Kirill Klip

TNR Gold’s Deepening Relationship with Altius Minerals

2026-11-07T02:25:35.512-08:00

Building the Green Energy Metals Royalty & Gold Company In “The Fourth Turning” — amid the erosion of trust — we’re doing something different. We bring trust back into junior mining.

#MiningAllianceOfTrust Our guiding principle remains unchanged: “Solid values in uncertain times.”

"Altius Minerals has tabled a non-binding proposal for TNR Gold, after a lengthy courtship period that involved significant stakebuilding earlier in the year and the establishment of significant communication and relations between the two companies. What happens next remains to be seen, but it could be that an impressive deal is in the offing. So how did TNR get here, and why is Altius so interested in TNR? TNR’s executive chairman Kirill Klip tells us the story." (Vox Markets)

Alastair Ford: "Why is Altius Minerals so Interested in TNR Gold?"

TNR Gold’s Successful Strategy Highlighted by Altius Approach

Building The Green Energy Metals Royalty and Gold Company with Altius: Rundown on TNR Gold's portfolio

The TNR Gold Team Key to Bringing Altius to the Table

TNR GOLD RECEIVES NON-BINDING ACQUISITION PROPOSAL FROM ALTIUS MINERALS; ENTERS INTO EXCLUSIVITY ARRANGEMENT

Alastair Ford: "TNR Gold’s Shares Have Risen Fivefold Over the Past Five Years, and It’s Not Hard to See Why"

TNR Gold Delivers Outsized Returns as Altius Minerals Circles Royalty Portfolio

TNR Gold Deepens Strategic Ties with Altius Minerals Amid Non-Binding Acquisition Proposal

By Grok

TNR Gold Corp. has turned patient royalty-building into one of the stronger multi-year shareholder stories in the junior mining space, and a major Canadian royalty player is now weighing a full takeover.

Shares of the Vancouver-based company (TSXV: TNR; OTC: TRRXF) have climbed roughly 65–80% year-to-date in 2026 and delivered multi-year gains measured in the hundreds of percent. Management has highlighted approximately 775% total shareholder return over the five years ended August 18, 2026. The stock recently traded near C$0.29, giving the company a market capitalisation in the mid-to-high C$60 million range, with a 52-week range of roughly C$0.09 to C$0.365.

The latest catalyst is a non-binding proposal from Altius Minerals (TSX: ALS), which already owns about 12.7% of TNR. In October, Altius offered to buy the shares it does not already hold. TNR’s special committee of independent directors has entered an exclusivity arrangement while it evaluates the approach. No price has been disclosed, and no definitive deal is assured.

This development, discussed in a recent Vox Markets interview with Executive Chairman Kirill Klip, underscores growing industry validation of TNR’s royalty-centric business model and its portfolio of assets tied to critical materials and precious metals.

From Stakebuilder to Potential Acquirer

Altius, a multi-billion-dollar Canadian royalty company known for its diversified portfolio of long-life, high-margin royalty assets, first invested in TNR Gold earlier in 2026. In a private placement completed around May 2026, Altius Resources (a wholly owned subsidiary) acquired approximately 23.5 million common shares for gross proceeds of roughly C$4.2 million, securing a non-controlling stake of about 9.9%. The investment carried no warrants and was viewed by TNR management as a strong endorsement of the company’s assets and strategy. Proceeds supported corporate development, property maintenance (including the Shotgun Gold Project), potential royalty acquisitions, and working capital.

Executive Chairman Kirill Klip has called the investment and subsequent bid the strongest external validation yet of TNR’s royalty-focused strategy. The company remains debt-free after earlier royalty sales helped clear obligations, and it continues to prioritise limited dilution while positioning for cash flow.

Altius subsequently increased its position through open-market purchases. By July 2026, it had acquired an additional roughly 7.4–7.5 million shares at around C$0.23 per share, bringing its total holding to approximately 30.9 million shares, or about 12.7% of TNR. Klip described these moves as further milestones that reinforced confidence in TNR’s quality of assets and execution.

Non-Binding Acquisition Proposal

In early October 2026, the relationship advanced further when Altius tabled an unsolicited non-binding proposal to acquire all remaining common shares of TNR Gold that it did not already own. The companies entered into a confidentiality and exclusivity arrangement, allowing a special committee of TNR’s independent directors to evaluate the proposal. No definitive agreement has been reached, and outcomes remain subject to due diligence, negotiations, and regulatory approvals. TNR has previously rejected other approaches it characterised as opportunistic. This sequence reflects what Klip and observers have described as a lengthy period of stake-building and relationship-building between the two companies.

The Assets Driving Interest

TNR’s portfolio centres on net smelter return (NSR) royalties on advanced projects operated by larger partners, plus a majority stake in an Alaskan gold project:

A 1.5% net smelter return (NSR) royalty (with 0.15% held on behalf of a shareholder) on the Mariana Lithium Project in Argentina, operated by Ganfeng Lithium, which has commenced production.
A 0.4% NSR royalty (with 0.04% held on behalf of a shareholder) on the large Los Azules copper-gold-silver project in Argentina (McEwen Copper, with involvement or interest from parties including Rio Tinto and Stellantis).
A 7% net profits royalty on the Batidero I & II properties associated with the Josemaría copper project (Lundin Mining and BHP).
A majority (90%) interest in the Shotgun Gold Project in Alaska, for which TNR is pursuing a joint-venture strategy with a major partner.

The model is straightforward: generate or acquire royalties on projects that larger operators fund and develop, then collect a percentage of revenue without the full capital or operating burden of mining. Partners including Ganfeng, McEwen, Lundin, and BHP are advancing the key assets.

Market Context and Next Steps

The Altius interest arrives as critical minerals and gold retain investor attention amid the energy transition and ongoing demand for copper and lithium. For Altius, the TNR royalties offer complementary copper and lithium exposure that fits its long-life, high-margin royalty strategy.

Klip has framed Altius’s involvement as external validation of TNR’s team, strategy, and the long-term intrinsic value of its royalty portfolio:

"The Board and Management have already delivered major share-price appreciation with zero debt and are advancing TNR toward its first royalty cash flow. This is more than 20 years of patient Canadian building of the junior mining company, which is graduating now to become the new dynamic royalty company."

The Altius investment itself coincided with share-price appreciation, reflecting market recognition of reduced dilution risk and strategic alignment with a sophisticated royalty peer.

Leading independent proxy advisor ISS stated:

“The Altius private placement represents the most direct example of value creation associated with Kirill’s CEO tenure. The announcement was accompanied by a 30 percent increase in share price, and shares have generally maintained a higher trading range since the transaction.” The investment by Altius, an established industry participant, provides external validation of TNR Gold’s royalty-focused strategy and its potential to create long-term shareholder value."

The relationship also fits within a broader “coalition” of industry participants that Klip has highlighted, including operators such as Ganfeng, McEwen, Lundin, and BHP advancing the underlying projects. For Altius, the stake provides complementary exposure—particularly in copper and lithium—to its own royalty book, while positioning it early relative to potential cash flows from Los Azules and Mariana.

As of early November 2026, the exclusivity arrangement and special committee process continue. Any transaction would require further evaluation of valuation, structure (potentially including considerations around non-royalty assets such as Shotgun), and shareholder outcomes.

In the interim, TNR remains focused on advancing its royalty strategy toward recurring cash flows, exploring options such as share buybacks or future dividend policies once regulatory and cash-flow thresholds are met, and seeking partners for its Alaskan gold project.

The evolving Altius–TNR relationship illustrates how established royalty companies are identifying and consolidating exposure to critical minerals and gold assets amid the energy transition and commodity cycles. For TNR shareholders, it represents both validation of multi-year efforts to build a high-quality royalty portfolio and a potential catalyst for further value realisation, subject to the outcome of ongoing discussions. (Edited)

Chart by Nicholas Winton

Please read my legal disclaimer. There is NO investment advice on any Kirill Klip feeds and blogs. Always consult a qualified financial adviser before making any investment decisions.

Do Your Own Research.

Alastair Ford: "Why is Altius Minerals so Interested in TNR Gold?"

2026-11-06T02:28:49.225-08:00

TNR GOLD RECEIVES NON-BINDING ACQUISITION PROPOSAL FROM ALTIUS MINERALS; ENTERS INTO EXCLUSIVITY ARRANGEMENT

“I am pleased to share updates that reflect the continued support of our leadership team and strategic partners for TNR Gold’s development plan,” commented Kirill Klip, Executive Chairman of TNR Gold.
“I have continued to increase my share ownership in TNR Gold, adding an additional 4,200,000 shares this year. My current holding of 31,363,000 shares reflects my ongoing commitment to the Company and confidence in its strategic direction. TNR Gold’s Chair of the Audit Committee, Chief Financial Officer and Vice President, Corporate Development have also increased their ownership positions.”

Kirill Klip added, “As previously announced on July 17, 2026, Altius Minerals Corporation (“Altius”) acquired 7,435,000 shares of TNR Gold at price per share of CAN$0.23, increasing its ownership position in TNR Gold to an aggregate of 30,935,000 shares. Altius’s increased stake reflects their continued strategic interest in TNR Gold’s management team, its strategic plan and TNR Gold’s royalty portfolio. We welcome Altius increasing its strategic, non-controlling stake in TNR Gold.”

TNR Gold’s Successful Strategy Highlighted by Altius Approach

Building The Green Energy Metals Royalty and Gold Company with Altius: Rundown on TNR Gold's portfolio

The TNR Gold Team Key to Bringing Altius to the Table

Alastair Ford: "TNR Gold’s Shares Have Risen Fivefold Over the Past Five Years, and It’s Not Hard to See Why"

Vox Newswire:

Why is Altius Minerals so Interested in TNR Gold?

Alastair Ford

"It’s interesting to reel off the big names that have become associated with TNR Gold over the years.

First off, the biggest and the boldest is probably McEwen Inc., run by Rob McEwen of Goldcorp fame. TNR owns a royalty on McEwen’s huge Los Azules copper project in Argentina and, by all accounts, has a good and solid working relationship with McEwen.

So, one in the bank for the western world.

Then, there’s Ganfeng, one of the great Chinese lithium concerns, currently bringing production at the Mariana Lithium brine project on stream, also in Argentina. And, yes, TNR owns a royalty on that project too, and is looking forward to first income from it within the very near future.

But the big names don’t stop there.

Back when Kirill Klip, the executive chairman of TNR Gold, first got involved in mining, it was via an association with Lukas Lundin and Lundin Mining – specifically at the famous Tenke Fungurume mine in the Democratic Republic of Congo.

And now, the latest arrival on this impressive roster of big names in the mining sector is Altius, the multi-billion-dollar Canadian royalty concern with assets all round the world.

On the one hand, it’s not hard to see why Altius is attracted to TNR. The royalties that TNR holds dovetail nicely with certain royalties in its own portfolio – its exposure to copper is extensive and it already holds a direct stake itself in Mariana NSR royalty.

Thus TNR and Altius already sit on the same side of the table opposite Ganfeng when it comes to getting paid. Not surprising, too, that Altius fancy a piece of Los Azules, given that this is one of the most attractive copper development projects anywhere in the world, and is slated to come to the market in an IPO in the not too distant future, accompanied by a raise that’s likely to be of the order of US$300 million or more.

Not surprisingly, ahead of that Altius is keen to build as early a position in Los Azules as it can, and that’s why it’s built up a significant stake in TNR Gold over the past several months.

