The TNR Gold Team Key to Bringing Altius to the Table

 

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.”

"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)

TNR Gold’s Successful Strategy Highlighted by Altius Approach

Building The Green Energy Metals Royalty and Gold Company with Altius: Rundown on TNR Gold's portfolio

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"

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.

Building the Royalty Portfolio Over 20 Years

Klip traced his involvement with TNR to his gold and silver investments during the early 2000s recovery from a prolonged bear market. He was drawn to the company after Lucas Lundin (of the prominent Lundin mining family) invested in the then-small Canadian junior as it shifted focus from Congo-related assets to Argentina amid geopolitical challenges. Klip built a stake exceeding 10%, joined the board, and helped transform TNR into a project-generation company that formed joint ventures before later 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 highlighted the lengthy effort involved, including multi-year litigation to defend TNR’s Los Azules position, which ultimately converted the interest into a royalty. On the Mariana project, the company sold a portion of its NSR at the peak of the lithium market (around $80,000 per tonne of LCE), using the proceeds to repay its investment loan; lithium prices subsequently fell sharply. TNR has emphasised remaining debt-free while positioning itself for potential royalty cash flows as its 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 for more than two decades by financial backing from his family.

The board has provided continuity and expertise. Lead independent director John Davies, 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.

Shareholder Returns and the Altius Proposal

Klip highlighted total shareholder returns of approximately 775% over the five-year period ending August 18, 2026, alongside strong gains over shorter timeframes. Altius initially invested about C$4.2 million for a 9.9% stake at the 30-day volume-weighted average price, without warrants, and later increased its position through open-market purchases (reaching roughly 12–13% in subsequent reporting).

The non-binding proposal to acquire the remaining shares, which includes 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 TNR’s royalty portfolio and strategy. He stressed the company’s goal of maximising value for all shareholders while continuing to advance the business in the ordinary course, including work on the Shotgun project and monitoring developments at its 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 explorer into a royalty-focused vehicle with exposure to lithium, copper, gold, and silver alongside established operators. Near-term catalysts cited in 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 the parties’ 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 any outcome remains 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. 

Do Your Own Research.

Building The Green Energy Metals Royalty and Gold Company with Altius: Rundown on TNR Gold's portfolio

 

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’s Successful Strategy Highlighted by Altius Approach

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.

TNR Gold’s Successful Strategy Highlighted by Altius Approach

 

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.”

 

"TNR Gold has received a non-binding proposal from major shareholder Altius, the Canadian royalty giant. Of interest is TNR's royalty portfolio comprising major lithium and copper assets in South America. TNR is now considering its next move, but to date relations with Altius have been friendly, so there is a real possibility a a transaction will result. TNR's executive chairman Kirill Klip joins Vox to tell us about where the company's at, and where it goes from here." (Vox Markets)

Alastair Ford: "TNR Gold’s Shares Have Risen Fivefold Over the Past Five Years, and It’s Not Hard to See Why"

TNR GOLD RECEIVES NON-BINDING ACQUISITION PROPOSAL FROM ALTIUS MINERALS; ENTERS INTO EXCLUSIVITY ARRANGEMENT

 

“I am pleased to share updates that reflect the continued support of our leadership team and strategic partners for TNR Gold’s development plan,” commented Kirill Klip, Executive Chairman of TNR Gold.

“I have continued to increase my share ownership in TNR Gold, adding an additional 4,200,000 shares this year. My current holding of 31,363,000 shares reflects my ongoing commitment to the Company and confidence in its strategic direction. TNR Gold’s Chair of the Audit Committee, Chief Financial Officer and Vice President, Corporate Development have also increased their ownership positions.”

Kirill Klip added, “As previously announced on July 17, 2026, Altius Minerals Corporation (“Altius”) acquired 7,435,000 shares of TNR Gold at price per share of CAN$0.23, increasing its ownership position in TNR Gold to an aggregate of 30,935,000 shares. Altius’s increased stake reflects their continued strategic interest in TNR Gold’s management team, its strategic plan and TNR Gold’s royalty portfolio. We welcome Altius increasing its strategic, non-controlling stake in TNR Gold.”

Vox Newswire:

TNR Gold’s shares have risen fivefold over the past five years, and it’s not hard to see why

Alastair Ford

"Just how much progress has TNR Gold made over the past five years?

One obvious way to answer that question is to take a look at the share price graph.

In the five year period between August 2021 and August 2026 TNR Gold’s shares rose by a whopping 775%.

