U.S. Copper futures reached an all-time high of $5.9578 per pound on July 24, 2025, driven by heightened market tensions following the announcement of a new 50% Copper tariff amid an escalating trade war. The previous ATH was at $5.8955 on July 8, 2025.
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.
Copper follows Gold's lead, breaking out to the upside. At the moment, US COMEX Copper futures prices are leading the race over LME, fueled by the new announcement of coming tariffs. I think that this rally is sustainable and indicates increasing inflation expectations and fear of disruption of global supply chains during continued trade wars. LME Copper future prices will be rising as well, closing this arbitrage opportunity with COMEX.
TNR Gold shareholders are eagerly anticipating further positive developments from Argentina for Los Azules Copper, bolstered by the overwhelming support of the TNR Gold Team and strong endorsement of our strategic direction at the recent Annual General Meeting.
“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.”
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.
Now, you have another great opportunity to learn more about TNR Gold and our NSR Royalty on the giant Los Azules Copper, Gold and Silver Project. Rick Rule interviews Rob McEwen, and you can get more detailed information on Los Azules development and Rick Rule's unique perspective on its potential valuation.
Today, we can revisit TNR Gold NSR Royalty Holding's potential valuations and all the latest developments at McEwen's giant Los Azules Copper from this perspective of the record copper prices.
Rob McEwen calls Los Azules Copper "Equivalent to a Giant Gold Project". Los Azules is the world's 8th largest undeveloped Copper project and the 4th largest Copper project which is not controlled by a major mining company. It can become even more significant after the release of the upcoming feasibility study.
The resource estimate for the Preliminary Economic Assessment released in 2023 was modelled using only drilling results until the end of 2022.
"Exploration over our property has produced an intriguing target, late in the season. Initial results of a concession-wide regional mapping and sampling campaign have identified strong evidence of a large porphyry system 3 kilometers east of the Los Azules deposit. Porphyry-style veining and quartz vein stockworks with copper oxide mineralization have been recognized within this new target, with assay results pending."
Rio Tinto's advanced technology, developed by Nuton, will be used to extract and produce the LBMA Copper plate at Los Azules. Apparently, they like what they see at the project, including the very impressive drilling results from last season.
After its latest investment of US$35M, Rio Tinto increased its total amount invested in McEwen Copper to US$100M. In my opinion, Rio Tinto, the world's second-largest mining company, opens the door to taking a more proactive approach to the development of Los Azules.
This giant company has everything needed to put Los Azules into production: technology, capital and an appetite for M&A, as demonstrated in the last deal in the Lithium sector.
TNR Gold is holding NSR Royalty on the entire Los Azules Copper Project, and we celebrated in December the grant of the environmental permit for the construction and operation of the Los Azules Copper mine.
Today, I would like to illustrate the magnitude of this truly giant Gold, Copper, and Silver deposit and Rob McEwen's vision of developing it into the world's first regenerative green copper mine in Argentina.
"I like to look at some deposits converted into a Gold equivalent. This deposit is equivalent to 60 million ounces of Gold deposit. Cash costs are on the equivalent basis of just over $600/oz, and the overall cost is just over $1000/oz. It will be producing over 600,000 ounces of Gold per year. In my book, this is one of a hell Gold deposit! That's almost what the Timmins district, the most prolific Gold district in Canada has produced over the last 100 years." (Rob McEwen)
Rob McEwen is moving forward fast after securing the environmental permit for the construction and operation of the Los Azules Copper Project. Following the bold economic reforms introduced by the President of Argentina, Javier Milei, McEwen Copper requested admission to Argentina’s Incentive Regime for Large Investments.
The admission to RIGI could move the Los Azules copper project development closer to the construction decision, which may be made as soon as this year after the release of a feasibility study.
"Next Steps: Towards Feasibility and Construction
With the approval of the EIA, the upcoming feasibility study scheduled for the first half of 2025, and the approval of the application for admission to the RIGI, Los Azules has the potential to begin construction in early 2026, which will strengthen even further McEwen Copper’s position at the forefront of sustainable mining and as a major driver of economic and social development in San Juan." (McEwen Copper)
"Today, we have the opportunity to listen to Rob McEwen's presentation about the world's first regenerative green Copper mine in Argentina. This giant Copper, Gold, and Silver project is attracting increasing attention in the industry and among investors. TNR Gold is holding NSR Royalty on the entire Los Azules Copper Project, and our shareholders will benefit from the progress towards a feasibility study and the permit to build this mine."
Please read my legal disclaimer. There is NO investment advice on any Kirill Klip feeds and blogs. Always consult a qualified financial adviser before any investment decisions.
Do Your Own Research.
Copper will be next to shine after the brutal sell-off. I consider the drop in Copper prices to be the aftershock following the real estate bubble's burst and the direct result of previous lockdowns in China. Now, China is cutting rates and boosting stimulus to reignite its growth. The price of Copper has broken its downtrend and is rising due to fear of trade war escalation and new tariffs expectations.
"Goldman Sachs is talking about Copper price reaching $6.8 per lb driven by the deficit in the market. "If Copper goes to $6 per lb it will put a few smiles on the faces of people around here", Rob explains. "There is a large gap between supply and demand is developing according to Goldman Sachs. And if China comes back on stream, they are the big buyer of Copper... so we could see that number. I will be very happy as Los Azules is projected to be producing copper at $1.7 per lb." (Rob McEwen)
With this significant vote of confidence from Rio Tinto, the world's second-largest metals and mining company, we are opening a new chapter of TNR Gold's Story and our Green Energy Metals Royalty portfolio in Argentina. Ganfeng Lithium inaugurated the first phase of 20,000 LiCl T/Y production at Mariana Lithium on February 12, and the giant Los Azules Copper project secured a permit to build and operate a mine and is moving towards the bankable feasibility study and construction decision.
We repaid our investment loan fully, and our Company has no debt. We believe that the recent market prices of our shares do not properly reflect their underlying value. Our transformation from a project-generating junior mining company into a cash-flow-generating royalty company will provide the necessary catalyst for the market valuation of our assets.
"TNR Gold's 0.36% NSR Royalty could be valued at US$30 million, based on Rob McEwen's estimations analysing the recent Osisko Gold Royalties deal with SolGold in Ecuador. In the Alastair Ford article, you can find more information about TNR Gold and benchmarks for our GEM Royalty portfolio."
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 you with all the latest information about TNR Gold's Royalty portfolio, potential valuations of TNR Gold's NSR Royalty and how Rob McEwen's plan to produce "Green Copper" for Argentina is taking shape.
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