“I would like to thank all our shareholders for your overwhelming support, and the vote of confidence in the TNR Gold Team and our strategy for maximizing shareholders value,” stated Kirill Klip, Executive Chairman of TNR Gold. “Our Company has repaid our investment loan in full, and we do not have any debt. We believe that the recent market prices of our shares do not fully reflect the underlying value of TNR’s assets. Our transformation from a project-generator junior mining company into a cashflow-generating royalty company may bring the necessary catalyst for improved market valuation of our assets.”
"Mariana is a lithium-potassium salt lake located in Salta Province, Argentina. According to a technical report issued by Golder Associates Consulting Ltd., the total lithium resources at the Mariana lithium salt lake project amounted to approximately 8,120,000 tons of LCE. The construction of the project has been completed. In February 2025, the production line for phase I of the Mariana lithium salt-lake project with a planned annual production capacity of 20,000 tons of lithium chloride was officially put into operation. The Company will accelerate the progress of the production capacity ramp-up of the project, and it is expected that the Mariana project will gradually supply lithium chloride products in a stable manner from the second half of 2025 onwards." (Ganfeng Lithium, 2024 Annual Report, April 30, 2025)
Brilliant Dwayne Sparkes explains the supply factors following the announcement that "Chinese Miner Zangge Halts Lithium Production at Subsidiary After Government Order", which I believe will lead to another deficit in the market and much higher Lithium prices this year already:
"Goes to show, the balance between a surplus and deficit in the lithium market is tighter than what most initially thought. If a small, 11,000 tonne LCE operation shutting down causes a 4% spike in lithium carbonate price, I'd hate (love) to see what happens when one of these larger lepidolite mines or operations in Africa shuts off. As I've said before in a previous post, in 2022 during the boom, 784kt of LCE hit the market and the demand was 854kt of LCE, an 8% deficit. An 8% deficit is what cause the massive spike in lithium price. It was then a 1-3% surplus that caused the massive downturn in prices. Its a very fine balance in this lithium market and small factors could throw it into a deficit/surplus. From what we've seen, small surpluses/deficits cause massive price swings. It's probable many more mines in China will come offline soon, especially the lepidolite ones. Forget about processing technology, when you're mining 0.29% ore grade, that's a LOT of barren rock you need to chew through to make a tonne of LCE (I sound like a broken clock). CATL's 414 mine isn't even pegmatite hosted! It's hosted in the roof of a granite (see below cross section). Imagine how disseminated and fine the ore must be (the minerals are much larger in pegmatites and hence are easier to process). Smaller and finer ore = harder and more expensive to beneficiate = more negative effects on the environment = time to develop spodumene projects. The lithium market is unique in a sense because future supply relies on unproven technology (DLE), very dirty unsustainable sources (lepdiolite, some brines, etc.) and deposits located to very unstable, war torn jurisdictions (DRC, etc.). It's very possible that DLE isn't going to be cost effective on a commercial scale and more mines get shut down due to environmental/other reasons. Given how fine the balance is, I'm sure you can make up your own mind as to what would happen to the lithium price.Thanks for reading. Coffees are pouring well today." (Dwayne Sparkes on X, July 18, 2025)
"Will this continued exponential growth in sales of electric cars change the recent bearish trend for lithium prices? Can cheaper EVs like the ones produced by BYD supercharge the Lithium market again? Let's check the latest presentations from Albemarle, the world's largest Lithium producer."
"Global EV sales growth is +34% year-to-date, led by China. North American EV sales represent only 10% of global EV sales, with a growth of +17% YTD. China remains over 60% of the global EV market with a growth of +41% YTD and continued strong demand. Europe's share of EV sales is 20%, with a very healthy growth of 19% YTD."
"According to Albemarle, long-term secular growth is intact: Lithium market demand is expected to increase by over 2X from 2024 to 2030, from 1.3M T LCE to the range of 2.5M - 3.3M T LCE per year. Projected Lithium demand is expected to be plus 15%-40% Y/Y in 2025. Long-term growth will be driven by stationary energy storage and EVs, while recent reductions to Lithium investments and expansions may create mid-term supply risk."
