TNR Gold Begins Exploration Program on Shotgun Gold Project in Alaska
TNR launches Shotgun exploration as activist pressure mounts ahead of its September annual general meeting.
TNR Gold Corp. (TNR) has commenced its 2026 exploration program at the Shotgun Gold Project in Alaska. The initiative targets the Shotgun and Winchester prospects, focusing on fault-controlled structures identified through historical airborne magnetic and ground geophysical data.
The exploration aims to follow up on 2022 field work and investigate geochemical anomalies from 1998 Novagold surveys, as well as geophysical targets from 2011-2012 SJ Geophysics IP surveys. CEO Kirill Klip stated that the strategic intent is to attract a partnership with a major gold mining company, maintain claim standing, and provide additional data to potential partners. The update references a 2013 technical report and cites a Qualified Person from Alaska Earth Sciences.
TNR Gold Corp. announced an exploration program intended to maintain its mining claims and generate data for potential joint venture partners. The company stated that the activity does not represent a material change to its financial outlook or asset valuation.
The announcement follows Eucalyptus Resources’ proxy contest letter issued on Aug 28, which called for a board overhaul. The exploration update appears to demonstrate operational progress ahead of the September 22, 2026 AGM. The disclosure included no new drill results, resource expansions, or partnership announcements.
TNR Gold Corp. operates as a green energy metals royalty and gold exploration company. Its flagship assets include the Shotgun Gold Project in Alaska, where it holds a 90% interest in a large-tonnage, porphyry-style gold system with inferred resources of approximately 706,000 ounces; management is actively seeking a joint venture partner for the site.
In Argentina, the company holds a 1.5% NSR royalty on the Mariana Lithium Project, with 0.15% held for a shareholder. Operator Ganfeng Lithium commenced Phase 1 production of 20,000 tonnes per year of lithium chloride in February 2025. TNR also holds a 0.4% NSR royalty on the Los Azules Copper Project, operated by McEwen Copper, which completed a feasibility study in October 2025 showing a $2.9 billion NPV and 19.8% IRR. The project is situated within Argentina's RIGI incentive regime. Additionally, the company holds a 7% NPR royalty on the Batidero I and II deposits at the Josemaria Project, operated by a joint venture between Lundin Mining and BHP.
The company’s strategy involves transitioning from a project generation junior to a cash-flow-generating royalty company, leveraging industry partners to fund development while retaining upside.