"TNR Gold Corp (TSX-V:TNR, OTC:TRRXF) executive chairman Kirill Klip talked with Proactive's Stephen Gunnion about the company’s strong start to 2026, highlighting the next key milestones after a 240% share price increase in 2025.
Klip outlined how TNR Gold plans to minimize dilution, pursue share buybacks, and potentially introduce a dividend policy subject to regulatory approval. A major catalyst this year is the anticipated first royalty payment from Ganfeng Lithium tied to the Mariana Lithium project in Argentina. “Our general strategy will be to minimize dilution to absolute minimum... and to increase the returns for all our shareholders,” said Klip.
He also noted a 60% increase in lithium resources at Mariana, with production scaling up and Ganfeng preparing an application for Argentina’s large investment incentive program. On the copper front, Klip discussed the Los Azules project, now bolstered by copper prices surpassing $13,000 per tonne. He said royalties from this project could reach $8 million annually, while lithium royalties may climb to $1.6 million based on new estimates.
Regarding gold, Klip discussed the Shotgun Gold project in Alaska, where TNR is seeking a strategic partner. He revealed plans for a potential spin-out named AmeriGold, in which existing shareholders would receive shares." (Proactive)
The TNR Gold Team started this year on a very strong note, having delivered a 240% increase in our Company's share price in 2025. We reached an intraday high of 19 cents on January 26, 2026.
“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.” (By Grok)
Chart by Nicholas Winton
Angela Harmantas from Proactive wrote about the new report on TNR Gold from Fundamental Research Corp.:
"TNR Gold is on the cusp of becoming a revenue-generating royalty company, according to a new report from Fundamental Research, with analysts citing rising lithium and copper prices as key drivers for near-term earnings."
"The company, which focuses on royalties from projects operated by other mining firms, has seen its shares surge 240% year-over-year, significantly outperforming the BetaShares mining royalty ETF, up just 17% over the same period.TNR’s portfolio includes the Shotgun gold project in Alaska, as well as royalties on two advanced South American projects: the Mariana lithium project in Argentina, owned by Ganfeng Lithium (SZSE: 002460), and the Los Azules copper-gold project, controlled by mining veteran Rob McEwen and his institutions." (Angela Harmantas)
"Analysts at Fundamental Research noted that TNR is “awaiting its first royalty payment, expected this quarter, as Ganfeng began production at its Mariana lithium project last year.” Based on current lithium prices, the firm estimates TNR could earn around US$1.6 million annually from Mariana.
“Receiving this first payment will be a major milestone, marking TNR’s transition into a revenue-generating royalty company,” analysts wrote." (Angela Harmantas)
TNR’s Los Azules copper-gold royalty is also drawing attention. McEwen completed a feasibility study in October 2025, confirming the project’s economic attractiveness, and the project was included in Argentina’s Large Investment Incentive Regime (RIGI), granting tax and export benefits. Copper prices, meanwhile, have risen 34% year-over-year to an all-time high of US$5.82 per pound. Fundamental Research estimates TNR could earn US$5 million annually in royalties at conservative copper prices, rising to US$8 million at current spot prices, with construction planned to begin in 2026 and commercial production by 2029. (Angela Harmantas)
"Fundamental Research reiterated its Buy rating on TNR, raising its fair value estimate from C$0.30 to C$0.35 per share. TNR “offers exposure to gold, lithium, and copper through projects in Alaska and Argentina, and is on the verge of earning its first royalty revenue,” analysts wrote, adding that “high metal prices, combined with project milestones, position TNR for significant revenue potential.” (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.
"Elsewhere, at the Shotgun gold project in Alaska, TNR is actively seeking a JV partner to advance the project to a Preliminary Economic Assessment (PEA). Shotgun hosts inferred resources totaling 706 Koz of gold at a grade of 1.1 grams per tonne. Analysts believe the project has expansion potential, with the Shotgun Ridge deposit remaining open along strike and at depth." (Angela Harmantas)
The valuation matrix provided by Fundamental Research enables investors to assess the impact of varying copper and lithium price assumptions on the potential valuation of TNR Gold Corp.
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