This has been a largely friendly manoeuvre. The arrival of Altius is largely seen as a vindication of the quality of the company’s asset portfolio and, in some eyes at least, of the way it’s been managed.

After all, the TNR Gold team has already delivered major share-price appreciation to the tune of upwards of 770% on some metrics, and repaid a significant investment loan. The company has zero debt and is advancing towards its first royalty cash flow. That’s not bad going after more than 20 years of patient work, across a time period during which many other companies fell by the wayside completely.

Because remember, although there’s money around in mining at the moment, depending on who you are and which market you’re on, times haven’t always been this good. TNR has had to weather some pretty heavy storms, along with the rest of the sector, and to learn how to survive on a wing and a prayer at times.

To that end, the relationships that Kirill Klip has built up over the years have proved enduring and beneficial, and they’ve also provided him with a bit of practice. Now, he’s building a relationship with Altius, too, and so far so good.

Altius first came onto the register earlier this year. It liked what it saw, and came round for a second chunk of shares, to build its stake. Most recently, though, it’s tabled a non-binding proposal to acquire the company outright.

It remains to be seen how this will play out, but one thing we can say for sure at this point: Altius’ is interest is proof positive that there is real value inside TNR. The question is: what might any deal look like?

You can bet that Klip and his experienced team are negotiating hard. They’ve come a long way over the years, and have invested much time and money themselves. What’s more, the lithium price looks to be coming back from its lows, and copper has been riding high for many months now. So, the backdrop is favourable.

How long till we find out the details of what’s being proposed?

Well, probably not too long if anything does become official. Committees are currently meeting to discuss the proposal and, after all, why would anybody wait?

Whatever happens, it’s going to be an intriguing and key chapter in a story that’s taken a while to develop, but which really looks now to be building up to a climax."

Disclaimer & Declaration of Interest

"The information, investment views and recommendations in this article are provided for general information purposes only. Nothing in this article should be construed as a solicitation to buy or sell any financial product relating to any companies under discussion or to engage in or refrain from doing so or engaging in any other transaction. Any opinions or comments are made to the best of the knowledge and belief of the writer but no responsibility is accepted for actions based on such opinions or comments. Vox Markets may receive payment from companies mentioned for enhanced profiling or publication presence. The writer may or may not hold investments in the companies under discussion."

Please read my legal disclaimer. There is NO investment advice on any Kirill Klip feeds and blogs. Always consult a qualified financial adviser before making any investment decisions.

Do Your Own Research.

The TNR Gold Team Key to Bringing Altius to the Table

2026-10-30T02:37:40.171-07:00

Building the Green Energy Metals Royalty & Gold Company In “The Fourth Turning” — amid the erosion of trust — we’re doing something different. We bring trust back into junior mining.

#MiningAllianceOfTrust Our guiding principle remains unchanged: “Solid values in uncertain times.”

"TNR Gold has recently received a non-binding proposal from Canadian royalty giant Altius. Of interest to Altius is the royalty portfolio created, built and nurtured by TNR's team over many years. Executive chairman Kirill Klip joins Alastair Ford at Vox to outline some of the history of the company, who the key players in its development were, what the biggest achievements have been, and where things go from here." (Vox Markets)

TNR Gold’s Successful Strategy Highlighted by Altius Approach

Building The Green Energy Metals Royalty and Gold Company with Altius: Rundown on TNR Gold's portfolio

TNR GOLD RECEIVES NON-BINDING ACQUISITION PROPOSAL FROM ALTIUS MINERALS; ENTERS INTO EXCLUSIVITY ARRANGEMENT

Alastair Ford: "TNR Gold’s Shares Have Risen Fivefold Over the Past Five Years, and It’s Not Hard to See Why"

TNR Gold’s Team and Royalty Portfolio Draw Altius Interest in Non-Binding Proposal

By Grok

In a recent interview on Vox Markets, Executive Chairman Kirill Klip of TNR Gold Corp. (TSX-V: TNR, OTC: TRRXF) discussed the company’s two-decade evolution, the strength of its Team, key achievements in building The Green Energy Metals Royalty and Gold Company, and the significance of a non-binding acquisition proposal from Canadian royalty company Altius Minerals.

The video, titled “The TNR Gold team key to bringing Altius to the table,” frames Altius’s interest as validation of TNR’s patient strategy of converting exploration assets into royalties on projects advanced by major operators.

Building the Royalty Portfolio Over 20 Years

Klip traced his involvement with TNR to his gold and silver investments during the early 2000s recovery from a prolonged bear market. He was drawn to the company after Lucas Lundin (of the prominent Lundin mining family) invested in the then-small Canadian junior as it shifted focus from Congo-related assets to Argentina amid geopolitical challenges. Klip built a stake exceeding 10%, joined the board, and helped transform TNR into a project-generation company that formed joint ventures before later pivoting toward a royalty model.

Key assets in the portfolio highlighted in the discussion and company materials include:

A 1.5% net smelter return (NSR) royalty (with 0.15% held on behalf of a shareholder) on the Mariana Lithium Project in Argentina, operated by Ganfeng Lithium, which has commenced production.
A 0.4% NSR royalty (with 0.04% held on behalf of a shareholder) on the large Los Azules copper-gold-silver project in Argentina (McEwen Copper, with involvement or interest from parties including Rio Tinto and Stellantis).
A 7% net profits royalty on the Batidero I & II properties associated with the Josemaría copper project (Lundin Mining and BHP).
A majority (90%) interest in the Shotgun Gold Project in Alaska, for which TNR is pursuing a joint-venture strategy with a major partner.

Klip highlighted the lengthy effort involved, including multi-year litigation to defend TNR’s Los Azules position, which ultimately converted the interest into a royalty. On the Mariana project, the company sold a portion of its NSR at the peak of the lithium market (around $80,000 per tonne of LCE), using the proceeds to repay its investment loan; lithium prices subsequently fell sharply. TNR has emphasised remaining debt-free while positioning itself for potential royalty cash flows as its projects advance.

The Role of the Team

A central theme of the interview is that TNR Gold’s progress—and Altius’s interest—reflects a sustained team effort. Klip described the company as the product of patient, long-term work building a junior mining business in Canada, supported for more than two decades by financial backing from his family.

The board has provided continuity and expertise. Lead independent director John Davies, with deep knowledge of financial and commodities markets, has served as a mentor and source of stability. Leopold Sutton joined the board this year as an independent director, bringing specialised experience in business transformation.

On the technical side, Argentine geologist Roberto Lara has been closely involved in discoveries and project advancement at both Los Azules and Mariana. On the financial and governance side, CFO Maurice Brooks, Financial Controller Muhammad Memon, and Corporate Secretary Nancy La Couvee have strengthened compliance, reporting, and overall corporate standards.

Klip’s son, Konstantin, joined the board during the pandemic period, when TNR’s shares traded at one cent amid uncertainty over access to capital and the company’s ability to repay an investment loan. He later became Vice President of Corporate Development and played a key role in major transactions, including the partial sale of the Mariana lithium NSR royalty that allowed the company to repay the investment loan in full.

TNR has also drawn on advisors with relevant experience, including Nicholas Winton (focused on junior mining markets) and Greg Johnson (with extensive mining-industry and geological background, including prior involvement with NovaGold).

The consistent message is that long-term personnel continuity through difficult capital-market conditions, combined with disciplined capital allocation and strong governance, has underpinned the portfolio’s development and the external validation now coming from a larger royalty peer.

Shareholder Returns and the Altius Proposal

Klip highlighted total shareholder returns of approximately 775% over the five-year period ending August 18, 2026, alongside strong gains over shorter timeframes. Altius initially invested about C$4.2 million for a 9.9% stake at the 30-day volume-weighted average price, without warrants, and later increased its position through open-market purchases (reaching roughly 12–13% in subsequent reporting).

The non-binding proposal to acquire the remaining shares, which includes an exclusivity period for due diligence and negotiations, is under review by a special committee of independent directors.

Klip characterised the approach as external validation of TNR’s royalty portfolio and strategy. He stressed the company’s goal of maximising value for all shareholders while continuing to advance the business in the ordinary course, including work on the Shotgun project and monitoring developments at its royalty assets—such as potential financing and final investment decision progress at Los Azules.

Looking Ahead

The interview positions TNR as transitioning from a long-standing junior explorer into a royalty-focused vehicle with exposure to lithium, copper, gold, and silver alongside established operators. Near-term catalysts cited in related coverage include expected or potential royalty revenue from Mariana, progress toward a final investment decision and possible construction timeline at Los Azules, and joint-venture options for Shotgun Gold.

Klip indicated high expectations around any potential transaction with Altius while underscoring the parties’ alignment on long-term value creation.

The discussion is available on the Vox Markets YouTube channel and reflects the perspective of TNR’s executive chairman during an active exclusivity process. No definitive agreement has been announced, and any outcome remains subject to due diligence, negotiations, and regulatory considerations. (Edited)

Please read my legal disclaimer. There is NO investment advice on any Kirill Klip feeds and blogs. Always consult a qualified financial adviser before making any investment decisions.

Do Your Own Research.

Building The Green Energy Metals Royalty and Gold Company with Altius: Rundown on TNR Gold's portfolio

2026-10-24T09:27:47.958-07:00

Building the Green Energy Metals Royalty & Gold Company In “The Fourth Turning” — amid the erosion of trust — we’re doing something different. We bring trust back into junior mining.

#MiningAllianceOfTrust Our guiding principle remains unchanged: “Solid values in uncertain times.”

"Royalty giant Altius recently made a non-binding proposal to acquire TNR Gold, based on the strength of TNR's royalty portfolio in South America. So, what are these assets, and why is Altius so interested. TNR's executive chairman Kirill Klip joins Vox to give us a detailed insight into the value proposition that the company is offering, both with the royalties, and also with the Shotgun gold project in Alaska." (Vox Markets)

TNR Gold’s Successful Strategy Highlighted by Altius Approach

TNR GOLD RECEIVES NON-BINDING ACQUISITION PROPOSAL FROM ALTIUS MINERALS; ENTERS INTO EXCLUSIVITY ARRANGEMENT

Alastair Ford: "TNR Gold’s Shares Have Risen Fivefold Over the Past Five Years, and It’s Not Hard to See Why"

Dear Shareholders, Over the five years ended August 18, 2026 ("unaffected date"), the TNR Gold Team delivered a total shareholder return of approximately 775%, and our return year-to-date exceeded 105%. ✔️ This is a story of years of disciplined execution: building a world-class royalty portfolio, advancing key assets alongside leading operators, and strengthening our balance sheet while preserving financial flexibility. Together, TNR Gold’s management team and Board have converted exploration risk into royalty cash-flow potential. That is the disciplined path of long-term value creation for all our shareholders. 💎 TNR Gold’s royalty-focused strategy is delivering results and is validated by a major industry player. ✔️ A milestone investment and independent validation. In May 2026, Altius Minerals Corporation (“Altius”), one of Canada’s leading diversified mining royalty companies and a sophisticated Canadian royalty major, completed a C$4.2 million strategic investment in TNR, acquiring a 9.9% interest, with no warrants, together with a right of first offer on certain royalties. Altius’s participation is independent validation of the quality of our portfolio and the credibility of our royalty-focused strategy. It also strengthens our balance sheet for corporate development, asset maintenance and working capital, with minimal dilution to existing shareholders. ✔️ Altius’s endorsement continues. Altius has acquired on the public market an additional 7,435,000 shares of TNR Gold Corp. at C$0.23 per share on July 17, 2026, increasing its strategic stake in TNR Gold to a total of 30,935,000 shares. This further independent validation by a sophisticated Canadian royalty major underscores the strength and credibility of TNR Gold’s team, our royalty portfolio and our strategy. We welcome Altius increasing its strategic, non-controlling stake in TNR Gold. ✔️ A portfolio approaching royalty revenue. Our interests now span lithium, copper, silver and gold across four assets:

• Mariana Lithium (Argentina). Ganfeng Lithium has commenced production and completed its first exports of lithium chloride. TNR holds a 1.5% net smelter return royalty, of which 0.15% is held on behalf of a shareholder. As operations ramp up, this royalty positions the Company for its first potential royalty revenue.

