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 on the Mariana Lithium Project in Argentina, operated by Ganfeng Lithium, and a 0.4% NSR 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.
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 Mariana Lithium Royalty, Ganfeng's Major Solid-State Battery Breakthrough and $5 Trillion Market For Humanoid Robots
We have been talking for years here about "Energy rEVolution: The World Just Before the INTERNET - Electric Cars". Today you have the opportunity to study a new generational investment trend. You can dive into all the latest data from the Lithium industry and connect the dots before investment bankers adjust their models and investment banks build their own books for pennies on the dollar in the best Lithium plays.
They will eat you at lunch again after the sell-side starts pumping up those books at multiples compared to the distressed level prices today, unloading it on retail chasing a new big thing: "AI rEVolution: The World Just Before the INTERNET - Humanoid Robots."
Electric cars are taking our streets one by one. The Switch is here, and millions of people are switching to drive electric cars. Energy transition continues, despite all challenges. Electric vehicles' share of production is set to grow in all regional markets globally.
McKinsey sees Lithium demand stabilising and expects the next upcycle: "Lithium prices appear to have bottomed, with demand growth accelerating beyond electric vehicles due to rapid expansion in stationary storage." As we discussed, energy storage will be driving the next chapter of Lithium demand, and humanoid robots will be coming into the picture with every headline about groundbreaking technological progress.
Do Robots Use Lithium Batteries? Hungry Humanoid Robots Running Wild on FSD: Will They Eat All Available Lithium by 2030?
And now humanoid robots are coming from labs into the factories and very soon into our houses and onto our streets. Morgan Stanley is talking about 1 billion of them by 2050 in their latest research, bringing a "$5 Trillion Market" with them.
Today, you can learn why I believe that TNR Gold becomes "the critical material option play without time decay" on the advance of solid-state Lithium batteries in the energy storage market for high-end applications, including electric cars and humanoid robots.
Humanoids: A $5 Trillion Market
May 14, 2025
"The number of robots that resemble and act like humans is likely to reach nearly 1 billion by 2050, with China currently leading in development.
Key Takeaways
- The humanoids market could surpass $5 trillion by 2050, including sales from supply chains and networks for repair, maintenance and support.
- Adoption of humanoids is likely to accelerate in the late 2030s with improved technology as well as greater regulatory and societal support.
- Although humanoids are still under development, there could be more than 1 billion by 2050, with 90% used for industrial and commercial purposes.
- Currently, strong government support is helping China to lead the race to develop the humanoids market.
Are “humanoids”—human-like robots with arms, legs, hands and brains powered by artificial intelligence—on their way to work in factories, stores and your own kitchen? Not yet—but they are quickly evolving, and the market for humanoids could be twice the size of the auto industry in the coming decades.
Morgan Stanley Research estimates the humanoids market is likely to reach $5 trillion by 2050, plus related supply chains as well as repair, maintenance and support. There could be more than 1 billion humanoids in use by 2050.
“Adoption should be relatively slow until the mid-2030s, accelerating in the late 2030s and 2040s,” says Adam Jonas, Morgan Stanley’s Head of Global Autos and Shared Mobility Research.
Easier Commercial and Industrial Use
By 2050, about 90% of humanoids, or about 930 million units, will likely be used for repetitive, simple, and structured work—primarily industrial and commercial purposes. China is likely to have the highest number of humanoid robots in use by 2050, at 302.3 million, trailed by the U.S. at 77.7 million (up from the previous forecast of 63 million).
“The forecast for household usage is much more conservative, with only 80 million humanoids in homes by 2050,” Jonas says. “We are not going to see a robot in every home overnight.”
Creating a general-purpose humanoid that is capable of doing a vast array of useful tasks at home will require technological progress in both hardware and AI models, which should take about another decade. To get those humanoids into homes, prices need to decline significantly, in parallel with regulatory and societal acceptance of this use of humanoids.
“Once we get to that stage, humanoid volume and penetration should pick up quickly,” Jonas says.
Prices Are Likely to Fall
The complexity of humanoids, which require sophisticated robot software models and tight integration with hardware, makes them an expensive product. Morgan Stanley Research estimates that the cost of one humanoid was around $200,000 in 2024 in high-income countries.
As the technology advances and production volumes increase, prices are likely to fall to about $150,000 by 2028 and $50,000 by 2050. In lower-income countries, which may take more advantage of the cheaper Chinese supply chain, prices could fall to as low as $15,000 by 2050.
