TNR Gold's strategic review continues

Executive Summary

• TNR Gold Corp. is conducting a strategic review of M&A opportunities while highlighting the operational progress of its royalty portfolio, specifically the commencement of production at the Mariana lithium project and the completion of a feasibility study for the Los Azules copper project.
• The company reports that it has repaid its investment loan in full, returning assets free of encumbrance, and is pursuing a normal course issuer bid to reduce share float and maximize shareholder value.
• Management is actively seeking a strategic partner or joint venture for the Shotgun gold project in Alaska, for which a standalone corporate structure (AmeriGold) has been established.

Key Details

• Mariana Lithium Project (Argentina):
  • TNR holds a 1.5% Net Smelter Returns (NSR) royalty (0.15% held on behalf of a shareholder).
  • Operator Ganfeng Lithium commenced formal production of Phase 1 on February 12, 2025.
  • Phase 1 includes a 20,000-ton-per-annum lithium chloride production line.
  • Total lithium resources are approximately 8.12 million tons of lithium carbonate equivalent (LCE).
  • TNR anticipates its first NSR royalty cash flow payment from this project.
• Los Azules Copper Project (Argentina):
  • TNR holds a 0.4% NSR royalty (0.04% held on behalf of a shareholder).
  • Operator McEwen Copper announced positive results from an independent feasibility study on October 10, 2025.
  • The study confirms Los Azules as a long-life, low-cost producer of high-purity copper cathodes.
  • Strategic collaboration secured with the International Finance Corporation (IFC) for potential debt financing.
  • Major partners include Rio Tinto and Stellantis, who have invested significantly in McEwen Copper.
• Josemaria/Batidero Project (Argentina):
  • TNR holds a 7% Net Profit Interest (NPR) royalty on the Batidero I and II properties.
  • Lundin Mining and BHP formed a 50/50 joint venture, Vicuna Corp., holding the Filo del Sol and Josemaria projects.
  • BHP paid Lundin $690 million USD for a 50% interest in the Josemaria project.
  • Vicuna completed an initial mineral resource estimate for the Filo del Sol sulphide deposit and updates for the oxide deposit and Josemaria deposit (effective April 15, 2025).
• Shotgun Gold Project (Alaska):
  • TNR holds a 90% interest in the project, located near the Donlin gold deposit.
  • Inferred gold resources stand at 705,960 ounces.
  • Management is targeting a joint venture with a major gold mining company to fund development.
  • A standalone company, AmeriGold, has been incorporated to potentially inherit the Shotgun project operations via a spinout.
• Corporate Strategy & Financials:
  • TNR has repaid its investment loan in full.
  • Management proposes holding the 2026 Annual General Meeting on June 16, 2026.
  • The company is considering a normal course issuer bid to reduce outstanding shares and float.
  • Lithium Royalty Corp. previously valued a portion of TNR’s Mariana royalty at $9 million USD in February 2023.

Notable Quotes

• "TNR Gold Corp. is your gateway to the green energy revolution and gold stability... TNR is potentially positioned for significant cash flows without the capital burden." — Kirill Klip, Executive Chairman
• "We are very pleased that Ganfeng officially inaugurated the Mariana Lithium's start of production... We are looking forward to our first NSR royalty cash flow payment from the Mariana lithium project." — Kirill Klip
• "We are pleased that McEwen Copper has reached this major milestone... The feasibility study confirms that Los Azules copper is economically robust project with leading ESG performance." — Kirill Klip
• "Our company has repaid our investment loan in full, and we believe that the recent market prices of our shares do not properly reflect the underlying value of TNR's assets." — Kirill Klip