"The next chart demonstrates the most important driver for the supercharging Lithium market again. Albemarle states that current Lithium market prices are well below re-investment economics and unsustainable.A substantial part of the cost curve is operating below breakeven. Higher Lithium prices are required over the next decade to support the over 100 new projects needed to meet anticipated demand."
"Higher Long-Term Lithium Pricing Required to Meet 2030e Demand:
$13,000/T to produce 2.5M T LCE
$15,000/T for 3.0M T LCE
> $20,000/T for 3.3M T LCE" (Albemarle)
"In conclusion, the answer to our question remains positive. Lower Lithium prices are the best cure for the low Lithium prices. To meet the projected demand, we need much higher Lithium prices; otherwise, a lack of investments and expansions will lead to deficits, disruptions of supply chains, and price shocks will be imminent again. The cheaper EVs will supercharge the Lithium market again, and China holds the key to this success with companies like BYD leading the seismic shift in the marketplace."
"Today, you have the opportunity to dive into all the latest data from the Lithium industry and connect the dots before investment bankers adjust their models and investment banks build their own books for pennies on the dollar in the best Lithium plays. They will eat you at lunch again after the sell-side starts pumping up those books at multiples compared to the distressed level prices today, unloading it on retail chasing a new big thing: "AI rEVolution: The World Just Before the INTERNET - Humanoid Robots".
"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.
Angela Harmantas from Proactive is writing 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 on the brink of generating significant royalty revenue from its stake in Ganfeng Lithium's Mariana lithium project in Argentina as it heads toward commercial production, Fundamental Research analysts believe."
(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.
Mariana Lithium NSR Royalty Holding
"On February 20, 2025, TNR Gold announced that Ganfeng Lithium Group Co., Ltd. (“Ganfeng”) provided an update on the Mariana Lithium Project. TNR holds a 1.5% NSR royalty on the Mariana Lithium Project in Argentina, of which 0.15% NSR royalty is held on behalf of a shareholder of TNR.
On February 14, 2025, Ganfeng announced commencement of formal production of the Mariana Lithium salt-lake project in Argentina. Ganfeng stated in its announcement:
“A production ceremony for the first phase of the Mariana lithium salt-lake project in Argentina owned by Litio Minera Argentina S.A. (hereinafter referred to as “LMA”), a wholly-owned subsidiary of Ganfeng Lithium Group Co., Ltd. was held at the project site on 12 February 2025, which means the formal production of the first phase of the Mariana lithium salt-lake project.
Mariana lithium salt-lake project is located in Salta Province, Argentina, with total lithium resources of approximately 8,121,000 tons of LCE currently explored. After the formal production of the first phase of Mariana lithium salt-lake project with an annual production capacity of 20,000 tons of lithium chloride production line, the Company will actively accelerate the ramp-up of the production capacity of the project. With the gradual release of production capacity, the supply and cost structure of the lithium resources of the Company will be further optimized, the Company’s profitability will be enhanced, and the Company’s core competitiveness in the global market will be continuously improved.
The Company will perform the corresponding procedures and obligation of information disclosure according to the subsequent progress of the relevant matters. Investors are advised to invest rationally and pay attention to the investment risks.”
“We are very pleased that Ganfeng officially inaugurated the Mariana Lithium’s start of production at a 20,000 tons-per-annum lithium chloride plant on February 12, 2025”, commented Kirill Klip. “We are looking forward to our first NSR royalty cash flow payments from the Mariana Lithium Project.
TNR does not have to contribute any capital for the development of the Mariana Lithium Project, the Los Azules Copper Project or the Josemaria Project. The essence of our business model is to have industry leaders like Ganfeng as operators on the projects that will potentially generate royalty cashflows to contribute significant value for our shareholders.”