At that point, the U.S. penetration rate could range from 3%, for households earning between $50,000 and $75,000 a year, to 33%, for those with annual income above $200,000. About 10% of U.S. households overall could have a humanoid by 2050, totaling 15 million units in the country. Although China is likely to have the larger number of humanoids, only 3% of households are likely to own a humanoid, totaling about 4 million units.
“We recognize that, hypothetically, the average household could have more than one unit, creating a fleet of humanoid butlers,” Jonas says. “However, in our forecasts, we assume one humanoid per household at this time.”
China in the Lead
Investors may want to watch the fact that China is dominating the field of AI-enabled robotics, humanoids or otherwise, and the gap with the U.S. is widening.
“It is becoming apparent that national support for ‘embodied AI’ may be far greater in China than in any other nation, driving continued innovation and capital formation,” says Sheng Zhong, Morgan Stanley’s Head of Industrials Research. “In our opinion, China's lead in AI-robotics may need to widen before rivals, including the U.S., pay closer attention.”
Chinese supply-chain players are currently working on different solutions to improve the performance level of their components, via new design structures, new materials, refined manufacturing processes and AI algorithms to address the precision gap.
“There are some leading U.S. players in humanoid design and development at this stage, but China could catch up when humanoids reach downstream application and mass production, riding on its strong self-sufficient supply chain,” Zhong says.
Meanwhile, there are few U.S.-based alternatives for many humanoid components, such as screws, reducers, motors and batteries. Nearly every robot developer in the world still requires critical components sourced from China and other parts of Asia.
“While it is too soon to declare a final champion in the race for agentic humanoid robot supremacy, the U.S. will need to make significant changes in manufacturing capability, education and national policies to remain competitive in this area,” Jonas says.
For deeper insights and analysis, ask your Morgan Stanley Representative or Financial Advisor for the full report, “A $5 Trillion Global Market,” (April 29, 2025)."
Now Grok can help us translate all this excitement into the potential new Lithium market demand coming from humanoid robots and other mobile autonomous robots.
Grok:
Estimated Lithium Content in Humanoid Robots
"Estimating the lithium content in humanoid robots involves considering their power systems, primarily lithium-ion batteries, which are the dominant energy storage technology for mobile robots. Based on available data and reasonable assumptions derived from related industries (e.g., electric vehicles and consumer electronics), here’s a concise breakdown:
Key Assumptions
- Battery Type: Humanoid robots typically use lithium-ion batteries due to their high energy density and rechargeability.
- Battery Capacity: A humanoid robot’s battery capacity varies depending on its size, functionality, and runtime. For reference:
- Tesla’s Optimus robot is estimated to have a 2.3 kWh battery pack, similar to small electric vehicle or large consumer device batteries.
- Typical humanoid robots (e.g., for industrial or service applications) may require 1–5 kWh for 4–8 hours of operation, depending on tasks like locomotion, computation, and actuation.
- Lithium Content per kWh: Lithium-ion batteries contain approximately 0.15–0.2 kg of lithium per kWh of capacity, based on standard lithium nickel manganese cobalt oxide (NMC) or lithium iron phosphate (LFP) chemistries.
Estimation
- Per Robot:
- For a humanoid robot with a 2 kWh battery (a mid-range estimate for robots like Optimus or similar models):
- Lithium content = 2 kWh × 0.15–0.2 kg/kWh = 0.3–0.4 kg of lithium per robot.
- For a smaller robot with a 1 kWh battery (e.g., lightweight service robots):
- Lithium content = 1 kWh × 0.15–0.2 kg/kWh = 0.15–0.2 kg of lithium.
- For a larger robot with a 5 kWh battery (e.g., heavy-duty industrial robots):
- Lithium content = 5 kWh × 0.15–0.2 kg/kWh = 0.75–1.0 kg of lithium.
- Scaling to Market:
- Morgan Stanley’s projection of 1 billion humanoid robots by 2050, assuming an average of 2 kWh per robot and 0.175 kg lithium/kWh (midpoint estimate), implies:
- Total lithium demand = 1 billion × 2 kWh × 0.175 kg/kWh = 350,000 tonnes of lithium.
- For comparison, global lithium production in 2023 was ~180,000 tonnes, indicating a significant supply challenge if production doesn’t scale or recycling isn’t prioritized.
