Kirill Klip

Building The Green Energy Metals Royalty and Gold Company: TNR Gold Welcomes CAN$4.2 Million Strategic Investment by Altius Minerals

2026-04-07T01:47:00.000-07:00

GEM Royalty TNR Gold Corp.

“TNR Gold Corp is your gateway to the green energy rEVolution and gold stability! We're building a leading green energy metals royalty and gold company, offering a unique entry into the supply chains powering the energy transition. With a 1.5% NSR royalty (of which 0.15% is held on behalf of a shareholder) on the Mariana Lithium Project in Argentina, operated by Ganfeng Lithium, and a 0.4% NSR (of which 0.04% is held on behalf of a shareholder) on the massive Los Azules Copper Project with McEwen Mining—backed by giants like Rio Tinto and Stellantis—we’re positioned for significant cash flows without the capital burden. Add to that our 90% stake in the Shotgun Gold Project in Alaska, near the Donlin Gold deposit, with 705,960 ounces of inferred gold resources, and we’re a diversified powerhouse. TNR delivers exposure to lithium, copper, silver and gold, blending blue-sky discovery with partnerships that drive value—perfect for investors seeking growth and a hedge in today’s economic cycle!”

Kirill Klip, Executive Chairman,

TNR Gold Corp.

After months of diligent negotiations, in line with our announced Strategy of Corporate Development, we are delighted to welcome Altius, a CAN$2.9B market-cap royalty company, as a strategic investor in TNR Gold. It is a strategic, non-control position that signals confidence in our Company.

We received our first "Michelin Star", and Mr Market celebrated with us this time. TNR Gold shares traded as high as 27 cents and closed at 26 cents yesterday, jumping 30% after this announcement.

The Altius team shares the fundamental values, vision, and strategic objectives of the TNR Gold team for building the Green Energy Metals Royalty and Gold Company. This strategic investment enables TNR Gold to advance the execution of our strategic plan, elevating our vision of building a new, dynamic royalty and gold company to the next level. It further reflects strong market recognition of the quality of our assets and their potential by our strategic partners.

The potential of our royalty portfolio is now well recognised across the industry, and in the next very important stage, we will tell our GEM Royalty Story to Mr Market and Institutional Investors, whose participation will help us achieve our well-defined goals.

"Kirill Klip, Executive Chairman of TNR Gold, stated, “We are delighted to welcome Altius as a strategic, non-controlling investor in TNR Gold. This investment enables TNR Gold to advance the execution of its strategic plan and reflects strong market recognition of the quality of our assets and their potential.”

"Kirill Klip continued, “Our business model provides a unique entry point into the creation of supply chains for critical materials like energy metals, which are powering the Energy rEVolution, and the gold industry that is providing the ultimate hedge during this part of the economic cycle. Our shareholders are participating in the building of The Green Energy Metals Royalty and Gold Company. In our portfolio, we have a unique combination of assets providing exposure to different parts of the mining cycle, starting with the power of blue-sky discovery, and including partnerships with industry leaders like McEwen Inc., Ganfeng Lithium, Lundin Mining and BHP as operators on the projects that could potentially generate royalty cashflows to contribute value for our shareholders. My holding of 27,263,000 common shares in TNR Gold serves as further evidence of my deep personal commitment to the Company and strong confidence in our experienced team and its strategic development plan. We look forward to working with Altius to maximize value for all our shareholders.”

Altius commented, “This investment is consistent with our well-established strategy of patiently acquiring minority equity positions in companies that hold royalties relating to high-potential mineral resource projects. The TNR royalty portfolio includes exposure to major copper and lithium deposits. These include the world-class Los Azules copper project and the recently commissioned Mariana lithium brine project, over which Altius also holds a direct royalty interest. We look forward to working constructively with the TNR team as its royalty portfolio and business continues to advance and mature.”

TNR Gold:

NEWS RELEASE

TNR Gold Welcomes CAN$4.2 Million Strategic Investment by Altius Minerals

Vancouver, British Columbia – April 6, 2026: TNR Gold Corp. (TSX-V: TNR) (“TNR”, “TNR Gold” or the “Company”) is pleased to announce that the Company plans to complete a private placement by Altius Resources Inc. (“Altius Resources”), a wholly-owned subsidiary of Altius Minerals Corporation (TSX: ALS; OTCQX: ATUSF) (“Altius”) for gross aggregate proceeds of approximately CAN$4.2 million (the “Private Placement”).

TNR and Altius Resources have entered into a subscription agreement dated April 2, 2026 (the “Subscription Agreement”), pursuant to which Altius Resources has agreed to subscribe for and take up 23,500,000 common shares in the capital of the Company (the “Offered Shares”), representing approximately 9.9% of TNR’s issued and outstanding common shares (“TNR Shares”) on a post-issuance basis, at an issue price per Offered Share equal to the 30-day VWAP of the Shares for the 30 trading days prior to the date of the Subscription Agreement, being CAN$0.1775 per TNR Share.

The proceeds of the Strategic Investment will be used to finance potential corporate development initiatives and for general corporate and working capital requirements. There is no person acting at the request of the Company, or to the knowledge of the Company, purporting to act who is entitled to any finder or other fiscal advisory or similar fee in connection with the Offered Shares or transactions contemplated herein.

Kirill Klip, Executive Chairman of TNR Gold stated, “We are delighted to welcome Altius as a strategic, non-controlling investor in TNR Gold. This investment enables TNR Gold to advance the execution of its strategic plan and reflects strong market recognition of the quality of our assets and their potential.”

Kirill Klip continued, “Our business model provides a unique entry point into the creation of supply chains for critical materials like energy metals, which are powering the Energy rEVolution, and the gold industry that is providing the ultimate hedge during this part of the economic cycle. Our shareholders are participating in the building of The Green Energy Metals Royalty and Gold Company. In our portfolio, we have a unique combination of assets providing exposure to different parts of the mining cycle, starting with the power of blue-sky discovery, and including partnerships with industry leaders like McEwen Inc., Ganfeng Lithium, Lundin Mining and BHP as operators on the projects that could potentially generate royalty cashflows to contribute value for our shareholders. My holding of 27,263,000 common shares in TNR Gold serves as further evidence of my deep personal commitment to the Company and strong confidence in our experienced team and its strategic development plan. We look forward to working with Altius to maximize value for all our shareholders.”

The completion of the Private Placement (“Closing”) is subject to customary conditions precedent, including approval of the TSX Venture Exchange, as well as the execution of the following agreements:

a right of first offer agreement, pursuant to which TNR will grant to Altius Royalty Corporation, a wholly-owned subsidiary of Altius, a right of first offer on the sale of TNR’s 35% NSR royalty on the Mariana Lithium Project in Argentina and TNR’s 0.36% NSR royalty on the Los Azules Copper Project in Argentina (the “ROFO Agreement”); and
a voting agreement, pursuant to which (i) TNR will grant to Altius Resources the right to participate in future private placements and certain other issuances of securities by TNR, such that Altius Resources may maintain its pro rata ownership of TNR following Closing, and (ii) Altius Resources will agree to vote its TNR Shares in favour of any directors nominated by TNR’s management and other matters that are unanimously recommended by TNR’s board of directors, for a period of five years from Closing (together with the ROFO Agreement, the “Ancillary Agreements”).

If entered into, the Ancillary Agreements will terminate automatically upon Altius Resources ceasing to own at least 6% of TNR’s issued and outstanding shares on a non-diluted basis.

ABOUT ALTIUS MINERALS CORPORATION

Altius’s strategy is to create per share growth through a diversified portfolio of royalty assets that relate to long life, high margin operations. This strategy further provides shareholders with exposures that are well aligned with global growth trends including increasing electricity-based market share within energy usage, global infrastructure build and refurbishment growth, increased EAF based steelmaking, steadily increasing agricultural fertilizer requirements and the enhanced appetite for financial asset diversification through precious metals ownership. These macro-trends each hold the potential to cause higher demand for many of Altius’s commodity exposures including potash, high purity iron ore, renewable energy, base and battery metals, and gold. In addition, Altius runs a successful Project Generation business that originates mineral projects for sale to developers in exchange for royalties and that has a demonstrated track record of driving outsized direct returns from its overall royalty investment portfolio. It is a member of both the S&P/TSX Small Cap and S&P/TSX Global Mining Indices and the S&P/TSX Canadian Dividend Aristocrats Index.

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 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 Barrick Gold and 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: the terms of the Strategic Investment and the completion of same; the use of proceeds from the Strategic Investment; 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; the terms of the Ancillary Agreements and the entering into of same; 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 be able to complete the Strategic Acquisition on the terms described in this new release or at all, 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 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."

Building The Green Energy Metals Royalty and Gold Company: Canadian Investment Regulatory Organization Trading Halt - TNR Gold Corp., Pending News

2026-04-03T02:30:00.000-07:00

Canadian Investment Regulatory Organization Trading Halt - TNR Canada NewsWire VANCOUVER, BC, April 2, 2026 /CNW/ - The following issues have been halted by CIRO Company: TNR Gold Corp. TSX-Venture Symbol: TNR All Issues: Yes Reason: Pending News Halt Time (ET): 3:39 PM

Canadian Investment Regulatory Organization:

"A trading halt is a temporary pause in trading to allow the market to properly absorb the information. It is based on the principle that all investors should have the same timely access to important company information."

Building The Green Energy Metals Royalty and Gold Company: The Future Is Already Here, Not Everybody Can See It Yet, But Megatrends Are Manifesting Themselves

GEM Royalty TNR Gold Corp.

“TNR Gold Corp is your gateway to the green energy rEVolution and gold stability! We're building a leading green energy metals royalty and gold company, offering a unique entry into the supply chains powering the energy transition. With a 1.5% NSR royalty (of which 0.15% is held on behalf of a shareholder) on the Mariana Lithium Project in Argentina, operated by Ganfeng Lithium, and a 0.4% NSR (of which 0.04% is held on behalf of a shareholder) on the massive Los Azules Copper Project with McEwen Mining—backed by giants like Rio Tinto and Stellantis—we’re positioned for significant cash flows without the capital burden. Add to that our 90% stake in the Shotgun Gold Project in Alaska, near the Donlin Gold deposit, with 705,960 ounces of inferred gold resources, and we’re a diversified powerhouse. TNR delivers exposure to lithium, copper, silver and gold, blending blue-sky discovery with partnerships that drive value—perfect for investors seeking growth and a hedge in today’s economic cycle!”

Kirill Klip, Executive Chairman,

TNR Gold Corp.

“We are building The Green Energy Metals Royalty and Gold Company. Our business model provides the unique entry point into the creation of supply chains for critical materials like energy metals which are powering Tesla Energy rEVolution and Gold industry which is providing the ultimate hedge during this part of the economic cycle. Our shareholders are participating in the building of The Green Energy Metals Royalty and Gold Company. In our portfolio, we have a unique combination of assets providing exposure to different parts of mining cycle: starting with the power of blue sky discovery and including partnerships with industry leaders like McEwen Mining, Ganfeng Lithium and Lundin Mining as operators on the projects that will potentially generate royalty cashflows to contribute significant value for our shareholders.”

Kirill Klip, Executive Chairman,

TNR Gold Corp.

Update April 6, 2026

Building The Green Energy Metals Royalty and Gold Company: We Love It Real, Clean and Electric

Building The Green Energy Metals Royalty and Gold Company: AC/DC Power & Bottled Energy

TNR Gold NSR Royalty Holding - Rob McEwen: “At Los Azules, We Hope to Begin Construction in 2027 and Reach Production by 2030”

2026-03-15T03:38:00.000-07:00

GEM Royalty TNR Gold Corp.

“TNR Gold Corp is your gateway to the green energy rEVolution and gold stability! We're building a leading green energy metals royalty and gold company, offering a unique entry into the supply chains powering the energy transition. With a 1.5% NSR royalty (of which 0.15% is held on behalf of a shareholder) on the Mariana Lithium Project in Argentina, operated by Ganfeng Lithium, and a 0.4% NSR (of which 0.04% is held on behalf of a shareholder) on the massive Los Azules Copper Project with McEwen Mining—backed by giants like Rio Tinto and Stellantis—we’re positioned for significant cash flows without the capital burden. Add to that our 90% stake in the Shotgun Gold Project in Alaska, near the Donlin Gold deposit, with 705,960 ounces of inferred gold resources, and we’re a diversified powerhouse. TNR delivers exposure to lithium, copper, silver and gold, blending blue-sky discovery with partnerships that drive value—perfect for investors seeking growth and a hedge in today’s economic cycle!”

Kirill Klip, Executive Chairman,

TNR Gold Corp.

“We are building The Green Energy Metals Royalty and Gold Company. Our business model provides the unique entry point into the creation of supply chains for critical materials like energy metals which are powering Tesla Energy rEVolution and Gold industry which is providing the ultimate hedge during this part of the economic cycle. Our shareholders are participating in the building of The Green Energy Metals Royalty and Gold Company. In our portfolio, we have a unique combination of assets providing exposure to different parts of mining cycle: starting with the power of blue sky discovery and including partnerships with industry leaders like McEwen Mining, Ganfeng Lithium and Lundin Mining as operators on the projects that will potentially generate royalty cashflows to contribute significant value for our shareholders.”

Kirill Klip, Executive Chairman,

TNR Gold Corp.

Copper is hitting one all-time high after another over the last few months, and Rob McEwen is talking about developing the giant Los Azules Copper, Gold and Silver Project in Argentina into the world's first "regenerative mine" producing low-carbon "Green Copper". Rob confirmed to Panorama Minero at PDAC 2026: "At Los Azules, we hope to begin construction in 2027 and reach production by 2030."

TNR Gold shareholders celebrated the first export of lithium chloride from Ganfeng's Mariana Lithium Project in Argentina in February, and our company is transitioning to a cash-flow-generating royalty company.

“We are very pleased that Ganfeng completed the first export of lithium chloride produced from Mariana Lithium in Argentina,” stated TNR Gold’s Executive Chairman Kirill Klip. “We are looking forward to our first NSR royalty cash flow payments from the Mariana Lithium Project.”

Now, Los Azules is entering a phase of financing and following actual construction. Strategic partnership with IFC, acceptance of Los Azules into RIGI (Argentina Regime of Incentives for Investment), and the release of the Feasibility Study were the major milestones achieved by McEwen Copper last year.

Today, you can learn more about this "Copper Unicorn", as Rob calls it, the TNR Gold NSR royalty holding and our potential valuations.

The Green critical metal for the Energy rEVolution becomes red hot. Copper hit a record at $14,125 a ton on LME on January 30, 2026.

Chart by Nicholas Winton

"TNR Gold's 2025 share price surged 240% from CAD 0.05 to 0.17, fueled by insider purchases totalling over 2 million shares and minimal dilution, as detailed in the attached chart showing a bull flag breakout and heavy accumulation signals." (Analysis by Grok)

The TNR Gold Team started this year on a very strong note, after delivering a 240% increase in our Company's share price in 2025. We reached an intraday high of 19 cents on January 26, 2026.

Building The Green Energy Metals Royalty and Gold Company: The TNR Gold Team Continues To Increase Our Stake

"My personal share price target for our Company is to reach a minimum of C$0.50, and with all our dedication, your support, and a strong gold market, we can aim at C$1.0 after the successful J/V partnership on the Shotgun Gold Project in Alaska."

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.

“I would like to thank all our shareholders for your overwhelming support, and the vote of confidence in the TNR Gold Team and our strategy for maximizing shareholders value,” stated Kirill Klip, Executive Chairman of TNR Gold. “Our Company has repaid our investment loan in full, and we do not have any debt. We believe that the recent market prices of our shares do not fully reflect the underlying value of TNR’s assets. Our transformation from a project-generator junior mining company into a cashflow-generating royalty company may bring the necessary catalyst for improved market valuation of our assets.”

Industry discussions and third-party analysis, including recent commentary from xAI’s Grok, indicate that the standalone valuation of our Los Azules NSR royalty alone could exceed the current market capitalisation of the entire Company.

I would like to share an interesting analysis made by X AI Grok for your further research:

"Rio Tinto, through Nuton, invested an additional $35 million in October 2024, building on prior funding to test and deploy low-water, high-recovery copper extraction methods at Los Azules, a Tier 1 asset with 10.2 billion pounds of reserves and projected annual production of 148,000 tonnes over 21 years at $1.71/lb cash costs. The project's acceptance into Argentina's incentive regime and renewable energy commitments could yield TNR Gold up to C$10 million in annual royalties at current prices, supporting EV supply chains amid rising copper demand, with analysts valuing the royalty above $50 million."

Basic supply-and-demand dynamics, grounded in straightforward analysis, are steering the United States and China toward a pragmatic trade agreement. Despite the heated discourse, market behaviour will ultimately be governed by core economic principles.

The US and China, as the world’s largest economies, prioritise sustained growth. Key sectors driving this expansion - energy transition, electric vehicles, artificial intelligence, and robotics - depend on a reliable copper supply.

China is doing everything to reignite its growth. Its economy is coming back, and a powerful economic stimulus is making its way through the supply system. Nowadays, Goldman Sachs' target price for Copper of $6.8 per lb and Rob McEwen's smiles seem not so far away after all.

Angela Harmantas from Proactive wrote about the new report on TNR Gold from Fundamental Research Corp.:

"TNR Gold is on the cusp of becoming a revenue-generating royalty company, according to a new report from Fundamental Research, with analysts citing rising lithium and copper prices as key drivers for near-term earnings."

"The company, which focuses on royalties from projects operated by other mining firms, has seen its shares surge 240% year-over-year, significantly outperforming the BetaShares mining royalty ETF, up just 17% over the same period.

TNR’s portfolio includes the Shotgun gold project in Alaska, as well as royalties on two advanced South American projects: the Mariana lithium project in Argentina, owned by Ganfeng Lithium (SZSE: 002460), and the Los Azules copper-gold project, controlled by mining veteran Rob McEwen and his institutions." (Angela Harmantas)

"Analysts at Fundamental Research noted that TNR is “awaiting its first royalty payment, expected this quarter, as Ganfeng began production at its Mariana lithium project last year.” Based on current lithium prices, the firm estimates TNR could earn around US$1.6 million annually from Mariana.

