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.
"Today you can learn more, why 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. With the coming feasibility study, it can become even more significant."
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.
Proactive:
"TNR Gold earlier this week discussed new developments at the Los Azules copper project following the release of a feasibility study by McEwen Copper.
The company told investors that the study confirmed Los Azules as a low-cost, long-life, and high-purity copper cathode producer. Initial production is projected at over 200,000 tonnes annually in the first five years, followed by an average of 148,000 tonnes per year across a 21-year mine life.
Proactive: McEwen Copper has announced positive results from the feasibility study for the Los Azules copper project in Argentina, and it confirms an economically robust copper project and also a leading ESG performance.
Kirill Klip: We are building the green energy metals, royalty and gold company. And as we discussed before, this year we are graduating from a project generation company into a cash-flow royalty-generating company. Ganfeng Lithium put Mariana Lithium into production in February. And now Rob McEwen has delivered us another very big reason for celebration.
The feasibility study confirms that Los Azules is a low-cost, long-life, high-purity copper cathode producer with very strong economic data and sustainability.
Take us through some of the study highlights, because I see that they point out it's a significant mineral resource with further scope for growth.
Yes. Rob McEwen is talking about increasing production in the first five years to over 200,000 tonnes of copper, and then over the 21-year life of mine, an average of 148,000 tonnes annually. The cash cost is $1.71 per pound, and the all-in sustaining cost is just $2.11 per pound. And the copper price used is $4.35 per pound.
In terms of the mineral resource, we should mention the large porphyry targets on the property, which could be drilled next.
It’s also being designed for low environmental impact. So, really ticking that ESG box at the same time.
Yes, exactly. This is a giant project, among the 10 largest in the world. Proven and probable reserves are 10.2 billion pounds of copper. In the measured and indicated resource category, we now have 5.4 billion pounds, and in the inferred resource category, 20 billion pounds of copper.
Rob McEwen is aiming to make the project’s footprint as small as possible. This project will use significantly less water — about 70% less than normal copper projects — and it will produce copper using renewable energy.
Talk to us about the financing, construction and also potential partners to build. As we've discussed before, the IFC is potentially leading the debt financing.
Yes. Rob McEwen’s team is lining everything up to make a construction decision. As we discussed last week, IFC signed a collaboration agreement with McEwen Copper. Now we can talk about the potential participation of the IFC in equity financing. They could become a lead lender and investor in the project.
A very important announcement came just before the feasibility study. Los Azules was accepted into Argentina's large investment incentive program. This offers significant tax reductions, free flow of hard currency, and smoother transition of goods.
From the feasibility study, we’re seeing more details about potential partners. YPF, a large Argentine power producer, is allocating over $400 million to build a line to power the project with renewable energy. That cost is not included in the mine construction budget.
Rob is now talking about commitments of up to $1.1 billion from economic export agencies in Europe and equipment suppliers, which could cover up to 80% of the mechanical costs.
As we continue to see M&A activity among royalty companies, what does that tell you about the potential valuation of your NSR in Los Azules?
Yes, it’s a very important year for our shareholders. We’ve seen new industry players entering our relatively small royalty space, investing in many gold royalty companies and buying gold. There’s excitement in the sector.
Valuations are going higher, and we’ll likely see another wave of consolidation in the royalty industry. Rob McEwen previously estimated a potential valuation of $100 million for his royalty at Los Azules, based on a deal by Osisko Gold in Ecuador.
That gave us a reason to think about a $30 million valuation for the Los Azules royalty owned by TNR Gold. Now, we believe that may be conservative. Fundamental Research Corporation recently increased our target price from $0.28 to $0.30.
Now we can talk about the potential royalty revenue of up to $10 million per year. We’re still checking the numbers, but we can now see the estimated potential NSR cash flow that could give us valuations over $50 million for our royalty on Los Azules. TNR Gold already delivered a 100%+ increase in share price this year. We’re now working on another 100%+ milestone.
Quotes have been lightly edited for style and clarity"
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