• Los Azules Copper (Argentina). McEwen Copper, whose investors include Rio Tinto and Stellantis, continues to advance feasibility, permitting and financing at this large-scale copper project. TNR holds a 0.4% net smelter return royalty, of which 0.04% is held on behalf of a shareholder.

• Josemaria (Argentina). TNR holds a 7% net profits royalty on the Batidero I and II properties within the copper-gold project being advanced by the Lundin Mining and BHP joint venture.

• Shotgun Gold (Alaska). TNR holds a 90% interest in this porphyry gold project located near NOVAGOLD’s Donlin Gold deposit. We have a strategic objective to attract a joint venture partner to fund further exploration on Shotgun. ✔️ Disciplined capital allocation. Our partner-funded model enables shareholders to realise the benefits of these assets without the capital requirements of mine development. During the year, we also announced a normal course issuer bid as an additional capital allocation tool.

✔️ Alignment with shareholders. I have defended TNR Gold with a multi-decade personal capital commitment and continue to ramp up my position in the Company, having significantly increased my stake by an additional 4,200,000 shares this year. My holding of 31,363,000 shares in TNR Gold serves as evidence of my deep personal commitment to the Company and strong confidence in our experienced team and its strategic development plan. Our Audit Committee Chair, Chief Financial Officer and VP of Corporate Development each added to their holdings during the year. The Board and Management continue to be invested alongside you after multiple decades of personal capital commitment. ✔️ The Board and Management have already delivered major share-price appreciation with zero debt and are advancing TNR toward its first royalty cash flow. This is more than 20 years of patient Canadian building of the junior mining company, which is graduating now to become the new dynamic royalty company.

✔️ Strong Shareholder Returns: Shareholders have benefited from significant value creation under the current Board, including total shareholder returns of 775%, 438% and 312% over the five-, three- and one-year periods, respectively. (August 18, 2026) Together, we continue building The Green Energy Metals Royalty and Gold Company. None of this would have been possible without your unwavering support and trust in our talented Team. On behalf of the entire TNR Gold Team, I extend our deepest gratitude. Thank you for your continued support. Our guiding principle remains unchanged: "Solid values in uncertain times.” Best, and stay safe.

Kirill Klip, Executive Chairman TNR Gold Team We build wealth for our Shareholders.

Please read my legal disclaimer. There is NO investment advice on any Kirill Klip feeds and blogs. Always consult a qualified financial adviser before making any investment decisions.

Do Your Own Research.

TNR Gold’s Successful Strategy Highlighted by Altius Approach

2026-10-22T01:39:46.965-07:00

Building the Green Energy Metals Royalty & Gold Company In “The Fourth Turning” — amid the erosion of trust — we’re doing something different. We bring trust back into junior mining.

#MiningAllianceOfTrust Our guiding principle remains unchanged: “Solid values in uncertain times.”

"TNR Gold has received a non-binding proposal from major shareholder Altius, the Canadian royalty giant. Of interest is TNR's royalty portfolio comprising major lithium and copper assets in South America. TNR is now considering its next move, but to date relations with Altius have been friendly, so there is a real possibility a a transaction will result. TNR's executive chairman Kirill Klip joins Vox to tell us about where the company's at, and where it goes from here." (Vox Markets)

Alastair Ford: "TNR Gold’s Shares Have Risen Fivefold Over the Past Five Years, and It’s Not Hard to See Why"

TNR GOLD RECEIVES NON-BINDING ACQUISITION PROPOSAL FROM ALTIUS MINERALS; ENTERS INTO EXCLUSIVITY ARRANGEMENT

“I am pleased to share updates that reflect the continued support of our leadership team and strategic partners for TNR Gold’s development plan,” commented Kirill Klip, Executive Chairman of TNR Gold.
“I have continued to increase my share ownership in TNR Gold, adding an additional 4,200,000 shares this year. My current holding of 31,363,000 shares reflects my ongoing commitment to the Company and confidence in its strategic direction. TNR Gold’s Chair of the Audit Committee, Chief Financial Officer and Vice President, Corporate Development have also increased their ownership positions.”

Kirill Klip added, “As previously announced on July 17, 2026, Altius Minerals Corporation (“Altius”) acquired 7,435,000 shares of TNR Gold at price per share of CAN$0.23, increasing its ownership position in TNR Gold to an aggregate of 30,935,000 shares. Altius’s increased stake reflects their continued strategic interest in TNR Gold’s management team, its strategic plan and TNR Gold’s royalty portfolio. We welcome Altius increasing its strategic, non-controlling stake in TNR Gold.”

Vox Newswire:

TNR Gold’s shares have risen fivefold over the past five years, and it’s not hard to see why

Alastair Ford

"Just how much progress has TNR Gold made over the past five years?

One obvious way to answer that question is to take a look at the share price graph.

In the five year period between August 2021 and August 2026 TNR Gold’s shares rose by a whopping 775%.

True, they then did give up some ground as certain dissidents raised their voices and impacted sentiment.

But even allowing for that, recent performance has still been strong. In the past 12 months alone, from October 2025 to October 2026, the shares, have risen from C$0.13 to the current C$0.28, a tidy 105%.

This isn’t just a case of all boats rising.

After all, times have been harder for some companies in the industry than they have been for others over the periods in question. TNR has a considerable interest in lithium, for one thing, and it certainly hasn’t been plain sailing for that sector.

So, what exactly has been going on?

There’s been a lot of ups and downs along the way, and a few arguments too, some of them serious. But the long and the short of it is that the company has nursed and built on its portfolio of royalty and development assets in North and South America, carefully and judiciously.

That’s easy to say, of course, but the seriousness of TNR’s stewardship received significant endorsement this year with the arrival of the multi-billion dollar royalty company Altius Minerals onto the register.

Altius took its time building a stake in TNR, having first arrived in April in a big way, increasing its stake in the summer, and subsequently moving towards a non-binding expression of interest in acquiring the whole company.

That non-binding offer is still on the table, and being evaluated by a special committee comprised of TNR’s non-executive directors.

So, did the issue of significant amounts of new shares to Altius hurt the value of the shares?

Not really.

At the beginning of April, the shares were at C$0.20. They went as high as C$0.355 in the summer, and are now trading just shy of C$0.30.

In that respect the arrival of Altius hasn’t been negative at all.

The more interesting question is: what will the valuation be if any takeover deal is eventually done with Altius?

First off, it’s worth noting that this is a relationship that’s taken some nurturing on the part of TNR’s chief Kirill Klip. Ultimately it’s all about the assets, but it takes people to put asset portfolios together, and through thick and thin Klip has held TNR together.

Its principal assets are three, as has been the case for some time. One, a 0.36% royalty on the giant Los Azules copper project in Argentina, currently being developed by McEwen Copper. Two, a 1.35% royalty on the Mariana lithium project in Argentina, currently being developed by Ganfeng Lithium. And three, a 90% stake in the potentially huge Shotgun gold project in Alaska.

As far as Altius is concerned, the royalties make more sense for it than Shotgun, so it will be interesting to see if any kind of carve out is developed when and if a draft proposal finally gets to the official stages.

And how likely is that?

Well, note that there’s been no rejection of the Altius proposals at this stage, Klip’s relations with Altius are obviously friendly and, what’s probably the most salient factor of all, there really is significant value in the TNR stable. Lithium’s had some difficult times over the past few years, but now looks to be coming back into favour. And in the meantime, copper is going on a run that’s never been seen before. And copper in Argentina is a proposition that anyone well versed in mining can get behind.

So, yes, it does seem likely that a transaction will be tabled at some point, and shareholders, as is right and proper, will be asked to take a view. That will be the real moment of truth.

In the meantime, the shares are rising in value, big companies are circling, and a company that was worth less than C$10 million a short couple of years ago is now up at nearly C$70 million. It’s not up there with the majors, or even the most dextrous and nimble of the mid-caps. But it’s still not bad going."

Chart by Nicholas Winton

Disclaimer & Declaration of Interest

Please read my legal disclaimer. There is NO investment advice on any Kirill Klip feeds and blogs. Always consult a qualified financial adviser before making any investment decisions.

Do Your Own Research.

TNR Gold Weighs Altius Bid as Los Azules Copper Royalty Nears Final Investment Decision

2026-10-21T03:02:51.462-07:00

"Dear Shareholders,

Over the five years ended August 18, 2026, the TNR Gold Team delivered a total shareholder return of approximately 775%, and our return year-to-date exceeded 105%.

✔️ This is a story of years of disciplined execution: building a world-class royalty portfolio, advancing key assets alongside leading operators, and strengthening our balance sheet while preserving financial flexibility. Together, TNR Gold’s management team and Board have converted exploration risk into royalty cash-flow potential. That is the disciplined path of long-term value creation for all our shareholders..." (Read more)

"TNR Gold Corp (TSX-V:TNR, FRA:TNW, OTC:TRRXF) executive chairman Kirill Klip spoke with Proactive's Stephen Gunnion about Altius Minerals’ non-binding acquisition proposal, the company’s 775% five-year total shareholder return until the "unaffected date" of August 18, 2026, and its royalty exposure to Argentina’s Los Azules copper project.

Klip discussed the strategy behind TNR Gold’s performance and why its portfolio of royalty interests and exploration assets has attracted attention from Altius, which already holds around 12.7% of the company.

The proposed deal remains under review by a special committee of independent directors, with TNR and Altius having entered into an exclusivity arrangement. No definitive transaction has been agreed.

A key focus is Los Azules, where TNR holds a 0.4% net smelter returns royalty (0.04% is held on behalf of a shareholder). The copper project is advancing towards a final investment decision following a US$240 million term loan announced by project developer McEwen.

Klip also discusses upcoming project milestones and the potential role of Rio Tinto’s Nuton leaching technology in extending the mine life and supporting future royalty cash flow.

Watch the full interview for his perspective on Altius’ proposal, Los Azules and TNR Gold’s next steps." (Proactive)

TNR GOLD RECEIVES NON-BINDING ACQUISITION PROPOSAL FROM ALTIUS MINERALS; ENTERS INTO EXCLUSIVITY ARRANGEMENT

“I am pleased to share updates that reflect the continued support of our leadership team and strategic partners for TNR Gold’s development plan,” commented Kirill Klip, Executive Chairman of TNR Gold.
“I have continued to increase my share ownership in TNR Gold, adding an additional 4,200,000 shares this year. My current holding of 31,363,000 shares reflects my ongoing commitment to the Company and confidence in its strategic direction. TNR Gold’s Chair of the Audit Committee, Chief Financial Officer and Vice President, Corporate Development have also increased their ownership positions.”

Kirill Klip added, “As previously announced on July 17, 2026, Altius Minerals Corporation (“Altius”) acquired 7,435,000 shares of TNR Gold at price per share of CAN$0.23, increasing its ownership position in TNR Gold to an aggregate of 30,935,000 shares. Altius’s increased stake reflects their continued strategic interest in TNR Gold’s management team, its strategic plan and TNR Gold’s royalty portfolio. We welcome Altius increasing its strategic, non-controlling stake in TNR Gold.”

