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"TNR Gold has recently received a non-binding proposal from Canadian royalty giant Altius. Of interest to Altius is the royalty portfolio created, built and nurtured by TNR's team over many years. Executive chairman Kirill Klip joins Alastair Ford at Vox to outline some of the history of the company, who the key players in its development were, what the biggest achievements have been, and where things go from here." (Vox Markets)
Building The Green Energy Metals Royalty and Gold Company with Altius: Rundown on TNR Gold's portfolio
TNR Gold’s Team and Royalty Portfolio Draw Altius Interest in Non-Binding Proposal
By Grok
In a recent interview on Vox Markets, Executive Chairman Kirill Klip of TNR Gold Corp. (TSX-V: TNR, OTC: TRRXF) discussed the company’s two-decade evolution, the strength of its Team, key achievements in building The Green Energy Metals Royalty and Gold Company, and the significance of a non-binding acquisition proposal from Canadian royalty company Altius Minerals.
The video, titled “The TNR Gold team key to bringing Altius to the table,” frames Altius’s interest as validation of TNR’s patient strategy of converting exploration assets into royalties on projects advanced by major operators.
Klip traced his involvement back to investments in gold and silver during a prolonged bear market recovery in the early 2000s. He was drawn to TNR after Lucas Lundin (of the prominent Lundin mining family) invested in the then-small Canadian junior as it shifted focus from Congo-related assets toward Argentina amid geopolitical issues. Klip built a stake exceeding 10%, joined the board, and helped transform TNR into a project-generation company that formed joint ventures before pivoting toward a royalty model.
Key assets in the portfolio highlighted in the discussion and company materials include:
- A 1.5% net smelter return (NSR) royalty (with 0.15% held on behalf of a shareholder) on the Mariana Lithium Project in Argentina, operated by Ganfeng Lithium, which has commenced production.
- A 0.4% NSR royalty (with 0.04% held on behalf of a shareholder) on the large Los Azules copper-gold-silver project in Argentina (McEwen Copper, with involvement or interest from parties including Rio Tinto and Stellantis).
- A 7% net profits royalty on the Batidero I & II properties associated with the Josemaría copper project (Lundin Mining and BHP).
- A majority (90%) interest in the Shotgun Gold Project in Alaska, for which TNR is pursuing a joint-venture strategy with a major partner.
Klip noted the long effort required, including defending the Los Azules position through multi-year litigation that ultimately converted it into a royalty. On Mariana, TNR sold a portion of its NSR at the peak of the lithium market (around $80,000 per ton of LCE), which helped repay the investment loan; lithium prices later fell sharply. The company has emphasised remaining debt-free while positioning for potential royalty cash flows as projects advance.
The Role of the Team
A central theme of the interview is that TNR Gold’s progress—and Altius’s interest—reflects a sustained team effort. Klip described the company as the product of patient, long-term work building a junior mining business in Canada, supported over more than two decades by financial backing from his family.
The board has provided continuity and expertise. Lead independent director John Davis, with deep knowledge of financial and commodities markets, has served as a mentor and source of stability. Leopold Sutton joined the board this year as an independent director, bringing specialised experience in business transformation.
On the technical side, Argentine geologist Roberto Lara has been closely involved in discoveries and project advancement at both Los Azules and Mariana. On the financial and governance side, CFO Maurice Brooks, Financial Controller Muhammad Memon, and Corporate Secretary Nancy La Couvee have strengthened compliance, reporting, and overall corporate standards.
Klip’s son, Konstantin, joined the board during the pandemic period, when TNR’s shares traded at one cent amid uncertainty over access to capital and the company’s ability to repay an investment loan. He later became Vice President of Corporate Development and played a key role in major transactions, including the partial sale of the Mariana lithium NSR royalty that allowed the company to repay the investment loan in full.
TNR has also drawn on advisors with relevant experience, including Nicholas Winton (focused on junior mining markets) and Greg Johnson (with extensive mining-industry and geological background, including prior involvement with NovaGold).
The consistent message is that long-term personnel continuity through difficult capital-market conditions, combined with disciplined capital allocation and strong governance, has underpinned the portfolio’s development and the external validation now coming from a larger royalty peer.
Klip highlighted total shareholder returns of approximately 775% over the five-year period ending August 18, 2026, with strong gains in shorter windows as well. Altius first invested about C$4.2 million for a 9.9% stake at a 30-day volume-weighted average price, without warrants, and later increased its position through market purchases (reaching roughly 12–13% in subsequent reporting).
The non-binding proposal for the remaining shares, accompanied by an exclusivity period for due diligence and negotiations, is under review by a special committee of independent directors.
Klip characterised the approach as external validation of the royalty portfolio and strategy. He stressed the goal of maximising value for all shareholders while continuing to advance the business in the ordinary course, including efforts on the Shotgun project and monitoring developments at the operated royalty assets (such as potential financing and final investment decision progress at Los Azules).
Looking Ahead
The interview positions TNR as transitioning from a long-standing junior into a royalty-focused vehicle with exposure to lithium, copper, gold and silver alongside established operators. Near-term catalysts cited across related coverage include expected or potential royalty revenue from Mariana, progress toward a final investment decision and possible construction timeline at Los Azules, and joint-venture options for Shotgun Gold.
Klip indicated high expectations around any potential transaction with Altius while underscoring alignment on long-term value creation.
The discussion is available on the Vox Markets YouTube channel and reflects the perspective of TNR’s executive chairman during an active exclusivity process. No definitive agreement has been announced, and outcomes remain subject to due diligence, negotiations, and regulatory considerations." (Edited)
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.
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