“Receiving this first payment will be a major milestone, marking TNR’s transition into a revenue-generating royalty company,” analysts wrote." (Angela Harmantas)

TNR’s Los Azules copper-gold royalty is also drawing attention. McEwen completed a feasibility study in October 2025, confirming the project’s economic attractiveness, and the project was included in Argentina’s Large Investment Incentive Regime (RIGI), granting tax and export benefits. Copper prices, meanwhile, have risen 34% year-over-year to an all-time high of US$5.82 per pound. Fundamental Research estimates TNR could earn US$5 million annually in royalties at conservative copper prices, rising to US$8 million at current spot prices, with construction planned to begin in 2026 and commercial production by 2029. (Angela Harmantas)

"Fundamental Research reiterated its Buy rating on TNR, raising its fair value estimate from C$0.30 to C$0.35 per share. TNR “offers exposure to gold, lithium, and copper through projects in Alaska and Argentina, and is on the verge of earning its first royalty revenue,” analysts wrote, adding that “high metal prices, combined with project milestones, position TNR for significant revenue potential.” (Angela Harmantas)

Disclaimer: Please be aware that any opinions, estimates or forecasts regarding the performance of TNR Gold Corp. in any research reports do not represent the opinions, estimates or forecasts of TNR Gold Corp. or of its management.

"Elsewhere, at the Shotgun gold project in Alaska, TNR is actively seeking a JV partner to advance the project to a Preliminary Economic Assessment (PEA). Shotgun hosts inferred resources totaling 706 Koz of gold at a grade of 1.1 grams per tonne. Analysts believe the project has expansion potential, with the Shotgun Ridge deposit remaining open along strike and at depth." (Angela Harmantas)

The valuation matrix provided by Fundamental Research enables investors to assess the impact of varying copper and lithium price assumptions on TNR Gold Corp.'s potential valuation.

Angela Harmantas: "Fundamental Research Reiterated "Buy" Rating for TNR Gold and Increased a Fair Value Estimate From C$0.30 to C$0.35 per Share"

Panorama Minero:

“At Los Azules, We Hope to Begin Construction in 2027 and Reach Production by 2030”

"Rob McEwen, President and CEO of McEwen Mining, analyses the global macroeconomy and the price of gold. A strong believer in precious metals, he highlights Los Azules as his major bet on copper.

By Panorama Minero

You’ve been in the mining industry for many years and have consistently been bullish on precious metals. Why?

Governments around the world are irresponsible when it comes to fiscal policy. They go out, print large amounts of money, and take on massive debt.

When they do that, they weaken the value of their currencies — and that has been happening for thousands of years. They simply can’t stop saying, “Well, I’m going to give you some money.”

But they don’t have the revenue to support it, so they borrow. And they print more and more money. Back in 2011, I said that gold was going to reach $5,000 and silver $200.

And money is just paper…

That’s right. I’m a big believer in gold because it’s different from real estate. You can hold some gold and sell it quickly, getting your money right away. With real estate, it’s much harder to sell quickly.

Gold also doesn’t decay, and it’s accepted all over the world. And right now, we’re seeing central banks buying more gold than they have in the last 20 years. So that trend is building.

And even in crypto, like stable coins — there’s a company called Tether that used to hold U.S. Treasury notes. They approached us about buying an interest in a mine we owned so they could have hard assets.

It really surprised me: they were buying two tons of gold a month. And this is a cryptocurrency company. So they’re recognizing that the world is now moving away from growth and toward hard assets. And precious metals are hard assets.

With gold trading above $5,000 per ounce, what can we expect in the medium term?

Well, I think everyone has to understand that nothing goes in a straight line forever. Gold has gone up, and now it’s on a plateau.

We reached about $5,400 an ounce, and now it’s back down to around $5,000 — even after the U.S. moved against Iran.

I can see it going beyond $7,500, but probably not before the end of the year. Some of my friends are talking about $10,000. I know someone else who’s saying $20,000.

If people suddenly start thinking, “I don’t trust the paper currency in my wallet. I need to buy something that holds value,” then gold could move much higher.

And in Argentina, for example, the price of gold has risen quite a bit in peso terms because the currency has been weakening.

McEwen Mining is primarily focused on gold and silver, but you also have the Los Azules project. Why copper, and why Argentina?

Well, my exposure to Argentina goes back about 20 years. I invested in a company called Minera Andes, and after a while I owned about 25–26% of it.

That was when President Menem had opened the country to mining, and Minera Andes’ geologists identified Los Azules as a property of interest. The more I got to know it, the more I thought it could be a copper unicorn.

It had the potential to become a very large project, so I kept watching. I also watched the different governments go through various changes.

I just believed in the property. And when I look at projects that aren’t gold, I convert them into a gold equivalent.

So I take the gold price and divide it by the copper price to come up with a ratio — the number of pounds of copper that equal the value of one ounce of gold.

Then I divide that into the amount of resources we have. As of last week (*), we had 35.7 billion pounds of copper at Los Azules. And if I divide that by the ratio from last week — although it may have changed today — but it represented a gold-equivalent resource of about 41 million ounces. And to me, that’s a very large gold deposit. So I said, let’s keep pushing this.

My spirits lifted when President Milei was elected. He came in and said, “Look, we need to attract more foreign investment into the country because that will create a larger employment base. It will bring more money into the economy and help bring down inflation.”

And all of that is good for Argentina.

What are the next steps for Los Azules in 2026?

We completed the feasibility study, and it was released in October.

That study basically looked at the project’s economics and what needs to be done. Now we have to complete the detailed engineering before starting construction. We hope to begin construction in 2027 and reach production by 2030.

We’re looking at a project where the first phase would last about 20 years, followed by a second phase of another 33 years — so roughly 53 years in total. We also have a large exploration property that we plan to continue exploring, and we believe the mine life could extend even further.

You have Rio Tinto as a strategic partner. Is there room for Rio Tinto to increase its stake in the project? And what would that depend on?

Rio Tinto currently owns 17% of Los Azules and Stellantis owns 18%. Rio also has a number of projects around the world.

We’re using their technology, called Nuton, to increase copper recoveries without needing a mill or producing tailings. They’ve said they like the property. They haven’t said yet that they’re going to write a check and help us develop it, but they do like it — so time will tell.

(*) This interview took place in Toronto on March 3, within the framework of the PDAC Annual Convention."

TNR Gold Los Azules Copper NSR Royalty: Copper Surged to a New All-Time High at $14,125 per Ton on LME

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

TNR Gold's Royalty Nears as Ganfeng's Mariana Lithium Ships First Lithium Chloride

2026-03-03T06:42:00.000-08:00

"TNR Gold Corp (TSX-V:TNR, FRA:TNW, OTC:TRRXF) executive chairman Kirill Klip talked with Proactive's Stephen Gunnion about Ganfeng Lithium’s Mariana Lithium project completing its first export shipment of high-purity lithium chloride, a milestone that brings TNR Gold closer to receiving its first royalty payment.

Klip explained that the first export consisted of 240 tonnes of lithium chloride, with customs clearance confirming product quality. He described the achievement as a significant technological milestone, noting that some lithium projects can take years to reach high-purity production.

With Phase One targeting 20,000 tonnes of lithium chloride per year at full capacity of Phase 1, Fundamental Research has estimated potential royalty income to TNR Gold Corp of up to US$1.6 million annually, based on current lithium prices.

Klip said, “Fundamental research estimated that we can receive as much as 1.6 million US dollars per year when the project will be producing at full capacity of Phase 1.” He added that the first royalty payments are expected within the coming weeks.

The discussion also covered the broader strategic implications of lithium chloride production, particularly its role in lithium metal and solid-state battery technology. Klip highlighted Ganfeng’s recent announcement regarding high-density batteries capable of powering electric vehicles for over 1,000km, as well as potential applications in humanoid robots.

Additionally, Mariana Lithium has seen a 60% resource increase to more than 13 million tonnes of lithium carbonate equivalent, with potential future expansion phases that could further enhance royalty revenue." (Proactive)

“We are very pleased that Ganfeng completed the first export of lithium chloride produced from Mariana Lithium in Argentina,” stated TNR Gold’s Executive Chairman Kirill Klip. “We are looking forward to our first NSR royalty cash flow payments from the Mariana Lithium Project.”

“We are building the Green Energy Metals Royalty and Gold Company,” continued Kirill Klip. “Our business model provides a unique entry point into the creation of supply chains for critical materials like energy metals which are powering the Energy rEVolution, and the gold industry that is providing the ultimate hedge during this part of the economic cycle. Our shareholders are participating in the building of The Green Energy Metals Royalty and Gold Company. In our portfolio, we have a unique combination of assets providing exposure to different parts of the mining cycle, starting with the power of blue-sky discovery and including partnerships with industry leaders like McEwen Inc. Ganfeng Lithium, Lundin Mining and BHP as operators on the projects that could potentially generate royalty cashflows to contribute significant value for our shareholders.”

"Lithium solid-state batteries will be powering EVs & humanoid robots. Lithium chloride is the preferred chemical composition for converting lithium salt into lithium metal to use in solid-state batteries."

GEM Royalty TNR Gold Corp.

“TNR Gold Corp is your gateway to the green energy rEVolution and gold stability! We're building a leading green energy metals royalty and gold company, offering a unique entry into the supply chains powering the energy transition. With a 1.5% NSR royalty (of which 0.15% is held on behalf of a shareholder) on the Mariana Lithium Project in Argentina, operated by Ganfeng Lithium, and a 0.4% NSR (of which 0.04% is held on behalf of a shareholder) on the massive Los Azules Copper Project with McEwen Mining—backed by giants like Rio Tinto and Stellantis—we’re positioned for significant cash flows without the capital burden. Add to that our 90% stake in the Shotgun Gold Project in Alaska, near the Donlin Gold deposit, with 705,960 ounces of inferred gold resources, and we’re a diversified powerhouse. TNR delivers exposure to lithium, copper, silver and gold, blending blue-sky discovery with partnerships that drive value—perfect for investors seeking growth and a hedge in today’s economic cycle!”

Kirill Klip, Executive Chairman,

TNR Gold Corp.

“We are building The Green Energy Metals Royalty and Gold Company. Our business model provides the unique entry point into the creation of supply chains for critical materials like energy metals which are powering Tesla Energy rEVolution and Gold industry which is providing the ultimate hedge during this part of the economic cycle. Our shareholders are participating in the building of The Green Energy Metals Royalty and Gold Company. In our portfolio, we have a unique combination of assets providing exposure to different parts of mining cycle: starting with the power of blue sky discovery and including partnerships with industry leaders like McEwen Mining, Ganfeng Lithium and Lundin Mining as operators on the projects that will potentially generate royalty cashflows to contribute significant value for our shareholders.”

Kirill Klip, Executive Chairman,

TNR Gold Corp.

The links below provide more information for your further due diligence about GEM Royalty, TNR Gold and our NSR Royalty on Ganfeng's Mariana Lithium Project in Argentina.

Angela Harmantas from Proactive wrote about the new report on TNR Gold from Fundamental Research Corp.:

"TNR Gold is on the cusp of becoming a revenue-generating royalty company, according to a new report from Fundamental Research, with analysts citing rising lithium and copper prices as key drivers for near-term earnings."

"The company, which focuses on royalties from projects operated by other mining firms, has seen its shares surge 240% year-over-year, significantly outperforming the BetaShares mining royalty ETF, up just 17% over the same period.

TNR’s portfolio includes the Shotgun gold project in Alaska, as well as royalties on two advanced South American projects: the Mariana lithium project in Argentina, owned by Ganfeng Lithium (SZSE: 002460), and the Los Azules copper-gold project, controlled by mining veteran Rob McEwen and his institutions." (Angela Harmantas)

"Analysts at Fundamental Research noted that TNR is “awaiting its first royalty payment, expected this quarter, as Ganfeng began production at its Mariana lithium project last year.” Based on current lithium prices, the firm estimates TNR could earn around US$1.6 million annually from Mariana.

“Receiving this first payment will be a major milestone, marking TNR’s transition into a revenue-generating royalty company,” analysts wrote." (Angela Harmantas)

TNR’s Los Azules copper-gold royalty is also drawing attention. McEwen completed a feasibility study in October 2025, confirming the project’s economic attractiveness, and the project was included in Argentina’s Large Investment Incentive Regime (RIGI), granting tax and export benefits. Copper prices, meanwhile, have risen 34% year-over-year to an all-time high of US$5.82 per pound. Fundamental Research estimates TNR could earn US$5 million annually in royalties at conservative copper prices, rising to US$8 million at current spot prices, with construction planned to begin in 2026 and commercial production by 2029. (Angela Harmantas)

"Fundamental Research reiterated its Buy rating on TNR, raising its fair value estimate from C$0.30 to C$0.35 per share. TNR “offers exposure to gold, lithium, and copper through projects in Alaska and Argentina, and is on the verge of earning its first royalty revenue,” analysts wrote, adding that “high metal prices, combined with project milestones, position TNR for significant revenue potential.” (Angela Harmantas)

"Elsewhere, at the Shotgun gold project in Alaska, TNR is actively seeking a JV partner to advance the project to a Preliminary Economic Assessment (PEA). Shotgun hosts inferred resources totaling 706 Koz of gold at a grade of 1.1 grams per tonne. Analysts believe the project has expansion potential, with the Shotgun Ridge deposit remaining open along strike and at depth." (Angela Harmantas)

The valuation matrix provided by Fundamental Research enables investors to assess the impact of varying copper and lithium price assumptions on TNR Gold Corp.'s potential valuation.

TNR Gold:

NEWS RELEASE

TNR Gold NSR Royalty Update – Ganfeng’s Mariana Lithium Completed the First Export of Lithium Chloride

Vancouver, British Columbia – February 23, 2026: TNR Gold Corp. (TSX-V: TNR) (“TNR”, “TNR Gold” or the “Company”) is pleased to announce that Litio Minera Argentina S.A., a subsidiary of Ganfeng Lithium (“Ganfeng Lithium”) has provided an update on the Mariana Lithium Project in Argentina. TNR holds a 1.5% Net Smelter Return Royalty (“NSR”) on the Mariana Lithium Project, of which a 0.15% NSR Royalty is held on behalf of a shareholder.

On February 18, 2026, Litio Minera Argentina S.A. stated in its announcement:

“From Salta to the World: Ganfeng Lithium Exports Lithium Chloride for the First Time from its Processing Plant in General Güemes

Mining in Salta added a significant link to its history: The Mariana Project, operated by Litio Minera Argentina S.A., a subsidiary of Ganfeng Lithium, completed its first export of lithium chloride. Customs verification was carried out at the final processing plant itself, located in the industrial park of General Güemes.

The shipment was structured in 10 containers, with 24 tons per unit, totaling 240 tons. Consolidation within the plant was a crucial detail: it protected the product from the source, reduced risks during the logistics process, and ensured that the customer receives the lithium chloride in the same condition as when it leaves the final production line.

The Mariana Project is one of the first lithium chloride producers in Argentina. The production process begins in the Llullaillaco Salt Flat, where the pre-processing ponds and wells are located, and culminates at the final processing plant in the General Güemes industrial park, from where the export originated.

Consolidating the shipment at the source allows for the protection of the product and the customer “from start to finish,” ensuring that it arrives in the same condition in which it was prepared. The transport was carried out by train, with support from trucks belonging to Salta-based carriers, reflecting a commitment to the regional economy and local suppliers.

Customs’ authorization to verify the shipment at the plant itself was described as a gesture of trust and recognition of the project’s seriousness.

For the sector, this sets a high-value operational precedent with integrated control, quality, and traceability. For the community, this step means more than just a shipment: it is confirmation that Salta can export to the world with its own identity, with a production network that involves local stakeholders, and with a strategic mineral for the global energy transition.”

TNR Gold Team proudly congratulates the entire Ganfeng Lithium Team and the communities of Argentina on the successful completion of the first shipment of high-purity lithium chloride from the Mariana Lithium Project in Salta Province. This landmark export marks a significant achievement in the project’s development and represents another key milestone for TNR Gold as we advance toward becoming a cash-flow-generating royalty company.

The shipment, comprising 240 tonnes of lithium chloride dispatched from the General Güemes facility, validates the effectiveness of the extraction technology implemented at the Mariana Project. With Ganfeng Lithium now positioning the product for sale in the market, the project looks to transition from development to full-scale commercial operations.

Importantly, current lithium prices in China have shown substantial recovery, with lithium carbonate equivalent (LCE) trading in the range of approximately $18,000–$20,000 per tonne (based on recent market data in CNY equivalents converted at prevailing rates). This compares favourably to levels below $10,000 per tonne observed about one year ago, underscoring improved market conditions and the strategic timing of this production ramp-up.

The Mariana Project strengthens Ganfeng’s presence in Argentina’s growing brine-based lithium sector and highlights the potential for sustained value creation.

TNR Gold holds a 1.5% NSR royalty on the Mariana Lithium Project (with 0.15% held on behalf of a shareholder), positioning the Company to benefit from this exciting progress.

We extend our sincere appreciation to all involved and look forward to continued success at the Mariana Project.

ABOUT TNR GOLD Corp.

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

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 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 Barrick Gold and 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.

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: 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; timing for its 2026 AGM; future revenue and increased valuations of TNR’s royalty holdings caused by potential strategic alliances with major mining companies and investment institutions; the use of potential future cash flows to fund a normal course issuer bid; the potential spin-out of the Shotgun Gold Project; future investment of substantial capital in the development of the Shotgun Gold Project by a potential partner of TNR; the future potential of the Kuskokwim Gold Belt in southwestern Alaska; 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.

Gold Surges Above $5,590 After Making the Record-High Daily Close in History at $5,418, Followed by Monthly ATH at $5,278, Built on Quarterly and Yearly ATHs at $4,329. Next is a Climb to $10,000

2026-03-01T01:44:00.000-08:00

Gold continues to shine incredibly brightly during this magnificent historical rally, and we continue our Chronicles of this mighty Generational Gold Bull Market and TNR Gold's Shotgun Gold Project. After a very brief, much-needed pause to consolidate the remarkable gains in January, gold resumed its ascent and finished February in style by striking a new record-high monthly close in history at $5,278.

Gold has confirmed its status as "The Ultimate Hedge", and PAX Gold surged closer to $6,000, striking $5,422 on Saturday, February 28, 2026, following the US strike on Iran. The major war in the Middle East will be driving "flight to safety trade" premiums for gold, particularly among Arab nations, and we can expect a new all-time high for gold much faster than it was anticipated.

Bitcoin continued its collapse after crashing in October 2025, diving towards 60,000 again on February 28, following the start of the war against Iran. Bitcoin has now lost 50% from its last ATH.

As we discussed, Sharp corrections are needed for the Generational Gold Bull Market; they allow for digesting parabolic moves. You should be worried about the slow drifting down when the smart money is camouflaging distributions. After this exponential advance by gold surging above $5,000, consolidation was welcomed.

Gold's next move is to climb to the next elevated level on its way to $10,000 after this healthy consolidation stage to digest the incredible gains gold has made this year already in January and its surge over $5,000.