Powered by Tesla Energy rEVolution: TNR Gold Los Azules Copper NSR Royalty Holding with McEwen Inc. Presentation

TNR Gold NSR Royalty Update – McEwen Copper Completes US$240 Million Term Loan to Advance Los Azules Toward Final Investment Decision

TNR Gold NSR Royalty Update – McEwen Provides Update on NSR Royalty on Los Azules Copper

“I am pleased to share updates that reflect the continued support of our leadership team and strategic partners for TNR Gold’s development plan,” commented Kirill Klip, Executive Chairman of TNR Gold.
“I have continued to increase my share ownership in TNR Gold, adding an additional 4,200,000 shares this year. My current holding of 31,363,000 shares reflects my ongoing commitment to the Company and confidence in its strategic direction. TNR Gold’s Chair of the Audit Committee, Chief Financial Officer and Vice President, Corporate Development have also increased their ownership positions.”

Kirill Klip added, “As previously announced on July 17, 2026, Altius Minerals Corporation (“Altius”) acquired 7,435,000 shares of TNR Gold at price per share of CAN$0.23, increasing its ownership position in TNR Gold to an aggregate of 30,935,000 shares. Altius’s increased stake reflects their continued strategic interest in TNR Gold’s management team, its strategic plan and TNR Gold’s royalty portfolio. We welcome Altius increasing its strategic, non-controlling stake in TNR Gold.”

Powered by Tesla Energy rEVolution: TNR Gold Los Azules Copper NSR Royalty Holding with McEwen Inc. Presentation

NEWS RELEASE

TNR Gold NSR Royalty Update – McEwen Provides Update on NSR Royalty on Los Azules Copper

Vancouver, British Columbia – August 10, 2026: TNR Gold Corp. (TSX-V: TNR) (“TNR”, “TNR Gold” or the “Company”) is pleased to advise that McEwen Inc. (“McEwen”) has announced an update on the Los Azules copper, gold and silver project in San Juan, Argentina. TNR holds a 0.4% net smelter returns royalty (“NSR Royalty”) (of which 0.04% of the 0.4% NSR Royalty is held on behalf of a shareholder) on the Los Azules Copper Project. The Los Azules project is held by McEwen Copper Inc. (“McEwen Copper”), which is 46.3% owned by McEwen.

An extract from a news release issued by McEwen on August 5, 2026, stated:

“Significant Ownerships
McEwen Copper
McEwen owns a 46.3% equity stake in McEwen Copper. The 2025 Feasibility Study for McEwen Copper’s Los Azules project confirmed robust project economics, including initial 5-year average production of 205 ktpa of copper cathodes and a $1.71/lb C1 cash cost over a 22-year mine life. The study also identified the potential to extend the mine life by an additional 33 years under the Nuton case for a total of 55 years, with average copper cathode production of approximately 141 ktpa. The Nuton case is preliminary in nature and is not supported by Mineral Reserves.
McEwen also owns a 1.25% NSR royalty on McEwen Copper’s Los Azules copper project.
Under the 2025 Feasibility Study base case of $4.35/lb copper, the royalty is projected to generate approximately $389.5 M of undiscounted pre-tax cash flow over the initial 22-year operating period. Under the PEA-level Nuton case, which assumes a copper price of $4.80/lb and could potentially extend the mine life by an additional 33 years, the royalty is projected to generate a further approximately $633.5 M.
Based on the 2025 Feasibility study and using a recent copper spot price of $6.50/lb, McEwen’s royalty is projected to generate approximately $584 M from the initial case and $860 M from the potential Nuton extension, for a combined undiscounted pre-tax royalty cash flow of approximately $1.4 B.
Los Azules continued to advance toward a Final Investment Decision (“FID”) during Q2, with approximately 27% of the planned FID work program deliverables completed as of June 30, 2026, and the balance targeted for completion in Q4 2026. Key activities included advancing vendor engineering for the SX/EW plant, sulfuric acid plant and crushing systems, progressing mining fleet evaluation, power supply assessment and EPCM contractor selection, and commencing construction of the access road and site camp. The Company also completed its planned H1 2026 field campaign of geotechnical, condemnation and hydrogeological drilling.
During Q2, Société Générale was appointed as exclusive financial advisor for the project’s debt financing process and preparations were initiated for a potential initial public offering. McEwen Copper is also reviewing an enhanced financing proposal received from European export credit agency. Management remains focused on completing the FID work program, with construction targeted to commence in early 2027 and production in 2030, subject to project financing and customary approvals.”
For further details, visit the McEwen website.
Qualified Persons
The McEwen Copper feasibility study technical report has an effective date of September 3, 2025.
The feasibility study and associated news disclosures were reviewed and verified by the following qualified persons who are independent consultants of McEwen Copper:
Technical aspects of the news release related to Project Execution, Development information, and other information excluding mineral resource disclosure – James L. Sorensen – FAusIMM Reg. No. 221286 with Samuel Engineering.
Technical aspects of the news release related to Metallurgical Summary and Process Information –
Michael McGlynn – SME Registered Member No. 4149430 with Samuel Engineering.
Disclosure related to the updated Los Azules mineral resource estimate – Jeff Sullivan – FAusIMM Reg. No. 201778 with CRM-SA, LLC.
Disclosure related to the initial Los Azules mining, and mineral reserve estimate – Gordon Zurowski, P.Eng with AGP Mining Consultants.
Technical aspects of the news release related to Financial Modeling – Steve Pozder – P.E. with Samuel Engineering.”

About McEwen Copper

McEwen Copper Inc. is a copper development company whose principal asset is the Los Azules project in San Juan Province, Argentina – an advanced-stage project counted among the largest undeveloped copper resources globally. McEwen Copper is 46.3%-owned by McEwen.

Qualified Person

The McEwen press release appears to be reviewed and verified by a Qualified Person (as that term is defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects) and the procedures, methodology and key assumptions disclosed therein are those adopted and consistently applied in the mining industry, but no Qualified Person engaged by TNR has done sufficient work to analyze, interpret, classify or verify McEwen’s information to determine the current mineral resource or other information referred to in its press releases. Accordingly, the reader is cautioned in placing any reliance on the disclosures therein.

Kirill Klip, the Company’s Chief Executive Officer, stated, “We are pleased that McEwen Copper has reached this milestone following the release of the feasibility study and securing of an environmental permit for the construction and operation of Los Azules. The collaboration between McEwen Copper and International Finance Corporation (IFC), and admission to the Argentina Regime of Incentives for Investment (RIGI) could move the Los Azules copper project development closer to a construction decision.

Mining in Argentina is being recognized by the government as an integral part of its economic development plan, providing jobs and enriching local communities. The president of Argentina has introduced important government policies aimed at supporting business and unlocking the country’s economic potential.

TNR Gold’s vision is aligned with the leaders of innovation among automakers like Stellantis, whose aim is to decarbonize mobility, and mining industry leaders such as Rob McEwen, whose vision is ‘to build a mine for the future, based on regenerative principles that can achieve net zero carbon emissions by 2038’.

Together with Rio Tinto’s Venture Nuton®, McEwen Copper is exploring new technologies that save energy, water, time and capital, advancing Los Azules towards the goal of leading environmental performance. The involvement of Rio Tinto, with its innovative technology, may also accelerate realizing the potential of the Los Azules project.

The green energy rEVolution relies on the supply of critical metals like copper. Delivering ‘green copper’ to Argentina and the world will contribute to the clean energy transition and electrification of transportation and energy industries.

The feasibility study confirms Los Azules project as a long-life, low-cost producer of high-purity copper cathodes with strong economic returns and sustainability. It highlights the potential to create a robust leach project while reducing the environmental footprint, and greater environmental and social stewardship sets the project apart from other potential mine developments.

TNR Gold does not have to contribute any capital for the development of the Los Azules Project. The essence of our business model is to have industry leaders like McEwen as operators on the projects that will potentially generate royalty cashflows to contribute significant value for our shareholders.”

ABOUT TNR GOLD Corp.

TNR Gold Corp. is working to become the green energy metals royalty and gold company.

Our business model provides a unique entry point in the creation of supply chains for critical materials like energy metals that are powering the energy rEVolution, and the gold industry that is providing a hedge for this stage of the economic cycle.

Our portfolio provides a unique combination of assets with exposure to multiple aspects of the mining cycle: the power of blue-sky discovery and important partnerships with industry leaders as operators on the projects that will potentially generate royalty cashflows to contribute significant value for our shareholders.

Over the past thirty years, TNR, through its lead generator business model, has been successful in generating high-quality global exploration projects. With the Company’s expertise, resources and industry network, the potential of the Mariana Lithium Project and Los Azules Copper Project in Argentina, among many others, have been recognized.

TNR holds a 1.5% NSR royalty on the Mariana Lithium Project in Argentina, of which 0.15% of such NSR royalty is held on behalf of a shareholder of the Company. Ganfeng Lithium’s subsidiary, Litio Minera Argentina (“LMA”), has the right to repurchase 1.0% of the NSR royalty on the Mariana Project, of which 0.9% is the Company’s NSR royalty interest. The Company would receive CAN$900,000, and its shareholder would receive CAN$100,000 on the repurchase by LMA, resulting in TNR holding a 0.45% NSR royalty and its shareholder holding a 0.05% NSR royalty.

The Mariana Lithium Project is 100% owned by Ganfeng Lithium. The Mariana Lithium Project has been approved by the Argentina provincial government of Salta for an environmental impact report. Ganfeng Lithium officially inaugurated Mariana Lithium’s start of production at a 20,000 tons-per-annum lithium chloride plant on February 12, 2025.

TNR Gold also holds a 0.4% NSR royalty on the Los Azules Copper Project, of which 0.04% of the 0.4% NSR royalty is held on behalf of a shareholder of the Company. The Los Azules Copper Project is being developed by McEwen Inc.

TNR also holds a 7% NPR on the Batidero I and II properties of the Josemaria Project that is being developed by the joint venture between Lundin Mining and BHP.

TNR provides significant exposure to gold through its 90% holding in the Shotgun Gold porphyry project in Alaska. The project is located in Southwestern Alaska near the Donlin Gold project, which is being developed by Novagold Resources. The Company’s strategy with the Shotgun Gold Project is to attract a joint venture partnership with a major gold mining company. The Company is actively introducing the project to interested parties.

At its core, TNR provides a wide scope of exposure to gold, copper, silver and lithium through its holdings in Alaska (the Shotgun Gold porphyry project) and royalty holdings in Argentina (the Mariana Lithium project, the Los Azules Copper Project and the Batidero I & II properties of the Josemaria Project), and is committed to the continued generation of in-demand projects, while diversifying its markets and building shareholder value.

