Lithium Universe confirms signs of life, and Ganfeng Lithium is accelerating the progress of the production capacity ramp-up of the Mariana Lithium project.
"Securing high-quality and stable lithium resources is fundamental to the long-term sustainable growth of our business. The Company adheres to the aim of globalizing the layout of its resources, and will continuously expand its current lithium resources portfolio through further exploration, and actively improve the self-sufficiency rate of resources of the Company. In terms of brine, the Company will proactively advance the development and construction of the Mariana lithium salt-lake project..." (Ganfeng Lithium, 2025 Interim Report, September 30, 2025)
Benchmark confirms our observations about the signs of life in the Lithium Universe: "BMI Lithium Carbonate Spot Price EXW China, Min 99.5%, Battery is $11,025 per Tonne" - an increase of 7% year on year. "EVs dominate battery demand while BESS increase its share".
"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 more about 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.
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.
The links below provide more information for your further due diligence about GEM Royalty, TNR Gold and our NSR Royalty on Ganfeng's Mariana Lithium Project in Argentina.
"The salt lake brine lithium ore is the most important type of lithium resources among the types of lithium ore currently under development in the world. Salt lake brine is the type of lithium ore with the lowest lithium extraction costs worldwide. However, due to differences in natural environments and lithium extraction methods, the construction cycle of salt lakes is longer than that of mines. The salt lake resources in South America are abundant and of high quality, but difficult to develop, and are limited by various factors such as environmental assessment and approval, high altitude, shortage of freshwater resources and supporting infrastructure, requiring large-scale capital expenditure, mature technology and project team support. The projects in Argentina are mostly led by large companies with strong capital and efficient execution. However, due to the poor development environment (high altitude, remote location, poor infrastructure, etc.), sustainable use of water resources, technical and technological challenges, and community relations maintenance issues of the salt lake projects in Argentina, the overall development progress is relatively slow. Under the current short-term price pressure, companies with technological breakthrough capabilities and resource advantages will be the first to break through. The Company’s Cauchari-Olaroz Salt Lake Project is already in the process of ramping up to a steady production capacity, and it is expected that battery-grade products will be gradually produced with subsequent ramp-up of production capacity and optimization of the production line. The first phase of the Company’s Mariana project has also officially commenced production in early 2025, and it is expected to provide a certain degree of incremental to the supply of global lithium resource in 2025, with subsequent gradual ramp-up of production capacity." (Ganfeng Lithium, 2025 Interim Report, September 30, 2025)
Chart by Nicholas Winton
TNR Gold Team has delivered more than a 100% increase in our Company share price this year and is now working on achieving the next 100% plus milestone.
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 modeland 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.
TNR Gold shareholders are eagerly anticipating positive developments from Argentina, 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.”
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 more about 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 for your further due diligence about GEM Royalty, TNR Gold and our NSR Royalty on Ganfeng's Mariana Lithium Project in Argentina.
Chart by Nicholas Winton
Lithium Universe shows signs of life, and Ganfeng Lithium is accelerating the progress of the production capacity ramp-up of the Mariana Lithium project.
"Mariana is a lithium-potassium salt lake located in Salta Province, Argentina. According to a technical report issued by Golder Associates Consulting Ltd., the total lithium resources at the Mariana lithium salt lake project amounted to approximately 8,120,000 tons of LCE. The construction of the project has been completed. In February 2025, the production line for phase I of the Mariana lithium salt-lake project with a planned annual production capacity of 20,000 tons of lithium chloride was officially put into operation. The Company will accelerate the progress of the production capacity ramp-up of the project, and it is expected that the Mariana project will gradually supply lithium chloride products in a stable manner from the second half of 2025 onwards." (Ganfeng Lithium, 2024 Annual Report, April 30, 2025)
Ganfeng Lithium, 2024 Annual Report, April 30, 2025
Brilliant Dwayne Sparkes explains the supply factors following the announcement that "Chinese Miner Zangge Halts Lithium Production at Subsidiary After Government Order", which I believe will lead to another deficit in the market and much higher Lithium prices this year already:
"Goes to show, the balance between a surplus and deficit in the lithium market is tighter than what most initially thought. If a small, 11,000 tonne LCE operation shutting down causes a 4% spike in lithium carbonate price, I'd hate (love) to see what happens when one of these larger lepidolite mines or operations in Africa shuts off. As I've said before in a previous post, in 2022 during the boom, 784kt of LCE hit the market and the demand was 854kt of LCE, an 8% deficit. An 8% deficit is what cause the massive spike in lithium price. It was then a 1-3% surplus that caused the massive downturn in prices. Its a very fine balance in this lithium market and small factors could throw it into a deficit/surplus. From what we've seen, small surpluses/deficits cause massive price swings. It's probable many more mines in China will come offline soon, especially the lepidolite ones. Forget about processing technology, when you're mining 0.29% ore grade, that's a LOT of barren rock you need to chew through to make a tonne of LCE (I sound like a broken clock). CATL's 414 mine isn't even pegmatite hosted! It's hosted in the roof of a granite (see below cross section). Imagine how disseminated and fine the ore must be (the minerals are much larger in pegmatites and hence are easier to process). Smaller and finer ore = harder and more expensive to beneficiate = more negative effects on the environment = time to develop spodumene projects. The lithium market is unique in a sense because future supply relies on unproven technology (DLE), very dirty unsustainable sources (lepdiolite, some brines, etc.) and deposits located to very unstable, war torn jurisdictions (DRC, etc.). It's very possible that DLE isn't going to be cost effective on a commercial scale and more mines get shut down due to environmental/other reasons. Given how fine the balance is, I'm sure you can make up your own mind as to what would happen to the lithium price.Thanks for reading. Coffees are pouring well today." (Dwayne Sparkes on X, July 18, 2025)
On the demand side, China is moving back on its exponential curve of growth for the sales of electric vehicles. China NEV sales were up 26.7% year-on-year, reaching 1,329,000 units sold in June 2025.