Graddhy has published "The Wild Gold Chart", with a potential technical target price of $48,000. After surging above $5,000 in January this year, my target of $10,000 for Gold seems less outrageous and can be considered a perfectly reasonable milestone from this perspective.

Global annual demand for gold breached 5,000 T and US$500 billion in 2025. At the same time, the global gold annual production is nearly flat.

With new major gold discoveries only a few and far between, majors will have to "drill for the new reserves on the stock exchanges". We are at the beginning of the M&A wave, which will lift all gold companies' valuations.

This coming wave of M&A among gold producers and the success of investments by Rob McEwen, Erik Sprott, and other prominent gold entrepreneurs in promising new projects will drive the next stage of remarkable gains for intelligent investors.

The scarcity will drive up the strategic value of the gold projects in the best mining jurisdictions. A well-known billionaire investor, John Paulson, secured his stake in Donlin Gold, the new giant Gold mining camp on US soil in the making.

Chart by Nicholas Winton

"TNR Gold's 2025 share price surged 240% from CAD 0.05 to 0.17, fueled by insider purchases totalling over 2 million shares and minimal dilution, as detailed in the attached chart showing a bull flag breakout and heavy accumulation signals." (Analysis by Grok)

The TNR Gold Team started this year on a very strong note, having delivered a 240% increase in our Company's share price in 2025. We reached an intraday high of 19 cents on January 26, 2026.

TNR Gold Team has delivered a 240% increase in our Company share price in 2025 and is now working on achieving the next 100% plus milestone. Nobody knows the future, but we know where we are going.

Building The Green Energy Metals Royalty and Gold Company: The TNR Gold Team Continues To Increase Our Stake

"My personal share price target for our Company is to reach a minimum of C$0.50, and with all our dedication, your support, and a strong gold market, we can aim at C$1.0 after the successful J/V partnership on the Shotgun Gold Project in Alaska."

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.

“I would like to thank all our shareholders for your overwhelming support, and the vote of confidence in the TNR Gold Team and our strategy for maximizing shareholders value,” stated Kirill Klip, Executive Chairman of TNR Gold. “Our Company has repaid our investment loan in full, and we do not have any debt. We believe that the recent market prices of our shares do not fully reflect the underlying value of TNR’s assets. Our transformation from a project-generator junior mining company into a cashflow-generating royalty company may bring the necessary catalyst for improved market valuation of our assets.”

TNR Gold in the Alaskan Elephant Country: Shotgun Gold Project Relationship With Developing NovaGold's Donlin Gold Mining Camp

"Imagine tapping into Alaska's gold-rich Tintina Gold Belt, where TNR Gold's Shotgun Project shines with an inferred resource of 706,000 ounces at 1.1 grams per tonne. Located just 190 km south of the world-class Donlin Gold Project”

“Shotgun Gold offers a prime opportunity for a major mining partnership. With its advanced exploration stage, multiple high-potential targets, and geological similarities to nearby giants, this project is poised for growth.”

China bought Gold in January for a fifteen-month straight after returning to the market in November last year. So far, after a 7-month pause, China bought 5T in November, 10.3T in December, 5T in January and February, 2.8T in March, 2.2T in April, 1.9T in May, 2.2T in June, 1.9T in July and in August, 1.2T in September, 0.9T in October and November, 0.93T in December 2025, and 1.2T in January 2026.

China is selling US Treasuries and buying gold. The whole world will probably be shocked if China ever reveals the amount of its actual Gold reserves, which are held by numerous entities under China's control, including the citizens of China and the vast Chinese diaspora.

Gold miners only woke up relative to the incredible performance of gold. Higher gold prices are still making their way into the bottom lines, resulting in expanding margins, creating profit, and slipping into financials to be noticed by the investment crowds.

Profits made in gold and silver are seeking higher leverage in the gold and silver miners. These investments will drive the relative performance of GDX vs gold.

We have seen nothing yet. This Great Gold Miners Bull Market has only just started. The next long-term chart illustrates our observation in the context of the longer time frame.

Gold miners are breaking out from its consolidation pattern relative to gold. Despite gold hitting record-highs one after another, the gold miners vs gold ratio only now exceeded levels reached in 2020, with a previous high made in 2016.

The smart money is taking profits in Gold and looking upstream for the new M&A targets among Gold Miners. These investments lifted Gold producers first, and even a minimal spillover in the Gold exploration companies has already created fireworks there.

New fortunes will be created in the gold mining junior space. Nobody knows the future, but history teaches us about manias. "Irrational Exuberance" spills over from AI & crypto into real assets and solid values that some junior miners can represent now.

Gold began 2026 climbing on its parabolic trajectory, decisively surpassing the $5,000 per ounce threshold and establishing a series of consecutive all-time highs. This exponential advance reflected sustained momentum driven by factors such as geopolitical uncertainties, central bank purchasing, and investor demand for safe-haven assets.

Key daily closing or peak milestones during this period included:

- January 12: $4,605
- January 14: $4,626
- January 19: $4,671
- January 20: $4,762
- January 21: $4,831
- January 22: $4,936
- January 23: $4,988
- January 24: $5,084

- January 27: $5,181

The rally culminated in a record daily close of $5,418 on January 28, 2026, followed by an intraday surge above $5,590 on January 29, marking one of the most aggressive upward phases in recent history.

On January 30, 2026, gold entered the much-needed healthy consolidation stage, which we have been talking about, and underwent a significant correction, often characterised in mass media coverage as a "brutal" pullback amid profit-taking, a firmer U.S. dollar, and shifting expectations around monetary policy. Spot prices fell sharply, representing a decline of around 9% from the prior session's levels.

As a reminder of the Big Picture View, all our readers should take into account that the broader context remained constructive: gold recorded a new all-time high monthly close for January at $4,893, underscoring the strength of the underlying trend even after the sharp retracement. This performance highlights gold's role as "The Ultimate Hedge" - a resilient asset amid evolving macroeconomic dynamics, with the metal maintaining substantial year-to-date gains and positioning for potential further advances as market participants monitor inflation, policy developments, and global risks.

Gold has demonstrated incredible performance in the 21st century, providing "The Ultimate Hedge" for all portfolios constructed with stocks, bonds and crypto assets. Asian societies understand the unique qualities of gold very well.

We are in the generational Gold Bull Market, but nothing grows straight into the sky, and another healthy consolidation is welcomed now for this magnificent Gold Bull Market after breaking the $5,000 level, ideally above the $4,000 level. The 50-Year chart from Graddhy shows the magnitude of this historical breakout of gold.

The US National Debt is over $38 Trillion and is unsustainable. The ability to continue paying interest and increase this debt depends on the faith in the value of the US Dollar and the appetite for US Treasuries.

Central Banks continue to accumulate Gold and diversify their reserve assets. This year, Foreign Central Banks hold more Gold than US Treasuries for the first time since 1966.

Central Banks, Sovereign Wealth Funds and other investors are turning away from the US Dollar. Bloomberg reports: "Dollar's Role in Global Reserves is Withering Away." Greenback is way under 50% as gold's weighting soars.

New players are coming to the Gold market, bringing a new generation of investors. Tether became one of the World's biggest Gold holders.

It will not surprise our readers that the Gold outperformed global stocks this century. Profits made in the Gold and Silver markets are making their way into the senior miners first.

Gold has broken out of its recent downtrend relative to general equities represented by the S&P 500. Despite Gold hitting all-time highs, there is "No Gold Bubble Yet", while the market valuations of general equities are already overextended and levitating very high in "Bubble territory".

"The Great Rotation" will be fueling this powerful megatrend. Equities are being stretched into Bubble territory, while there is no Gold Bubble yet. Increased allocations to Gold will feed the Gold Bull Market.

Gold miners and exploration companies should be continuing their breakout relative to Gold and jump to the new highs, outperforming the advance of Gold during this healthy consolidation stage.

Gold Miners should lead the gold market during this much-needed healthy consolidation. "The Great Rotation" out of the general equities and, particularly, AI-heavy NASDAQ, into the Real Assets, Gold and Gold Miners will fuel this powerful Bull Market in the making.

The Gold Miners vs Semiconductors chart from Graddhy illustrates the magnitude of the potential move during "The Great Rotation" event. Gold miners and exploration companies are set up for an explosive move during the sector rotation following the unwinding of the AI "Irrational Exuberance".

Profits made in the gold and silver markets are making their way into the senior miners first. Only later will new money be allocated to the junior mining sector by investors seeking higher leverage to the rising price of gold.

The TSX Venture Exchange is a home to junior mining and exploration companies. The next chart demonstrates where the most exciting action could be in 2026, driven by the M&A expectations.

Gold's next move is to climb to the next elevated level on its way to $10,000 after the healthy consolidation stage to digest the incredible gains gold has made this year already and its surge over $5,000.

The new FED interest rate cuts cycle, ballooning debt and economic uncertainty will drive Gold to new all-time highs. You can find more historical charts and observations in our Chronicles of this Generational Gold Bull Market.

Gold has continued its remarkable upward trajectory in December 2025, advancing toward the $5,000 per ounce milestone with a record daily close of $4,534 on December 26, 2025. This achievement followed a series of consecutive all-time highs, including levels near $4,444 on December 22 and $4,485 on December 23, 2025, capping a historic year in which bullion posted gains exceeding 65%—its strongest annual performance in over four decades.

Gold finished 2025 in style, striking new monthly, quarterly and yearly all-time highs at $4,329 on December 31, 2025.

Gold in the USA, the Alaskan Elephant Country: the Pitch for Elevation to Climb a Huge Wall of Worry, Ignition Stage - TNR Shotgun Gold

This coming wave of M&A among Gold producers and investments made by Rob McEwen, Erik Sprott, and other Gold gurus in promising new projects will drive the next stage of remarkable gains for wise investors.

Now you should really pay some serious attention to our main Story: why I believe that the time for the Shotgun Gold Project in Alaska is coming very close to its launch on the new orbit of valuation and development.

"My belief is TNR's Shotgun Gold Project can potentially grow and become a foremost, immediate satellite site Gold deposit to Donlin Gold's Mining Camp infrastructure. This vision is based on our exploration work and academic studies like the ones from Dr Tim Baker in which Shotgun Gold Project is not only listed alongside Donlin Creek as one of the "Major Porphyry Gold Deposits" but is also projected to contain the similar porphyry intrusion-related type system as Donlin."

Kirill Klip, Executive Chairman
TNR Gold Corp.

Angela Harmantas from Proactive wrote about the new report on TNR Gold from Fundamental Research Corp.:

"TNR Gold is on the cusp of becoming a revenue-generating royalty company, according to a new report from Fundamental Research, with analysts citing rising lithium and copper prices as key drivers for near-term earnings."

"The company, which focuses on royalties from projects operated by other mining firms, has seen its shares surge 240% year-over-year, significantly outperforming the BetaShares mining royalty ETF, up just 17% over the same period.

TNR’s portfolio includes the Shotgun gold project in Alaska, as well as royalties on two advanced South American projects: the Mariana lithium project in Argentina, owned by Ganfeng Lithium (SZSE: 002460), and the Los Azules copper-gold project, controlled by mining veteran Rob McEwen and his institutions." (Angela Harmantas)

"Analysts at Fundamental Research noted that TNR is “awaiting its first royalty payment, expected this quarter, as Ganfeng began production at its Mariana lithium project last year.” Based on current lithium prices, the firm estimates TNR could earn around US$1.6 million annually from Mariana.

“Receiving this first payment will be a major milestone, marking TNR’s transition into a revenue-generating royalty company,” analysts wrote." (Angela Harmantas)

TNR’s Los Azules copper-gold royalty is also drawing attention. McEwen completed a feasibility study in October 2025, confirming the project’s economic attractiveness, and the project was included in Argentina’s Large Investment Incentive Regime (RIGI), granting tax and export benefits. Copper prices, meanwhile, have risen 34% year-over-year to an all-time high of US$5.82 per pound. Fundamental Research estimates TNR could earn US$5 million annually in royalties at conservative copper prices, rising to US$8 million at current spot prices, with construction planned to begin in 2026 and commercial production by 2029. (Angela Harmantas)

"Fundamental Research reiterated its Buy rating on TNR, raising its fair value estimate from C$0.30 to C$0.35 per share. TNR “offers exposure to gold, lithium, and copper through projects in Alaska and Argentina, and is on the verge of earning its first royalty revenue,” analysts wrote, adding that “high metal prices, combined with project milestones, position TNR for significant revenue potential.” (Angela Harmantas)

"Elsewhere, at the Shotgun gold project in Alaska, TNR is actively seeking a JV partner to advance the project to a Preliminary Economic Assessment (PEA). Shotgun hosts inferred resources totaling 706 Koz of gold at a grade of 1.1 grams per tonne. Analysts believe the project has expansion potential, with the Shotgun Ridge deposit remaining open along strike and at depth." (Angela Harmantas)

The valuation matrix provided by Fundamental Research enables investors to assess the impact of varying copper and lithium price assumptions on the potential valuation of TNR Gold Corp.

Angela Harmantas: "Fundamental Research Reiterated "Buy" Rating for TNR Gold and Increased a Fair Value Estimate From C$0.30 to C$0.35 per Share"

TNR Gold – AmeriGold – Shotgun Gold

The Company’s strategy with the Shotgun Gold Project is to attract a partnership with one of the major gold mining companies. TNR is actively introducing the project to interested parties. We may be at the beginning of a great discovery. There is a clear path to moving this project forward using current geological and geophysical research to target drilling to expand the resource and form the basis of a preliminary economic analysis. The next step is to acquire a partner who shares our vision and recognises the growth potential and value to be added to the Shotgun project over time.

I believe that in order to maximise shareholder value and reach the potential valuations presented above, we must preserve capital, reduce the number of outstanding shares and not invest in Alaska with our own capital.

Our strategy, which we presented to potential strategic partners, involves creating a JV with one of the major gold mining companies. Our partner will invest substantial capital in developing the Shotgun Gold Project while earning a stake in the project.

TNR Gold shareholders will benefit from the strategic partner’s capital being invested “in the ground” and industry expertise, including operations in Alaska.

Management is investigating the best value-creation strategies for the Shotgun Gold Project. It has established the corporate structure of AmeriGold – the stand-alone company that could potentially inherit the Shotgun Gold Project JV operations after the contemplated potential spinout from TNR Gold.

TNR Gold Corporate Update and Strategic Review of the Developing M&A Opportunities

TNR Gold Shotgun Gold Project Presentation from Kirill Klip

Please visit the TNR Gold website for all updated presentations.

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

Do Your Own Research.

Previously, Gold surged over $4,380 and made the highest daily closing in history at $4,456 on October 20, 2025.

After striking a new all-time high on Monday, October 20, Gold has finally entered a correction phase, which, hopefully, as we discussed, will become the healthy consolidation stage for the next big move up.

Gold has demonstrated one more time its status of "The Ultimate Hedge" during the November Crypto Crash Masacre and finished November striking a very powerful note by making a new record-high monthly closing in history at $4,219 on November 28, 2025.

Gold has been enjoying a very healthy consolidation, which we certainly welcomed before its time, after its October surge to over $4,380.

November Crypto Crash Masacre has woken it up from the very brief nap, and it surged over $3,400 again, getting ready for the decisive move above $5,000 next year.

Bloomberg reports that Gold has gained nearly every month this year, and its remarkable performance makes ot a major diversifier on the institutional level.

According to Bloomberg, Gold demand hit a record in Q3: "Total Gold grows 3% year-on-year to a record of 1,313 tons".

Historically, Indians have created and protected family wealth by buying gold jewellery; now, the fast-growing middle class has found the investments in Gold via ETF appealing as well. Indian Gold ETFs experience a record massive inflow of funds from investors.

FOMO will be driving hedge fund managers to gain exposure to the Gold & Mining Sectors, risking to underperform the more wise forward-looking peers building their positions in the Real Hard Assets & Commodities.

Tavi Costa illustrates the misallocation of investment capital during the “AI Bubble" stage. Gold and Gold miners represent just 4% of total global assets, almost a rounding error. The Great Rebalancing can bring real fireworks to the Gold market.

Gold finished October in style on a very powerful note and made a new highest monthly closing in history at $4,003 on October 31, 2025.

Gold confirmed its status as "The Ultimate Hedge" and is surging again today towards $4,000 after the Crypto Crash Tuesday massacre on November 4, 2025. Bitcoin collapsed below $100,000 yesterday, falling over 7% to a low of $98,991, making a 27% drop from the all-time high at $126,198 made in September 2025.

The beautiful law of leverage can produce "miracles" on the way up. The same law has already crashed whole civilisations. The divine laws of time and gravity will demolish all sandcastles.

"AI Irrational Exuberance" squared by "Crypto Scams" became the geopolitical weakness and the vector of the attack. Trillions of "Paper Wealth" will be vaporised. Everything else is just a confirmation."

Gold surged over $4,380 and made the highest daily closing in history at $4,456 on October 20, 2025.

We are in the generational Gold Bull Market, but nothing grows straight into the sky, and another healthy consolidation is very much welcomed for this magnificent Gold Bull Market, ideally above the $3,000 level to digest the remarkable gains achieved this year already.

Sharp corrections are the very definition of the Generational Gold Bull Market; they allow us to digest parabolic moves and shake out the weak hands. Be worried about the slow drifting down when the smart money is masquerading their distributions on the tape. Next stop, after consolidation, is $5,000.

Do not miss the big picture in all the noise. You can not replicate Gold. "The Global Village is Over", as we discussed quite a while back. Every weakness will be exploited. There is a clear and very unfortunate "The Fourth Turning" in play now.

"AI Irrational Exuberance" squared by "Crypto Scams" became the geopolitical weakness and the vector of the attack. Trillions of "Paper Wealth" will be vaporised. Everything else is just a confirmation.

The history of Gold Cycles provided by Tavi Costa illustrates the main drivers of this new mighty Gold Bull Market. This is just the beginning of the new leg up after the breakout from the giant "Cup and Handle" technical formation.

During the Trade War & geopolitical tensions, Emerging-Market countries are not taking any chances. They are accumulating Gold, rushing to diversify from US Treasuries. Nobody wants to be a hostage of the ramping inflation or confiscation of dollar assets.

Previously, Gold surged over $4,377 on October 17, after striking a new highest daily closing in history at $4,328 on October 16, 2025. This dramatic advance followed another set of back-to-back ATHs made at $4,111 on October 13, $4,143 on October 14, and $4,208 on October 15, 2025.

Gold finished that record week in style, making a new highest weekly closing in history at $4,250 on October 17, 2025. This dramatic action represented Gold's weekly gains of $360 at the top of just over $4,377 or $233 on the Friday closing.

