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.
Copper is hitting one all-time high after another over the last few months, and Rob McEwen is talking about developing the giant Los Azules Copper, Gold and Silver Project in Argentina into the world's first regenerative mine producing "Green Copper". Rob confirmed to Panorama Ninero at PDAC 2026: "At Los Azules, we hope to begin construction in 2027 and reach production by 2030."
TNR Gold shareholders celebrated the first export of lithium chloride from Ganfeng's Mariana Lithium Project in Argentina in February, and our company is transitioning to a cash-flow-generating royalty company.
“We are very pleased that Ganfeng completed the first export of lithium chloride produced from Mariana Lithium in Argentina,” stated TNR Gold’s Executive Chairman Kirill Klip. “We are looking forward to our first NSR royalty cash flow payments from the Mariana Lithium Project.”
Now, Los Azules is entering a phase of financing and following actual construction. Strategic partnership with IFC, acceptance of Los Azules into RIGI (Argentina Regime of Incentives for Investment), and the release of the Feasibility Study were the major milestones achieved by McEwen Copper last year.
Today, you can learn more about this "Copper Unicorn", as Rob calls it, the TNR Gold NSR royalty holding and our potential valuations.
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, after delivering 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.
"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"
Panorama Minero:
“At Los Azules, We Hope to Begin Construction in 2027 and Reach Production by 2030”
"Rob McEwen, President and CEO of McEwen Mining, analyses the global macroeconomy and the price of gold. A strong believer in precious metals, he highlights Los Azules as his major bet on copper.
By Panorama Minero
You’ve been in the mining industry for many years and have consistently been bullish on precious metals. Why?
Governments around the world are irresponsible when it comes to fiscal policy. They go out, print large amounts of money, and take on massive debt.
When they do that, they weaken the value of their currencies — and that has been happening for thousands of years. They simply can’t stop saying, “Well, I’m going to give you some money.”
But they don’t have the revenue to support it, so they borrow. And they print more and more money. Back in 2011, I said that gold was going to reach $5,000 and silver $200.
And money is just paper…
That’s right. I’m a big believer in gold because it’s different from real estate. You can hold some gold and sell it quickly, getting your money right away. With real estate, it’s much harder to sell quickly.
Gold also doesn’t decay, and it’s accepted all over the world. And right now, we’re seeing central banks buying more gold than they have in the last 20 years. So that trend is building.
And even in crypto, like stable coins — there’s a company called Tether that used to hold U.S. Treasury notes. They approached us about buying an interest in a mine we owned so they could have hard assets.
It really surprised me: they were buying two tons of gold a month. And this is a cryptocurrency company. So they’re recognizing that the world is now moving away from growth and toward hard assets. And precious metals are hard assets.
With gold trading above $5,000 per ounce, what can we expect in the medium term?
Well, I think everyone has to understand that nothing goes in a straight line forever. Gold has gone up, and now it’s on a plateau.
We reached about $5,400 an ounce, and now it’s back down to around $5,000 — even after the U.S. moved against Iran.
I can see it going beyond $7,500, but probably not before the end of the year. Some of my friends are talking about $10,000. I know someone else who’s saying $20,000.
If people suddenly start thinking, “I don’t trust the paper currency in my wallet. I need to buy something that holds value,” then gold could move much higher.
And in Argentina, for example, the price of gold has risen quite a bit in peso terms because the currency has been weakening.
Well, my exposure to Argentina goes back about 20 years. I invested in a company called Minera Andes, and after a while I owned about 25–26% of it.
That was when President Menem had opened the country to mining, and Minera Andes’ geologists identified Los Azules as a property of interest. The more I got to know it, the more I thought it could be a copper unicorn.
It had the potential to become a very large project, so I kept watching. I also watched the different governments go through various changes.
I just believed in the property. And when I look at projects that aren’t gold, I convert them into a gold equivalent.
So I take the gold price and divide it by the copper price to come up with a ratio — the number of pounds of copper that equal the value of one ounce of gold.
Then I divide that into the amount of resources we have. As of last week (*), we had 35.7 billion pounds of copper at Los Azules. And if I divide that by the ratio from last week — although it may have changed today — but it represented a gold-equivalent resource of about 41 million ounces. And to me, that’s a very large gold deposit. So I said, let’s keep pushing this.
My spirits lifted when President Milei was elected. He came in and said, “Look, we need to attract more foreign investment into the country because that will create a larger employment base. It will bring more money into the economy and help bring down inflation.”
And all of that is good for Argentina.
We completed the feasibility study, and it was released in October.
That study basically looked at the project’s economics and what needs to be done. Now we have to complete the detailed engineering before starting construction. We hope to begin construction in 2027 and reach production by 2030.
We’re looking at a project where the first phase would last about 20 years, followed by a second phase of another 33 years — so roughly 53 years in total. We also have a large exploration property that we plan to continue exploring, and we believe the mine life could extend even further.
Rio Tinto currently owns 17% of Los Azules and Stellantis owns 18%. Rio also has a number of projects around the world.
We’re using their technology, called Nuton, to increase copper recoveries without needing a mill or producing tailings. They’ve said they like the property. They haven’t said yet that they’re going to write a check and help us develop it, but they do like it — so time will tell.
(*) This interview took place in Toronto on March 3, within the framework of the PDAC Annual Convention."
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