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 Mariana Lithium Project and 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.
Proactive:
TNR Gold said it is continuing a strategic review as the Canadian royalty and exploration company fields increased merger-and-acquisition interest across its portfolio of lithium, copper and gold assets.
Executive chairman Kirill Klip said TNR is positioning itself as a “gateway to the green energy revolution and gold stability,” with a business model focused on royalty income from projects operated by major mining groups.
The company holds a 1.5% net smelter return (NSR) royalty on Ganfeng Lithium’s Mariana lithium project in Argentina and a 0.4% NSR royalty on McEwen Inc’s Los Azules copper project, partially on behalf of a shareholder.
TNR also owns 90% of the Shotgun Gold Project in Alaska, which hosts 705,960 ounces of inferred gold resources.
The company said its marketing efforts have raised its profile with industry buyers, pointing to a 2023 transaction in which Lithium Royalty Corp valued a portion of TNR’s Mariana royalty at US$9 million. Management recently repaid an investment loan in full, leaving all assets unencumbered.
TNR said it has resisted “opportunistic low-ball offers” and hostile approaches and noted that its share price has outperformed broader markets during periods of volatility, including the COVID-19 pandemic and recent market pressure sparked by US tariff announcements.
A special committee of independent directors, formed in 2023, continues to evaluate strategic options, including further royalty acquisitions and potential alliances with major mining companies. The company said its shareholder rights plan provides protection against “crawling takeover attempts” and helps ensure value is maximized for investors.
Klip said management is working on initiatives to boost valuations of its royalty portfolio, preserve capital, and potentially launch a normal course issuer bid to reduce the share float, subject to regulatory approval. TNR is also considering outside investment to advance the Shotgun project and has created a corporate structure for a possible spinout under the name AmeriGold.
At the Shotgun project, the company is seeking a joint-venture partner to fund exploration and development. Recent fieldwork in Alaska has focused on geochemical anomalies and geophysical targets near Shotgun Ridge and Winchester, in a region TNR says shares characteristics with the nearby Donlin Gold deposit.
TNR reiterated that it will not need to contribute capital to development at Mariana, Los Azules or the Josemaria project, consistent with its royalty-focused model.
The update follows milestone developments from its operating partners. Ganfeng formally began production from the first phase of the Mariana lithium salt-lake project in February, with plans to ramp up capacity of its 20,000-tonne-per-year lithium chloride line in the second half of 2025. TNR said it expects its first royalty payment once production stabilizes.
McEwen Copper, meanwhile, recently released a positive feasibility study for Los Azules, confirming plans for a long-life, low-cost copper cathode operation and targeting first production in 2030. The project has secured environmental approvals and entered Argentina’s Large Investment Incentive Regime, providing long-term tax and foreign-exchange stability.
“We are building the Green Energy Metals Royalty and Gold Company,” Klip said, adding that partnerships with operators such as Ganfeng, McEwen, Lundin Mining and BHP could underpin future royalty cash flows.
TNR plans to hold its next annual general meeting in June 2026, when shareholders will vote on director elections, auditor appointments and the company’s stock option plan."
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Do Your Own Research.
Lithium Universe Confirms Signs of Life. TNR Gold NSR Royalty: "Ganfeng's Mariana Project Will Gradually Supply Lithium Chloride Products in a Stable Manner From the Second Half of 2025 Onwards"
Lithium Argentina AG Q3 2025 Earnings Call Summary by Grok:
TNR Gold Los Azules Copper NSR Royalty: Copper Surged to a New All-Time High at $11,200 per Ton on LME
"Rio Tinto, through Nuton, invested an additional $35 million in October 2024, building on prior funding to test and deploy low-water, high-recovery copper extraction methods at Los Azules, a Tier 1 asset with 10.2 billion pounds of reserves and projected annual production of 148,000 tonnes over 21 years at $1.71/lb cash costs. The project's acceptance into Argentina's incentive regime and renewable energy commitments could yield TNR Gold up to C$10 million in annual royalties at current prices, supporting EV supply chains amid rising copper demand, with analysts valuing the royalty above $50 million."
TNR Gold in the Alaskan Elephant Country: Shotgun Gold Project Relationship With Developing NovaGold's Donlin Gold Mining Camp
