We are building a Family business in Canada, rooted in long-term commitment and shared success, and we are proud of doing it.
Corporate Raiders from New York will tell you that it's bad, but you know that it is not. They may view family-controlled enterprises differently, but we firmly believe in the strength and resilience of our approach.
For nearly two decades, we have developed TNR Gold using my Family's capital, investing prudently and consistently, even beyond our immediate means.
We continued to invest in TNR Gold even during the darkest hours of the global pandemic. My son joined me officially when people had been dropping dead literally on the streets, and TNR Gold traded at 1 cent.
Few believed in our vision then, but our dedicated TNR Gold Team—whose names you all know—remained steadfast.
Today we all can see the future I have envisioned more than twenty years ago: electric cars roaming the streets, Gold and Copper hitting one all-time high after another, hungry Robots stealing Lithium batteries from your trash bins.
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.
My Dreams are beautiful, but money talks; we are in the business of making money.
This year has been marked by significant achievements and remarkable milestones, including an intraday high share price of CAD 0.17 in December, resulting in a market capitalization of CAD 35.7 million. While our vision is ambitious - we are building the new dynamic CAD 100M plus market cap Royalty Company - we remain focused on creating tangible value and generating returns for shareholders. Through diligent efforts in mergers and acquisitions, along with targeted marketing, we have worked to highlight the true potential of our royalty portfolio. This has drawn considerable interest from institutional investors across major financial centers, validating the underlying value of our assets.
We worked so hard in our M&A kitchen with our marketing to crystallise for the naughty Mr Market the undervalued potential valuations of our Royalties that we have attracted the whole ZOO of Corporate Raiders from Wall Street and Bay Street. They smelt big bucks in our boiling M&A pot immediately and decided to steal it.
We view this attention as a strong endorsement of our progress and are prepared to protect and advance our Family's legacy in this business. We take it as a compliment, our Family business is ready for the first Michelin Star. Now we only have to defend it from the invasion of cockroaches. We have implemented our Pest Control in action.
Nobody knows the future, but we know where we are going. I am reposting my Shareholders' letter below for your attention again.
Reviews and inclusion in the Michelin Guide are coming, and after our first Michelin Star, we will start buying back our shares, following all necessary approvals as we have announced. Our goal is to enable all Shareholders to increase their ownership in the company and participate fully in the anticipated cash flows from our royalties. Subject to all regulatory approvals, we plan to introduce a dividend policy to distribute a maximum portion of future royalty-generated cash flow to shareholders, enhancing our shared journey toward long-term success.
It will make our journey to our party with 50 Cents at the Club 55 so more enjoyable and memorable.
The TNR Gold Team continues to increase our stake, and we sincerely thank all those joining us during this Christmas Sale and the period of opportunity for another unique entry point in our Story.
This year:
- I have increased my ownership in TNR Gold to 27,163,000 shares from 26,433,000 shares, an increase of 730,000 shares.
- Konstantin has increased his stake to 2,412,000 shares from 1,187,000 shares, an increase of 1,225,000 shares. (SEDI.ca)
These increases were achieved with minimal dilution to the company, primarily through the exercise of warrants and options granted five years ago, and market purchases. This represents our ongoing personal commitment and our investment to finance TNR Gold operations for the benefit of all shareholders before the first expected royalty payments are received. Director John Davies (Chair of the Audit and Special Committee), CFO Maurice Brooks, and Director Tobias Higgins have also increased their holdings in TNR Gold this year.
Insiders may occasionally sell small portions of their holdings for personal reasons, such as tax obligations, legal expenses, portfolio diversification, or to support our Company promotion and future initiatives, like the preparation of our "TNR Gold Party with 50 cents at the Club 55 in St Tropez".
However, insiders purchase shares only when they have strong confidence in the company's direction.
Insiders only buy when they believe in what they are doing.
We are building The Family Business in Canada, treating all shareholders as extended Family—honest, dedicated individuals united in pursuing a shared vision. We are all solid, hard-working people who came together to build our Dream.
We have constructed this enterprise methodically over the years, with a solid foundation and high-quality assets, not for short-term gains but for generational sustainability. Having built it with limited external capital, we are now positioned close to achieving positive cash flow and potential M&A outcomes from our royalty portfolio, as TNR Gold announced in our Corporate Update.
We have been building this House for years to come to raise our families, not just flip it on the hot market, like those Corporate Raiders sneaking in the shadows. We put all the best we can afford into it: solid foundation, plumbing, wiring, latest tech. We have been building all of it almost without money, and now we are so close to the expected positive cash flow and the potential M&A deals from our boiling cooking pot, as we announced discussing Strategic Review and Developing M&A Opportunities.
This makes some people desperate, and they are doing everything to sabotage our Magic.
Others have my Market Time Machine at their disposal again.
You can probably buy a stake in a much better business at a much better price, in case if your own appropriate research confirms this observation.
Thank you once again for your continued partnership.
On your behalf, I thank the exceptionally talented TNR Gold Team for their dedication and skill in advancing our vision. Together, we have delivered a share-price increase of more than 200% in 2025, and we are now focused on achieving the next 100%+ advance.
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.
The Mining Alliance of Trust
Chart by Nicholas Winton
“Key Comments from Jason Luo (Ganfeng Lithium South America) Mariana Lithium Project: 60% Resource Increase”
We build wealth for our Shareholders.
The Mining Alliance of Trust
There is no investment advice in any of our posts.
Always consult a qualified financial adviser before making any investment decisions.
Do Your Own Research.
