Guest post:
TNR Gold: Building the Green Energy Metals Royalty Story in Argentina - the New Powerhouse of rEVolution
TNR Gold is moving quickly on its path to transitioning from a project-generating junior mining company into a cash-flow-generating royalty company. We believe that the recent market prices of our shares do not properly reflect their underlying value, and that this transformation will provide the necessary catalyst to crystallise the potential valuation of our assets for investors in the marketplace. Let's explore our company's rising value proposition.
Chart by Nicholas Winton
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 CEO provided an update on his personal vision and set strategic goals for the TNR Gold Team we are working to achieve now.
Building The Green Energy Metals Royalty and Gold Company: The TNR Gold Team Continues To Increase Our Stake
"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."
“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)
We have celebrated major developments with all our royalty projects last year. After meeting with the President of Argentina, Javier Milei, Ganfeng officially inaugurated Mariana Lithium's start of production in Guemes, Salta, on February 12, 2025, and this project will become the first cash-flow-generating royalty for TNR Gold!
In a major vote of confidence, Rio Tinto, the world's second-largest metals and mining company, invested an additional $35M in McEwen Copper, bringing the total investment to $100M. In December 2024, McEwen Copper secured a key environmental permit for the construction and operation of the giant Los Azules Copper project in Argentina!
In October 2025, McEwen Inc. released the feasibility study, confirming that Los Azules Copper is an economically robust project with a long-life, low-cost producer of high-purity copper cathodes with strong economic returns and sustainability:
"Kirill Klip, the Company’s Chief Executive Officer, stated, “We are pleased that McEwen Copper has reached this major milestone releasing feasibility study after it secured an environmental permit for the construction and operation of the Los Azules copper project. Feasibility study confirms that Los Azules copper is economically robust project with leading ESG performance. The collaboration between McEwen Copper and IFC, and admission to the Argentina Regime of Incentives for Investment (RIGI) could move the Los Azules copper project development closer to a construction decision."
Mining Potential in Argentina 2024
All three of TNR Gold's royalty projects are featured in the Argentina Secretariat of Mining investment feature. Our Company holds 1.5% NSR royalty (of which 0.15% is held on behalf of a shareholder) on Mariana Lithium with Ganfeng, 0.4% NSR royalty (of which 0.04% is held on behalf of a shareholder) on Los Azules Copper with McEwen Mining and 7% net profits royalty on Batidero I and II properties of Josemaria with Lundin Mining.
Mining Potential in Argentina 2024
Argentina’s ability to continue attracting investment is thanks to substantial resource endowments, over 20 bilateral treaties to safeguard against double taxation and incentivise foreign investments, as well as its provincial jurisdictional structure covered previously. The welcoming attitude of provincial officials and the pro-investment environment make a virtuous cycle for any company.
Large Investment Incentive Regime ("RIGI"), approved by the Congress, bold pro-business reforms of the new president, Javier Milei, opened doors for international investors to help the proud people of Argentina build it into the new Powerhouse of Tesla Energy rEVolution.
Javier Milei is making a sweeping reform package for taxes, currency, and customs benefits for investors. Argentina is rapidly distancing itself from the jurisdictional risks typically associated with South American mining projects. JPMorgan expects Argentina to overtake Chile in exports by 2027.
Kirill has spent many hours writing about how "Argentina has everything to become the Power House of the Tesla Energy rEVolution." And we have seen that money, sense and Mandarin are flooding into Argentina as step after step it positions itself on the politically strategic tightrope to supply the copper and lithium commodity deficit devoured by green electric transportation.
As I wrote before, if TNR Gold can do one thing well, it's to identify underappreciated assets and squat on them until pop hype and fanfare wake up the hatchling within. But there’s a certain poetry to this business model; TNR must be warmed in turn by those looking for underappreciated assets, so participating in this type of venture requires a certain kind of paternal patience, no matter the blizzard coming.
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.
Please read my legal disclaimer. There is NO investment advice on any Kirill Klip feeds and blogs. Always consult a qualified financial adviser before making any investment decisions.Do Your Own Research.
Core management at TNR Gold has displayed an unassailable tact in its decision-making; from closing a deal just before a lithium price crash to choosing the projects in the correct nation and with the correct partners amidst a torrent of noise present in the lithium market.
"Marketing Success and Industry Recognition
- Recent increased M&A interest from numerous parties suggests that TNR’s management (“Management”) has succeeded with its marketing activity by presenting the Company’s GEM Royalty Story to the mining and investment industries.
- In February 2023, Lithium Royalty Corp. valued only a portion of the Company at US$9 million, based on its purchase of the 0.5% NSR royalty involving the Mariana Lithium project for US $9 million.
