidence of my deep personal commitment to the Company and strong confidence in our experienced team and its strategic development plan. We look forward to working with Altius to maximize value for all our shareholders.”
Meanwhile, following this announcement and when we do not have any material news to share with all of you, according to all legal requirements and regulations, I have significantly boosted my stake in TNR Gold by acquiring an additional 500,000 shares. I continue to increase my position. TNR Gold’s Chief Financial Officer, Maurice Brian Brooks, and John K. Davies, Chair of the Audit Committee, have recently purchased shares in the open market.
Rob confirmed to Panorama Minero at PDAC 2026: "At Los Azules, we hope to begin construction in 2027 and reach production by 2030."
TNR Gold shareholders celebrated the first export of lithium chloride from Ganfeng's Mariana Lithium Project in Argentina in February, and our company is transitioning to a cash-flow-generating royalty company.
“We are very pleased that Ganfeng completed the first export of lithium chloride produced from Mariana Lithium in Argentina,” stated TNR Gold’s Executive Chairman Kirill Klip. “We are looking forward to our first NSR royalty cash flow payments from the Mariana Lithium Project.”
Now, Los Azules is entering a phase of financing and following actual construction. Strategic partnership with IFC, acceptance of Los Azules into RIGI (Argentina Regime of Incentives for Investment), and the release of the Feasibility Study were the major milestones achieved by McEwen Copper last year.
The Green critical metal for the Energy rEVolution becomes red hot. Copper hit a record at $14,125 a ton on LME on January 30, 2026.
"TNR Gold's 2025 share price surged 240% from CAD 0.05 to 0.17, fueled by insider purchases totalling over 2 million shares and minimal dilution, as detailed in the attached chart showing a bull flag breakout and heavy accumulation signals." (Analysis by Grok)
The TNR Gold Team started this year on a very strong note, after delivering a 240% increase in our Company's share price in 2025. We reached an intraday high of 28 cents on April 7, 2026.
Building The Green Energy Metals Royalty and Gold Company: The TNR Gold Team Continues To Increase Our Stake
“I would like to thank all our shareholders for your overwhelming support, and the vote of confidence in the TNR Gold Team and our strategy for maximizing shareholders value,” stated Kirill Klip, Executive Chairman of TNR Gold. “Our Company has repaid our investment loan in full, and we do not have any debt. We believe that the recent market prices of our shares do not fully reflect the underlying value of TNR’s assets. Our transformation from a project-generator junior mining company into a cashflow-generating royalty company may bring the necessary catalyst for improved market valuation of our assets.”
"Rio Tinto, through Nuton, invested an additional $35 million in October 2024, building on prior funding to test and deploy low-water, high-recovery copper extraction methods at Los Azules, a Tier 1 asset with 10.2 billion pounds of reserves and projected annual production of 148,000 tonnes over 21 years at $1.71/lb cash costs. The project has been accepted into Argentina's incentive regime."
Basic supply-and-demand dynamics, grounded in straightforward analysis, are steering the United States and China toward a pragmatic trade agreement. Despite the heated discourse, market behaviour will ultimately be governed by core economic principles.
The US and China, as the world’s largest economies, prioritise sustained growth. Key sectors driving this expansion - energy transition, electric vehicles, artificial intelligence, and robotics - depend on a reliable copper supply.
China is doing everything to reignite its growth. Its economy is coming back, and a powerful economic stimulus is making its way through the supply system. Nowadays, Goldman Sachs' target price for Copper of $6.8 per lb and Rob McEwen's smiles seem not so far away after all.
Angela Harmantas from Proactive wrote about the new report on TNR Gold from Fundamental Research Corp.:
"TNR Gold is on the cusp of becoming a revenue-generating royalty company, according to a new report from Fundamental Research, with analysts citing rising lithium and copper prices as key drivers for near-term earnings."
"The company, which focuses on royalties from projects operated by other mining firms, has seen its shares surge 240% year-over-year, significantly outperforming the BetaShares mining royalty ETF, up just 17% over the same period.TNR’s portfolio includes the Shotgun gold project in Alaska, as well as royalties on two advanced South American projects: the Mariana lithium project in Argentina, owned by Ganfeng Lithium (SZSE: 002460), and the Los Azules copper-gold project, controlled by mining veteran Rob McEwen and his institutions." (Angela Harmantas)
"Analysts at Fundamental Research noted that TNR is “awaiting its first royalty payment, expected this quarter, as Ganfeng began production at its Mariana lithium project last year.”
“Receiving this first payment will be a major milestone, marking TNR’s transition into a revenue-generating royalty company,” analysts wrote." (Angela Harmantas)
TNR’s Los Azules copper-gold royalty is also drawing attention. McEwen completed a feasibility study in October 2025, confirming the project’s economic attractiveness, and the project was included in Argentina’s Large Investment Incentive Regime (RIGI), granting tax and export benefits. Copper prices, meanwhile, have risen 34% year-over-year to an all-time high of US$5.82 per pound. Fundamental Research estimates. (Angela Harmantas)
"TNR “offers exposure to gold, lithium, and copper through projects in Alaska and Argentina, and is on the verge of earning its first royalty revenue,” analysts wrote, adding that “high metal prices, combined with project milestones, position TNR for significant revenue potential.” (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.
"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)
Angela Harmantas: "TNR Gold Nears First Royalty Revenue as Lithium, Copper Markets Surge: Analysts"
Mining.com:
Reuters
"Rio Tinto is evaluating the economic potential of McEwen Copper’s giant Los Azules project in Argentina as the mining group considers increasing its 17.2% stake in the development, two industry sources said.
Los Azules is among the world’s 10 largest undeveloped copper projects and the move highlights Rio Tinto’s push for large-scale copper assets as miners scramble to meet surging demand from data centres and the global clean energy transition.
Rio, which owns the stake in Los Azules through its copper technology venture Nuton LLC, is also focusing on boosting organic growth through its stakes in undeveloped deposits following the collapse of merger talks with Glencore.
Its technical team is evaluating the economic potential of Los Azules, while testing Nuton’s proprietary leaching technology at the site, the sources with knowledge of the matter said.
Rio Tinto declined to comment.
“We are obviously discussing with our existing partner Nuton because their technology makes so much sense,” Michael Meding, managing director at Canadian miner McEwen Copper, told Reuters on Thursday.
“Now that Rio Tinto is building their copper pipeline, they basically have a mandate to add copper for their production profile. So we are having fruitful conversations.”
Securing a larger stake in Los Azules would bolster Rio’s copper pipeline at a time when new discoveries are scarce and competition for quality assets is fierce.
Nuton invested about $100 million for the stake in McEwen Copper, a subsidiary of McEwen Mining, according to McEwen’s investor presentation in February.
A feasibility study released in October 2025 estimates an after-tax net present value of $2.9 billion, with the project targeting first production by 2030. Average production over the first five years is projected at about 204,800 metric tons per year of copper cathode.
Aside from Nuton, automaker Stellantis holds an 18.3% stake in McEwen Copper, having invested around $275 million as part of its global push to secure raw materials for electric vehicle batteries.
McEwen Copper is seeking about $4 billion in initial capital to develop the mine. The company previously said it planned an initial public offering of about $300 million toward the end of this year.