(Only publicly available information is used on this Blog and any Kirill Klip and TNR Gold social media feeds)
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.
"Hi, I'm Kirill Klip, Chairman and CEO of TNR Gold Corp. We're at the forefront of the green energy metals sector, with royalty interests in world-class projects like the Mariana Lithium Project and the Los Azules Copper Project in Argentina. The demand for lithium, copper, and other critical metals is surging as the world accelerates its shift towards sustainable energy. At TNR Gold, we're strategically positioned to benefit from this trend, offering investors exposure to the future of energy while maintaining a strong foothold in the gold market. With recent advancements in our key projects, such as Ganfeng Lithium's starting production at Mariana Lithium and McEwen Mining securing environmental permits for Los Azules, we're poised to generate significant value through our royalty interests. My extensive experience in mining and my commitment to sustainable practices drive our mission to contribute to a greener future."
Kirill Klip, Executive Chairman,
TNR Gold Corp.
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.
Angela Harmantas from Proactive wrote about the new report on TNR Gold from Fundamental Research Corp:
"TNR Gold’s portfolio spans various mining assets, with a key focus on its Shotgun gold project in Alaska and royalties in two advanced-stage projects in Argentina: the Mariana lithium project, owned by Ganfeng Lithium, and the Los Azules copper-gold project, held by McEwen Copper."
"TNR Gold is about to make a strategic shift in its business model and position itself as a revenue-generating royalty firm, according to analysts at Fundamental Research Corp.
Production began earlier this year at the Mariana lithium project, owned by China’s Ganfeng Lithium, with TNR set to begin receiving royalty payments as early as the fourth quarter of 2025.
Based on current spot lithium prices, Fundamental Research estimates annual royalty revenue from Mariana could reach C$1 million." (Angela Harmantas)
"The company's other flagship royalty asset is on the Los Azules copper-gold project in Argentina, controlled by privately held McEwen Copper Inc, a division of McEwen Mining Inc (TSX:MUX, NYSE:MUX). The large-scale, open-pittable deposit holds an estimated 38 billion pounds of copper, 4.7 million ounces of gold, and 159 million ounces of silver. McEwen plans to complete a resource update and feasibility study this quarter, with construction targeted for 2026 and production slated to start by 2029.
FRC projects that TNR’s royalty from Los Azules could generate annual revenues of up to C$10 million at current copper prices.
The firm reiterated its Buy rating and increased a fair value estimate from C$0.28 to C$0.30 per share, compared with a current trading price of C$0.09." (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)
Dear Fellow Shareholder,
As we approach a pivotal milestone in TNR Gold’s evolution, I am pleased to report that the intrinsic value of our royalty portfolio is increasingly recognized by industry participants. Several established royalty companies have expressed strong interest in acquiring one or more of our assets, particularly our 0.36% NSR royalty on the world-class Los Azules copper project in Argentina.
Our disciplined strategy to maximize shareholder value, combined with a clear action plan to bring these underlying valuations to the broader market, has been the primary driver of our share-price performance in 2025. Year-to-date, TNR Gold shares have risen more than 200%, reaching an intra-year high of C$0.17.
Earlier this year, the Company faced a coordinated attempt by certain parties to depress our share price through the dissemination of misleading information—a tactic the U.S. Securities and Exchange Commission has previously described as a “poop-and-scoop” scheme. The apparent objective was to acquire control of the Company at a deeply discounted valuation at our Annual General Meeting and subsequently divest our royalties at a fraction of their recognized worth.
Thanks to your overwhelming support and the clear endorsement of management’s strategy at the June AGM, these efforts were decisively rejected. This vote of confidence enabled the TNR Gold team to execute our plan unhindered and deliver the substantial share-price appreciation you see today. On behalf of the entire team, I extend our deepest gratitude for your trust.
We remain fully committed to building TNR Gold into a premier green-energy metals and gold royalty company with the realistic potential to achieve a market capitalization in excess of C$100 million.
Independent coverage continues to be supportive. Fundamental Research recently reaffirmed its "Buy" recommendation on TNR Gold and raised its target price from C$0.28 to C$0.30.
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.
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 capitalization of the entire Company.
Our immediate priority is to crystallize these embedded asset values in the public markets. Successful execution of this objective will position TNR Gold to initiate a share repurchase program following the expected receipt of first royalty payments and, in due course and subject to all regulatory requirements, introduce a dividend policy.
On your behalf, I thank the exceptionally talented TNR Gold team for their dedication and skill in advancing our vision. Together, we have delivered a share-price increase of more than 200% in 2025, and we are now focused on achieving the next 100%+ advance.
Our guiding principle remains unchanged: "Solid values in uncertain times.”
Best and stay safe.
TNR Gold Team.
We build wealth for our Shareholders.
There is no investment advice in any of our posts.
Always consult a qualified financial adviser before making any investment decisions.
Do Your Own Research.
(Only publicly available information is used on this Blog and any Kirill Klip and TNR Gold social media feeds)
Lithium Universe Confirms Signs of Life. TNR Gold NSR Royalty: "Ganfeng's Mariana Project Will Gradually Supply Lithium Chloride Products in a Stable Manner From the Second Half of 2025 Onwards"
Lithium Argentina AG Q3 2025 Earnings Call Summary by Grok:
TNR Gold Los Azules Copper NSR Royalty: Copper Surged to a New All-Time High at $11,200 per Ton on LME
"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."
TNR Gold in the Alaskan Elephant Country: Shotgun Gold Project Relationship With Developing NovaGold's Donlin Gold Mining Camp
