ISS Rejects Eucalyptus' Demand for Full Board Change - Backs CEO Kirill Klip and Continuity at TNR Gold

Institutional Shareholder Services (ISS) recommends that shareholders elect incumbent director Kirill Klip and withhold votes from dissident nominee Jon Christian "JC" Evensen. ISS cited Klip’s proven track record, a 30% share price increase following the Altius Minerals private placement, and a 775% five-year total shareholder return that outperformed peer groups.

The firm noted that the dissident campaign led by Eucalyptus Resources lacks a credible go-forward plan, a control premium, and transparency regarding funding sources. Shareholders are urged to vote the "BLUE Proxy" by September 18, 2026, ahead of the Annual General Meeting on September 22, 2026.

TNR Gold Corp. management highlighted a debt-free balance sheet, the repayment of the investment loan, and its positioning to receive its first royalty revenue.

TNR Gold Corp. (TNR) received an Institutional Shareholder Services recommendation that validates the incumbent board’s strategy and governance, significantly reducing near-term proxy fight uncertainty. This news is incremental to the ongoing proxy contest but materially reinforces management's credibility, which typically stabilizes share price volatility associated with activist campaigns.

No new financial or operational milestones were disclosed; the impact is purely governance-related and supports the existing strategic narrative of transitioning to a cash-flow-generating royalty company. The market likely priced in the proxy contest dynamics, making this a routine positive confirmation rather than a fundamental business shift.

TNR Gold Corp. (TNR) operates as a royalty and streaming company focused on green energy metals and gold, aiming to generate cash flow without bearing development capital costs.

At the Mariana Lithium Project in Argentina, TNR holds a 1.5% NSR royalty, with 0.15% held for a shareholder. Ganfeng Lithium commenced production in February 2025 and completed its first lithium chloride exports in February 2026. A repurchase option allows Ganfeng to reduce TNR's interest to 0.45% for CAN$900,000.

At the Los Azules Copper Project in Argentina, TNR holds a 0.4% NSR royalty, with 0.04% held for a shareholder. McEwen Copper completed a feasibility study showing a $2.9B post-tax NPV and 19.8% IRR. The project is advancing toward FID in mid-2027, with production targeted for 2030.

TNR holds a 7% net profits royalty on the Batidero I and II deposits at the Josemaria Project in Argentina, which are being developed by a Lundin Mining and BHP joint venture.

In Alaska, TNR holds a 90% interest in the Shotgun Gold Project, a porphyry gold project. The strategy is to attract a major mining company for a joint venture, with 2026 exploration programs underway to maintain claim standing and generate data for partners.