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.
TNR Gold shareholders are eagerly anticipating further positive developments from Argentina for the Los Azules Copper Project, 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.
Mining.com:
Reuters
McEwen Mining expects to complete a feasibility study for its Los Azules copper mine in Argentina in two months, paving the way for the Canadian miner to seek $600 million in financing needed to build infrastructure next year, a top executive said in an interview.

McEwen’s copper division has spent $300 million on the project in the Andes mountains that will ultimately require about $3 billion, Michael Meding, vice president of McEwen Copper, told Reuters.
The company is aiming to secure 20% of the total investment, the equivalent of $600 million, as soon as possible next year, he said.
Los Azules expects to produce between 180,000 and 200,000 metric tons of copper annually by 2030, one of the eight major copper projects hoping to benefit from projections of soaring demand for the red metal in the coming years.
Argentina’s substantial copper deposits are largely untapped, and the country has not produced any copper since the Bajo de la Alumbrera mine, then operated by Glencore, closed in 2018.
In the coming year, Los Azules plans to expand the on-site encampment, build roads and erect electricity lines. Mine construction is slated to begin in 2027, with production starting in late 2029 or early 2030.
“Our main challenge isn’t engineering … it’s mobilizing the necessary funding so we can move at the pace we’d like,” Meding said.
The project also hopes that $277 million of the investment will qualify for an incentive program launched under President Javier Milei known as the Incentive Regime for Large Investments, or RIGI, meant to light a fuse under major investments.
McEwen Mining is the biggest owner of Los Azules with a 46.4% share, followed by automotive company Stellantis and global miner Rio Tinto’s leaching technology unit Nuton.
McEwen recently announced it has produced laboratory-scale cathodes, which Meding called an “important test” for the mine’s plans to exclusively produce cathodes.
The mine will use a heap leach production method that will allow it to use five-sixths less water than the traditional flotation and concentrate process, along with other techniques that will reduce its environmental impact, Meding said.
Los Azules has also committed to becoming carbon neutral by 2038, and plans to use renewable energy, mostly solar, from Argentina’s state-owned YPF Luz.
Meding noted that McEwen was competing with other industries, not just mining, to secure funding.
“We need to convince big capital now,” he said.
(By Lucila Sigal and Daina Beth Solomon; Editing by Christian Plumb and Rod Nickel)"
TNR Gold Los Azules Copper NSR Royalty: US Copper Futures Surged to a New All-Time High at $5.9578 per lb
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.
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.
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