Gold is going parabolic after its recent breakout in August, following the very brief consolidation pattern of the few months before.

We are in the generational Gold Bull Market, but nothing grows straight into the sky, and another healthy consolidation will be very much welcomed for this magnificent Gold Bull Market, ideally above the $3,000 level to digest the remarkable gains achieved this year already.

The Great Financial Crisis, the COVID-19 pandemic and the Trade War propelled Gold to record highs. I do hope that the rise to $5,000 and over $10,000 will be orderly, without tearing apart irreparably the real foundation fabric of our Western civilisation.

Tether is buying Gold and investing in Gold Royalty and Mining companies. "The Great Rotation" is unfolding in front of our eyes. The next test will come when "AI Irrational Exuberance" squared by the "Crypto Scams" will vaporise "Trillions of dollars of paper wealth" created by the most outrageous bubble in human history.

During the Trade War and rising geopolitical tensions, Central Banks are not taking any chances and are accumulating Gold. They are rushing to diversify their reserves from the US Treasuries; nobody wants to be a hostage of the ramping inflation or outright confiscation of the dollar-based assets.

We have discussed here a long time ago that "Federal Reserve" is as "Federal" as Federal Express, but recent events show that the monetary policy of the United States is at risk of being finessed by Crypto Bros.

Despite Gold hitting all-time highs, there is "No Gold Bubble Yet", while the market valuations of general equities are already overextended and in "Bubble territory". Tavi Costa demonstrates that the Gold adjusted for the US money supply leaves a lot of room for the upside.

Gold miners are minting money with expanded margins and are now catching up with the rising Gold price. Tavi Costa illustrates it with his remarkable chart of Gold miners' prices vs. free-cash-flow growth. We have a perfect setup for the new Gold Bull Market. For the rest of this decade, the Bull Market for Gold Miners and Gold Exploration Companies will be a major part of it.

Gold Miners should lead the Gold market during the next phase of its much-needed healthy consolidation. "The Great Rotation" out of the general equities into the Real Assets, Gold and Gold Miners will fuel this powerful Bull Market in the making.

Previously, Gold surged to a new highest daily closing in history at $4,042 on October 8, after striking another set of back-to-back ATHs made at $3,961 on October 6, and at $3,980 on October 7, 2025.

Bull Theory on X gives a good rundown of the events during the Crypto Crash Black Friday massacre on October 10, 2025:

"TRUMP JUST TRIGGERED THE BIGGEST CRYPTO CRASH

And it was all pre planned. Here’s what happened. Two days before Trump’s Truth Social post, one of Bitcoin’s oldest wallets suddenly started opening large short positions on $BTC and $ETH worth billions. No catalyst. No headlines. Just silent movement onchain. Then came the post. Trump warned that China would face massive tariffs, hinting at a trade escalation. Markets reacted instantly a small dip, some volatility, but nothing major yet. But the real hit came hours later. From the White House podium, Trump officially announced 100% tariffs on all Chinese imports starting November 1.

→ A shock no one priced in. Within minutes, chaos followed:

→ S&P 500 fell over 2% - its sharpest single-day drop since April

→ Bitcoin ₿ plunged to $102K, erasing weeks of gains

→ Altcoins entered freefall, most dropping 70–90% within minutes

→ Over $20B–$22B in positions liquidated (real exposure likely $40B–$50B+)

→ Nearly $1T in crypto market cap wiped out in less than 3 hours

And here’s where things get strange 30 minutes before Trump’s official announcement, that same whale doubled their short exposure. When the market crashed, the positions were closed for an estimated $200M profit. The timing was too perfect to ignore. Was it coincidence or did someone know what was coming? Because minutes after that, it wasn’t just traders getting hit. It looked like a major entity got completely blown off. The crash across large cap alts wasn’t normal volatility. It felt structural as if a fund or desk was forced to unwind positions all at once. Every exchange saw cascading liquidations. Even USDE depegged 35–40%. This wasn’t a retail dump. It was a full leverage cleanse." (Bull Theory on X)

As we have discussed, Gold becomes a major diversifier & "The Ultimate Hedge" on the institutional level for portfolios constructed with stocks, bonds and crypto assets.

Gold confirmed its status as "The Ultimate Hedge" during the Crypto Crash Black Friday massacre and made a new record high weekly closing at $4,017 on October 10, 2025.

We know the pain threshold for this administration after the market crash in April, following the "Liberation Day". The total disintegration in the bond markets and treasuries helped to clear the air. The 30-year Treasury Yield soared to 5.02% on April 9, 2025, its highest level since October 2023. We can expect more pressure on the FED to ease the monetary policy, continue the practice of QE, and introduce other "money printing" instruments on an unprecedented scale.

Before it, Gold hit several back-to-back all-time highs and surged to a new highest daily and weekly closing in history at $3,887 on October 3, following a previous ATH made at $3,866 on October 1, 2025.

Gold achieved a remarkable milestone, reaching new daily, monthly, and quarterly all-time highs of $3,859 on September 30, following a previous peak of $3,827 on September 29, 2025. We are in the generational Gold Bull Market, but nothing grows straight into the sky, and another healthy consolidation will be welcomed for this magnificent Gold Bull Market before breaking the $4,000 level.

Investors have been net sellers of Gold ETFs for 4 years. Last year, investors in Asia started buying Gold ETFs significantly, while investors in Europe were selling, and only this year have investors been buying Gold ETFs in all markets. Now, Gold ETF Inflows outshine Central Banks in supporting Gold.

This part of the Gold rally is powered by strong ETF demand. Bloomberg reports that investors scooped up Gold-backed ETFs, whose holdings expanded the most in more than three years in September.

Gold miners are minting money with expanded margins and are now catching up with the rising Gold price. Tavi Costa illustrates it with his remarkable chart of Gold miners' earnings vs share price growth. We have a perfect setup for the new Gold Bull Market. For the rest of this decade, the Bull Market for Gold Miners and Gold Exploration Companies will be a major part of it.

Another chart from Bloomberg will come as a surprise for a lot of investors chasing AI and Crypto dreams. "Gold shares are beating chip stocks as bullion surges". As we have discussed, Gold miners and exploration companies are set up for an explosive move during the sector rotation following the unwinding of the AI "Irrational Exuberance".

Previously, Gold surged to a new highest daily closing in history at $3,763 on September 23, 2025, followed by a weekly all-time high closing made at $3,760 on September 26, 2025.

Before it, Gold surged to a new highest daily closing in history at $3,747 on September 22, after striking an all-time high at $3,690 on September 16, 2029, which was followed by a previous weekly ATH made at $3,686 on September 19, 2025.

Gold has celebrated its historical breakout from the 45-year trend line, printing another series of back-to-back all-time highs made at $3,643 on September 10 and 12, and at $3,679 on September 15, 2025.

Bloomberg reports: "Gold sets a new inflation-adjusted peak as bull run continues". We are in the generational Gold Bull Market, but nothing grows straight into the sky, and another healthy consolidation will be welcomed for this magnificent Gold Bull Market before breaking the $4,000 level.

This Gold rally was ignited by the relentless buying by Central Banks diversifying their assets from the US Dollar-denominated assets by selling US Treasuries, and now investors jumped on this trend by driving Gold ETFs higher.

One more "conspiracy theory" becomes reality. Bloomberg reports: "Most buying by Central banks is undeclared".

Gold made its previous highest daily closing in history at $3,636 on September 8, 2029, following the very impressive breakout after the recent much-needed consolidation phase.

This powerful breakthrough has been striking one all-time high daily closing after another: $5,532 on September 2, $3,558 on September 3 and $3,585 on September 5, 2025.

Before it, Gold made daily and monthly all-time highs at $3,447 on August 29, following the previous highest monthly and quarterly closing in history made at $3,302 on June 30, 2025. $3,302 not only marked the highest monthly and quarterly closing in the metal's history, but also followed the previous record set for the highest daily closing at $3,433 on June 13, 2025.

Gold has recently demonstrated remarkable resilience and upward momentum, achieving these new historic milestones. It was a very powerful show of strength by this mighty Generational Gold Bull Market when Gold consolidated around this parabolic curve, on the chart above, and above $3,000 before surging to new all-time highs.

Central Banks continue to accumulate Gold and diversify their reserve assets. This year, Foreign Central Banks hold more Gold than US Treasuries for the first time since 1966.

Gold miners are minting money with expanded margins and are now catching up with the rising Gold price. We have a perfect setup for the new Gold Bull Market. For the rest of this decade, the Bull Market for Gold Miners and Gold Exploration Companies will be a major part of it. You can find more historical charts and observations in our Chronicles of this Generational Gold Bull Market.

TNR Gold NSR Royalty Update – Ganfeng’s Mariana Lithium Completed the First Export of Lithium Chloride

2026-02-24T08:29:00.000-08:00

"Lithium solid-state batteries will be powering EVs & humanoid robots. Lithium chloride is the preferred chemical composition for converting lithium salt into lithium metal to use in solid-state batteries."

GEM Royalty TNR Gold Corp.

“TNR Gold Corp is your gateway to the green energy rEVolution and gold stability! We're building a leading green energy metals royalty and gold company, offering a unique entry into the supply chains powering the energy transition. With a 1.5% NSR royalty (of which 0.15% is held on behalf of a shareholder) on the Mariana Lithium Project in Argentina, operated by Ganfeng Lithium, and a 0.4% NSR (of which 0.04% is held on behalf of a shareholder) on the massive Los Azules Copper Project with McEwen Mining—backed by giants like Rio Tinto and Stellantis—we’re positioned for significant cash flows without the capital burden. Add to that our 90% stake in the Shotgun Gold Project in Alaska, near the Donlin Gold deposit, with 705,960 ounces of inferred gold resources, and we’re a diversified powerhouse. TNR delivers exposure to lithium, copper, silver and gold, blending blue-sky discovery with partnerships that drive value—perfect for investors seeking growth and a hedge in today’s economic cycle!”

Kirill Klip, Executive Chairman,

TNR Gold Corp.

“We are building The Green Energy Metals Royalty and Gold Company. Our business model provides the unique entry point into the creation of supply chains for critical materials like energy metals which are powering Tesla Energy rEVolution and Gold industry which is providing the ultimate hedge during this part of the economic cycle. Our shareholders are participating in the building of The Green Energy Metals Royalty and Gold Company. In our portfolio, we have a unique combination of assets providing exposure to different parts of mining cycle: starting with the power of blue sky discovery and including partnerships with industry leaders like McEwen Mining, Ganfeng Lithium and Lundin Mining as operators on the projects that will potentially generate royalty cashflows to contribute significant value for our shareholders.”

Kirill Klip, Executive Chairman,

TNR Gold Corp.

The links below provide more information for your further due diligence about GEM Royalty, TNR Gold and our NSR Royalty on Ganfeng's Mariana Lithium Project in Argentina.

Angela Harmantas from Proactive wrote about the new report on TNR Gold from Fundamental Research Corp.:

"TNR Gold is on the cusp of becoming a revenue-generating royalty company, according to a new report from Fundamental Research, with analysts citing rising lithium and copper prices as key drivers for near-term earnings."

"The company, which focuses on royalties from projects operated by other mining firms, has seen its shares surge 240% year-over-year, significantly outperforming the BetaShares mining royalty ETF, up just 17% over the same period.

TNR’s portfolio includes the Shotgun gold project in Alaska, as well as royalties on two advanced South American projects: the Mariana lithium project in Argentina, owned by Ganfeng Lithium (SZSE: 002460), and the Los Azules copper-gold project, controlled by mining veteran Rob McEwen and his institutions." (Angela Harmantas)

"Analysts at Fundamental Research noted that TNR is “awaiting its first royalty payment, expected this quarter, as Ganfeng began production at its Mariana lithium project last year.” Based on current lithium prices, the firm estimates TNR could earn around US$1.6 million annually from Mariana.

“Receiving this first payment will be a major milestone, marking TNR’s transition into a revenue-generating royalty company,” analysts wrote." (Angela Harmantas)

TNR’s Los Azules copper-gold royalty is also drawing attention. McEwen completed a feasibility study in October 2025, confirming the project’s economic attractiveness, and the project was included in Argentina’s Large Investment Incentive Regime (RIGI), granting tax and export benefits. Copper prices, meanwhile, have risen 34% year-over-year to an all-time high of US$5.82 per pound. Fundamental Research estimates TNR could earn US$5 million annually in royalties at conservative copper prices, rising to US$8 million at current spot prices, with construction planned to begin in 2026 and commercial production by 2029. (Angela Harmantas)

"Fundamental Research reiterated its Buy rating on TNR, raising its fair value estimate from C$0.30 to C$0.35 per share. TNR “offers exposure to gold, lithium, and copper through projects in Alaska and Argentina, and is on the verge of earning its first royalty revenue,” analysts wrote, adding that “high metal prices, combined with project milestones, position TNR for significant revenue potential.” (Angela Harmantas)

"Elsewhere, at the Shotgun gold project in Alaska, TNR is actively seeking a JV partner to advance the project to a Preliminary Economic Assessment (PEA). Shotgun hosts inferred resources totaling 706 Koz of gold at a grade of 1.1 grams per tonne. Analysts believe the project has expansion potential, with the Shotgun Ridge deposit remaining open along strike and at depth." (Angela Harmantas)

The valuation matrix provided by Fundamental Research enables investors to assess the impact of varying copper and lithium price assumptions on TNR Gold Corp.'s potential valuation.

TNR Gold:

NEWS RELEASE

TNR Gold NSR Royalty Update – Ganfeng’s Mariana Lithium Completed the First Export of Lithium Chloride

On February 18, 2026, Litio Minera Argentina S.A. stated in its announcement:

“From Salta to the World: Ganfeng Lithium Exports Lithium Chloride for the First Time from its Processing Plant in General Güemes

Customs’ authorization to verify the shipment at the plant itself was described as a gesture of trust and recognition of the project’s seriousness.

The Mariana Project strengthens Ganfeng’s presence in Argentina’s growing brine-based lithium sector and highlights the potential for sustained value creation.

TNR Gold holds a 1.5% NSR royalty on the Mariana Lithium Project (with 0.15% held on behalf of a shareholder), positioning the Company to benefit from this exciting progress.

We extend our sincere appreciation to all involved and look forward to continued success at the Mariana Project.

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: 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; timing for its 2026 AGM; future revenue and increased valuations of TNR’s royalty holdings caused by potential strategic alliances with major mining companies and investment institutions; the use of potential future cash flows to fund a normal course issuer bid; the potential spin-out of the Shotgun Gold Project; future investment of substantial capital in the development of the Shotgun Gold Project by a potential partner of TNR; the future potential of the Kuskokwim Gold Belt in southwestern Alaska; 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.

TNR Gold Mariana Lithium NSR Royalty Partner: Ganfeng Starts Mass Production of 650 Wh/kg Lithium Solid-State Batteries to Power EVs and Robots

2026-02-21T10:46:00.000-08:00

TNR Gold Team is celebrating the first export of lithium chloride produced by Ganfeng from the Mariana Lithium Project, and our NSR Royalty partner opens the new chapter of its state-of-the-art lithium batteries business. Ganfeng starts mass production of 650 Wh/kg lithium solid-state batteries to power EVs and humanoid robots.

Ganfeng Lithium LatinoAmerica

"TNR Gold Team proudly congratulates the entire Ganfeng Lithium Team and the communities of Argentina on the successful completion of the first shipment of high-purity lithium chloride from the Mariana Lithium Project in Salta Province. This landmark export marks a significant achievement in the project's development and represents another key milestone for TNR Gold as we advance toward becoming a cash-flow-generating royalty company."

Today, you can learn more about lithium solid-state batteries and why they will be powering EVs and humanoid robots. Lithium chloride is the preferred chemical composition for converting lithium salt into lithium metal to use in lithium solid-state batteries.

Just last year, we were asking the rhetorical questions:

Do Robots Use Lithium Batteries? Hungry Humanoid Robots Running Wild on FSD: Will They Eat All Available Lithium by 2030?

And now humanoid robots are coming from labs into the factories and very soon into our houses and onto our streets. Morgan Stanley is talking about 1 billion of them by 2050 in their latest research, bringing a "$5 Trillion Market" with them.

"For all TNR Gold shareholders, it will be very interesting to note here that Lithium Chloride is the preferred Lithium chemical composition to convert into Lithium metal. Now, we can put all recent developments at Ganfeng Lithium and the Mariana Lithium Project into the perspective of this new battery technology. TNR Gold becomes "the critical material option play without time decay" on the advance of solid-state lithium batteries in the energy storage market for high-end applications, including electric cars and humanoid robots."

"Lithium solid-state batteries will be powering EVs & humanoid robots. Lithium chloride is the preferred chemical composition for converting lithium salt into lithium metal to use in solid-state batteries."

Answer by Grok

With our NSR Royalty Holding on the giant Ganfeng's Mariana Lithium Project, TNR Gold becomes "the critical material option play without time decay" on the advance of solid-state Lithium batteries in the energy storage market for high-end applications, including electric cars and humanoid robots.

CarNewsChina.com:

Hyundai supplier Gangfeng Lithium began production of 650 Wh/kg batteries

"Changan & Hyundai supplier Gangfeng Lithium reportedly began mass production of solid-liquid-state batteries with an energy density of 650 Wh/kg, utilizing a lithium alloy. The company is also in the sample production stage of all-solid-state packs.

Gangfeng Lithium was founded in China in 2000 as a manufacturer of lithium salt and batteries. In 2017, the company started supplying batteries for passenger electric cars. In 2023, Gangfeng Lithium signed an MOU with Changan Automobile. A similar agreement was reached with Hyundai a year later.

Recently, Gangfeng Lithium officials disclosed information about the company’s latest business developments. A lithium hybrid solid-liquid battery with an energy density of 400 – 650 Wh/kg became one of the company’s latest products, Autohome reports. Such a pack is currently used in non-automotive segments. However, there is a chance that such technology will be adopted by future BEVs.

Gangfeng Lithium achieved improved battery density using higher-performance positive and negative electrode materials. Company officials shared that lithium metal anodes with low potential and high capacity are crucial for creating a high-density battery.

At the moment, lithium batteries have become the industry standard worldwide. However, they have several drawbacks. Lithium dendrites could be easily formed in such packs, leading to short circuits. The lifespan of lithium batteries is relatively short. However, Gangfeng Lithium reportedly solved these problems by using alloyed lithium metal to improve electrochemical stability.

This multi-element alloy technology allowed Gangfeng Lithium to suppress the growth of lithium dendrites. At the same time, the company achieved a critical current density of 50 mA/cm² and areal capacity of 1 mAh/cm². Such battery packs meet the requirements of 3C fast charging. Lithium alloys form a framework to maintain contact between the electrode and electrolyte.

