The Green critical metal for the Energy rEVolution becomes red hot. Copper hit a record at $14,125 a ton on LME on January 30, 2026.
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)
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.
"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.”
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."
Basic supply-and-demand dynamics, grounded in straightforward analysis, are steering the United States and China toward a pragmatic trade agreement. Despite the heated discourse, market behaviour will ultimately be governed by core economic principles.
The US and China, as the world’s largest economies, prioritise sustained growth. Key sectors driving this expansion - energy transition, electric vehicles, artificial intelligence, and robotics - depend on a reliable copper supply.
China is doing everything to reignite its growth. Its economy is coming back, and a powerful economic stimulus is making its way through the supply system. Nowadays, Goldman Sachs' target price for Copper of $6.8 per lb and Rob McEwen's smiles seem not so far away after all.
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 TNR Gold Corp.'s potential valuation.
Angela Harmantas: "Fundamental Research Reiterated "Buy" Rating for TNR Gold and Increased a Fair Value Estimate From C$0.30 to C$0.35 per Share"
TNR Gold shareholders were eagerly anticipating further positive developments from Argentina for 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.
Before it Copper made a record, striking $13,387.5 a ton on LME on January 6 after making a new all-time high at $13,187 on January 5. 2026. Previously, Copper made an ATH at $12,960 a ton on December 29, 2025.
Copper futures on the Shanghai Futures Exchange soared on December 26, gaining as much as 4.7% to trade near 100,000 yuan ($14,270) per ton for the first time ever, marking a historic breakthrough for the red metal in the world's top consumer market.
Meanwhile, on LME, Copper has been striking back-to-back ATHs: $12,000 on December 22, $12,044 on December 23, and $12,282 on December 26, 2025. Copper finished 2025 in style, recording the best year since 2009, according to Bloomberg.
Previously, Copper has been striking an all-time high after another in recent weeks, getting closer to $12,000. Copper made a new record-high of $11,906 per ton on December 11, 2025. This Copper rally now appears sustainable, reflecting heightened inflation expectations and growing concerns over potential disruptions to global supply chains amid ongoing trade tensions.
Basic supply-and-demand dynamics, grounded in straightforward analysis, are steering the United States and China toward a pragmatic trade agreement. Despite the heated discourse, market behaviour will ultimately be governed by core economic principles.
The US and China, as the world’s largest economies, prioritise sustained growth. Key sectors driving this expansion - energy transition, electric vehicles, artificial intelligence, and robotics - depend on a reliable copper supply.
Previously, Copper surged to a new record-high of $11,771 per ton in London on the LME on December 8, 2025. Bloomberg reports:
"Copper rose to an all-time high after China set domestic growth as its top economic priority for next year, and amid stockpiling of the metal in the US.
The metal climbed as much as 1.3% to $11,771 a ton, with an analyst saying copper will benefit from policy support toward power-grid upgrades and computing power.
Copper has gained more than 30% on the London Metal Exchange this year, with new demand fueled by data centers and electric vehicles coming up against tight global supply."
Before it, Copper made back-to-back ATHs at $11,294.5/T on December 1, over $11,500/T on December 3, and at $11,662/T on December 5, 2025.
TNR Gold Team celebrates with the proud people of Argentina. Javier Milei's success in Argentina's midterm elections gives him the necessary support to continue his bold pro-business reforms. Argentina's Large Investment Incentives Regime (RIGI) provides the opportunity for the country to become "The New Powerhouse of Energy rEvolution".
Previously, Copper surged to a new all-time high at $11,200 per T on LME on October 29, 2025. This surpassed the previous peak of $11,104.50 set in May 2024.
The Art of the Deal continues to influence market volatility, with trade tensions now playing out prominently on social media platforms. Once the initial speculation and rhetoric subside, underlying economic fundamentals will reassert their dominance. Basic supply-and-demand dynamics, grounded in straightforward analysis, are steering the United States and China toward a pragmatic trade agreement.
Despite the heated discourse, market behaviour will ultimately be governed by core economic principles. Both nations, as the world’s largest economies, prioritise sustained growth. Key sectors driving this expansion - energy transition, electric vehicles, artificial intelligence, and robotics - depend on a reliable copper supply.
Morgan Stanley forecasts the largest copper deficit in 22 years by 2026, underscoring the urgency of stability in global commodity chains and reinforcing the strategic imperative for a U.S.-China accord.
Previously, U.S. Copper futures reached an all-time high of $5.9578 per pound on July 24, 2025, driven by heightened market tensions following the announcement of a new 50% Copper tariff amid an escalating trade war.
China is doing everything to reignite its growth. Its economy is coming back, and a powerful economic stimulus is making its way through the supply system. Nowadays, Goldman Sachs' target price for Copper of $6.8 per lb and Rob McEwen's smiles seem not so far away after all.
Copper prices are tracking gold's upward momentum, with a decisive breakout to the upside. U.S. COMEX copper futures initially led the advance, propelled by announcements of impending tariffs. This rally now appears sustainable, reflecting heightened inflation expectations and growing concerns over potential disruptions to global supply chains amid ongoing trade tensions.
LME copper prices are also rising, narrowing the previous arbitrage gap with COMEX and signalling broader market alignment with these macroeconomic pressures.
Now, you have another great opportunity to learn more about TNR Gold and our NSR Royalty on the giant Los Azules Copper, Gold and Silver Project. Rick Rule interviewed Rob McEwen, and you can get more detailed information on Los Azules development and Rick Rule's unique perspective on its potential valuation.
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