TNR Gold Team Congratulates the Ganfeng Lithium Team and the People of Argentina!
TNR Gold Team proudly congratulates the entire Ganfeng Lithium Team and the communities of Argentina on the successful completion of the first shipment of high-purity lithium chloride from the Mariana Lithium Project in Salta Province. This landmark export marks a significant achievement in the project's development and represents another key milestone for TNR Gold as we advance toward becoming a cash-flow-generating royalty company.
The shipment, comprising 240 tonnes of lithium chloride dispatched from the General Güemes facility, validates the effectiveness of the extraction technology implemented at the Mariana Project. With Ganfeng Lithium now positioning the product for sale in the market, the project transitions from development to full-scale commercial operations.
Importantly, current lithium prices in China have shown substantial recovery, with lithium carbonate equivalent (LCE) trading in the range of approximately $18,000–$20,000 per tonne (based on recent market data in CNY equivalents converted at prevailing rates). This compares favourably to levels below $10,000 per tonne observed roughly one year ago, underscoring improved market conditions and the strategic timing of this production ramp-up.
The Mariana Project, with a designed annual capacity of 20,000 tonnes of lithium chloride at full scale, strengthens Ganfeng's presence in Argentina's growing brine-based lithium sector and highlights the potential for sustained value creation.
TNR Gold holds a 1.5% net smelter return (NSR) royalty on the Mariana Lithium Project (with 0.15% held on behalf of a shareholder), positioning the Company to benefit from this exciting progress.
We extend our sincere appreciation to all involved and look forward to continued success at the Mariana Project.
Proactive:
TNR Gold welcomes first lithium chloride shipment from Ganfeng’s Mariana projectEmily Jarvie
"Ganfeng Lithium has completed the first shipment of lithium chloride from its Mariana project in Argentina, a milestone that has welcomed by royalty-holder TNR Gold Corp (TSX-V:TNR, FRA:TNW, OTC:TRRXF).
TNR Gold holds a 1.5% net smelter return (NSR) royalty on the Mariana project, which includes 0.15% held on behalf of a shareholder.
Per local media reports, Ganfeng’s shipment comprised 10 containers of lithium chloride, each weighing 24 tons, dispatched from its plant in General Güemes in Salta province. The lithium is sourced from brine extracted at the Llullaillaco Salt Flat in Argentina, processed through the Mariana project led by Ganfeng Lithium.
The shipment was consolidated and verified by Customs at the point of origin, enabling the transaction to be statistically recorded within the province.
The export marks the integration of the project’s full production chain, including brine extraction at Llullaillaco, industrial refining in Güemes, and intermodal logistics supported by rail transport.
At full capacity, the Mariana project is expected to produce up to 20,000 tons of lithium chloride annually, increasing Ganfeng’s participation in Argentina’s brine-based lithium sector.
“We are very pleased that Ganfeng completed the first lithium chloride export from Mariana Lithium in Argentina,” TNR Gold’s Kirill Klip told Proactive. “We are looking forward to our first NSR royalty cash flow payment from the Mariana Lithium Project."
Klip highlighted that TNR Gold is building “the” Green Energy Metals Royalty and Gold Company.
“Our business model provides a unique entry point into the creation of supply chains for critical materials like energy metals, which are powering the Energy rEVolution, and the 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,” he said.
“In our portfolio, we have a unique combination of assets providing exposure to different parts of the mining cycle, starting with the power of blue-sky discovery and including partnerships with industry leaders like McEwen Inc., Ganfeng Lithium, Lundin Mining and BHP as operators on the projects that could potentially generate royalty cashflows to contribute significant value for our shareholders.”
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.
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.
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