Another highlight of Gangfeng Lithium’s solid-liquid battery is a “zero-strain” lithium alloy anode, matched with a sulfur cathode. It achieves 3% – 5% volume expansion during charge and discharge. Such a battery also passed penetration and heating to 250 °C tests. The exothermic reaction between the alloy and sulfides is more than 90% lower than that of pure lithium.

As mentioned, these technologies were adopted by Gangfeng Lithium’s solid-liquid-state batteries. They haven’t been used on cars yet. However, the battery maker believes that such experience will help it to create all-solid-state batteries with lithium alloy anodes. The company has already reached the sample production stage. More about Gangfeng Lithium as we get it."

Lithium Universe Confirms Signs of Intelligent Life. TNR Gold NSR Royalty: "Ganfeng's Mariana Project Will Gradually Supply Lithium Chloride Products in a Stable Manner From the Second Half of 2025 Onwards"

TNR Gold Mariana Lithium Royalty, Ganfeng's Major Solid-State Battery Breakthrough and $5 Trillion Market For Humanoid Robots

TNR Gold Welcomes First Lithium Chloride Shipment From Ganfeng’s Mariana Project

2026-02-20T02:09:00.000-08:00

TNR Gold Team Congratulates the Ganfeng Lithium Team and the People of Argentina!

TNR Gold Team proudly congratulates the entire Ganfeng Lithium Team and the communities of Argentina on the successful completion of the first shipment of high-purity lithium chloride from the Mariana Lithium Project in Salta Province. This landmark export marks a significant achievement in the project's development and represents another key milestone for TNR Gold as we advance toward becoming a cash-flow-generating royalty company.

Ganfeng Lithium LatinoAmerica

The shipment, comprising 240 tonnes of lithium chloride dispatched from the General Güemes facility, validates the effectiveness of the extraction technology implemented at the Mariana Project. With Ganfeng Lithium now positioning the product for sale in the market, the project transitions from development to full-scale commercial operations.

Importantly, current lithium prices in China have shown substantial recovery, with lithium carbonate equivalent (LCE) trading in the range of approximately $18,000–$20,000 per tonne (based on recent market data in CNY equivalents converted at prevailing rates). This compares favourably to levels below $10,000 per tonne observed roughly one year ago, underscoring improved market conditions and the strategic timing of this production ramp-up.

Salta Mining

The Mariana Project, with a designed annual capacity of 20,000 tonnes of lithium chloride at Phase I, strengthens Ganfeng's presence in Argentina's growing brine-based lithium sector and highlights the potential for sustained value creation.

TNR Gold holds a 1.5% net smelter return (NSR) royalty on the Mariana Lithium Project (with 0.15% held on behalf of a shareholder), positioning the Company to benefit from this exciting progress.

We extend our sincere appreciation to all involved and look forward to continued success at the Mariana Project.

De Salta al mundo: Ganfeng Lithium exportó cloruro de litio por primera vez desde su planta de proceso en General Güemes

Ganfeng Lithium LatinoAmerica

Proactive:

TNR Gold welcomes first lithium chloride shipment from Ganfeng’s Mariana project

Emily Jarvie

"Ganfeng Lithium has completed the first shipment of lithium chloride from its Mariana project in Argentina, a milestone that has welcomed by royalty-holder TNR Gold Corp (TSX-V:TNR, FRA:TNW, OTC:TRRXF).

TNR Gold holds a 1.5% net smelter return (NSR) royalty on the Mariana project, which includes 0.15% held on behalf of a shareholder.

Per local media reports, Ganfeng’s shipment comprised 10 containers of lithium chloride, each weighing 24 tons, dispatched from its plant in General Güemes in Salta province. The lithium is sourced from brine extracted at the Llullaillaco Salt Flat in Argentina, processed through the Mariana project led by Ganfeng Lithium.

Ganfeng Lithium LatinoAmerica

The shipment was consolidated and verified by Customs at the point of origin, enabling the transaction to be statistically recorded within the province.

The export marks the integration of the project’s full production chain, including brine extraction at Llullaillaco, industrial refining in Güemes, and intermodal logistics supported by rail transport.

At full capacity, the Mariana project is expected to produce up to 20,000 tons of lithium chloride annually, increasing Ganfeng’s participation in Argentina’s brine-based lithium sector.

Salta Mining

“We are very pleased that Ganfeng completed the first lithium chloride export from Mariana Lithium in Argentina,” TNR Gold’s Kirill Klip told Proactive. “We are looking forward to our first NSR royalty cash flow payment from the Mariana Lithium Project."

Klip highlighted that TNR Gold is building “the” Green Energy Metals Royalty and Gold Company.

“Our business model provides a unique entry point into the creation of supply chains for critical materials like energy metals, which are powering the Energy rEVolution, and the gold industry, which is providing the ultimate hedge during this part of the economic cycle. Our shareholders are participating in the building of The Green Energy Metals Royalty and Gold Company,” he said.

“In our portfolio, we have a unique combination of assets providing exposure to different parts of the mining cycle, starting with the power of blue-sky discovery and including partnerships with industry leaders like McEwen Inc., Ganfeng Lithium, Lundin Mining and BHP as operators on the projects that could potentially generate royalty cashflows to contribute significant value for our shareholders.”

GEM Royalty TNR Gold Corp.

“TNR Gold Corp is your gateway to the green energy rEVolution and gold stability! We're building a leading green energy metals royalty and gold company, offering a unique entry into the supply chains powering the energy transition. With a 1.5% NSR royalty (of which 0.15% is held on behalf of a shareholder) on the Mariana Lithium Project in Argentina, operated by Ganfeng Lithium, and a 0.4% NSR (of which 0.04% is held on behalf of a shareholder) on the massive Los Azules Copper Project with McEwen Mining—backed by giants like Rio Tinto and Stellantis—we’re positioned for significant cash flows without the capital burden. Add to that our 90% stake in the Shotgun Gold Project in Alaska, near the Donlin Gold deposit, with 705,960 ounces of inferred gold resources, and we’re a diversified powerhouse. TNR delivers exposure to lithium, copper, silver and gold, blending blue-sky discovery with partnerships that drive value—perfect for investors seeking growth and a hedge in today’s economic cycle!”

Kirill Klip, Executive Chairman,

TNR Gold Corp.

“We are building The Green Energy Metals Royalty and Gold Company. Our business model provides the unique entry point into the creation of supply chains for critical materials like energy metals which are powering Tesla Energy rEVolution and Gold industry which is providing the ultimate hedge during this part of the economic cycle. Our shareholders are participating in the building of The Green Energy Metals Royalty and Gold Company. In our portfolio, we have a unique combination of assets providing exposure to different parts of mining cycle: starting with the power of blue sky discovery and including partnerships with industry leaders like McEwen Mining, Ganfeng Lithium and Lundin Mining as operators on the projects that will potentially generate royalty cashflows to contribute significant value for our shareholders.”

Kirill Klip, Executive Chairman,

TNR Gold Corp.

The links below provide more information for your further due diligence about GEM Royalty, TNR Gold and our NSR Royalty on Ganfeng's Mariana Lithium Project in Argentina.

Angela Harmantas from Proactive wrote about the new report on TNR Gold from Fundamental Research Corp.:

"TNR Gold is on the cusp of becoming a revenue-generating royalty company, according to a new report from Fundamental Research, with analysts citing rising lithium and copper prices as key drivers for near-term earnings."

"The company, which focuses on royalties from projects operated by other mining firms, has seen its shares surge 240% year-over-year, significantly outperforming the BetaShares mining royalty ETF, up just 17% over the same period.

TNR’s portfolio includes the Shotgun gold project in Alaska, as well as royalties on two advanced South American projects: the Mariana lithium project in Argentina, owned by Ganfeng Lithium (SZSE: 002460), and the Los Azules copper-gold project, controlled by mining veteran Rob McEwen and his institutions." (Angela Harmantas)

"Analysts at Fundamental Research noted that TNR is “awaiting its first royalty payment, expected this quarter, as Ganfeng began production at its Mariana lithium project last year.” Based on current lithium prices, the firm estimates TNR could earn around US$1.6 million annually from Mariana.

“Receiving this first payment will be a major milestone, marking TNR’s transition into a revenue-generating royalty company,” analysts wrote." (Angela Harmantas)

TNR’s Los Azules copper-gold royalty is also drawing attention. McEwen completed a feasibility study in October 2025, confirming the project’s economic attractiveness, and the project was included in Argentina’s Large Investment Incentive Regime (RIGI), granting tax and export benefits. Copper prices, meanwhile, have risen 34% year-over-year to an all-time high of US$5.82 per pound. Fundamental Research estimates TNR could earn US$5 million annually in royalties at conservative copper prices, rising to US$8 million at current spot prices, with construction planned to begin in 2026 and commercial production by 2029. (Angela Harmantas)

"Fundamental Research reiterated its Buy rating on TNR, raising its fair value estimate from C$0.30 to C$0.35 per share. TNR “offers exposure to gold, lithium, and copper through projects in Alaska and Argentina, and is on the verge of earning its first royalty revenue,” analysts wrote, adding that “high metal prices, combined with project milestones, position TNR for significant revenue potential.” (Angela Harmantas)

"Elsewhere, at the Shotgun gold project in Alaska, TNR is actively seeking a JV partner to advance the project to a Preliminary Economic Assessment (PEA). Shotgun hosts inferred resources totaling 706 Koz of gold at a grade of 1.1 grams per tonne. Analysts believe the project has expansion potential, with the Shotgun Ridge deposit remaining open along strike and at depth." (Angela Harmantas)

The valuation matrix provided by Fundamental Research enables investors to assess the impact of varying copper and lithium price assumptions on TNR Gold Corp.'s potential valuation.

Lithium Universe Confirms Signs of Intelligent Life. TNR Gold NSR Royalty: "Ganfeng's Mariana Project Will Gradually Supply Lithium Chloride Products in a Stable Manner From the Second Half of 2025 Onwards"

Gold in the USA, the Alaskan Elephant Country: the Pitch for Elevation to Climb a Huge Wall of Worry, Ignition Stage - TNR Shotgun Gold

2026-02-18T05:44:00.000-08:00

Guest post:

Gold in the USA, the Alaskan Elephant Country: the Pitch for Elevation to Climb a Huge Wall of Worry, Ignition Stage - TNR Shotgun Gold

Konstantin Klip

The TNR Gold Team commenced 2026 on a highly positive trajectory, having achieved a spectacular 240% increase in the Company's share price throughout 2025. This strong performance culminated in an intraday high of $0.19 on January 26, 2026.

Chart by Nicholas Winton

TNR Gold's CEO recently shared an update outlining his personal vision for the Company and clearly defined strategic goals. Our TNR Gold Team is fully committed to pursuing and realising these objectives, with a continued focus on delivering value to shareholders through disciplined execution and strategic initiatives in the green energy metals and royalty space.

Building The Green Energy Metals Royalty and Gold Company: The TNR Gold Team Continues To Increase Our Stake

"My personal share price target for our Company is to reach a minimum of C$0.50, and with all our dedication, your support, and a strong gold market, we can aim at C$1.0 after the successful J/V partnership on the Shotgun Gold Project in Alaska."

“TNR Gold's 2025 share price surged 240% from CAD 0.05 to 0.17, fueled by insider purchases totalling over 2 million shares and minimal dilution, as detailed in the attached chart showing a bull flag breakout and heavy accumulation signals.” (By Grok)

"The rally culminated in a record daily close of $5,418 on January 28, 2026, followed by an intraday surge above $5,590 on January 29, marking one of the most aggressive upward phases in recent history.

On January 30, 2026, gold entered the much needed helathy consolidation stage, which we have been talking about and underwent a significant correction, often characterised in mass media coverage as a "brutal" pullback amid profit-taking, a firmer U.S. dollar, and shifting expectations around monetary policy. Spot prices fell sharply, representing a decline of around 9% from the prior session's levels."

"As a reminder of the Big Picture View, all our readers should take into account that the broader context remained constructive: gold recorded a new all-time high monthly close for January at $4,893, underscoring the strength of the underlying trend even after the sharp retracement. This performance highlights gold's role as "The Ultimate Hedge" - a resilient asset amid evolving macroeconomic dynamics, with the metal maintaining substantial year-to-date gains and positioning for potential further advances as market participants monitor inflation, policy developments, and global risks."

"Gold has demonstrated incredible performance in the 21st century, providing "The Ultimate Hedge" for all portfolios constructed with stocks, bonds and crypto assets. Asian societies understand the unique qualities of gold very well."

"New fortunes will be created in the gold mining junior space. Nobody knows the future, but history teaches us about manias. "Irrational Exuberance" spills over from AI & crypto into real assets and solid values that some junior miners can represent now."

"Gold's next move is to climb to the next elevated level on its way to $10,000 after the healthy consolidation stage to digest the incredible gains gold has made this year already and its surge over $5,000."

Global annual demand for gold breached 5,000 T and US$500 billion in 2025. At the same time, the global gold annual production is nearly flat.

TNR Gold in the Alaskan Elephant Country: Shotgun Gold Project Relationship With Developing NovaGold's Donlin Gold Mining Camp

With the rising gold price and a new era for the development of natural resources on US soil, particularly in Alaska, the Shotgun Gold Project is coming very close to its launch on the new orbit of valuation and development.

Smart money is accumulating the best Gold Stories to climb over a huge wall of worry following another major leg up for this Gold Bull Market, propelled by the debasement of all currencies.

Imagine tapping into Alaska's gold-rich Tintina Gold Belt, where TNR Gold's Shotgun Project shines with an inferred resource of 706,000 ounces at 1.1 grams per tonne. Located just 190 km south of the world-class Donlin Gold Project. Shotgun Gold offers a prime opportunity for a major mining partnership. With its advanced exploration stage, multiple high-potential targets, and geological similarities to nearby giants, this project is poised for growth.

"My belief is TNR's Shotgun Gold Project can potentially grow and become a foremost, immediate satellite site Gold deposit to Donlin Gold's Mining Camp infrastructure. This vision is based on our exploration work and academic studies like the ones from Dr Tim Baker in which Shotgun Gold Project is not only listed alongside Donlin Creek as one of the "Major Porphyry Gold Deposits" but is also projected to contain the similar porphyry intrusion-related type system as Donlin."

Kirill Klip, Executive Chairman
TNR Gold Corp.

Shotgun Gold is a Project located in South West Alaska, USA, in the same regional area as Novagold’s Donlin Gold Project.

Lang’s & Baker’s 2001 academic study specifically identifies both projects as "major porphyry granite-related gold deposits" that are related to a widespread magmatic gold mineralising event. Riveting stuff. What it implies in layman’s terms is that both projects arose from the same geological kitchen sink, leading one to the supposition that they should both possess similar favourable geological properties.

To that effect, Shotgun’s general mineralisation style resembles the neighbouring Donlin Gold project. For instance, Shotgun’s particular intrusion is associated with 69.7Ma magmatism, while Donlin Gold holds 70ma magmatism.

Shotgun’s particular boon is in the details. Shotgun’s mineralisation has been identified to possess little-to-no "nugget effect". A high ‘nugget effect’ means high variability between samples that are closely spaced. "No nugget effect" implies tight-fisted uniform mineralisation of a bulk tonnage gold system. There’s no need to dig up empty rock space, so the stripping ratio for any potential mine will be low, keeping costs way down.

What’s more, when a system’s topographical layout lines up neatly at the top of a ridge-like Shotgun's, it means the extraction of resource systems in similar conditions is very efficient - there is no need to remove layers of empty waste rock by tentatively stripping the ridge. Instead, one decisively takes the top of the hill in its entirety. Shotgun’s targeted bulk tonnage gold system runs from the very surface down to *at least* a depth of 150m (Open). "Open" means exploration to date has not identified the end of the mineralization from the drilling performed so far.

For the Shotgun Gold Project, Shotgun Ridge is just one of the multiple gold target areas controlled by TNR Gold. "Shot", "King" and "Winchester" add to the collection to form a distinct district with five (5) separate gold exploration targets identified so far.

The Company is actively introducing Shotgun Gold to potential partners to decisively drill the entirety of these prospects. The objective of such a partnership would be to expand the known area of mineralisation, define new mineralised areas and conclusively assess the Project’s potential top-end valuation.

“We need to bring US$10mln in to drill the project very strongly,” says TNR Gold Executive Chairman Kirill Klip. “The first US$5mln to take the project from the current 700,000-ounce resource up to the two million ounce mark, the rest to drill out five nearby targets. There’s no reason to suppose that our ground cannot hold multiple mineralised systems.”

TNR Gold – AmeriGold – Shotgun Gold

TNR Gold shareholders will benefit from the strategic partner’s capital being invested “in the ground” and industry expertise, including operations in Alaska.

TNR Gold Corporate Update and Strategic Review of the Developing M&A Opportunities

TNR Gold Shotgun Gold Project Presentation from Kirill Klip

Please visit the TNR Gold website for all updated presentations.

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

Do Your Own Research.

TNR Gold Los Azules Copper NSR Royalty: Copper Surged to a New All-Time High at $14,125 per Ton on LME

2026-02-15T05:22:00.000-08:00

The Green critical metal for the Energy rEVolution becomes red hot. Copper hit a record at $14,125 a ton on LME on January 30, 2026.

Chart by Nicholas Winton

"TNR Gold's 2025 share price surged 240% from CAD 0.05 to 0.17, fueled by insider purchases totalling over 2 million shares and minimal dilution, as detailed in the attached chart showing a bull flag breakout and heavy accumulation signals." (Analysis by Grok)

The TNR Gold Team started this year on a very strong note, having delivered a 240% increase in our Company's share price in 2025. We reached an intraday high of 19 cents on January 26, 2026.

Building The Green Energy Metals Royalty and Gold Company: The TNR Gold Team Continues To Increase Our Stake

"My personal share price target for our Company is to reach a minimum of C$0.50, and with all our dedication, your support, and a strong gold market, we can aim at C$1.0 after the successful J/V partnership on the Shotgun Gold Project in Alaska."

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.

“I would like to thank all our shareholders for your overwhelming support, and the vote of confidence in the TNR Gold Team and our strategy for maximizing shareholders value,” stated Kirill Klip, Executive Chairman of TNR Gold. “Our Company has repaid our investment loan in full, and we do not have any debt. We believe that the recent market prices of our shares do not fully reflect the underlying value of TNR’s assets. Our transformation from a project-generator junior mining company into a cashflow-generating royalty company may bring the necessary catalyst for improved market valuation of our assets.”