On behalf of the Board of Directors,

Kirill Klip
Executive Chairman
www.tnrgoldcorp.com

For further information concerning this news release please contact Kirill Klip +1 604-229-8129

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Statement Regarding Forward-Looking Information

Except for statements of historical fact, this news release contains certain “forward-looking information” within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate”, “will”, “could” and other similar words, or statements that certain events or conditions “may” or “could” occur, although not all forward-looking statements contain these identifying words. Specifically, forward-looking statements in this news release include, but are not limited to, statements made in relation to: TNR’s future receipt of cash flows from its royalty holdings and the subsequent contribution of significant value to its shareholders; the possible growth of TNR’s value; and TNR’s strategy and business objectives; TNR’s corporate objectives and future potential transactions being considered by the Special Committee and the Board, and the benefit that TNR’s shareholders may derive from same; TNR’s future receipt of cash flows from its royalty holdings and the subsequent contribution of significant value to its shareholders; the possible growth of TNR’s value; future revenue and increased valuations of TNR’s royalty holdings caused by potential strategic alliances with major mining companies and investment institutions; the potential production from the Mariana Lithium Project; future investment of substantial capital in the development of the Shotgun Gold Project by a potential partner of TNR; the possible benefits that may accrue to the Los Azules copper project; the potential acceleration of the Los Azules project’s potential due to Rio Tinto’s involvement in the project; and the potential benefits caused by delivering ‘green copper’ to Argentina and the world. Such forward-looking information is based on a number of assumptions and subject to a variety of risks and uncertainties, including but not limited to those discussed in the sections entitled “Risks” and “Forward-Looking Statements” in the Company’s interim and annual Management’s Discussion and Analysis which are available under the Company’s SEDAR+ profile on www.sedarplus.ca. While management believes that the assumptions made and reflected in this news release are reasonable, should one or more of the risks, uncertainties or other factors materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking information. In particular, there can be no assurance that: TNR will enter into one or more strategic transactions, partnership or a spin-out, or be able to complete any further royalty acquisitions or sales of royalty interests, or portions thereof; debt or equity financings will be available to TNR; or that TNR will be able to achieve any of its corporate objectives. TNR relies on the confirmation of its ownership for mining claims from the appropriate government agencies when paying rental payments for such mining claims requested by these agencies. There could be a risk in the future of the changing internal policies of such government agencies or risk related to the third parties, in future, challenging the ownership of such mining claims. Given these uncertainties, readers are cautioned that forward-looking statements included herein are not guarantees of future performance, and such forward-looking statements should not be unduly relied on.
In formulating the forward-looking statements contained herein, management has assumed that business and economic conditions affecting TNR, and its royalty partners, McEwen Inc., Ganfeng Lithium, Lundin Mining and BHP will continue substantially in the ordinary course, including without limitation with respect to general industry conditions, general levels of economic activity and regulations. These assumptions, although considered reasonable by management at the time of preparation, may prove to be incorrect.
Forward-looking information herein and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this cautionary statement. Except as required by law, the Company assumes no obligation to update forward-looking information should circumstances or management’s estimates or opinions change."

Alastair Ford: "TNR Gold’s Shares Have Risen Fivefold Over the Past Five Years, and It’s Not Hard to See Why"

2026-10-16T05:59:45.392-07:00

TNR GOLD RECEIVES NON-BINDING ACQUISITION PROPOSAL FROM ALTIUS MINERALS; ENTERS INTO EXCLUSIVITY ARRANGEMENT

“I am pleased to share updates that reflect the continued support of our leadership team and strategic partners for TNR Gold’s development plan,” commented Kirill Klip, Executive Chairman of TNR Gold.
“I have continued to increase my share ownership in TNR Gold, adding an additional 4,200,000 shares this year. My current holding of 31,363,000 shares reflects my ongoing commitment to the Company and confidence in its strategic direction. TNR Gold’s Chair of the Audit Committee, Chief Financial Officer and Vice President, Corporate Development have also increased their ownership positions.”

Kirill Klip added, “As previously announced on July 17, 2026, Altius Minerals Corporation (“Altius”) acquired 7,435,000 shares of TNR Gold at price per share of CAN$0.23, increasing its ownership position in TNR Gold to an aggregate of 30,935,000 shares. Altius’s increased stake reflects their continued strategic interest in TNR Gold’s management team, its strategic plan and TNR Gold’s royalty portfolio. We welcome Altius increasing its strategic, non-controlling stake in TNR Gold.”

Vox Newswire:

TNR Gold’s shares have risen fivefold over the past five years, and it’s not hard to see why

Alastair Ford

"Just how much progress has TNR Gold made over the past five years?

One obvious way to answer that question is to take a look at the share price graph.

In the five year period between August 2021 and August 2026 TNR Gold’s shares rose by a whopping 775%.

True, they then did give up some ground as certain dissidents raised their voices and impacted sentiment.

This isn’t just a case of all boats rising.

So, what exactly has been going on?

That non-binding offer is still on the table, and being evaluated by a special committee comprised of TNR’s non-executive directors.

So, did the issue of significant amounts of new shares to Altius hurt the value of the shares?

Not really.

At the beginning of April, the shares were at C$0.20. They went as high as C$0.355 in the summer, and are now trading just shy of C$0.30.

In that respect the arrival of Altius hasn’t been negative at all.

The more interesting question is: what will the valuation be if any takeover deal is eventually done with Altius?

And how likely is that?

So, yes, it does seem likely that a transaction will be tabled at some point, and shareholders, as is right and proper, will be asked to take a view. That will be the real moment of truth.

Chart by Nicholas Winton

Disclaimer & Declaration of Interest

Please read my legal disclaimer. There is NO investment advice on any Kirill Klip feeds and blogs. Always consult a qualified financial adviser before making any investment decisions.

Do Your Own Research.

TNR Gold Chair on Altius Takeover Proposal, Value Creation and Shotgun Gold JV

2026-10-15T03:13:19.654-07:00

"Dear Shareholders,

Over the five years ended August 18, 2026, the TNR Gold Team delivered a total shareholder return of approximately 775%, and our return year-to-date exceeded 105%.

✔️ This is a story of years of disciplined execution: building a world-class royalty portfolio, advancing key assets alongside leading operators, and strengthening our balance sheet while preserving financial flexibility. Together, TNR Gold’s management team and Board have converted exploration risk into royalty cash-flow potential. That is the disciplined path of long-term value creation for all our shareholders..." (Read more)

"TNR Gold Corp (TSX-V:TNR, FRA:TNW, OTC:TRRXF) executive chairman Kirill Klip spoke with Proactive 's Stephen Gunnion about the company’s shareholder returns, its royalty portfolio and plans to advance the Shotgun Gold Project in Alaska.

Klip highlighted shareholder returns of around 775% over the five years ended on August 18, 2026, and gains exceeding 105% to that day this year, as interest grows in TNR’s royalty-focused strategy.

He discussed Altius Minerals’ non-binding proposal to acquire the shares it does not already own, with the companies in an exclusivity period for due diligence and negotiations. Klip described the interest as “the ultimate validation” of TNR’s royalty portfolio.

The company’s wider strategy combines exposure to green energy metals royalties and gold assets. Klip also highlighted TNR’s debt-free position and the potential for cash flow from its Mariana Lithium royalty in Argentina.

Turning to Alaska, Klip outlined the potential for regional development around the Donlin Gold Project to raise the profile of Shotgun Gold. TNR is seeking a major gold mining partner to advance the project through an earn-in joint venture, potentially followed by a spin-out into a new company.

Klip also discussed recent exploration activity, updated mining claims and ongoing talks with major gold producers as TNR works towards its next stage of growth." (Proactive)

TNR GOLD RECEIVES NON-BINDING ACQUISITION PROPOSAL FROM ALTIUS MINERALS; ENTERS INTO EXCLUSIVITY ARRANGEMENT

“I am pleased to share updates that reflect the continued support of our leadership team and strategic partners for TNR Gold’s development plan,” commented Kirill Klip, Executive Chairman of TNR Gold.
“I have continued to increase my share ownership in TNR Gold, adding an additional 4,200,000 shares this year. My current holding of 31,363,000 shares reflects my ongoing commitment to the Company and confidence in its strategic direction. TNR Gold’s Chair of the Audit Committee, Chief Financial Officer and Vice President, Corporate Development have also increased their ownership positions.”

Kirill Klip added, “As previously announced on July 17, 2026, Altius Minerals Corporation (“Altius”) acquired 7,435,000 shares of TNR Gold at price per share of CAN$0.23, increasing its ownership position in TNR Gold to an aggregate of 30,935,000 shares. Altius’s increased stake reflects their continued strategic interest in TNR Gold’s management team, its strategic plan and TNR Gold’s royalty portfolio. We welcome Altius increasing its strategic, non-controlling stake in TNR Gold.”

Gold in the USA, the Alaskan Elephant Country: TNR Gold Shotgun Gold Project Presentation

NEWS RELEASE

TNR Gold Begins Exploration Program on Shotgun Gold Project in Alaska

"Vancouver, British Columbia – August 31, 2026: TNR Gold Corp. (TSX-V: TNR) (“TNR”, “TNR Gold” or the “Company”) is pleased to announce the start of an exploration program on the Company’s Shotgun Gold Project in Alaska.

The 2026 field program at the Shotgun and Winchester prospects, located in the Taylor Mountain Quadrangle in Alaska, will follow up the 2022 field program and investigate the geochemical anomalies generated by the 1998 Novagold Resources soil surveys and the geophysical targets indicated by anomalies from the SJ Geophysics 2011 and 2012 IP surveys.

“The Shotgun Gold Project is an advanced-stage exploration prospect in southwestern Alaska. The Company’s strategy with the Shotgun Gold Project is to attract a partnership with a major gold mining company. TNR Gold has successfully consolidated and updated its mining claims in Alaska and is actively introducing the project to interested parties,” commented Kirill Klip, TNR Gold Chief Executive Officer. “We may be at the beginning of a great discovery. There is a clear path on how to move this project forward using the geological and geophysical research currently available to target drilling to expand the resource. The next step is to acquire a partner that shares our vision and recognizes the growth potential and value to be added to the Shotgun Gold Project over time. This exploration program will allow us to comply with the listing requirements, our work commitments in Alaska to maintain the mining claims in good standing, and to provide additional information in TNR’s Shotgun Gold data room for our potential strategic partners.”

ABOUT THE SHOTGUN GOLD PROJECT

TNR holds a 90% interest in the Shotgun Gold Project that is located 190 kilometres south of the Donlin Gold Project deposits within the Kuskokwim Gold Belt in southwestern Alaska. This area is emerging as a world-class, multi-million-ounce gold district. The Shotgun property includes a number of prospects, including Shotgun Ridge and nearby Winchester. The Donlin Gold Project is an intrusion-associated system and represents one of the largest undeveloped gold deposits in the world. The Company believes that there are several key similarities between prospects on the Shotgun property and those of the Donlin Gold Project deposits as well as other important intrusion-associated deposits worldwide.

The Company is targeting a large-tonnage, porphyry-style gold system at Shotgun Ridge. Repeating fault-controlled structures, identified from airborne magnetic and ground geophysical data, provide TNR with encouraging targets for future drill testing.

Detailed information about the inferred mineral resource estimate is included in the technical report titled “Technical Report on the Shotgun Gold Project, Southwest Alaska”, dated May 27, 2013, and can be found on the TNR Gold website at www.tnrgoldcorp.com or on SEDAR+ at www.sedarplus.ca.

Qualified Person

The technical information in this news release has been reviewed and approved by Brendan McCrum, CPG-12330, consulting Senior Geologist from Alaska Earth Sciences to TNR Gold, and a Qualified Person as that term is defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects.

ABOUT TNR GOLD Corp.

TNR Gold Corp. is working to become the green energy metals royalty and gold company.

TNR also holds a 7% NPR on the Batidero I and II properties of the Josemaria Project that is being developed by the joint venture between Lundin Mining and BHP.