- A more extreme scenario (e.g., 10 billion robots by 2040, as speculated by some) would require ~3.5 million tonnes of lithium, a 7-fold increase over current annual production, which is considered infeasible without major advancements.
Additional Considerations
- Battery Chemistry Variability: Some robots may use LFP batteries (lower lithium content, ~0.1–0.15 kg/kWh) or emerging technologies like solid-state batteries, which could alter lithium demand.
- Recycling Potential: Recycling lithium from end-of-life batteries could offset demand, but current recycling rates are low (<10% globally).
- Supply Constraints: Lithium supply is projected to face deficits by 2040 without significant investment in mining or alternative chemistries, as noted in analyses from Adamas Intelligence and Morgan Stanley.
Sources
- Morgan Stanley’s “Humanoid 100” report (via web sources) for robot market projections.
- Industry estimates on lithium-ion battery composition (e.g., IEA, Adamas Intelligence).
- X posts and web data on Tesla Optimus and humanoid robot battery specs.
If you need a breakdown for a specific robot model, battery type, or further details on supply chain impacts, let me know! For Morgan Stanley report access, visit https://www.morganstanley.com."
Now to normalise Grok's research we have to use the conversion of 5,323 to find out the amount of Lithium metal in LCE equivalent, the industry standard for all demand and supply estimates.
Morgan Stanley’s projection of 1 billion humanoid robots by 2050, assuming an average of 2 kWh per robot and 0.175 kg lithium/kWh (midpoint estimate), implies:
Total lithium demand = 1 billion × 2 kWh × 0.175 kg/kWh = 350,000 tonnes of lithium. (Grok)
Total lithium demand = 1 billion × 2 kWh × 0.175 kg/kWh = 350,000 tonnes of lithium. (Grok)
- Total Lithium demand in LCE equivalent for 1 billion Humanoid Robots:
Scaling to Market:
Morgan Stanley’s projection of 1 billion humanoid robots by 2050, assuming an average of 2 kWh per robot and 0.94 kg LCE/kWh (midpoint estimate), implies:
- Total Lithium demand = 1 billion × 2 kWh × 0.94 kg/kWh = 1,880,000 tonnes of LCE.
The whole Lithium industry produced 1.3M T of LCE in 2024 and Albemarle, the largest Lithium producer in the world, estimates that "Lithium market demand is expected to increase by over 2X from 2024 to 2030, from 1.3M T LCE to the range of 2.5M - 3.3M T LCE per year. Projected Lithium demand is expected to be plus 15%-40% Y/Y in 2025. Long-term growth will be driven by stationary energy storage and EVs, while recent reductions to Lithium investments and expansions may create mid-term supply risk."
Now we can start talking about how long will it take for the Lithium industry to increase the supply of battery-grade Lithium to meet all this exponentially growing demand. The Global Village is over, resource nationalism and Trade Wars will bring supply chain interruptions and Lithium price shocks become imminent again.
"Now, "One Thousand and One" Lithium dreams of junior miners are gone again, and only the strongest professional players can cross the desert. The problem with all estimations for the future supply in mining is the difficulty of the process of putting new mining operations in place, particularly in a sustainable way."
Today you have the opportunity to dive into all the latest data from the Lithium industry and connect the dots before investment bankers adjust their models and investment banks build their own books for pennies on the dollar in the best Lithium plays. They will eat you at lunch again after the sell-side starts pumping up those books at multiples compared to the distressed level prices today, unloading it on retail chasing a new big thing: "AI rEVolution: The World Just Before the INTERNET - Humanoid Robots".
Do your homework. Do your own research.
"THERE IS MAGIC, BUT YOU HAVE TO BE THE MAGICIAN TO MAKE THE MAGIC HAPPEN." SIDNEY SHELDON
Stay safe and have an incredible journey.
The Mining Alliance of Trust.
Will this continued exponential growth in sales of electric cars change the recent bearish trend for lithium prices? Can cheaper EVs like the ones produced by BYD supercharge the Lithium market again? Let's check the latest presentations from Albemarle, the world's largest Lithium producer.
"The timing is particularly advantageous as lithium prices are currently hovering around $10,000 per ton, near the break-even point for many large-scale development projects. Fundamental Research anticipates a rebound in lithium prices to at least $15,000 per ton, which would significantly enhance the economic viability of projects like Mariana and spur further development across the sector." (Angela Harmantes)
First of all, we can clearly see in the latest data that Lithium contributes to reduced auto lifecycle emissions. EV lifecycle emissions are significantly lower than ICE cars' emissions. Lithium production represents less than 4% of EV GHG production emissions.