I would like to share an interesting analysis made by X AI Grok for your further research:

Angela Harmantas from Proactive wrote about the new report on TNR Gold from Fundamental Research Corp.:

"TNR Gold is on the cusp of becoming a revenue-generating royalty company, according to a new report from Fundamental Research, with analysts citing rising lithium and copper prices as key drivers for near-term earnings."

"The company, which focuses on royalties from projects operated by other mining firms, has seen its shares surge 240% year-over-year, significantly outperforming the BetaShares mining royalty ETF, up just 17% over the same period.

TNR’s portfolio includes the Shotgun gold project in Alaska, as well as royalties on two advanced South American projects: the Mariana lithium project in Argentina, owned by Ganfeng Lithium (SZSE: 002460), and the Los Azules copper-gold project, controlled by mining veteran Rob McEwen and his institutions." (Angela Harmantas)

"Analysts at Fundamental Research noted that TNR is “awaiting its first royalty payment, expected this quarter, as Ganfeng began production at its Mariana lithium project last year.” Based on current lithium prices, the firm estimates TNR could earn around US$1.6 million annually from Mariana.

“Receiving this first payment will be a major milestone, marking TNR’s transition into a revenue-generating royalty company,” analysts wrote." (Angela Harmantas)

TNR’s Los Azules copper-gold royalty is also drawing attention. McEwen completed a feasibility study in October 2025, confirming the project’s economic attractiveness, and the project was included in Argentina’s Large Investment Incentive Regime (RIGI), granting tax and export benefits. Copper prices, meanwhile, have risen 34% year-over-year to an all-time high of US$5.82 per pound. Fundamental Research estimates TNR could earn US$5 million annually in royalties at conservative copper prices, rising to US$8 million at current spot prices, with construction planned to begin in 2026 and commercial production by 2029. (Angela Harmantas)

"Fundamental Research reiterated its Buy rating on TNR, raising its fair value estimate from C$0.30 to C$0.35 per share. TNR “offers exposure to gold, lithium, and copper through projects in Alaska and Argentina, and is on the verge of earning its first royalty revenue,” analysts wrote, adding that “high metal prices, combined with project milestones, position TNR for significant revenue potential.” (Angela Harmantas)

"Elsewhere, at the Shotgun gold project in Alaska, TNR is actively seeking a JV partner to advance the project to a Preliminary Economic Assessment (PEA). Shotgun hosts inferred resources totaling 706 Koz of gold at a grade of 1.1 grams per tonne. Analysts believe the project has expansion potential, with the Shotgun Ridge deposit remaining open along strike and at depth." (Angela Harmantas)

The valuation matrix provided by Fundamental Research enables investors to assess the impact of varying copper and lithium price assumptions on TNR Gold Corp.'s potential valuation.

Angela Harmantas: "Fundamental Research Reiterated "Buy" Rating for TNR Gold and Increased a Fair Value Estimate From C$0.30 to C$0.35 per Share"

TNR Gold shareholders were eagerly anticipating further positive developments from Argentina for the Los Azules Copper Project, bolstered by the overwhelming support of the TNR Gold Team and strong endorsement of our strategic direction at the recent Annual General Meeting.

TNR Gold NSR Royalty: McEwen's Los Azules Feasibility Study Validates Copper Upside

Before it Copper made a record, striking $13,387.5 a ton on LME on January 6 after making a new all-time high at $13,187 on January 5. 2026. Previously, Copper made an ATH at $12,960 a ton on December 29, 2025.

Copper futures on the Shanghai Futures Exchange soared on December 26, gaining as much as 4.7% to trade near 100,000 yuan ($14,270) per ton for the first time ever, marking a historic breakthrough for the red metal in the world's top consumer market.

Meanwhile, on LME, Copper has been striking back-to-back ATHs: $12,000 on December 22, $12,044 on December 23, and $12,282 on December 26, 2025. Copper finished 2025 in style, recording the best year since 2009, according to Bloomberg.

Previously, Copper has been striking an all-time high after another in recent weeks, getting closer to $12,000. Copper made a new record-high of $11,906 per ton on December 11, 2025. This Copper rally now appears sustainable, reflecting heightened inflation expectations and growing concerns over potential disruptions to global supply chains amid ongoing trade tensions.

Previously, Copper surged to a new record-high of $11,771 per ton in London on the LME on December 8, 2025. Bloomberg reports:

"Copper rose to an all-time high after China set domestic growth as its top economic priority for next year, and amid stockpiling of the metal in the US.

The metal climbed as much as 1.3% to $11,771 a ton, with an analyst saying copper will benefit from policy support toward power-grid upgrades and computing power.

Copper has gained more than 30% on the London Metal Exchange this year, with new demand fueled by data centers and electric vehicles coming up against tight global supply."

Before it, Copper made back-to-back ATHs at $11,294.5/T on December 1, over $11,500/T on December 3, and at $11,662/T on December 5, 2025.

TNR Gold Team celebrates with the proud people of Argentina. Javier Milei's success in Argentina's midterm elections gives him the necessary support to continue his bold pro-business reforms. Argentina's Large Investment Incentives Regime (RIGI) provides the opportunity for the country to become "The New Powerhouse of Energy rEvolution".

Previously, Copper surged to a new all-time high at $11,200 per T on LME on October 29, 2025. This surpassed the previous peak of $11,104.50 set in May 2024.

The Art of the Deal continues to influence market volatility, with trade tensions now playing out prominently on social media platforms. Once the initial speculation and rhetoric subside, underlying economic fundamentals will reassert their dominance. Basic supply-and-demand dynamics, grounded in straightforward analysis, are steering the United States and China toward a pragmatic trade agreement.

Despite the heated discourse, market behaviour will ultimately be governed by core economic principles. Both nations, as the world’s largest economies, prioritise sustained growth. Key sectors driving this expansion - energy transition, electric vehicles, artificial intelligence, and robotics - depend on a reliable copper supply.

Morgan Stanley forecasts the largest copper deficit in 22 years by 2026, underscoring the urgency of stability in global commodity chains and reinforcing the strategic imperative for a U.S.-China accord.

Previously, U.S. Copper futures reached an all-time high of $5.9578 per pound on July 24, 2025, driven by heightened market tensions following the announcement of a new 50% Copper tariff amid an escalating trade war.

Copper prices are tracking gold's upward momentum, with a decisive breakout to the upside. U.S. COMEX copper futures initially led the advance, propelled by announcements of impending tariffs. This rally now appears sustainable, reflecting heightened inflation expectations and growing concerns over potential disruptions to global supply chains amid ongoing trade tensions.

LME copper prices are also rising, narrowing the previous arbitrage gap with COMEX and signalling broader market alignment with these macroeconomic pressures.

Now, you have another great opportunity to learn more about TNR Gold and our NSR Royalty on the giant Los Azules Copper, Gold and Silver Project. Rick Rule interviewed Rob McEwen, and you can get more detailed information on Los Azules development and Rick Rule's unique perspective on its potential valuation.

TNR Gold Says IFC Backing for McEwen Mining's Los Azules Projects Brings Lucrative NSR Closer

TNR Gold Welcomes McEwen Copper's Los Azules Joining Argentine Investment Regime

TNR Gold Says Feasibility Study for McEwen Copper's Los Azules Project Shows Strong Economics and ESG

TNR Gold: Building the Green Energy Metals Royalty Story in Argentina - the New Powerhouse of rEVolution

2026-02-12T07:35:00.000-08:00

Guest post:

TNR Gold: Building the Green Energy Metals Royalty Story in Argentina - the New Powerhouse of rEVolution

Konstantin Klip

TNR Gold is moving quickly on its path to transitioning from a project-generating junior mining company into a cash-flow-generating royalty company. We believe that the recent market prices of our shares do not properly reflect their underlying value, and that this transformation will provide the necessary catalyst to crystallise the potential valuation of our assets for investors in the marketplace. Let's explore our company's rising value proposition.

Chart by Nicholas Winton

TNR Gold's CEO recently shared an update outlining his personal vision for the Company, along with clearly defined strategic goals. Our TNR Gold Team is fully committed to pursuing and realising these objectives, with a continued focus on delivering value to shareholders through disciplined execution and strategic initiatives in the green energy metals and royalty space.

Building The Green Energy Metals Royalty and Gold Company: The TNR Gold Team Continues To Increase Our Stake

"My personal share price target for our Company is to reach a minimum of C$0.50, and with all our dedication, your support, and a strong gold market, we can aim at C$1.0 after the successful J/V partnership on the Shotgun Gold Project in Alaska."

“TNR Gold's 2025 share price surged 240% from CAD 0.05 to 0.17, fueled by insider purchases totalling over 2 million shares and minimal dilution, as detailed in the attached chart showing a bull flag breakout and heavy accumulation signals.” (By Grok)

We have celebrated major developments with all our royalty projects last year. After meeting with the President of Argentina, Javier Milei, Ganfeng officially inaugurated Mariana Lithium's start of production in Guemes, Salta, on February 12, 2025, and this project will become the first cash-flow-generating royalty for TNR Gold!

In a major vote of confidence, Rio Tinto, the world's second-largest metals and mining company, invested an additional $35M in McEwen Copper, bringing the total investment to $100M. In December 2024, McEwen Copper secured a key environmental permit for the construction and operation of the giant Los Azules Copper project in Argentina!

In October 2025, McEwen Inc. released the feasibility study, confirming that Los Azules Copper is an economically robust project with a long-life, low-cost producer of high-purity copper cathodes with strong economic returns and sustainability:

"Kirill Klip, the Company’s Chief Executive Officer, stated, “We are pleased that McEwen Copper has reached this major milestone releasing feasibility study after it secured an environmental permit for the construction and operation of the Los Azules copper project. Feasibility study confirms that Los Azules copper is economically robust project with leading ESG performance. The collaboration between McEwen Copper and 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 Potential in Argentina 2025

All three of TNR Gold's royalty projects are featured in the Argentina Secretariat of Mining investment feature. Our Company holds 1.5% NSR royalty (of which 0.15% is held on behalf of a shareholder) on Mariana Lithium with Ganfeng, 0.4% NSR royalty (of which 0.04% is held on behalf of a shareholder) on Los Azules Copper with McEwen Mining and 7% net profits royalty on Batidero I and II properties of Josemaria with Lundin Mining.

Mining Potential in Argentina 2025

Argentina’s ability to continue attracting investment is thanks to substantial resource endowments, over 20 bilateral treaties to safeguard against double taxation and incentivise foreign investments, as well as its provincial jurisdictional structure covered previously. The welcoming attitude of provincial officials and the pro-investment environment make a virtuous cycle for any company.

Large Investment Incentive Regime ("RIGI"), approved by the Congress, bold pro-business reforms of the new president, Javier Milei, opened doors for international investors to help the proud people of Argentina build it into the new Powerhouse of Tesla Energy rEVolution.

Javier Milei is making a sweeping reform package for taxes, currency, and customs benefits for investors. Argentina is rapidly distancing itself from the jurisdictional risks typically associated with South American mining projects. JPMorgan expects Argentina to overtake Chile in exports by 2027.

Kirill has spent many hours writing about how "Argentina has everything to become the Power House of the Tesla Energy rEVolution." And we have seen that money, sense and Mandarin are flooding into Argentina as step after step it positions itself on the politically strategic tightrope to supply the copper and lithium commodity deficit devoured by green electric transportation.

As I wrote before, if TNR Gold can do one thing well, it's to identify underappreciated assets and squat on them until pop hype and fanfare wake up the hatchling within. But there’s a certain poetry to this business model; TNR must be warmed in turn by those looking for underappreciated assets, so participating in this type of venture requires a certain kind of paternal patience, no matter the blizzard coming.

Angela Harmantas from Proactive wrote about the new report on TNR Gold from Fundamental Research Corp.:

"TNR Gold is on the cusp of becoming a revenue-generating royalty company, according to a new report from Fundamental Research, with analysts citing rising lithium and copper prices as key drivers for near-term earnings."

"The company, which focuses on royalties from projects operated by other mining firms, has seen its shares surge 240% year-over-year, significantly outperforming the BetaShares mining royalty ETF, up just 17% over the same period.

TNR’s portfolio includes the Shotgun gold project in Alaska, as well as royalties on two advanced South American projects: the Mariana lithium project in Argentina, owned by Ganfeng Lithium (SZSE: 002460), and the Los Azules copper-gold project, controlled by mining veteran Rob McEwen and his institutions." (Angela Harmantas)

"Analysts at Fundamental Research noted that TNR is “awaiting its first royalty payment, expected this quarter, as Ganfeng began production at its Mariana lithium project last year.” Based on current lithium prices, the firm estimates TNR could earn around US$1.6 million annually from Mariana.

“Receiving this first payment will be a major milestone, marking TNR’s transition into a revenue-generating royalty company,” analysts wrote." (Angela Harmantas)

TNR’s Los Azules copper-gold royalty is also drawing attention. McEwen completed a feasibility study in October 2025, confirming the project’s economic attractiveness, and the project was included in Argentina’s Large Investment Incentive Regime (RIGI), granting tax and export benefits. Copper prices, meanwhile, have risen 34% year-over-year to an all-time high of US$5.82 per pound. Fundamental Research estimates TNR could earn US$5 million annually in royalties at conservative copper prices, rising to US$8 million at current spot prices, with construction planned to begin in 2026 and commercial production by 2029. (Angela Harmantas)

"Fundamental Research reiterated its Buy rating on TNR, raising its fair value estimate from C$0.30 to C$0.35 per share. TNR “offers exposure to gold, lithium, and copper through projects in Alaska and Argentina, and is on the verge of earning its first royalty revenue,” analysts wrote, adding that “high metal prices, combined with project milestones, position TNR for significant revenue potential.” (Angela Harmantas)

"Elsewhere, at the Shotgun gold project in Alaska, TNR is actively seeking a JV partner to advance the project to a Preliminary Economic Assessment (PEA). Shotgun hosts inferred resources totaling 706 Koz of gold at a grade of 1.1 grams per tonne. Analysts believe the project has expansion potential, with the Shotgun Ridge deposit remaining open along strike and at depth." (Angela Harmantas)

The valuation matrix provided by Fundamental Research enables investors to assess the impact of varying copper and lithium price assumptions on the potential valuation of TNR Gold Corp.

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.

Core management at TNR Gold has displayed an unassailable tact in its decision-making; from closing a deal just before a lithium price crash to choosing the projects in the correct nation and with the correct partners amidst a torrent of noise present in the lithium market.

"Marketing Success and Industry Recognition
Recent increased M&A interest from numerous parties suggests that TNR’s management (“Management”) has succeeded with its marketing activity by presenting the Company’s GEM Royalty Story to the mining and investment industries.
In February 2023, Lithium Royalty Corp. valued only a portion of the Company at US$9 million, based on its purchase of the 0.5% NSR royalty involving the Mariana Lithium project for US $9 million.
Our team has successfully repaid TNR Gold’s investment loan in full, returning our shareholders all our assets free from encumbrance. The value generated from delivering that strategic transaction has justified Management’s stance on rejecting other opportunistic low-ball offers."

Stability has always been a mantra for our Company - Solid Values in Uncertain Times. Be it fluctuating or stabilised lithium prices, these are royalty projects for keypoint critical metals under industry majors with no input needed; a simple fundamental win maker for shareholders: 1.5% NSR royalty (of which 0.15% is held on behalf of a shareholder) on a major Mariana Lithium project that’s currently being developed by Chinese champion Ganfeng, 0.4% NSR royalty (of which 0.04% is held on behalf of a shareholder) on the giant Los Azules copper project being worked up by McEwen Mining and 7% net profits royalty on Batidero I and II Properties of Josemaria copper project in Argentina under Lundin Mining.

There is the Danger of Death Grips on Dead Horse Deposits among junior mining companies. Where a majority of value stems from a single prospect, there always exists a risk of ‘We Have to Make It Work’ that sees cash flow money bleed out. If management deigns to stay past the Pump and Dump phase.

TNR Gold's hands-off cash-generating royalties, in multiples and with industry majors, provide both incentive to stay at the helm and the cash to reasonably evaluate options regarding cash-flow intensive prospects in gold, lithium and copper.

The gap between Science and ‘fast’ Wall Street money is how investor money evaporates in mining, particularly in lithium. Only a few companies in the world are able to *rear* lithium operations into producing projects, less so reaching forecasted capacity.

Investors must remember that a lot of 'Lithium companies' have only the word lithium in their name but lack the capacity, know-how or legislative backing to produce lithium even in 10 years. The whole industry produced 1.5M T LCE in 2025; now we have to increase this production by 2X and jump to 2.8 - 3.6M T LCE by 2030, according to Albemarle.

Sometimes the lithium market is as fun as watching salt dry. Now, after the confirmation of the continued exponential growth of EV sales in China, "The Lithium Universe Confirms Signs of Intelligent Life".

Beware of the Thousand and One lithium mining dreams. Stick with industry majors like Ganfeng Lithium, which knows how to get strategic resourcing done!

Ganfeng's Mariana Lithium project is distinguished by the decision to preserve the salt flat as a complex environmental system. Consequently, the operations and facilities were planned from a robust and studied environmental basis.

"Lithium Universe Shows Signs of Intelligent Life, and Ganfeng Lithium is accelerating the progress of the production capacity ramp-up of the Mariana Lithium project.

"Mariana is a lithium-potassium salt lake located in Salta Province, Argentina. According to a technical report issued by Golder Associates Consulting Ltd., the total lithium resources at the Mariana lithium salt lake project amounted to approximately 8,120,000 tons of LCE. The construction of the project has been completed. In February 2025, the production line for phase I of the Mariana lithium salt-lake project with a planned annual production capacity of 20,000 tons of lithium chloride was officially put into operation. The Company will accelerate the progress of the production capacity ramp-up of the project, and it is expected that the Mariana project will gradually supply lithium chloride products in a stable manner from the second half of 2025 onwards." (Ganfeng Lithium, 2024 Annual Report, April 30, 2025)"

“Key Comments from Jason Luo (Ganfeng Lithium South America) Mariana Lithium Project: 60% Resource Increase”

Lithium Argentina AG Q3 2025 Earnings Call Summary by Grok:

https://x.com/kirillklip/status/1990011304497873308?s=20

"Mariana Lithium Project: 60% Resource IncreaseThe call featured direct input from Ganfeng executives on Mariana, a wholly owned Ganfeng project in Salta Province, Argentina (adjacent to PPG). Mariana commenced production in February 2025 with a 20,000 tpa lithium chloride (LiCl) capacity (Stage 1), backed by a $980 million investment (including a 190 MW off-grid solar plant—the largest in Argentine mining). It uses direct lithium extraction (DLE) technology for low-emission output.Key Comments from Jason Luo (Ganfeng Lithium South America):
Mariana is in ramp-up for Stage 1 and "going good."
Resource Update: Recent drilling upgraded total lithium resources from ~8.12 million tonnes LCE (2021 estimate) to ~13 million tonnes LCE—a more than 60% increase. This is driven by expanded inferred resources, with "big potential in the deeper horizon" (current wells at ~350m; deeper drilling planned).
Advantages: Lower lithium concentration than PPG but "much higher pumping rate," making resources non-bottleneck for scaling. High flow rates support efficient extraction.
Expansion Plans: Phases 2 and 3 under study to double+ capacity (targeting 40,000+ tpa LiCl). Ganfeng plans to submit a RIGI application package early 2026, aligning timelines with market conditions, PPG construction, and Cauchari-Olaroz progress. Decision on FID expected post-RIGI approval." (By Grok)

Lithium Argentina AG Q3 2025 Earnings Call Transcript

November 10, 2025

Xiaoshen Wang
President & Vice Chairman, Ganfeng Lithium

"Our plan in Argentina is to grow from our existing 60,000 tonnes of capacity today from Cauchari-Olaroz and Mariana to over 250,000 tonnes."

