“I am very pleased that the TNR Gold team finds the full support of our major shareholders as well as the Company’s investment loan capital provider who continues to approve our business plan and long-term strategic initiatives,” commented Kirill Klip, Executive Chairman of TNR. “It is clear that this decision of our investment loan capital provider is a resounding show of confidence in TNR Gold’s long-term business strategy, our management team and all recent positive developments in our portfolio of assets.
“We can now concentrate our efforts on building this green energy metals royalty and gold company by maximizing the value of our royalty portfolio of lithium, copper, gold and silver projects that are instrumental in the electric vehicle and green energy sectors. We believe that our royalty holdings are undervalued, and their appropriate values are not reflected in Company’s share price. TNR Gold has industry interest in our assets and the Company is working on potential new strategic partnerships to provide benchmarks for the market valuations of our royalty holdings.
“Our Net Profits Royalty (”NPR”) holding on the Batidero I and II properties with Josemaria Resources represents future growth potential for our royalty portfolio. We are also investigating new potential acquisitions while our main focus remains on the development of the Shotgun Gold Project in Alaska. The essence of our business model is to have industry leaders like Ganfeng Lithium, McEwen Mining and Lundin Group as operators on the projects that will potentially generate royalty cash flows to contribute and develop a significant long-term value for our shareholders.
“I would like to thank all our shareholders for your support and on your behalf to thank our very talented team at TNR Gold who have achieved all these remarkable milestones for our Company.”
TNR GOLD CORP.
> The Green Energy Metals Royalty and Gold Company.
About Us
TNR Gold Corp. is working to become the green energy metals royalty and gold company.
Over the past twenty-five 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 0.4% NSR Royalty on the entire project, which is being developed by McEwen Mining Inc, (TNR holds a 0.04% NSR on behalf of a shareholder).
Los Azules Copper Project* indicated resource: 10.2 B lbs copper, 1.7 Moz gold and 55.7 Moz silver with the additional inferred resource: 19.3 B lbs copper, 3.8 Moz gold and 135.4 Moz silver.
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 held interests in lithium projects in Argentina, Ireland and Canada.
TNR retains a 2.0% NSR Royalty on the entire Mariana Lithium Project in Argentina with Ganfeng Lithium, (TNR holds a 0.2% NSR on behalf of a shareholder). Ganfeng’s subsidiary, Litio Minera Argentina, has a right to repurchase 1.0% of the NSR Royalty on the Mariana 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 by Ganfeng Lithium International Co. Ltd.
Mariana Lithium Project** measured and indicated resource: 4,410,000 T of LCE and 49,700,000 T of potash with the additional inferred resource: 786,000 T of LCE and 9,260,000 T of potash.
(Updated Mariana Lithium Project measured and indicated resource: 6,854,000 T of LCE with the additional inferred resource: 1,267,000 T of LCE – Company news release, July 14, 2021)
TNR holds a 7% NPR holding on the Batidero I and II properties with Josemaria Resources Inc. Josemaria Resources is part of the Lundin Group, a portfolio of companies producing a variety of commodities in over 20 countries worldwide.
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.
Shotgun Gold Project*** inferred resource: 705,960 ounces Au at 1.06 g/t, mineralization appears to be open at depth and along the strike.
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, silver 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.
* “NI 43-101 Technical Report – Preliminary Economic Assessment Update for the Los Azules Project, Argentina” dated October 16, 2017. Prepared by Hatch for McEwen Mining.
** “NI 43-101 Technical Report Update of Lithium Brine Mineral Resources; Mariana Project, Salar de Llullaillaco, Argentina” dated January 12, 2020. Prepared by Geos for Ganfeng Lithium.
*** “NI 43-101 Technical Report on the Shotgun Gold Project, Southwest Alaska” dated May 27, 2013. Prepared by Nicholas Wyck and Allan Armitage for TNR Gold.
Lundin Mining (TSX: LUN) is acquiring Josemaria Resources (TSX: JOSE) for about C$625 million ($483.5m) for its namesake copper-gold project in San Juan, Argentina.
The Canadian miner is acquiring the company for C$1.60 a share in cash and stock, a 29% premium to Josemaria’s 10-day volume weighted average price on the TSX. Josemaria shareholders will be able to choose to receive payment in cash or 0.1487 Lundin shares for each existing share they own in the company.
“In our view this project is a unique and scarce opportunity,” Lundin Mining CEO Peter Rockandel said during a conference call with analysts and investors on December 20.
“Lundin Mining has been following Josemaria’s advancements into a world-class ore body for a considerable period of time.”
The acquisition would increase Lundin Mining’s copper and gold production by 50% and 140% respectively, compared to its 2022 production guidance of 258,000 to 282,000 tonnes of copper and 153,000 to 163,000 oz. of gold.
The Josemaria project is among the top-ten open-pit copper projects in the Americas, in terms of total mineral reserves, according to Rockandel. Once in production, it is expected to churn out over 130,000 tonnes of copper, nearly 225,000 oz. of gold and 1 million oz. of silver a year over a 19-year mine life, based on a November 2020 feasibility study. The project is expected to start commercial production in 2026.
The feasibility study estimated the project would generate a post-tax net present value of $1.53 billion and a post-tax internal rate of return of 15%.
The project has proven and probable mineral reserves of 1.01 billion tonnes grading 0.22 gram gold per tonne, 0.94 gram silver per tonne and 0.30% copper, for 7.02 million oz. of contained gold, 30.72 million oz. of contained silver and 6.71 billion lb. of copper.
Josemaria Resources submitted its Environmental and Social Impact Assessment (ESIA) earlier this year and expects it will be approved in 2022.
Adam Lundin, Josemaria’s CEO, said he expects the deal will deliver an “immediate uplift” to all of the company’s shareholders.
“We have been exploring different financing options for the advancement and development of the Josemaria project and we believe this is the best opportunity to develop the project without direct dilution or financing risk for Josemaria shareholders,” he said in a press release.
In response to a query about the risks of making such a big investment in Argentina, Rockandel said that it was the “perfect time” to invest in the country, before the landscape turned “competitive.”
“If you are trying to find a world class ore body, you have to step out in areas unexplored,” Rockandel said.” I think Argentina is a place that’s going to start to see a lot more mining investment as we move forward.”
On December 16, Argentina’s Chubut province approved a legislative bill that modified a 19-year-old law against open pit mining. The move was met with protests by environmentalists in the province’s capital.
(This article first appeared in The Northern Miner)"
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