The electric vehicles' penetration rate in China was up to 45.8% in June 2025 compared to 41.1% in June last year.
China Power Battery Installations were up 35.9% year-on-year in June 2025, reaching 58.2 GWh. Energy Storage is expected to become the new driver for the demand for Lithium batteries, while Humanoid Robots will be opening a totally new chapter for the Lithium industry.
All our observations of the growing demand for Lithium are confirmed by the new record in China's monthly Lithium battery production, which reached 129.2 GWh in June 2025, up 51.4% year-on-year! Now we can revisit our previous observations:
"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."
"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."
"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".
"Hi, I'm Kirill Klip, Chairman and CEO of TNR Gold Corp. We're at the forefront of the green energy metals sector, with royalty interests in world-class projects like the Mariana Lithium Project and the Los Azules Copper Project in Argentina. The demand for lithium, copper, and other critical metals is surging as the world accelerates its shift towards sustainable energy. At TNR Gold, we're strategically positioned to benefit from this trend, offering investors exposure to the future of energy while maintaining a strong foothold in the gold market. With recent advancements in our key projects, such as Ganfeng Lithium's starting production at Mariana Lithium and McEwen Mining securing environmental permits for Los Azules, we're poised to generate significant value through our royalty interests. My extensive experience in mining and my commitment to sustainable practices drive our mission to contribute to a greener future."
Kirill Klip, Executive Chairman,
TNR Gold Corp.
Mariana Lithium NSR Royalty Holding
"On February 20, 2025, TNR Gold announced that Ganfeng Lithium Group Co., Ltd. (“Ganfeng”) provided an update on the Mariana Lithium Project. TNR holds a 1.5% NSR royalty on the Mariana Lithium Project in Argentina, of which 0.15% NSR royalty is held on behalf of a shareholder of TNR.
On February 14, 2025, Ganfeng announced commencement of formal production of the Mariana Lithium salt-lake project in Argentina. Ganfeng stated in its announcement:
“A production ceremony for the first phase of the Mariana lithium salt-lake project in Argentina owned by Litio Minera Argentina S.A. (hereinafter referred to as “LMA”), a wholly-owned subsidiary of Ganfeng Lithium Group Co., Ltd. was held at the project site on 12 February 2025, which means the formal production of the first phase of the Mariana lithium salt-lake project.
Mariana lithium salt-lake project is located in Salta Province, Argentina, with total lithium resources of approximately 8,121,000 tons of LCE currently explored. After the formal production of the first phase of Mariana lithium salt-lake project with an annual production capacity of 20,000 tons of lithium chloride production line, the Company will actively accelerate the ramp-up of the production capacity of the project. With the gradual release of production capacity, the supply and cost structure of the lithium resources of the Company will be further optimized, the Company’s profitability will be enhanced, and the Company’s core competitiveness in the global market will be continuously improved.
The Company will perform the corresponding procedures and obligation of information disclosure according to the subsequent progress of the relevant matters. Investors are advised to invest rationally and pay attention to the investment risks.”
“We are very pleased that Ganfeng officially inaugurated the Mariana Lithium’s start of production at a 20,000 tons-per-annum lithium chloride plant on February 12, 2025”, commented Kirill Klip. “We are looking forward to our first NSR royalty cash flow payments from the Mariana Lithium Project.
TNR does not have to contribute any capital for the development of the Mariana Lithium Project, the Los Azules Copper Project or the Josemaria Project. The essence of our business model is to have industry leaders like Ganfeng as operators on the projects that will potentially generate royalty cashflows to contribute significant value for our shareholders.”
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