"And to your question about comparison between Mariana and the PPG, I would say PPG has higher concentration of the lithium. Mariana has lower, but Mariana has a much higher pumping rate. So each one has their own advantage. And so both projects are good projects."

Jason Luo
President, Ganfeng Lithium Argentina

"Yes. Right now, Mariana is still working on the ramp-up stage for the Stage 1 -- and it's going good. It's been good. And regarding Stage 2, the first thing we want to share is like Mariana recently, we just updated the resource estimation and the resource increased from 8M T LCE to 13M T LCE (KK Edits as per Grok confirmation), up for more than 60%. And we still have a big potential in the deeper horizon because like we didn't drill deep enough.

Right now, most of the wells just reached to 350 meters. And actually, we can drill like much deeper. And Mariana is unique because the pumping rate is very big. So the resource is not a bottleneck for Mariana. So yes, indeed, we are planning for the expansion Phase 2 and Phase 3, and we plan to put a package and apply for RIGI, we will present that early next year.

And then we will look at the market condition and also like the construction progress of other projects such as PPG and Cauchari. And then we will analyze and finally decide what will be the time line for the expansion of Stage 2 and Stage 3 with Mariana."

"Securing high-quality and stable lithium resources is fundamental to the long-term sustainable growth of our business. The Company adheres to the aim of globalizing the layout of its resources, and will continuously expand its current lithium resources portfolio through further exploration, and actively improve the self-sufficiency rate of resources of the Company. In terms of brine, the Company will proactively advance the development and construction of the Mariana lithium salt-lake project..." (Ganfeng Lithium, 2025 Interim Report, September 30, 2025)

With recent events, it's easy to choose when comparing Argentina to neighbouring Chile, where our sector’s worst nighttime bogeyman of resource nationalisation is heralded by a far-left socialist & communist coalition prevailing in political elections.

Industry discussions and third-party analysis, including recent commentary from xAI’s Grok, indicate that the standalone valuation of our Los Azules NSR royalty alone could exceed the current market capitalisation of the entire Company.

I would like to share an interesting analysis made by X AI Grok for your further research:

Energy transition to renewables has High Materials Intensity, of which copper (at 5x more intensity) is a major constituent and a common denominator across *all* technologies. Bet on precedent; global copper production has only managed to double every 25 years…

TNR Gold’s vision is aligned with mining industry leaders such as Rob McEwen, whose vision is ‘to build a copper mine for the future, based on regenerative principles that can achieve net zero carbon emissions by 2038’. This will be achieved by implementing new technologies with Nuton, the technological venture of Rio Tinto.

Nuton is working on innovative technology to be implemented at Los Azules Copper. You can clearly see the benefits of a major industry partner for McEwen Mining.

TNR Gold's business model provides an exceptionally valued entry point into the creation of a critical material supply chain like copper and lithium energy metals, which are powering the EV rEVolution, humanoid robots and the gold and silver industry, which is providing the ultimate hedge during this part of the economic cycle.

Our TNR Gold Team has delivered outstanding performance last year, and all our shareholders are enjoying a pincer move after many years of planning. The company picks up not one but two potentially cashflow-generating royalties in the future on the essential critical metals electrifying the gears of change within the electric and renewable global market.

TNR’s 7% NPR holding on the Batidero I and II properties of the Josemaria Project held by the JV between Lundin Mining and BHP represents future growth potential for the royalty portfolio.

TNR Gold’s purpose is quite simple in intent; a solid value launchpad of green royalties for the gold in the USA rocketship in fueling.

After Ganfeng officially inaugurated Mariana Lithium's start of production last year, 2026 is set to be a very interesting year for TNR Gold, one that is due to go by in pop celebration, national flag-waving fanfare and certain marching bands.

Gold In The USA, Alaskan Elephant Country: Kirill Klip GEM Royalty TNR Gold Presentation

2026-02-08T06:07:00.000-08:00

GEM Royalty TNR Gold Corp.

“TNR Gold Corp is your gateway to the green energy rEVolution and gold stability! We're building a leading green energy metals royalty and gold company, offering a unique entry into the supply chains powering the energy transition. With a 1.5% NSR royalty (of which 0.15% is held on behalf of a shareholder) on the Mariana Lithium Project in Argentina, operated by Ganfeng Lithium, and a 0.4% NSR (of which 0.04% is held on behalf of a shareholder) on the massive Los Azules Copper Project with McEwen Mining—backed by giants like Rio Tinto and Stellantis—we’re positioned for significant cash flows without the capital burden. Add to that our 90% stake in the Shotgun Gold Project in Alaska, near the Donlin Gold deposit, with 705,960 ounces of inferred gold resources, and we’re a diversified powerhouse. TNR delivers exposure to lithium, copper, silver and gold, blending blue-sky discovery with partnerships that drive value—perfect for investors seeking growth and a hedge in today’s economic cycle!”

Kirill Klip, Executive Chairman,

TNR Gold Corp.

“We are building The Green Energy Metals Royalty and Gold Company. Our business model provides the unique entry point into the creation of supply chains for critical materials like energy metals which are powering Tesla Energy rEVolution and Gold industry which is providing the ultimate hedge during this part of the economic cycle. Our shareholders are participating in the building of The Green Energy Metals Royalty and Gold Company. In our portfolio, we have a unique combination of assets providing exposure to different parts of mining cycle: starting with the power of blue sky discovery and including partnerships with industry leaders like McEwen Mining, Ganfeng Lithium and Lundin Mining as operators on the projects that will potentially generate royalty cashflows to contribute significant value for our shareholders.”

Kirill Klip, Executive Chairman,

TNR Gold Corp.

"Hi, I'm Kirill Klip, Chairman and CEO of TNR Gold Corp. We're at the forefront of the green energy metals sector, with royalty interests in world-class projects like the Mariana Lithium Project and the Los Azules Copper Project in Argentina. The demand for lithium, copper, and other critical metals is surging as the world accelerates its shift towards sustainable energy. At TNR Gold, we're strategically positioned to benefit from this trend, offering investors exposure to the future of energy while maintaining a strong foothold in the gold market. With recent advancements in our key projects, such as Ganfeng Lithium's starting production at Mariana Lithium and McEwen Mining securing environmental permits for Los Azules, we're poised to generate significant value through our royalty interests. My extensive experience in mining and my commitment to sustainable practices drive our mission to contribute to a greener future."

Kirill Klip, Executive Chairman,

TNR Gold Corp.

Gold In The USA, Alaskan Elephant Country: Kirill Klip GEM Royalty TNR Gold Presentation from Kirill Klip

Please visit the TNR Gold website for all updated presentations.

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

Do Your Own Research.

Gold Surges Above $5,590 After Making the Record-High Daily Close in History at $5,418, Followed by Monthly ATH at $4,893, Built on Quarterly and Yearly ATHs at $4,329. Next is a Climb to $10,000

Gold began 2026 climbing on its parabolic trajectory, decisively surpassing the $5,000 per ounce threshold and establishing a series of consecutive all-time highs. This exponential advance reflected sustained momentum driven by factors such as geopolitical uncertainties, central bank purchasing, and investor demand for safe-haven assets.

Key daily closing or peak milestones during this period included:

- January 12: $4,605
- January 14: $4,626
- January 19: $4,671
- January 20: $4,762
- January 21: $4,831
- January 22: $4,936
- January 23: $4,988
- January 24: $5,084

- January 27: $5,181

Chart by Nicholas Winton

"TNR Gold's 2025 share price surged 240% from CAD 0.05 to 0.17, fueled by insider purchases totalling over 2 million shares and minimal dilution, as detailed in the attached chart showing a bull flag breakout and heavy accumulation signals." (Analysis by Grok)

The TNR Gold Team started this year on a very strong note, having delivered a 240% increase in our Company's share price in 2025. We reached an intraday high of 19 cents on January 26, 2026.

Building The Green Energy Metals Royalty and Gold Company: The TNR Gold Team Continues To Increase Our Stake

"My personal share price target for our Company is to reach a minimum of C$0.50, and with all our dedication, your support, and a strong gold market, we can aim at C$1.0 after the successful J/V partnership on the Shotgun Gold Project in Alaska."

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.

“I would like to thank all our shareholders for your overwhelming support, and the vote of confidence in the TNR Gold Team and our strategy for maximizing shareholders value,” stated Kirill Klip, Executive Chairman of TNR Gold. “Our Company has repaid our investment loan in full, and we do not have any debt. We believe that the recent market prices of our shares do not fully reflect the underlying value of TNR’s assets. Our transformation from a project-generator junior mining company into a cashflow-generating royalty company may bring the necessary catalyst for improved market valuation of our assets.”

TNR Gold in the Alaskan Elephant Country: Shotgun Gold Project Relationship With Developing NovaGold's Donlin Gold Mining Camp

"Imagine tapping into Alaska's gold-rich Tintina Gold Belt, where TNR Gold's Shotgun Project shines with an inferred resource of 706,000 ounces at 1.1 grams per tonne. Located just 190 km south of the world-class Donlin Gold Project”

“Shotgun Gold offers a prime opportunity for a major mining partnership. With its advanced exploration stage, multiple high-potential targets, and geological similarities to nearby giants, this project is poised for growth.”

Sharp corrections are needed for the Generational Gold Bull Market; they allow for digesting parabolic moves. You should be worried about the slow drifting down when the smart money is camouflaging distributions. After this exponential advance by gold surging above $5,000, consolidation is welcomed.

The 50-Year chart from Graddhy shows the magnitude of this historical breakout of gold.

Central Banks continue to accumulate Gold and diversify their reserve assets. This year, Foreign Central Banks hold more Gold than US Treasuries for the first time since 1966.

China bought Gold in December for a fourteenth straight month after returning to the market in November last year. So far, after a 7-month pause, China bought 5T in November, 10.3T in December, 5T in January and February, 2.8T in March, 2.2T in April, 1.9T in May, 2.2T in June, 1.9T in July and in August, 1.2T in September, 0.9T in October and November, and 0.93T in December 2025.

New players are coming to the Gold market, bringing a new generation of investors. Tether became one of the World's biggest Gold holders.

It will not surprise our readers that the Gold outperformed global stocks this century. Profits made in the Gold and Silver markets are making their way into the senior miners first.

Gold miners only woke up relative to the incredible performance of gold. Higher gold prices still have to make their way, resulting in expanding margins, creating profit, and slipping into financials to be noticed by the investment crowds.

Gold miners and exploration companies should be continuing their breakout relative to Gold and jump to the new highs, outperforming the advance of Gold during this healthy consolidation stage.

Profits made in gold and silver are seeking higher leverage in the gold and silver miners. These investments will drive the relative performance of GDX vs gold. We have seen nothing yet. This Great Gold Miners Bull Market has only just started. The next long-term chart illustrates our observation in the context of the longer time frame.

The TSX Venture Exchange is a home to junior mining and exploration companies. The next chart demonstrates where the most exciting action could be in 2026, driven by the M&A expectations.

Gold finished 2025 in style, striking new monthly, quarterly and yearly all-time highs at $4,329 on December 31, 2025.

Gold in the USA, the Alaskan Elephant Country: the Pitch for Elevation to Climb a Huge Wall of Worry, Ignition Stage - TNR Shotgun Gold

"My belief is TNR's Shotgun Gold Project can potentially grow and become a foremost, immediate satellite site Gold deposit to Donlin Gold's Mining Camp infrastructure. This vision is based on our exploration work and academic studies like the ones from Dr Tim Baker in which Shotgun Gold Project is not only listed alongside Donlin Creek as one of the "Major Porphyry Gold Deposits" but is also projected to contain the similar porphyry intrusion-related type system as Donlin."

Kirill Klip, Executive Chairman
TNR Gold Corp.

Angela Harmantas from Proactive wrote about the new report on TNR Gold from Fundamental Research Corp.:

"TNR Gold is on the cusp of becoming a revenue-generating royalty company, according to a new report from Fundamental Research, with analysts citing rising lithium and copper prices as key drivers for near-term earnings."

"The company, which focuses on royalties from projects operated by other mining firms, has seen its shares surge 240% year-over-year, significantly outperforming the BetaShares mining royalty ETF, up just 17% over the same period.

TNR’s portfolio includes the Shotgun gold project in Alaska, as well as royalties on two advanced South American projects: the Mariana lithium project in Argentina, owned by Ganfeng Lithium (SZSE: 002460), and the Los Azules copper-gold project, controlled by mining veteran Rob McEwen and his institutions." (Angela Harmantas)

"Analysts at Fundamental Research noted that TNR is “awaiting its first royalty payment, expected this quarter, as Ganfeng began production at its Mariana lithium project last year.” Based on current lithium prices, the firm estimates TNR could earn around US$1.6 million annually from Mariana.

“Receiving this first payment will be a major milestone, marking TNR’s transition into a revenue-generating royalty company,” analysts wrote." (Angela Harmantas)

TNR’s Los Azules copper-gold royalty is also drawing attention. McEwen completed a feasibility study in October 2025, confirming the project’s economic attractiveness, and the project was included in Argentina’s Large Investment Incentive Regime (RIGI), granting tax and export benefits. Copper prices, meanwhile, have risen 34% year-over-year to an all-time high of US$5.82 per pound. Fundamental Research estimates TNR could earn US$5 million annually in royalties at conservative copper prices, rising to US$8 million at current spot prices, with construction planned to begin in 2026 and commercial production by 2029. (Angela Harmantas)

"Fundamental Research reiterated its Buy rating on TNR, raising its fair value estimate from C$0.30 to C$0.35 per share. TNR “offers exposure to gold, lithium, and copper through projects in Alaska and Argentina, and is on the verge of earning its first royalty revenue,” analysts wrote, adding that “high metal prices, combined with project milestones, position TNR for significant revenue potential.” (Angela Harmantas)

"Elsewhere, at the Shotgun gold project in Alaska, TNR is actively seeking a JV partner to advance the project to a Preliminary Economic Assessment (PEA). Shotgun hosts inferred resources totaling 706 Koz of gold at a grade of 1.1 grams per tonne. Analysts believe the project has expansion potential, with the Shotgun Ridge deposit remaining open along strike and at depth." (Angela Harmantas)

The valuation matrix provided by Fundamental Research enables investors to assess the impact of varying copper and lithium price assumptions on the potential valuation of TNR Gold Corp.

Angela Harmantas: "Fundamental Research Reiterated "Buy" Rating for TNR Gold and Increased a Fair Value Estimate From C$0.30 to C$0.35 per Share"

TNR Gold – AmeriGold – Shotgun Gold

TNR Gold shareholders will benefit from the strategic partner’s capital being invested “in the ground” and industry expertise, including operations in Alaska.

TNR Gold Corporate Update and Strategic Review of the Developing M&A Opportunities

Lithium Universe Confirms Signs of Intelligent Life. TNR Gold NSR Royalty: "Ganfeng's Mariana Project Will Gradually Supply Lithium Chloride Products in a Stable Manner From the Second Half of 2025 Onwards"

2026-02-07T06:53:00.000-08:00

Lithium Universe confirms signs of intelligent life with Lithium prices making back-to-back advances in January in China. Lithium LCE prices surged to CNY181,500 in the first trading month of 2026.

Recent mergers and acquisitions activity is generating renewed enthusiasm in the sector. The TNR Gold Team extends its congratulations to the Altius Team on this remarkable milestone for the Green Energy Metals space: the acquisition of Lithium Royalty Corp.

Ganfeng's Mariana Lithium NSR Royalty found two homes with nurturing, loving hands where it can grow for years to come.

Chart by Nicholas Winton

"TNR Gold's 2025 share price surged 240% from CAD 0.05 to 0.17, fueled by insider purchases totalling over 2 million shares and minimal dilution, as detailed in the attached chart showing a bull flag breakout and heavy accumulation signals." (Analysis by Grok)

The TNR Gold Team started this year on a very strong note, having delivered a 240% increase in our Company's share price in 2025. We reached an intraday high of 19 cents on January 26, 2026.

Building The Green Energy Metals Royalty and Gold Company: The TNR Gold Team Continues To Increase Our Stake

"My personal share price target for our Company is to reach a minimum of C$0.50, and with all our dedication, your support, and a strong gold market, we can aim at C$1.0 after the successful J/V partnership on the Shotgun Gold Project in Alaska."

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.

“I would like to thank all our shareholders for your overwhelming support, and the vote of confidence in the TNR Gold Team and our strategy for maximizing shareholders value,” stated Kirill Klip, Executive Chairman of TNR Gold. “Our Company has repaid our investment loan in full, and we do not have any debt. We believe that the recent market prices of our shares do not fully reflect the underlying value of TNR’s assets. Our transformation from a project-generator junior mining company into a cashflow-generating royalty company may bring the necessary catalyst for improved market valuation of our assets.”

Lithium Universe confirms signs of life, and Ganfeng Lithium is accelerating the progress of the production capacity ramp-up at the Mariana Lithium project.