On behalf of the Board of Directors,

Kirill Klip
Executive Chairman
www.tnrgoldcorp.com

For further information concerning this news release please contact Kirill Klip +1 604-229-8129

Cautionary Statement Regarding Forward-Looking Information

TNR GOLD RECEIVES NON-BINDING ACQUISITION PROPOSAL FROM ALTIUS MINERALS; ENTERS INTO EXCLUSIVITY ARRANGEMENT

2026-10-08T13:04:50.191-07:00

“I am pleased to share updates that reflect the continued support of our leadership team and strategic partners for TNR Gold’s development plan,” commented Kirill Klip, Executive Chairman of TNR Gold.

“I have continued to increase my share ownership in TNR Gold, adding an additional 4,200,000 shares this year. My current holding of 31,363,000 shares reflects my ongoing commitment to the Company and confidence in its strategic direction. TNR Gold’s Chair of the Audit Committee, Chief Financial Officer and Vice President, Corporate Development have also increased their ownership positions.”

Kirill Klip added, “As previously announced on July 17, 2026, Altius Minerals Corporation (“Altius”) acquired 7,435,000 shares of TNR Gold at price per share of CAN$0.23, increasing its ownership position in TNR Gold to an aggregate of 30,935,000 shares. Altius’s increased stake reflects their continued strategic interest in TNR Gold’s management team, its strategic plan and TNR Gold’s royalty portfolio. We welcome Altius increasing its strategic, non-controlling stake in TNR Gold.”

NEWS RELEASE

TNR GOLD RECEIVES NON-BINDING ACQUISITION PROPOSAL FROM ALTIUS MINERALS; ENTERS INTO EXCLUSIVITY ARRANGEMENT

"Vancouver, British Columbia – October 7, 2026: TNR Gold Corp. (TSX-V: TNR) (“TNR Gold”, “TNR” or the “Company”) announces that it has received an unsolicited non-binding proposal from Altius Minerals Corporation (“Altius”) regarding the potential acquisition of all common shares of the Company not already owned by Altius (the “Proposal”). Altius is a significant shareholder of the Company, currently holding approximately 12.7% of TNR Gold’s issued and outstanding common shares.

Following a review of the Proposal by the special committee of independent directors of the Company (the “Special Committee”), TNR Gold has entered into an exclusivity arrangement with Altius in connection with the Proposal. The Special Committee, in consultation with its advisors, continues to evaluate the Proposal to determine the course of action that it believes to be in the best interests of the Company and its shareholders.

No decision has been made with respect to any definitive transaction contemplated by the Proposal. There can be no assurance that any transaction will result from the Proposal, that any such transaction will be approved or completed, or as to the timing, structure or terms of any potential transaction. Shareholders are not required to take any action at this time. The Company does not intend to comment further upon any potential transaction unless a definitive agreement is reached or unless otherwise required by law.

About TNR Gold Corp.

TNR Gold Corp. is working to become the green energy metals royalty and gold company.

TNR also holds a 7% NPR on the Batidero I and II properties of the Josemaria Project that is being developed by the joint venture between Lundin Mining and BHP.

On behalf of the Board of Directors,

Kirill Klip

Executive Chairman
www.tnrgoldcorp.com

For further information concerning this news release please contact Kirill Klip +1 604-229-8129

Cautionary Statement Regarding Forward-Looking Information

Except for statements of historical fact, this news release contains certain “forward-looking information” within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate”, “will”, “could” and other similar words, or statements that certain events or conditions “may” or “could” occur, although not all forward-looking statements contain these identifying words. Specifically, forward-looking statements in this news release include, but are not limited to, statements made in relation to: the Proposal and the review and evaluation thereof by the Special Committee; the exclusivity arrangement between the Company and Altius; any potential transaction resulting from the Proposal; the Company’s intentions with respect to further disclosure; the advancement of TNR’s key assets towards development milestones; TNR’s future receipt of cash flows from its royalty holdings and the subsequent contribution of significant value to its shareholders; the possible growth of TNR’s value; and TNR’s strategy and business objectives. Such forward-looking information is based on a number of assumptions and subject to a variety of risks and uncertainties, including but not limited to those discussed in the sections entitled “Risks” and “Forward-Looking Statements” in the Company’s interim and annual Management’s Discussion and Analysis which are available under the Company’s SEDAR+ profile on www.sedarplus.ca. While management believes that the assumptions made and reflected in this news release are reasonable, should one or more of the risks, uncertainties or other factors materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking information. In particular, there can be no assurance that: Altius will make a binding offer to the Company; the parties will enter into a definitive agreement in respect of the Proposal or any other similar transaction; any transaction will receive the necessary corporate, shareholder, court or regulatory approvals or that the other conditions to any such transaction will be satisfied; any transaction will be completed on the terms contemplated by the Proposal, on the timeline currently anticipated or at all; TNR will enter into one or more strategic transactions or partnerships, or be able to complete any further royalty acquisitions or sales of royalty interests, or portions thereof; TNR’s key assets will advance towards development milestones on the timeline currently anticipated or at all; or that TNR will be able to achieve any of its corporate objectives. TNR relies on the confirmation of its ownership for mining claims from the appropriate government agencies when paying rental payments for such mining claims requested by these agencies. There could be a risk in the future of the changing internal policies of such government agencies or risk related to the third parties, in future, challenging the ownership of such mining claims. Given these uncertainties, readers are cautioned that forward-looking statements included herein are not guarantees of future performance, and such forward-looking statements should not be unduly relied on.

In formulating the forward-looking statements contained herein, management has assumed that business and economic conditions affecting TNR, and its royalty partners, McEwen Inc., Ganfeng Lithium and Lundin Mining will continue substantially in the ordinary course, including without limitation with respect to general industry conditions, general levels of economic activity and regulations. These assumptions, although considered reasonable by management at the time of preparation, may prove to be incorrect.

Forward-looking information herein and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this cautionary statement. Except as required by law, the Company assumes no obligation to update forward-looking information should circumstances or management’s estimates or opinions change."

TNR GOLD ANNOUNCES DATE OF ANNUAL GENERAL AND SPECIAL MEETING AND DISCONTINUANCE OF PETITION

2026-10-08T07:40:40.440-07:00

Building the Green Energy Metals Royalty & Gold Company In “The Fourth Turning” — amid the erosion of trust — we’re doing something different. We bring trust back into junior mining.

#MiningAllianceOfTrust Our guiding principle remains unchanged: “Solid values in uncertain times.”

Building the Green Energy Metals Royalty and Gold Company: "There Is Magic, but You Have to Be the Magician. You Have to Make the Magic Happen."

NEWS RELEASE

TNR GOLD ANNOUNCES DATE OF ANNUAL GENERAL AND SPECIAL MEETING AND DISCONTINUANCE OF PETITION

TNR Gold schedules annual general and special meeting of shareholders for December 8, 2026.
TNR Gold and Eucalyptus Resources have agreed to discontinue the petition commenced in the Supreme Court of British Columbia.
TNR Gold’s board of directors will proceed with its ongoing strategic review process.

"Vancouver, British Columbia – October 5, 2026: TNR Gold Corp. (TSX-V: TNR) (“TNR Gold”, “TNR” or the “Company”) announces that it has scheduled an annual general and special meeting of shareholders (the “Meeting”) to be held on December 8, 2026. Further details regarding the Meeting will be provided in due course.

The Company also announces that the Company and Eucalyptus Resources Opportunities Fund 1, LP (“Eucalyptus”) have agreed to discontinue the previously announced petition in the Supreme Court of British Columbia. The Company and Eucalyptus have agreed to allow TNR’s current board of directors a period of time to complete the Company’s ongoing strategic review process. The Company intends to keep the market updated as appropriate.

On behalf of the Board of Directors,

Kirill Klip
Executive Chairman

www.tnrgoldcorp.com

For further information concerning this news release please contact Kirill Klip +1 604-229-8129

Cautionary Statement Regarding Forward-Looking Information

Building the Green Energy Metals Royalty and Gold Company: "There Is Magic, but You Have to Be the Magician. You Have to Make the Magic Happen."

2026-09-29T05:54:33.535-07:00

Building the Green Energy Metals Royalty and Gold Company: "There Is Magic, but You Have to Be the Magician. You Have to Make the Magic Happen."

TNR GOLD ANNOUNCES RESCHEDULING OF ANNUAL GENERAL AND SPECIAL MEETING

2026-09-19T09:29:32.320-07:00

NEWS RELEASE

TNR GOLD ANNOUNCES RESCHEDULING OF ANNUAL GENERAL AND SPECIAL MEETING

TNR Gold cancels its annual general and special meeting of shareholders originally scheduled for September 22, 2026.
TNR Gold has significant concerns that the integrity of the shareholder voting process has been imperiled by inadequate disclosure and other related issues.
The annual general and special meeting of shareholders will be rescheduled to a date to be announced as soon as reasonably practicable.

"Vancouver, British Columbia – September 17, 2026: TNR Gold Corp. (TSX-V: TNR) (“TNR Gold”, “TNR” or the “Company”) announces that the Company’s annual general and special meeting of shareholders (the “Meeting”) has been cancelled. The Meeting was originally scheduled to be held at 10:00 a.m. (Pacific Time) on September 22, 2026, and will instead be held on a date to be announced as soon as reasonably practicable.

The board of directors of the Company (the “Board”) has determined that cancelling the Meeting is necessary and in the best interests of the Company and its stakeholders. As previously announced, TNR is investigating suspected coordinated acquisitions and voting of TNR shares by Eucalyptus Resources Opportunities Fund 1, LP (“Eucalyptus”) and certain shareholders believed to be acting jointly or in concert with Eucalyptus. In light of the pattern of acquisitions and other coordination between suspected joint actors, TNR is concerned that shareholders may have been deprived of material information, the potential benefit of a mandatory take-over bid under applicable securities laws, and other potential corporate steps. TNR is also concerned that proxy solicitation materials filed and delivered to shareholders by Eucalyptus may fail to comply with applicable legal requirements.

The Company has raised these concerns with securities regulators.

The Board is committed to the integrity of the voting process and remains committed to holding the Meeting. Given the unresolved concerns and the proximity of the Meeting, the Board is rescheduling the Meeting to ensure transparency and protect shareholders’ interests, allow securities regulators to address the issues raised, and enable the Company to take appropriate steps to ensure that shareholders have all required information and material to make fully informed decisions at the rescheduled Meeting.

TNR previously obtained approval under the Business Corporations Act to hold its Meeting by December 24, 2026. The Company intends to hold the Meeting as soon as practicable and before that time and will provide shareholders with ample notice of the new Meeting date once it has been confirmed.

