Building the Green Energy Metals Royalty & Gold Company In “The Fourth Turning” — amid the erosion of trust — we’re doing something different. We bring trust back into junior mining.
#MiningAllianceOfTrust Our guiding principle remains unchanged: “Solid values in uncertain times.”
"Royalty giant Altius recently made a non-binding proposal to acquire TNR Gold, based on the strength of TNR's royalty portfolio in South America. So, what are these assets, and why is Altius so interested. TNR's executive chairman Kirill Klip joins Vox to give us a detailed insight into the value proposition that the company is offering, both with the royalties, and also with the Shotgun gold project in Alaska." (Vox Markets)
TNR GOLD RECEIVES NON-BINDING ACQUISITION PROPOSAL FROM ALTIUS MINERALS; ENTERS INTO EXCLUSIVITY ARRANGEMENT
Alastair Ford: "TNR Gold’s Shares Have Risen Fivefold Over the Past Five Years, and It’s Not Hard to See Why"
Dear Shareholders,
Over the five years ended August 18, 2026 ("unaffected date"), the TNR Gold Team delivered a total shareholder return of approximately 775%, and our return year-to-date exceeded 105%.
✔️ This is a story of years of disciplined execution: building a world-class royalty portfolio, advancing key assets alongside leading operators, and strengthening our balance sheet while preserving financial flexibility. Together, TNR Gold’s management team and Board have converted exploration risk into royalty cash-flow potential. That is the disciplined path of long-term value creation for all our shareholders.
💎 TNR Gold’s royalty-focused strategy is delivering results and is validated by a major industry player.
✔️ A milestone investment and independent validation. In May 2026, Altius Minerals Corporation (“Altius”), one of Canada’s leading diversified mining royalty companies and a sophisticated Canadian royalty major, completed a C$4.2 million strategic investment in TNR, acquiring a 9.9% interest, with no warrants, together with a right of first offer on certain royalties. Altius’s participation is independent validation of the quality of our portfolio and the credibility of our royalty-focused strategy. It also strengthens our balance sheet for corporate development, asset maintenance and working capital, with minimal dilution to existing shareholders.
✔️ Altius’s endorsement continues. Altius has acquired on the public market an additional 7,435,000 shares of TNR Gold Corp. at C$0.23 per share on July 17, 2026, increasing its strategic stake in TNR Gold to a total of 30,935,000 shares. This further independent validation by a sophisticated Canadian royalty major underscores the strength and credibility of TNR Gold’s team, our royalty portfolio and our strategy. We welcome Altius increasing its strategic, non-controlling stake in TNR Gold.
✔️ A portfolio approaching royalty revenue. Our interests now span lithium, copper, silver and gold across four assets:
• Mariana Lithium (Argentina). Ganfeng Lithium has commenced production and completed its first exports of lithium chloride. TNR holds a 1.5% net smelter return royalty, of which 0.15% is held on
behalf of a shareholder. As operations ramp up, this royalty positions the Company for its first potential royalty revenue.
• Los Azules Copper (Argentina). McEwen Copper, whose investors include Rio Tinto and Stellantis, continues to advance feasibility, permitting and financing at this large-scale copper project. TNR holds a 0.4% net smelter return royalty, of which 0.04% is held on behalf of a shareholder.
• Josemaria (Argentina). TNR holds a 7% net profits royalty on the Batidero I and II properties within the copper-gold project being advanced by the Lundin Mining and BHP joint venture.
• Shotgun Gold (Alaska). TNR holds a 90% interest in this porphyry gold project located near NOVAGOLD’s Donlin Gold deposit. We have a strategic objective to attract a joint venture partner to fund further exploration on Shotgun.
✔️ Disciplined capital allocation. Our partner-funded model enables shareholders to realise the benefits of these assets without the capital requirements of mine development. During the year, we also announced a normal course issuer bid as an additional capital allocation tool.
✔️ Alignment with shareholders. I have defended TNR Gold with a multi-decade personal capital commitment and continue to ramp up my position in the Company, having significantly increased my stake by an additional 4,200,000 shares this year. My holding of 31,363,000 shares in TNR Gold serves as evidence of my deep personal commitment to the Company and strong confidence in our experienced team and its strategic development plan. Our Audit Committee Chair, Chief Financial Officer and VP of Corporate Development each added to their holdings during the year. The Board and Management continue to be invested alongside you after multiple decades of personal capital commitment.
✔️ The Board and Management have already delivered major share-price appreciation with zero debt and are advancing TNR toward its first royalty cash flow. This is more than 20 years of patient Canadian building of the junior mining company, which is graduating now to become the new dynamic royalty company.
✔️ Strong Shareholder Returns: Shareholders have benefited from significant value creation under the current Board, including total shareholder returns of 775%, 438% and 312% over the five-, three- and one-year periods, respectively. (August 18, 2026)
Together, we continue building The Green Energy Metals Royalty and Gold Company.
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.
Our guiding principle remains unchanged: "Solid values in uncertain times.”
Best, and stay safe.
Kirill Klip,
Executive Chairman
TNR Gold Team
We build wealth for our Shareholders.
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.
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