- Our team has successfully repaid TNR Gold’s investment loan in full, returning our shareholders all our assets free from encumbrance. The value generated from delivering that strategic transaction has justified Management’s stance on rejecting other opportunistic low-ball offers."
Stability has always been a mantra for our Company - Solid Values in Uncertain Times. Be it fluctuating or stabilised lithium prices, these are royalty projects for keypoint critical metals under industry majors with no input needed; a simple fundamental win maker for shareholders: 1.5% NSR royalty (of which 0.15% is held on behalf of a shareholder) on a major Mariana Lithium project that’s currently being developed by Chinese champion Ganfeng, 0.4% NSR royalty (of which 0.04% is held on behalf of a shareholder) on the giant Los Azules copper project being worked up by McEwen Mining and 7% net profits royalty on Batidero I and II Properties of Josemaria copper project in Argentina under Lundin Mining.
There is the Danger of Death Grips on Dead Horse Deposits among junior mining companies. Where a majority of value stems from a single prospect, there always exists a risk of ‘We Have to Make It Work’ that sees cash flow money bleed out. If management deigns to stay past the Pump and Dump phase.
TNR Gold's hands-off cash-generating royalties, in multiples and with industry majors, provide both incentive to stay at the helm and the cash to reasonably evaluate options regarding cash-flow intensive prospects in gold, lithium and copper.
The gap between Science and ‘fast’ Wall Street money is how investor money evaporates in mining, particularly in lithium. Only a few companies in the world are able to *rear* lithium operations into producing projects, less so reaching forecasted capacity.
Investors must remember that a lot of 'Lithium companies' have only the word lithium in their name but lack the capacity, know-how or legislative backing to produce lithium even in 10 years. The whole industry produced 1.5M T LCE in 2025; now we have to increase this production by 2X and jump to 2.8 - 3.6M T LCE by 2030, according to Albemarle.
Sometimes the lithium market is as fun as watching salt dry. Now, after the confirmation of the continued exponential growth of EV sales in China, "The Lithium Universe Confirms Signs of Intelligent Life".
Beware of the Thousand and One lithium mining dreams. Stick with industry majors like Ganfeng Lithium, which knows how to get strategic resourcing done!
Ganfeng's Mariana Lithium project is distinguished by the decision to preserve the salt flat as a complex environmental system. Consequently, the operations and facilities were planned from a robust and studied environmental basis.
"Lithium Universe Shows Signs of Intelligent 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)"
“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)
With recent events, it's easy to choose when comparing Argentina to neighbouring Chile, where our sector’s worst nighttime bogeyman of resource nationalisation is heralded by a far-left socialist & communist coalition prevailing in political elections.
Industry discussions and third-party analysis, including recent commentary from xAI’s Grok, indicate that the standalone valuation of our Los Azules NSR royalty alone could exceed the current market capitalisation of the entire Company.
I would like to share an interesting analysis made by X AI Grok for your further research:
"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."
Energy transition to renewables has High Materials Intensity, of which copper (at 5x more intensity) is a major constituent and a common denominator across *all* technologies. Bet on precedent; global copper production has only managed to double every 25 years…
TNR Gold’s vision is aligned with mining industry leaders such as Rob McEwen, whose vision is ‘to build a copper mine for the future, based on regenerative principles that can achieve net zero carbon emissions by 2038’. This will be achieved by implementing new technologies with Nuton, the technological venture of Rio Tinto.
Nuton is working on innovative technology to be implemented at Los Azules Copper. You can clearly see the benefits of a major industry partner for McEwen Mining.
TNR Gold's business model provides an exceptionally valued entry point into the creation of a critical material supply chain like copper and lithium energy metals, which are powering the EV rEVolution, humanoid robots and the gold and silver industry, which is providing the ultimate hedge during this part of the economic cycle.
Our TNR Gold Team has delivered outstanding performance last year, and all our shareholders are enjoying a pincer move after many years of planning. The company picks up not one but two potentially cashflow-generating royalties in the future on the essential critical metals electrifying the gears of change within the electric and renewable global market.
TNR’s 7% NPR holding on the Batidero I and II properties of the Josemaria Project held by the JV between Lundin Mining and BHP represents future growth potential for the royalty portfolio.
TNR Gold’s purpose is quite simple in intent; a solid value launchpad of green royalties for the gold in the USA rocketship in fueling.
After Ganfeng officially inaugurated Mariana Lithium's start of production last year, 2026 is set to be a very interesting year for TNR Gold, one that is due to go by in pop celebration, national flag-waving fanfare and certain marching bands.
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