On behalf of the Board of Directors,

Kirill Klip

Executive Chairman
www.tnrgoldcorp.com

For further information concerning this news release please contact Kirill Klip +1 604-229-8129

Cautionary Statement Regarding Forward-Looking Information
Except for statements of historical fact, this news release contains certain “forward-looking information” within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate”, “will”, “could” and other similar words, or statements that certain events or conditions “may” or “could” occur, although not all forward-looking statements contain these identifying words. Specifically, forward-looking statements in this news release include, but are not limited to, statements made in relation to: the Company’s investigation into Eucalyptus and potential joint actor arrangements, including whether legally required disclosure was provided; the rescheduling and anticipated timing of the Meeting; and the consideration of the Company’s concerns by securities regulatory authorities. Such forward-looking information is based on a number of assumptions and subject to a variety of risks and uncertainties, including but not limited to those discussed in the sections entitled “Risks” and “Forward-Looking Statements” in the Company’s interim and annual Management’s Discussion and Analysis which are available under the Company’s SEDAR+ profile on www.sedarplus.ca. While management believes that the assumptions made and reflected in this news release are reasonable, should one or more of the risks, uncertainties or other factors materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking information. In particular, there can be no assurance that: the Company’s investigation will result in a determination that Eucalyptus or any other shareholders were acting jointly or in concert; securities regulators will take any action in respect of the concerns raised by the Company; the Meeting will be rescheduled and held by December 24, 2026; or the issues identified by the Company will be resolved in advance of the rescheduled Meeting. Given these uncertainties, readers are cautioned that forward-looking statements included herein are not guarantees of future performance, and such forward-looking statements should not be unduly relied on.
In formulating the forward-looking statements contained herein, management has assumed that business and economic conditions affecting TNR, and its royalty partners, McEwen Inc., Ganfeng Lithium and Lundin Mining will continue substantially in the ordinary course, including without limitation with respect to general industry conditions, general levels of economic activity and regulations. These assumptions, although considered reasonable by management at the time of preparation, may prove to be incorrect.
Forward-looking information herein and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this cautionary statement. Except as required by law, the Company assumes no obligation to update forward-looking information should circumstances or management’s estimates or opinions change."

TNR GOLD PROVIDES UPDATE ON JOINT ACTOR INVESTIGATION

2026-09-19T09:22:27.161-07:00

NEWS RELEASE

TNR GOLD PROVIDES UPDATE ON JOINT ACTOR INVESTIGATION

Investigation has uncovered a potential conspiracy to coordinate the undisclosed acquisition and voting of TNR Gold shares.
TNR Gold believes material information regarding these coordinated activities may have been withheld from shareholders, contrary to applicable securities laws.
TNR Gold’s investigation remains ongoing.

"Vancouver, British Columbia – September 16, 2026: TNR Gold Corp. (TSX-V: TNR) (“TNR Gold”, “TNR” or the “Company”) provides the following update regarding its investigation into the actions of Eucalyptus Resources Opportunities Fund 1, LP (“Eucalyptus”), led by Jon Christian “JC” Evensen, in connection with the Company’s upcoming annual general and special meeting of shareholders (the “Meeting”) scheduled to take place on September 22, 2026.

As previously announced, TNR Gold has commenced an investigation regarding Eucalyptus’ coordination with joint actors. The Company’s ongoing investigation has uncovered information suggesting a potential conspiracy among Eucalyptus and certain joint actors to coordinate their undisclosed acquisition and voting of TNR shares in breach of applicable securities laws. Based on information obtained to date, it appears that the nature and extent of such coordination may go well beyond what Eucalyptus has publicly disclosed, involving a number of joint actors that the Company believes are implementing a scheme to acquire and vote TNR shares in order to seize control of the Company’s board of directors without making legally required disclosure.

Despite TNR’s requests to Eucalyptus and its suspected joint actors to act transparently in accordance with securities laws, no corrective disclosure has been made as of the date of this announcement. The Company has significant concerns that shareholders may have been deprived of disclosure material to their voting decisions and is evaluating all options to protect the interests of shareholders and the integrity of the voting process at the Meeting.

TNR’s investigation into these matters is ongoing, and the Company will provide further updates as appropriate.

QUESTIONS? NEED HELP VOTING THE BLUE PROXY?

Vote the BLUE Proxy to protect TNR Gold’s proven strategy and preserve the institutional knowledge and continuity needed to advance its assets.

The BLUE Proxy must be received no later than 10:00 a.m. Pacific Time on Friday, September 18, 2026. If you voted using a green proxy, it is not too late—the later-dated BLUE Proxy will replace and revoke your earlier voting instruction. Shareholders who have questions or need assistance voting their common shares should contact Kingsdale Advisors, TNR Gold’s strategic shareholder advisor.

Kingsdale Advisors
North American Toll-Free: 1-855-476-7861
Text and Call Number: 1-437-561-5018
Email: contactus@kingsdaleadvisors.com

Website: www.VoteTNR.com

Advisors

Norton Rose Fulbright Canada LLP is acting as legal counsel to TNR Gold. Kingsdale Advisors is acting as strategic shareholder advisor to TNR Gold.

About TNR Gold Corp.

TNR Gold Corp. is working to become the green energy metals royalty and gold company.

TNR also holds a 7% NPR on the Batidero I and II properties of the Josemaria Project that is being developed by the joint venture between Lundin Mining and BHP.

On behalf of the Board of Directors,

Kirill Klip
Executive Chairman
www.tnrgoldcorp.com

For further information concerning this news release please contact Kirill Klip +1 604-229-8129

Cautionary Statement Regarding Forward-Looking Information

Except for statements of historical fact, this news release contains certain “forward-looking information” within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate”, “will”, “could” and other similar words, or statements that certain events or conditions “may” or “could” occur, although not all forward-looking statements contain these identifying words. Specifically, forward-looking statements in this news release include, but are not limited to, statements made in relation to: the Company’s investigation into Eucalyptus and potential joint actor arrangements, including whether legally required disclosure was provided; the upcoming Meeting; the advancement of TNR’s key assets towards development milestones; TNR’s future receipt of cash flows from its royalty holdings and the subsequent contribution of significant value to its shareholders; the possible growth of TNR’s value; and TNR’s strategy and business objectives. Such forward-looking information is based on a number of assumptions and subject to a variety of risks and uncertainties, including but not limited to those discussed in the sections entitled “Risks” and “Forward-Looking Statements” in the Company’s interim and annual Management’s Discussion and Analysis which are available under the Company’s SEDAR+ profile on www.sedarplus.ca. While management believes that the assumptions made and reflected in this news release are reasonable, should one or more of the risks, uncertainties or other factors materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking information. In particular, there can be no assurance that: TNR will enter into one or more strategic transactions, partnership or a spin-out, or be able to complete any further royalty acquisitions or sales of royalty interests, or portions thereof; TNR’s key assets will advance toward development milestones on the timeline currently anticipated or at all; or that TNR will be able to achieve any of its corporate objectives. TNR relies on the confirmation of its ownership for mining claims from the appropriate government agencies when paying rental payments for such mining claims requested by these agencies. There could be a risk in the future of the changing internal policies of such government agencies or risk related to the third parties, in future, challenging the ownership of such mining claims. Given these uncertainties, readers are cautioned that forward-looking statements included herein are not guarantees of future performance, and such forward-looking statements should not be unduly relied on.
In formulating the forward-looking statements contained herein, management has assumed that business and economic conditions affecting TNR, and its royalty partners, McEwen Inc., Ganfeng Lithium and Lundin Mining will continue substantially in the ordinary course, including without limitation with respect to general industry conditions, general levels of economic activity and regulations. These assumptions, although considered reasonable by management at the time of preparation, may prove to be incorrect.
Forward-looking information herein and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this cautionary statement. Except as required by law, the Company assumes no obligation to update forward-looking information should circumstances or management’s estimates or opinions change."

TNR CALLS ON EUCALYPTUS TO PROVIDE DISCLOSURE REGARDING JOINT ACTORS; COMMENCES INVESTIGATION

2026-09-19T09:13:18.091-07:00

NEWS RELEASE

TNR CALLS ON EUCALYPTUS TO PROVIDE DISCLOSURE REGARDING JOINT ACTORS; COMMENCES INVESTIGATION

TNR is concerned that Eucalyptus may have failed to disclose relationships and arrangements material to shareholders.
TNR is investigating potential securities law violations.
Shareholders are urged to vote ONLY the BLUE Proxy ‘FOR’ all TNR Gold director nominees and disregard any materials received from Eucalyptus.
Shareholders who have questions or require assistance voting on the BLUE Proxy are encouraged to contact Kingsdale Advisors toll-free in North America at 1-855-476-7861 or by email at contactus@kingsdaleadvisors.com. Visit VoteTNR.com today.

"Vancouver, British Columbia – September 15, 2026: TNR Gold Corp. (TSX-V: TNR) (“TNR Gold”, “TNR” or the “Company”) today announced that it has commenced an investigation into the actions of Eucalyptus Resources Opportunities Fund 1, LP (“Eucalyptus”), led by Jon Christian “JC” Evensen, in connection with the Company’s upcoming annual general and special meeting of shareholders (the “Meeting”) scheduled to take place on September 22, 2026.

Based on information recently obtained, TNR’s board of directors (the “Board”) believes Eucalyptus may have failed to provide legally required disclosure regarding its potential coordination with certain other shareholders in acquiring TNR shares with the intention of voting jointly or in concert at the Meeting. TNR has reached out to Eucalyptus to request that it provide all legally required disclosure to shareholders.

The Board believes it is critical that shareholders receive all information to which they are legally entitled regarding Eucalyptus’s potential coordination with joint actors before casting their votes. The Company is actively investigating these matters to ensure compliance with applicable securities laws and that shareholders can make informed voting decisions based on full disclosure of any arrangements or relationships between Eucalyptus and other shareholders. TNR will provide further updates on these matters as appropriate.

QUESTIONS? NEED HELP VOTING THE BLUE PROXY?

Vote the BLUE Proxy to protect TNR Gold’s proven strategy and preserve the institutional knowledge and continuity needed to advance its assets.

Kingsdale Advisors
North American Toll-Free: 1-855-476-7861
Text and Call Number: 1-437-561-5018
Email: contactus@kingsdaleadvisors.com

Website: www.VoteTNR.com

Advisors

Norton Rose Fulbright Canada LLP is acting as legal counsel to TNR Gold. Kingsdale Advisors is acting as strategic shareholder advisor to TNR Gold.

About TNR Gold Corp.

TNR Gold Corp. is working to become the green energy metals royalty and gold company.

TNR also holds a 7% NPR on the Batidero I and II properties of the Josemaria Project that is being developed by the joint venture between Lundin Mining and BHP.

On behalf of the Board of Directors,

Kirill Klip

Executive Chairman

www.tnrgoldcorp.com

For further information concerning this news release please contact Kirill Klip +1 604-229-8129

Cautionary Statement Regarding Forward-Looking Information

Except for statements of historical fact, this news release contains certain “forward-looking information” within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate”, “will”, “could” and other similar words, or statements that certain events or conditions “may” or “could” occur, although not all forward-looking statements contain these identifying words. Specifically, forward-looking statements in this news release include, but are not limited to, statements made in relation to: the Company’s investigation into Eucalyptus and potential joint actor arrangements, including whether legally required disclosure was provided; the upcoming Meeting; the advancement of TNR’s key assets towards development milestones; TNR’s future receipt of cash flows from its royalty holdings and the subsequent contribution of significant value to its shareholders; the possible growth of TNR’s value; and TNR’s strategy and business objectives. Such forward-looking information is based on a number of assumptions and subject to a variety of risks and uncertainties, including but not limited to those discussed in the sections entitled “Risks” and “Forward-Looking Statements” in the Company’s interim and annual Management’s Discussion and Analysis which are available under the Company’s SEDAR+ profile on www.sedarplus.ca. While management believes that the assumptions made and reflected in this news release are reasonable, should one or more of the risks, uncertainties or other factors materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking information. In particular, there can be no assurance that: TNR will enter into one or more strategic transactions, partnership or a spin-out, or be able to complete any further royalty acquisitions or sales of royalty interests, or portions thereof; TNR’s key assets will advance toward development milestones on the timeline currently anticipated or at all; or that TNR will be able to achieve any of its corporate objectives. TNR relies on the confirmation of its ownership for mining claims from the appropriate government agencies when paying rental payments for such mining claims requested by these agencies. There could be a risk in the future of the changing internal policies of such government agencies or risk related to the third parties, in future, challenging the ownership of such mining claims. Given these uncertainties, readers are cautioned that forward-looking statements included herein are not guarantees of future performance, and such forward-looking statements should not be unduly relied on.
In formulating the forward-looking statements contained herein, management has assumed that business and economic conditions affecting TNR, and its royalty partners, McEwen Inc., Ganfeng Lithium and Lundin Mining will continue substantially in the ordinary course, including without limitation with respect to general industry conditions, general levels of economic activity and regulations. These assumptions, although considered reasonable by management at the time of preparation, may prove to be incorrect.
Forward-looking information herein and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this cautionary statement. Except as required by law, the Company assumes no obligation to update forward-looking information should circumstances or management’s estimates or opinions change."

