Lithium Universe confirms signs of intelligent life with Lithium prices making back-to-back advances in China. Lithium LCE prices surged to CNY118,500 in the last trading days of 2025.
Recent mergers and acquisitions activity is generating renewed enthusiasm in the sector. The TNR Gold team extends its congratulations to the Altius team on this remarkable milestone for the Green Energy Metals space: the acquisition of Lithium Royalty Corp.
Ganfeng's Mariana Lithium NSR Royalty found two homes with nurturing, loving hands where it can grow for years to come.
Chart by Nicholas Winton
"TNR Gold's 2025 share price surged 240% from CAD 0.05 to 0.17, fueled by insider purchases totalling over 2 million shares and minimal dilution, as detailed in the attached chart showing a bull flag breakout and heavy accumulation signals." (Analysis by Grok)
TNR Gold Team has delivered a 240% increase in our Company share price in 2025 and is now working on achieving the next 100% plus milestone. Nobody knows the future, but we know where we are going.
"My personal share price target for our Company is to reach a minimum of C$0.50, and with all our dedication, your support, and a strong gold market, we can aim at C$1.0 after the successful J/V partnership on the Shotgun Gold Project in Alaska."
“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.”
Lithium Universe confirms signs of life, and Ganfeng Lithium is accelerating the progress of the production capacity ramp-up at the Mariana Lithium project.
“Key Comments from Jason Luo (Ganfeng Lithium South America) Mariana Lithium Project: 60% Resource Increase”
Lithium Argentina AG Q3 2025 Earnings Call Summary by Grok:
"Mariana Lithium Project: 60% Resource IncreaseThe call featured direct input from Ganfeng executives on Mariana, a wholly owned Ganfeng project in Salta Province, Argentina (adjacent to PPG). Mariana commenced production in February 2025 with a 20,000 tpa lithium chloride (LiCl) capacity (Stage 1), backed by a $980 million investment (including a 190 MW off-grid solar plant—the largest in Argentine mining). It uses direct lithium extraction (DLE) technology for low-emission output.Key Comments from Jason Luo (Ganfeng Lithium South America):
- Mariana is in ramp-up for Stage 1 and "going good."
- Resource Update: Recent drilling upgraded total lithium resources from ~8.12 million tonnes LCE (2021 estimate) to ~13 million tonnes LCE—a more than 60% increase. This is driven by expanded inferred resources, with "big potential in the deeper horizon" (current wells at ~350m; deeper drilling planned).
- Advantages: Lower lithium concentration than PPG but "much higher pumping rate," making resources non-bottleneck for scaling. High flow rates support efficient extraction.
- Expansion Plans: Phases 2 and 3 under study to double+ capacity (targeting 40,000+ tpa LiCl). Ganfeng plans to submit a RIGI application package early 2026, aligning timelines with market conditions, PPG construction, and Cauchari-Olaroz progress. Decision on FID expected post-RIGI approval." (By Grok)
November 10, 2025
Xiaoshen Wang
President & Vice Chairman, Ganfeng Lithium
President & Vice Chairman, Ganfeng Lithium
"Our plan in Argentina is to grow from our existing 60,000 tonnes of capacity today from Cauchari-Olaroz and Mariana to over 250,000 tonnes.""And to your question about comparison between Mariana and the PPG, I would say PPG has higher concentration of the lithium. Mariana has lower, but Mariana has a much higher pumping rate. So each one has their own advantage. And so both projects are good projects."
President, Ganfeng Lithium Argentina
"Yes. Right now, Mariana is still working on the ramp-up stage for the Stage 1 -- and it's going good. It's been good. And regarding Stage 2, the first thing we want to share is like Mariana recently, we just updated the resource estimation and the resource increased from 8M T LCE to 13M T LCE (KK Edits as per Grok confirmation), up for more than 60%. And we still have a big potential in the deeper horizon because like we didn't drill deep enough.Right now, most of the wells just reached to 350 meters. And actually, we can drill like much deeper. And Mariana is unique because the pumping rate is very big. So the resource is not a bottleneck for Mariana. So yes, indeed, we are planning for the expansion Phase 2 and Phase 3, and we plan to put a package and apply for RIGI, we will present that early next year.And then we will look at the market condition and also like the construction progress of other projects such as PPG and Cauchari. And then we will analyze and finally decide what will be the time line for the expansion of Stage 2 and Stage 3 with Mariana."
"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 $13,125 per Tonne" - an increase of 25% 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."
On the demand side, China is back on its exponential curve of growth for the sales of electric vehicles. China NEV sales were up 20.6% year-on-year, reaching 1,823,000 units sold in November 2025.
The electric vehicles' penetration rate in China was up to 53.2% in November 2025, compared to 45.6% in November last year.
China Power Battery Installations were up 39.2% year-on-year in November 2025, reaching 93.5 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 176.3 GWh in November 2025, up 49.2% year-on-year!
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.
During the ongoing REE 2.0 Lithium price war, Ganfeng is following its main strategy by using the crash in the Lithium market as an opportunity to consolidate its supply chains. The main efforts of all major players are focused on securing new production.
"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 fresh water 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)
Ganfeng Lithium, 2025 Interim Report, September 30, 2025
“Ganfeng Lithium's Mariana Salt Lake Project stands as a transformative initiative within the company's expansive strategy to secure and develop high-quality lithium resources”
Ganfeng Lithium, 2024 Annual Report, April 30, 2025
"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)
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.
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