Global EV sales growth is +34% year-to-date, led by China. North American EV sales represent only 10% of global EV sales, with a growth of +17% YTD. China remains over 60% of the global EV market with a growth of +41% YTD and continued strong demand. Europe's share of EV sales is 20%, with a very healthy growth of 19% YTD.
According to Albemarle, long-term secular growth is intact: Lithium market demand is expected to increase by over 2X from 2024 to 2030, from 1.3M T LCE to the range of 2.5M - 3.3M T LCE per year. Projected Lithium demand is expected to be plus 15%-40% Y/Y in 2025. Long-term growth will be driven by stationary energy storage and EVs, while recent reductions to Lithium investments and expansions may create mid-term supply risk.
The next chart demonstrates the most important driver for the supercharging Lithium market again. Albemarle states that current Lithium market prices are well below re-investment economics and unsustainable.
A substantial part of the cost curve is operating below breakeven. Higher Lithium prices are required over the next decade to support the over 100 new projects needed to meet anticipated demand.
"Higher Long-Term Lithium Pricing Required to Meet 2030e Demand:
$13,000/T to produce 2.5M T LCE
$15,000/T for 3.0M T LCE
> $20,000/T for 3.3M T LCE" (Albemarle)
In conclusion, the answer to our question remains positive. Lower Lithium prices are the best cure for the low Lithium prices. To meet the projected demand, we need much higher Lithium prices; otherwise, a lack of investments and expansions will lead to deficits, disruptions of supply chains, and price shocks will be imminent again. The cheaper EVs will supercharge the Lithium market again, and China holds the key to this success with companies like BYD leading the seismic shift in the marketplace.
Falling costs of Lithium batteries bring all the Magic here. Average Lithium pack prices fell 20% in 2024, making energy storage installations much cheaper, while technological advances in Lithium Solid-State Batteries make long-range, high-performance, safe electric cars possible and will power Humanoid Robots for years to come.
McKinsey sees Lithium demand stabilising and expects the next upcycle: "Lithium prices appear to have bottomed, with demand growth accelerating beyond electric vehicles due to rapid expansion in stationary storage." China deployed 54.1 GWh of Power Battery Installations in April, coming back on its parabolic growth curve with a 52.8% increase compared to the last year.
My personal journey in the Lithium Universe started many years ago with a simple thesis, that I could not really determine in 2008, which automaker would produce the most successful electric car. But I was sure that all of them would be using lithium batteries. Now, TNR Gold holds NSR royalty on the giant Ganfeng's Mariana Lithium Project in Argentina.
Energy storage will be driving the next chapter of Lithium demand, and humanoid robots will be coming into the picture with every headline about groundbreaking technological progress. Today, you can learn why I believe that TNR Gold becomes "the critical material option play without time decay" on the advance of solid-state Lithium batteries in the energy storage market for high-end applications, including electric cars and humanoid robots.
We are building The Green Energy Metals Royalty and Gold Company. TNR Gold is plugged into Tesla Energy rEVolution with our Royalty Holdings on the Mariana Lithium Project with Ganfeng Lithium, Los Azules Copper, Gold and Silver Project with McEwen Mining and Batidero I and II Properties of Josemaria Copper-Gold Project with Lundin Mining and BHP.
The links below provide more information about GEM Royalty, TNR Gold and our NSR Royalty on Ganfeng's Mariana Lithium Project in Argentina.
TNR Gold Sees M&A Interest As It Develops Royalty Portfolio and Delivers Above Market Returns
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
Angela Harmantes from Proactive is writing 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 on the brink of generating significant royalty revenue from its stake in Ganfeng Lithium's Mariana lithium project in Argentina as it heads toward commercial production, Fundamental Research analysts believe.The analysts have raised their share price target for TNR from $0.24 to $0.28 per share, highlighting the imminent cash flow potential from this strategic investment."
(Angela Harmantes)
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 Investor Presentation: Building The Green Energy Metals Royalty and Gold Company from Kirill Klip
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.
Ganfeng Lithium achieved a major breakthrough with its 400Wh/kg solid-state lithium batteries entering the commercialization phase. The world's first 500Wh/kg 10Ah solid-state battery has achieved small-batch production, setting a benchmark for the industrialization of lithium metal batteries.