True, they then did give up some ground as certain dissidents raised their voices and impacted sentiment.

But even allowing for that, recent performance has still been strong. In the past 12 months alone, from October 2025 to October 2026, the shares, have risen from C$0.13 to the current C$0.28, a tidy 105%.

This isn’t just a case of all boats rising.

After all, times have been harder for some companies in the industry than they have been for others over the periods in question. TNR has a considerable interest in lithium, for one thing, and it certainly hasn’t been plain sailing for that sector.

So, what exactly has been going on?

There’s been a lot of ups and downs along the way, and a few arguments too, some of them serious. But the long and the short of it is that the company has nursed and built on its portfolio of royalty and development assets in North and South America, carefully and judiciously.

That’s easy to say, of course, but the seriousness of TNR’s stewardship received significant endorsement this year with the arrival of the multi-billion dollar royalty company Altius Minerals onto the register.

Altius took its time building a stake in TNR, having first arrived in April in a big way, increasing its stake in the summer, and subsequently moving towards a non-binding expression of interest in acquiring the whole company.

That non-binding offer is still on the table, and being evaluated by a special committee comprised of TNR’s non-executive directors.

So, did the issue of significant amounts of new shares to Altius hurt the value of the shares?

Not really.

At the beginning of April, the shares were at C$0.20. They went as high as C$0.355 in the summer, and are now trading just shy of C$0.30.

In that respect the arrival of Altius hasn’t been negative at all.

The more interesting question is: what will the valuation be if any takeover deal is eventually done with Altius?

First off, it’s worth noting that this is a relationship that’s taken some nurturing on the part of TNR’s chief Kirill Klip. Ultimately it’s all about the assets, but it takes people to put asset portfolios together, and through thick and thin Klip has held TNR together.

Its principal assets are three, as has been the case for some time. One, a 0.36% royalty on the giant Los Azules copper project in Argentina, currently being developed by McEwen Copper. Two, a 1.35% royalty on the Mariana lithium project in Argentina, currently being developed by Ganfeng Lithium. And three, a 90% stake in the potentially huge Shotgun gold project in Alaska.

As far as Altius is concerned, the royalties make more sense for it than Shotgun, so it will be interesting to see if any kind of carve out is developed when and if a draft proposal finally gets to the official stages.

And how likely is that?

Well, note that there’s been no rejection of the Altius proposals at this stage, Klip’s relations with Altius are obviously friendly and, what’s probably the most salient factor of all, there really is significant value in the TNR stable. Lithium’s had some difficult times over the past few years, but now looks to be coming back into favour. And in the meantime, copper is going on a run that’s never been seen before. And copper in Argentina is a proposition that anyone well versed in mining can get behind.

So, yes, it does seem likely that a transaction will be tabled at some point, and shareholders, as is right and proper, will be asked to take a view. That will be the real moment of truth.

In the meantime, the shares are rising in value, big companies are circling, and a company that was worth less than C$10 million a short couple of years ago is now up at nearly C$70 million. It’s not up there with the majors, or even the most dextrous and nimble of the mid-caps. But it’s still not bad going."

Chart by Nicholas Winton

Disclaimer & Declaration of Interest

"The information, investment views and recommendations in this article are provided for general information purposes only. Nothing in this article should be construed as a solicitation to buy or sell any financial product relating to any companies under discussion or to engage in or refrain from doing so or engaging in any other transaction. Any opinions or comments are made to the best of the knowledge and belief of the writer but no responsibility is accepted for actions based on such opinions or comments. Vox Markets may receive payment from companies mentioned for enhanced profiling or publication presence. The writer may or may not hold investments in the companies under discussion."

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.

Alastair Ford: "TNR Gold’s Shares Have Risen Fivefold Over the Past Five Years, and It’s Not Hard to See Why"

TNR GOLD RECEIVES NON-BINDING ACQUISITION PROPOSAL FROM ALTIUS MINERALS; ENTERS INTO EXCLUSIVITY ARRANGEMENT

 

“I am pleased to share updates that reflect the continued support of our leadership team and strategic partners for TNR Gold’s development plan,” commented Kirill Klip, Executive Chairman of TNR Gold.

“I have continued to increase my share ownership in TNR Gold, adding an additional 4,200,000 shares this year. My current holding of 31,363,000 shares reflects my ongoing commitment to the Company and confidence in its strategic direction. TNR Gold’s Chair of the Audit Committee, Chief Financial Officer and Vice President, Corporate Development have also increased their ownership positions.”

