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 royalty (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.
- Altius Minerals’ C$4.2M strategic investment (9.9% stake, no warrants, at 30-day VWAP) is third-party validation of the portfolio, TNR Gold management, and our long-term vision.
- Strong performance: ~240% gain in 2025 and +60% YTD High in 2026
- Imminent catalysts: Mariana Lithium production ramp-up and expected potential royalty cash flows (including Ganfeng buyback), Los Azules feasibility study impact, potential Shotgun JV.
- Insider alignment: Recent accumulation by CEO, Chair of the Audit Committee, CFO, and others.
- Disciplined capital allocation: Partnerships (Ganfeng, McEwen, Altius) minimise dilution while advancing high-upside assets.
Dear Shareholders and Friends,
I am delighted to report another powerful milestone that underscores the strength and credibility of TNR Gold’s strategy. Altius Minerals Corporation—one of Canada’s leading diversified mining royalty companies with a market capitalisation of approximately C$3.6 billion—has completed its strategic investment, acquiring a 9.9% stake in TNR Gold through a C$4.2 million private placement.
This is not merely a capital infusion. It is a clear signal of institutional and industry validation. It transforms the narrative around TNR Gold into one of broad, sophisticated support for the long-term intrinsic value of our royalty portfolio in gold and green energy metals. Sophisticated partners are actively recognising, advancing, and helping safeguard our assets through strategic alignment, operational progress, and shared commitment to value creation. A Credible Coalition of Sophisticated Partners and Aligned StakeholdersTNR Gold is building The Green Energy Metals Royalty and Gold Company through disciplined partnerships rather than isolated efforts. Our growing coalition includes world-class players who see the quality of our portfolio and are contributing to its advancement:
- Altius Minerals — A prominent royalty company with deep expertise in project generation and royalty holdings. Their strategic, non-controlling 9.9% investment (at the 30-day VWAP, with no warrants) and accompanying right of first offer on key royalties reflect strong confidence in TNR’s assets and business model. Altius explicitly noted alignment with their strategy of acquiring minority positions in companies with royalty exposure to high-potential projects like our lithium and copper interests.
- Ganfeng Lithium — Operator of the Mariana Lithium Project. Production has commenced, with first exports of lithium chloride achieved. Our 1.5% NSR royalty (of which 0.15% is held on behalf of a shareholder and 1% is subject to buyback provisions) positions us for near-term royalty cash flows as operations mature.
- McEwen Copper (McEwen Mining, with backing from Rio Tinto and Stellantis) — Advancing the world-class Los Azules Copper Project. Our 0.4% NSR royalty (of which 0.04% is held on behalf of a shareholder) provides leveraged exposure to copper demand driven by electrification and the energy transition, with major milestones in feasibility, permitting, and financing underway.
- Lundin Mining and BHP — Joint venture developing the Josemaria Project, where we hold a 7% Net Profits Royalty on the Batidero I and II properties.
- Aligned Insiders and Long-Term Stakeholders — Including my own significant personal holdings (recently increased; I continue my accumulation), along with purchases by the CFO and Audit Committee Chair. This demonstrates deep alignment with all shareholders in maximising the value of our royalty portfolio.
This coalition of industry leaders and aligned stakeholders validates our royalty-focused approach. They recognise the portfolio’s potential across gold (Shotgun Gold Project—90% owned, porphyry system in Alaska’s prolific belt near Donlin, strategy to attract a major JV partner) and green energy metals (lithium at Mariana, copper at Los Azules). Safeguarding Long-Term Value and the Path to Royalty Cash FlowsAltius’s participation strengthens our financial position for corporate development, asset maintenance (including Shotgun), potential royalty optimisation, and working capital—while minimising dilution. It accelerates our transition to recurring royalty revenues without the heavy capital requirements of traditional mining.
Key near-term catalysts include:
- Mariana Lithium royalty payments as production ramps.
- Los Azules advancement toward development decisions in a robust copper market.
- Shotgun Gold potential JV partnership and further exploration.
- Disciplined capital allocation, including our recently announced Normal Course Issuer Bid to support shareholder value.
Our business model provides a unique entry point into critical materials supply chains powering the energy rEVolution, combined with gold as the ultimate hedge. Partners like Altius, Ganfeng, McEwen, and others are not just investors or operators—they are actively contributing to the protection and realisation of the portfolio’s long-term intrinsic value.Personal Commitment and Forward OutlookAs Executive Chairman and a major shareholder, my holding of over 27 million common shares reflects my deep personal commitment and confidence in the team and strategy. We look forward to working constructively with Altius and our entire coalition to maximise value for all shareholders.
“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 that 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.”
The recent market recognition—including positive share performance building on strong prior gains—further affirms this momentum. TNR Gold is supported by a credible coalition that sees and is safeguarding the enduring value in our gold and green energy metals royalty portfolio.
None of this would have been possible without your unwavering support and trust in our talented Team. On behalf of the entire TNR Gold Team, I extend our deepest gratitude.
Thank you for your continued support. We remain focused on execution and delivering sustainable value.
Kirill Klip,
Executive Chairman
We build wealth for our Shareholders.
The Mining Alliance of Trust
"Altius Minerals Corporation is a prominent Canadian diversified mining royalty company. This royalty giant with a $3B market cap is made in Canada and distinguished by deep expertise and a commitment to excellence. With deep roots in project generation, relationship-building, and business nurturing, Altius stands out as a rising star in the royalty sector."
"Meanwhile, following this announcement and when we do not have any material news to share with all of you, according to all legal requirements and regulations, I have significantly boosted my stake in TNR Gold by acquiring an additional 500,000 shares. I continue to increase my position. TNR Gold’s Chief Financial Officer, Maurice Brian Brooks, and John K. Davies, Chair of the Audit Committee, have recently purchased shares in the open market."
"After months of diligent negotiations, in line with our announced Strategy of Corporate Development, we are delighted to welcome Altius, a CAN$2.9B market-cap royalty company, as a strategic investor in TNR Gold. It is a strategic, non-control position that signals confidence in our Company.We received our first "Michelin Star", and Mr Market celebrated with us this time. TNR Gold shares traded as high as 27 cents and closed at 26 cents yesterday, jumping 30% after this announcement."
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