My personal journey in the Lithium Universe started many years ago with a simple thesis, that I could not really determine in 2008 what automaker would produce the most successful electric car. But I was sure that all of them would be using lithium batteries. Now, TNR Gold holds NSR royalty on the giant Ganfeng's Mariana Lithium Project in Argentina.
These days, humanoid robots are in the headlines, and the new advanced technology is ready to benefit humans for years to come. These robots will be powered by advanced solid-state lithium batteries. The official ceremony of the inauguration of Marina Lithium's start of production was held by Ganfeng on February 12, 2025. Phase I will produce 20,000 T of LiCl annually.
For all TNR Gold shareholders, it will be very interesting to note here that Lithium Chloride is the preferred Lithium chemical composition to convert into Lithium metal. Now, we can put all recent developments at Ganfeng Lithium and the Mariana Lithium Project into the perspective of this new battery technology. TNR Gold becomes "the critical material option play without time decay" on the advance of solid-state lithium batteries in the energy storage market for high-end applications, including electric cars and humanoid robots.
Ganfeng Lithium continues to build a vertically integrated lithium business worldwide. During the ongoing REE 2.0 lithium price war, Ganfeng is following its primary strategy by using the crash in the lithium market as an opportunity to consolidate the supply chains.
The principal efforts of all major players are focused on securing new production capacity for the raw materials and increasing the market share through long-term supply contracts for OEMs, automakers and, increasingly, providers of energy storage solutions among other lithium battery makers.
The development of the advanced solid-state batteries allows Ganfeng to move up the value chain from its solid base as the leading lithium material producer to the unique status of global vertically integrated energy storage system provider for high-end applications, including electric vehicles and humanoid robots. I believe that Solid-State Lithium batteries will be used in future generations of humanoid Robots; these batteries can provide a much higher energy density of 400 Wh/kg.
"Ganfeng said its first-generation solid-state battery can reach an energy density of 260 Wh/kg, with a production line capable of producing 4 GWh per year." (CnEVPost)
Lithium solid-state batteries opened a new chapter at The End of the ICE Age Chronicles. This advanced lithium battery technology will drive further the global adoption of electric cars with safer batteries, which can provide a longer driving range. Ganfeng has elevated its lithium solid-state batteries technology to a new level of industrial mass-scale production and built state-of-the-art production facilities in China.
"Changan is working on prototype cell designs for new types of batteries, such as lithium-sulfur and metal batteries, and expects the energy density to exceed 1,300-1,500 Wh/kg, with the aim of starting to be used in mass-produced vehicles in 2035, according to the minutes.Ganfeng is also working on solid-state batteries, saying in the minutes of an investor conference released on May 19 that its first-generation solid-state batteries can reach an energy density of 260 Wh/kg, with a production line designed to have an annual capacity of 4 GWh.Ganfeng's second-generation hybrid solid-state lithium batteries use lithium metal as the anode and can reach an energy density of 400 Wh/kg, the company said." (CnEVPost)
Now, SMM reports that "Lithium King" Ganfeng Lithium Achieves Major Solid-State Battery Breakthrough, 400Wh/kg Battery Enters Commercialization Phase"
"The "Lithium King" Solid-State Battery Achieves Major Breakthrough! 400Wh/kg Product Enters Commercialization Sprint. Ganfeng Lithium (002460.SZ), known as the "Lithium King," released an announcement regarding the progress of its solid-state battery project. The 400Wh/kg battery achieved a cycle life of over 800 cycles and completed engineering validation, demonstrating potential for large-scale application. The world's first 500Wh/kg 10Ah product has achieved small-batch production, setting a benchmark for the industrialization of lithium metal batteries." (SMM)
With all these developments at Ganfeng Lithium, you can better understand why TNR Gold becomes "the critical material option play without time decay" on the advance of solid-state lithium batteries in the energy storage market for high-end applications, including electric cars and humanoid robots.
McKinsey sees lithium demand stabilising and expects the next upcycle: "Lithium prices appear to have bottomed, with demand growth accelerating beyond electric vehicles due to rapid expansion in stationary storage." Now is a very good time to discuss TNR Gold NSR Royalty Holding on the Ganfeng's Mariana Lithium Project in Argentina.
TNR Gold Royalty Holding: Ganfeng Officially Inaugurates Mariana Lithium's Start of Production in Salta, Argentina
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