Kirill Klip added, “As previously announced on July 17, 2026, Altius Minerals Corporation (“Altius”) acquired 7,435,000 shares of TNR Gold at price per share of CAN$0.23, increasing its ownership position in TNR Gold to an aggregate of 30,935,000 shares. Altius’s increased stake reflects their continued strategic interest in TNR Gold’s management team, its strategic plan and TNR Gold’s royalty portfolio. We welcome Altius increasing its strategic, non-controlling stake in TNR Gold.”

Vox Newswire:

TNR Gold’s shares have risen fivefold over the past five years, and it’s not hard to see why

Alastair Ford

"Just how much progress has TNR Gold made over the past five years?

One obvious way to answer that question is to take a look at the share price graph.

In the five year period between August 2021 and August 2026 TNR Gold’s shares rose by a whopping 775%.

True, they then did give up some ground as certain dissidents raised their voices and impacted sentiment.

But even allowing for that, recent performance has still been strong. In the past 12 months alone, from October 2025 to October 2026, the shares, have risen from C$0.13 to the current C$0.28, a tidy 105%.

This isn’t just a case of all boats rising.

After all, times have been harder for some companies in the industry than they have been for others over the periods in question. TNR has a considerable interest in lithium, for one thing, and it certainly hasn’t been plain sailing for that sector.

So, what exactly has been going on?

There’s been a lot of ups and downs along the way, and a few arguments too, some of them serious. But the long and the short of it is that the company has nursed and built on its portfolio of royalty and development assets in North and South America, carefully and judiciously.

That’s easy to say, of course, but the seriousness of TNR’s stewardship received significant endorsement this year with the arrival of the multi-billion dollar royalty company Altius Minerals onto the register.

Altius took its time building a stake in TNR, having first arrived in April in a big way, increasing its stake in the summer, and subsequently moving towards a non-binding expression of interest in acquiring the whole company.

That non-binding offer is still on the table, and being evaluated by a special committee comprised of TNR’s non-executive directors.

So, did the issue of significant amounts of new shares to Altius hurt the value of the shares?

Not really.

At the beginning of April, the shares were at C$0.20. They went as high as C$0.355 in the summer, and are now trading just shy of C$0.30.

In that respect the arrival of Altius hasn’t been negative at all.

The more interesting question is: what will the valuation be if any takeover deal is eventually done with Altius?

First off, it’s worth noting that this is a relationship that’s taken some nurturing on the part of TNR’s chief Kirill Klip. Ultimately it’s all about the assets, but it takes people to put asset portfolios together, and through thick and thin Klip has held TNR together.

Its principal assets are three, as has been the case for some time. One, a 0.36% royalty on the giant Los Azules copper project in Argentina, currently being developed by McEwen Copper. Two, a 1.35% royalty on the Mariana lithium project in Argentina, currently being developed by Ganfeng Lithium. And three, a 90% stake in the potentially huge Shotgun gold project in Alaska.

As far as Altius is concerned, the royalties make more sense for it than Shotgun, so it will be interesting to see if any kind of carve out is developed when and if a draft proposal finally gets to the official stages.

And how likely is that?

Well, note that there’s been no rejection of the Altius proposals at this stage, Klip’s relations with Altius are obviously friendly and, what’s probably the most salient factor of all, there really is significant value in the TNR stable. Lithium’s had some difficult times over the past few years, but now looks to be coming back into favour. And in the meantime, copper is going on a run that’s never been seen before. And copper in Argentina is a proposition that anyone well versed in mining can get behind.

So, yes, it does seem likely that a transaction will be tabled at some point, and shareholders, as is right and proper, will be asked to take a view. That will be the real moment of truth.

In the meantime, the shares are rising in value, big companies are circling, and a company that was worth less than C$10 million a short couple of years ago is now up at nearly C$70 million. It’s not up there with the majors, or even the most dextrous and nimble of the mid-caps. But it’s still not bad going."

Chart by Nicholas Winton

Disclaimer & Declaration of Interest

"The information, investment views and recommendations in this article are provided for general information purposes only. Nothing in this article should be construed as a solicitation to buy or sell any financial product relating to any companies under discussion or to engage in or refrain from doing so or engaging in any other transaction. Any opinions or comments are made to the best of the knowledge and belief of the writer but no responsibility is accepted for actions based on such opinions or comments. Vox Markets may receive payment from companies mentioned for enhanced profiling or publication presence. The writer may or may not hold investments in the companies under discussion."

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.