TNR Gold investor Eucalyptus acquires 8.08 M shares

The most recent news (March 27, 2026) confirms that Eucalyptus Resources Opportunities Fund has acquired 8.08 million shares at $0.18, bringing its total stake to 12.60%. This follows a series of critical operational milestones in February 2026, where Ganfeng Lithium’s Mariana Project completed its first export of 240 tonnes of lithium chloride. This validates the extraction technology and signals the imminent transition to consistent NSR royalty cash flows for TNR. Additionally, the Los Azules Copper project (McEwen Copper) has been admitted into Argentina’s RIGI incentive program, providing 30 years of fiscal stability.

• Operational Validation: The first export from the Mariana Lithium Project is a "proof of concept" for TNR’s business model. It transitions the company from a speculative explorer to a cash-flow-generating royalty holder.
• Strategic Validation: The acquisition by Eucalyptus Resources at $0.18—a significant premium to 2025 levels—indicates institutional confidence in the royalty portfolio's value. The fund's intent to engage with the board suggests potential for improved corporate governance or strategic shifts.
• Fiscal De-risking: Inclusion in the RIGI program for Los Azules significantly lowers the hurdle for a construction decision by McEwen Copper, protecting the long-term value of TNR’s 0.4% NSR.
• Financial Health: TNR has repaid its investment loans in full and is currently debt-free, allowing royalty revenues to flow directly to the balance sheet or potential share buybacks.

TNR Gold operates as a "Green Energy Metals" royalty company. - Flagship Royalty: 1.5% NSR on the Mariana Lithium Project (Argentina), operated by Ganfeng Lithium. (Note: 1.0% is subject to a $900k buyback, leaving TNR with a 0.45% perpetual NSR). - Secondary Royalty: 0.4% NSR on Los Azules Copper (McEwen Copper) and 7% NPR on Josemaria (Lundin/BHP). - Exploration Asset: 90% of the Shotgun Gold Project in Alaska.