ISS REJECTS EUCALYPTUS’ DEMAND FOR FULL BOARD CHANGE – BACKS CEO KIRILL KLIP AND CONTINUITY AT TNR GOLD

2026-09-19T09:02:53.564-07:00

NEWS RELEASE

ISS REJECTS EUCALYPTUS’ DEMAND FOR FULL BOARD CHANGE – BACKS CEO KIRILL KLIP AND CONTINUITY AT TNR GOLD

Leading independent proxy advisor ISS states that “TNR outperformed its peer group over the three- and five-year periods ending on the unaffected date,” concludes that the dissident “failed to articulate an adequate go-forward plan” for the Company, and recommends that shareholders elect Kirill Klip and withhold from dissident nominee Jon Christian “JC” Evensen.
Company thanks shareholders who have already voted the BLUE Proxy in support of TNR Gold’s proven strategy and rejected the dissident’s self-serving attempt to seize control of the Company without offering shareholders a premium or a credible plan.
ONLY DAYS REMAIN TO VOTE. Shareholders who have questions or require assistance voting on the BLUE Proxy are encouraged to contact Kingsdale Advisors toll-free in North America at 1-855-476-7861 or by email at contactus@kingsdaleadvisors.com. Visit VoteTNR.com today.

"Vancouver, British Columbia – September 14, 2026: TNR Gold Corp. (TSX-V: TNR) (“TNR Gold”, “TNR” or the “Company”) and its Board of Directors (the “Board”) unanimously recommend that shareholders act immediately. The choice before shareholders is clear: protect a proven royalty-focused strategy, preserve the institutional knowledge and continuity needed to advance it, and reject the attempt by Eucalyptus Resources Opportunities Fund 1, LP, led by Jon Christian “JC” Evensen (“Eucalyptus”, “Koala” or “Mr. Evensen”), to seize effective control of TNR Gold without offering shareholders a premium, a credible strategic plan, or meaningful transparency regarding its campaign. Institutional Shareholder Services Inc. (“ISS”), a leading independent provider of proxy voting advice and analysis, reinforced each of these conclusions. Every vote counts. Shareholders who do not vote risk allowing others to decide the future of their investment.

ISS SUPPORTS KIRILL KLIP AND NOT DISSIDENT NOMINEE JON CHRISTIAN “JC” EVENSEN

ISS recommended that shareholders elect Mr. Kirill Klip and withhold from dissident nominee Mr. Evensen. ISS determined that retaining Mr. Klip would provide the institutional knowledge and continuity needed for TNR Gold’s future and concluded that the dissident had “failed to articulate an adequate go-forward plan.” ISS also identified the Altius Minerals Corporation private placement as a positive development and the clearest example of value creation associated with Mr. Klip’s tenure as Chief Executive Officer. Together, these findings validate TNR Gold’s strategy, leadership and case for continuity at a critical stage in the Company’s development.

In its report, ISS stated: “The Altius private placement represents the most direct example of value creation associated with Kirill’s CEO tenure. The announcement was accompanied by a 30 percent increase in share price, and shares have generally maintained a higher trading range since the transaction.” The investment by Altius, an established industry participant, provides external validation of TNR Gold’s royalty-focused strategy and its potential to create long-term shareholder value.

For more information on the Company’s strategy, track record and plan to create long-term shareholder value, shareholders are encouraged to read our letter to shareholders dated September 8, 2026.

TNR Gold shareholders are facing a choice: seasoned, steady and professional hands with a proven track record or someone posing as a koala, posting frivolous things and backed by mysterious funds.

TNR Gold is entering one of the most important periods in its history,” said Kirill Klip, Executive Chairman. “TNR Gold’s royalty-focused strategy is delivering results and has been validated by a major industry player. We have repaid the investment loan and maintain a debt-free balance sheet, attracted a strategic investment from Altius, one of Canada’s leading royalty companies, and positioned the Company to receive its first royalty revenue. I thank every shareholder who has supported the Company by voting BLUE.”

TNR Gold has delivered a 775% five-year total shareholder return, compared with 161% for the equal-weighted royalty peer group, 252% for the market-capitalization-weighted royalty peer group and 207% for the VanEck Junior Gold Miners ETF. ISS noted that recent results reflect “actions taken by management.” The dissident’s attempt to claim full credit for this performance ignores the management decisions, stewardship and long-term execution that positioned TNR Gold to benefit from today’s value-realization milestones.

Mr. Klip’s leadership helped sustain TNR Gold through challenging periods and preserve the royalty portfolio long enough for its underlying value to emerge. With those assets now approaching meaningful value-realization milestones, the Board believes shareholders should recognize the stewardship that positioned the Company to benefit from them today.

The contrast is clear. TNR Gold’s current leadership has preserved and advanced a diversified royalty portfolio, maintained a debt-free balance sheet, attracted a strategic investment from Altius and positioned the Company for potential first royalty revenue. Koala proposes to replace the entire Board without offering shareholders a premium, an adequate go-forward plan or evidence that its nominees can deliver superior value.

KOALA OFFERS NO PREMIUM AND NO CREDIBLE PLAN

Koala is seeking effective control of TNR Gold without offering shareholders a control premium or presenting a detailed plan for creating greater value. Its proposal would replace the entire Board just as TNR Gold approaches potential royalty revenue and other significant value-realization milestones, putting institutional knowledge, strategic continuity and execution at risk.

Shareholders still lack clear answers about how Koala would manage TNR Gold’s royalty assets, allocate capital, advance key projects, preserve essential institutional knowledge and maintain strategic continuity. Koala has also failed to provide meaningful transparency regarding who ultimately stands behind and finances its campaign. These unanswered questions are especially concerning given its demand to replace the entire Board.

TNR GOLD’S STRATEGY IS DELIVERING RESULTS

TNR Gold’s royalty-focused strategy is designed to provide shareholders with diversified exposure to lithium, copper, gold and silver while limiting the direct capital requirements and operating risks associated with mine development. The portfolio is now advancing toward potential royalty revenue and other significant value-realization milestones, including:

Mariana Lithium (Argentina): Ganfeng Lithium has commenced production and completed its first exports of lithium chloride. TNR holds a 1.5% net smelter return royalty, of which 0.15% is held on behalf of a shareholder. As operations ramp up, this royalty positions the Company for its first potential royalty revenue.
Los Azules Copper (Argentina): McEwen Copper, whose investors include Rio Tinto and Stellantis, continues to advance feasibility, permitting and financing at this large-scale copper project. TNR holds a 0.4% net smelter return royalty, of which 0.04% is held on behalf of a shareholder.
Josemaria (Argentina): TNR holds a 7% net profits royalty on the Batidero I and II properties within the copper-gold project being advanced by the Lundin Mining and BHP joint venture.
Shotgun Gold (Alaska): TNR holds a 90% interest in this porphyry gold project located near NOVAGOLD’s Donlin Gold deposit. We have a strategic objective to attract a joint venture partner to fund further exploration on Shotgun.

ONLY DAYS REMAIN. VOTE ONLY THE BLUE PROXY TODAY.

The BLUE Proxy is a vote to protect TNR Gold’s proven strategy, preserve the institutional knowledge and continuity required to advance its assets, and reject a dissident campaign that offers no premium and no adequate go-forward plan. The BLUE Proxy must be received no later than 10:00 a.m. Pacific Time on Friday, September 18, 2026. If you have already voted using a green proxy, it is not too late: voting the later-dated BLUE Proxy will replace and revoke your earlier voting instruction.

Shareholders who have questions or need assistance voting their common shares should contact Kingsdale Advisors, TNR Gold’s strategic shareholder advisor.

Kingsdale Advisors
North American Toll-Free: 1-855-476-7861
Text and Call Number: 1-437-561-5018
Email: contactus@kingsdaleadvisors.com

Website: www.VoteTNR.com

Advisors

Norton Rose Fulbright Canada LLP is acting as legal counsel to TNR Gold. Kingsdale Advisors is acting as strategic shareholder advisor to TNR Gold.

About TNR Gold Corp.

TNR Gold Corp. is working to become the green energy metals royalty and gold company.

TNR also holds a 7% NPR on the Batidero I and II properties of the Josemaria Project that is being developed by the joint venture between Lundin Mining and BHP.

On behalf of the Board of Directors,

Kirill Klip
Executive Chairman
www.tnrgoldcorp.com

For further information concerning this news release please contact Kirill Klip +1 604-229-8129

Cautionary Statement Regarding Forward-Looking Information

Except for statements of historical fact, this news release contains certain “forward-looking information” within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate”, “will”, “could” and other similar words, or statements that certain events or conditions “may” or “could” occur, although not all forward-looking statements contain these identifying words. Specifically, forward-looking statements in this news release include, but are not limited to, statements made in relation to: the upcoming Meeting; the advancement of TNR’s key assets towards development milestones; TNR’s future receipt of cash flows from its royalty holdings and the subsequent contribution of significant value to its shareholders; the possible growth of TNR’s value; and TNR’s strategy and business objectives. Such forward-looking information is based on a number of assumptions and subject to a variety of risks and uncertainties, including but not limited to those discussed in the sections entitled “Risks” and “Forward-Looking Statements” in the Company’s interim and annual Management’s Discussion and Analysis which are available under the Company’s SEDAR+ profile on www.sedarplus.ca. While management believes that the assumptions made and reflected in this news release are reasonable, should one or more of the risks, uncertainties or other factors materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking information. In particular, there can be no assurance that: TNR will enter into one or more strategic transactions, partnership or a spin-out, or be able to complete any further royalty acquisitions or sales of royalty interests, or portions thereof; TNR’s key assets will advance toward development milestones on the timeline currently anticipated or at all; or that TNR will be able to achieve any of its corporate objectives. TNR relies on the confirmation of its ownership for mining claims from the appropriate government agencies when paying rental payments for such mining claims requested by these agencies. There could be a risk in the future of the changing internal policies of such government agencies or risk related to the third parties, in future, challenging the ownership of such mining claims. Given these uncertainties, readers are cautioned that forward-looking statements included herein are not guarantees of future performance, and such forward-looking statements should not be unduly relied on.
In formulating the forward-looking statements contained herein, management has assumed that business and economic conditions affecting TNR, and its royalty partners, McEwen Inc., Ganfeng Lithium and Lundin Mining will continue substantially in the ordinary course, including without limitation with respect to general industry conditions, general levels of economic activity and regulations. These assumptions, although considered reasonable by management at the time of preparation, may prove to be incorrect.
Forward-looking information herein and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this cautionary statement. Except as required by law, the Company assumes no obligation to update forward-looking information should circumstances or management’s estimates or opinions change."