“Key Comments from Jason Luo (Ganfeng Lithium South America) Mariana Lithium Project: 60% Resource Increase”

Lithium Argentina AG Q3 2025 Earnings Call Summary by Grok:

https://x.com/kirillklip/status/1990011304497873308?s=20

"Mariana Lithium Project: 60% Resource IncreaseThe call featured direct input from Ganfeng executives on Mariana, a wholly owned Ganfeng project in Salta Province, Argentina (adjacent to PPG). Mariana commenced production in February 2025 with a 20,000 tpa lithium chloride (LiCl) capacity (Stage 1), backed by a $980 million investment (including a 190 MW off-grid solar plant—the largest in Argentine mining). It uses direct lithium extraction (DLE) technology for low-emission output.Key Comments from Jason Luo (Ganfeng Lithium South America):
Mariana is in ramp-up for Stage 1 and "going good."
Resource Update: Recent drilling upgraded total lithium resources from ~8.12 million tonnes LCE (2021 estimate) to ~13 million tonnes LCE—a more than 60% increase. This is driven by expanded inferred resources, with "big potential in the deeper horizon" (current wells at ~350m; deeper drilling planned).
Advantages: Lower lithium concentration than PPG but "much higher pumping rate," making resources non-bottleneck for scaling. High flow rates support efficient extraction.
Expansion Plans: Phases 2 and 3 under study to double+ capacity (targeting 40,000+ tpa LiCl). Ganfeng plans to submit a RIGI application package early 2026, aligning timelines with market conditions, PPG construction, and Cauchari-Olaroz progress. Decision on FID expected post-RIGI approval." (By Grok)

Lithium Argentina AG Q3 2025 Earnings Call Transcript

November 10, 2025

Xiaoshen Wang
President & Vice Chairman, Ganfeng Lithium

"Our plan in Argentina is to grow from our existing 60,000 tonnes of capacity today from Cauchari-Olaroz and Mariana to over 250,000 tonnes."

"And to your question about comparison between Mariana and the PPG, I would say PPG has higher concentration of the lithium. Mariana has lower, but Mariana has a much higher pumping rate. So each one has their own advantage. And so both projects are good projects."

Jason Luo
President, Ganfeng Lithium Argentina

"Yes. Right now, Mariana is still working on the ramp-up stage for the Stage 1 -- and it's going good. It's been good. And regarding Stage 2, the first thing we want to share is like Mariana recently, we just updated the resource estimation and the resource increased from 8M T LCE to 13M T LCE (KK Edits as per Grok confirmation), up for more than 60%. And we still have a big potential in the deeper horizon because like we didn't drill deep enough.

Right now, most of the wells just reached to 350 meters. And actually, we can drill like much deeper. And Mariana is unique because the pumping rate is very big. So the resource is not a bottleneck for Mariana. So yes, indeed, we are planning for the expansion Phase 2 and Phase 3, and we plan to put a package and apply for RIGI, we will present that early next year.

And then we will look at the market condition and also like the construction progress of other projects such as PPG and Cauchari. And then we will analyze and finally decide what will be the time line for the expansion of Stage 2 and Stage 3 with Mariana."

"Securing high-quality and stable lithium resources is fundamental to the long-term sustainable growth of our business. The Company adheres to the aim of globalizing the layout of its resources, and will continuously expand its current lithium resources portfolio through further exploration, and actively improve the self-sufficiency rate of resources of the Company. In terms of brine, the Company will proactively advance the development and construction of the Mariana lithium salt-lake project..." (Ganfeng Lithium, 2025 Interim Report, September 30, 2025)

Benchmark confirms our observations about the signs of life in the Lithium Universe: "BMI Lithium Carbonate Spot Price EXW China, Min 99.5%, Battery was $22,325,125 per Tonne on February 4, 2026" - an increase of 109% year on year. "EVs dominate battery demand while BESS increase its share".

"Energy storage will be driving the next chapter of Lithium demand, and humanoid robots will be coming into the picture with every headline about groundbreaking technological progress. Today, you can learn more about why I believe that TNR Gold becomes "the critical material option play without time decay" on the advance of solid-state Lithium batteries in the energy storage market for high-end applications, including electric cars and humanoid robots."

On the demand side, China is back on its exponential growth curve for electric vehicle sales. China NEV sales were up 7.2% year-on-year, reaching 1.71M units sold in December 2025.

The electric vehicles' penetration rate in China was up to 52.3% in December 2025, compared to 45.7% in December last year.

China Power Battery Installations were up 35.1% year-on-year in December 2025, reaching 98.1 GWh. Energy Storage is expected to become the new driver for the demand for Lithium batteries, while Humanoid Robots will be opening a totally new chapter for the Lithium industry.

All our observations of the growing demand for Lithium are confirmed by the new record in China's monthly Lithium battery production, which reached 201.7 GWh in December 2025, up 62.1% year-on-year!

Now we can revisit our previous observations:

"Will this continued exponential growth in sales of electric cars change the recent bearish trend for lithium prices?

Can cheaper EVs like the ones produced by BYD supercharge the Lithium market again? Let's check the latest presentations from Albemarle, the world's largest Lithium producer."

The global share of electric vehicle sales continued to grow in 2025. China made a new record with a 55% penetration rate for EVs in November 2025.

Global EV sales growth is +30% year-to-date, led by China. North American EV sales represent only 10% of global EV sales, with a growth of +12% YTD. China remains over 60% of the global EV market with a growth of +30% YTD and continued strong demand. Europe's share of EV sales is 20%, and it's become a new leader in the EV space with growth of 31% YTD.

According to Albemarle, long-term secular growth is intact: Lithium market demand is expected to increase by over 2X from 2024 to 2030, from 1.3M T LCE to the range of 2.5M - 3.3M T LCE per year. Projected Lithium demand is expected to be plus 15%-40% Y/Y in 2025.

Long-term growth will be driven by stationary energy storage and EVs, while recent reductions to Lithium investments and expansions may create mid-term supply risk.

The next chart illustrates the most significant driver for the supercharging Lithium market again. Albemarle states that current Lithium market prices are well below re-investment economics and unsustainable.

A substantial part of the cost curve is operating below breakeven. Higher Lithium prices are required over the next decade to support the over 100 new projects needed to meet anticipated demand.

"Higher Long-Term Lithium Pricing Required to Meet 2030e Demand:
$13,000/T to produce 2.5M T LCE
$15,000/T for 3.0M T LCE
> $20,000/T for 3.3M T LCE" (Albemarle)

In conclusion, the answer to our question remains positive. Lower Lithium prices are the best cure for the low Lithium prices. To meet the projected demand, we need much higher Lithium prices; otherwise, a lack of investments and expansions will lead to deficits, disruptions of supply chains, and price shocks will be imminent again. The cheaper EVs will supercharge the Lithium market again, and China holds the key to this success with companies like BYD leading the seismic shift in the marketplace."

"Today, you have the opportunity to dive into all the latest data from the Lithium industry and connect the dots before investment bankers adjust their models and investment banks build their own books for pennies on the dollar in the best Lithium plays. They will eat you at lunch again after the sell-side starts pumping up those books at multiples compared to the distressed level prices today, unloading it on retail chasing a new big thing: "AI rEVolution: The World Just Before the INTERNET - Humanoid Robots".

We are building The Green Energy Metals Royalty and Gold Company. TNR Gold is plugged into Tesla Energy rEVolution with our Royalty Holdings on the Mariana Lithium Project with Ganfeng Lithium, Los Azules Copper, Gold and Silver Project with McEwen Mining and Batidero I and II Properties of Josemaria Copper-Gold Project with Lundin Mining and BHP.

GEM Royalty TNR Gold Corp.

“TNR Gold Corp is your gateway to the green energy rEVolution and gold stability! We're building a leading green energy metals royalty and gold company, offering a unique entry into the supply chains powering the energy transition. With a 1.5% NSR royalty (of which 0.15% is held on behalf of a shareholder) on the Mariana Lithium Project in Argentina, operated by Ganfeng Lithium, and a 0.4% NSR (of which 0.04% is held on behalf of a shareholder) on the massive Los Azules Copper Project with McEwen Mining—backed by giants like Rio Tinto and Stellantis—we’re positioned for significant cash flows without the capital burden. Add to that our 90% stake in the Shotgun Gold Project in Alaska, near the Donlin Gold deposit, with 705,960 ounces of inferred gold resources, and we’re a diversified powerhouse. TNR delivers exposure to lithium, copper, silver and gold, blending blue-sky discovery with partnerships that drive value—perfect for investors seeking growth and a hedge in today’s economic cycle!”

Kirill Klip, Executive Chairman,

TNR Gold Corp.

“We are building The Green Energy Metals Royalty and Gold Company. Our business model provides the unique entry point into the creation of supply chains for critical materials like energy metals which are powering Tesla Energy rEVolution and Gold industry which is providing the ultimate hedge during this part of the economic cycle. Our shareholders are participating in the building of The Green Energy Metals Royalty and Gold Company. In our portfolio, we have a unique combination of assets providing exposure to different parts of mining cycle: starting with the power of blue sky discovery and including partnerships with industry leaders like McEwen Mining, Ganfeng Lithium and Lundin Mining as operators on the projects that will potentially generate royalty cashflows to contribute significant value for our shareholders.”

Kirill Klip, Executive Chairman,

TNR Gold Corp.

The links below provide more information for your further due diligence about GEM Royalty, TNR Gold and our NSR Royalty on Ganfeng's Mariana Lithium Project in Argentina.

During the ongoing REE 2.0 Lithium price war, Ganfeng is following its main strategy by using the crash in the Lithium market as an opportunity to consolidate its supply chains. The main efforts of all major players are focused on securing new production.

Ganfeng Lithium, 2025 Interim Report, September 30, 2025

"The salt lake brine lithium ore is the most important type of lithium resources among the types of lithium ore currently under development in the world. Salt lake brine is the type of lithium ore with the lowest lithium extraction costs worldwide. However, due to differences in natural environments and lithium extraction methods, the construction cycle of salt lakes is longer than that of mines. The salt lake resources in South America are abundant and of high quality, but difficult to develop, and are limited by various factors such as environmental assessment and approval, high altitude, shortage of fresh water resources and supporting infrastructure, requiring large-scale capital expenditure, mature technology and project team support. The projects in Argentina are mostly led by large companies with strong capital and efficient execution. However, due to the poor development environment (high altitude, remote location, poor infrastructure, etc.), sustainable use of water resources, technical and technological challenges, and community relations maintenance issues of the salt lake projects in Argentina, the overall development progress is relatively slow. Under the current short-term price pressure, companies with technological breakthrough capabilities and resource advantages will be the first to break through. The Company’s Cauchari-Olaroz Salt Lake Project is already in the process of ramping up to a steady production capacity, and it is expected that battery-grade products will be gradually produced with subsequent ramp-up of production capacity and optimization of the production line. The first phase of the Company’s Mariana project has also officially commenced production in early 2025, and it is expected to provide a certain degree of incremental to the supply of global lithium resource in 2025, with subsequent gradual ramp-up of production capacity." (Ganfeng Lithium, 2025 Interim Report, September 30, 2025)

Ganfeng Lithium, 2025 Interim Report, September 30, 2025

“Ganfeng Lithium's Mariana Salt Lake Project stands as a transformative initiative within the company's expansive strategy to secure and develop high-quality lithium resources”

Ganfeng Lithium, 2024 Annual Report, April 30, 2025

"Mariana is a lithium-potassium salt lake located in Salta Province, Argentina. According to a technical report issued by Golder Associates Consulting Ltd., the total lithium resources at the Mariana lithium salt lake project amounted to approximately 8,120,000 tons of LCE. The construction of the project has been completed. In February 2025, the production line for phase I of the Mariana lithium salt-lake project with a planned annual production capacity of 20,000 tons of lithium chloride was officially put into operation. The Company will accelerate the progress of the production capacity ramp-up of the project, and it is expected that the Mariana project will gradually supply lithium chloride products in a stable manner from the second half of 2025 onwards." (Ganfeng Lithium, 2024 Annual Report, April 30, 2025)

Angela Harmantas from Proactive wrote about the new report on TNR Gold from Fundamental Research Corp.:

"TNR Gold is on the cusp of becoming a revenue-generating royalty company, according to a new report from Fundamental Research, with analysts citing rising lithium and copper prices as key drivers for near-term earnings."

"The company, which focuses on royalties from projects operated by other mining firms, has seen its shares surge 240% year-over-year, significantly outperforming the BetaShares mining royalty ETF, up just 17% over the same period.

TNR’s portfolio includes the Shotgun gold project in Alaska, as well as royalties on two advanced South American projects: the Mariana lithium project in Argentina, owned by Ganfeng Lithium (SZSE: 002460), and the Los Azules copper-gold project, controlled by mining veteran Rob McEwen and his institutions." (Angela Harmantas)

"Analysts at Fundamental Research noted that TNR is “awaiting its first royalty payment, expected this quarter, as Ganfeng began production at its Mariana lithium project last year.” Based on current lithium prices, the firm estimates TNR could earn around US$1.6 million annually from Mariana.

“Receiving this first payment will be a major milestone, marking TNR’s transition into a revenue-generating royalty company,” analysts wrote." (Angela Harmantas)

TNR’s Los Azules copper-gold royalty is also drawing attention. McEwen completed a feasibility study in October 2025, confirming the project’s economic attractiveness, and the project was included in Argentina’s Large Investment Incentive Regime (RIGI), granting tax and export benefits. Copper prices, meanwhile, have risen 34% year-over-year to an all-time high of US$5.82 per pound. Fundamental Research estimates TNR could earn US$5 million annually in royalties at conservative copper prices, rising to US$8 million at current spot prices, with construction planned to begin in 2026 and commercial production by 2029. (Angela Harmantas)

"Fundamental Research reiterated its Buy rating on TNR, raising its fair value estimate from C$0.30 to C$0.35 per share. TNR “offers exposure to gold, lithium, and copper through projects in Alaska and Argentina, and is on the verge of earning its first royalty revenue,” analysts wrote, adding that “high metal prices, combined with project milestones, position TNR for significant revenue potential.” (Angela Harmantas)

"Elsewhere, at the Shotgun gold project in Alaska, TNR is actively seeking a JV partner to advance the project to a Preliminary Economic Assessment (PEA). Shotgun hosts inferred resources totaling 706 Koz of gold at a grade of 1.1 grams per tonne. Analysts believe the project has expansion potential, with the Shotgun Ridge deposit remaining open along strike and at depth." (Angela Harmantas)

The valuation matrix provided by Fundamental Research enables investors to assess the impact of varying copper and lithium price assumptions on the potential valuation of TNR Gold Corp.

Angela Harmantas: "Fundamental Research Reiterated "Buy" Rating for TNR Gold and Increased a Fair Value Estimate From C$0.30 to C$0.35 per Share"

TNR Gold Mariana Lithium Royalty, Ganfeng's Major Solid-State Battery Breakthrough and $5 Trillion Market For Humanoid Robots

Gold Surges Above $5,590 After Making the Record-High Daily Close in History at $5,418, Followed by Monthly ATH at $4,893, Built on Quarterly and Yearly ATHs at $4,329. Next is a Climb to $10,000

2026-01-31T06:50:00.000-08:00

Key daily closing or peak milestones during this period included:

- January 12: $4,605
- January 14: $4,626
- January 19: $4,671
- January 20: $4,762
- January 21: $4,831
- January 22: $4,936
- January 23: $4,988
- January 24: $5,084

- January 27: $5,181

Chart by Nicholas Winton

"TNR Gold's 2025 share price surged 240% from CAD 0.05 to 0.17, fueled by insider purchases totalling over 2 million shares and minimal dilution, as detailed in the attached chart showing a bull flag breakout and heavy accumulation signals." (Analysis by Grok)

The TNR Gold Team started this year on a very strong note, having delivered a 240% increase in our Company's share price in 2025. We reached an intraday high of 19 cents on January 26, 2026.

Building The Green Energy Metals Royalty and Gold Company: The TNR Gold Team Continues To Increase Our Stake

"My personal share price target for our Company is to reach a minimum of C$0.50, and with all our dedication, your support, and a strong gold market, we can aim at C$1.0 after the successful J/V partnership on the Shotgun Gold Project in Alaska."

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.

“I would like to thank all our shareholders for your overwhelming support, and the vote of confidence in the TNR Gold Team and our strategy for maximizing shareholders value,” stated Kirill Klip, Executive Chairman of TNR Gold. “Our Company has repaid our investment loan in full, and we do not have any debt. We believe that the recent market prices of our shares do not fully reflect the underlying value of TNR’s assets. Our transformation from a project-generator junior mining company into a cashflow-generating royalty company may bring the necessary catalyst for improved market valuation of our assets.”

TNR Gold in the Alaskan Elephant Country: Shotgun Gold Project Relationship With Developing NovaGold's Donlin Gold Mining Camp

"Imagine tapping into Alaska's gold-rich Tintina Gold Belt, where TNR Gold's Shotgun Project shines with an inferred resource of 706,000 ounces at 1.1 grams per tonne. Located just 190 km south of the world-class Donlin Gold Project”

“Shotgun Gold offers a prime opportunity for a major mining partnership. With its advanced exploration stage, multiple high-potential targets, and geological similarities to nearby giants, this project is poised for growth.”

The 50-Year chart from Graddhy shows the magnitude of this historical breakout of gold.

Central Banks continue to accumulate Gold and diversify their reserve assets. This year, Foreign Central Banks hold more Gold than US Treasuries for the first time since 1966.

New players are coming to the Gold market, bringing a new generation of investors. Tether became one of the World's biggest Gold holders.

It will not surprise our readers that the Gold outperformed global stocks this century. Profits made in the Gold and Silver markets are making their way into the senior miners first.

Gold miners and exploration companies should be continuing their breakout relative to Gold and jump to the new highs, outperforming the advance of Gold during this healthy consolidation stage.

The TSX Venture Exchange is a home to junior mining and exploration companies. The next chart demonstrates where the most exciting action could be in 2026, driven by the M&A expectations.

Gold finished 2025 in style, striking new monthly, quarterly and yearly all-time highs at $4,329 on December 31, 2025.

Gold in the USA, the Alaskan Elephant Country: the Pitch for Elevation to Climb a Huge Wall of Worry, Ignition Stage - TNR Shotgun Gold

"My belief is TNR's Shotgun Gold Project can potentially grow and become a foremost, immediate satellite site Gold deposit to Donlin Gold's Mining Camp infrastructure. This vision is based on our exploration work and academic studies like the ones from Dr Tim Baker in which Shotgun Gold Project is not only listed alongside Donlin Creek as one of the "Major Porphyry Gold Deposits" but is also projected to contain the similar porphyry intrusion-related type system as Donlin."

Kirill Klip, Executive Chairman
TNR Gold Corp.

Angela Harmantas from Proactive wrote about the new report on TNR Gold from Fundamental Research Corp.:

"TNR Gold is on the cusp of becoming a revenue-generating royalty company, according to a new report from Fundamental Research, with analysts citing rising lithium and copper prices as key drivers for near-term earnings."

"The company, which focuses on royalties from projects operated by other mining firms, has seen its shares surge 240% year-over-year, significantly outperforming the BetaShares mining royalty ETF, up just 17% over the same period.

TNR’s portfolio includes the Shotgun gold project in Alaska, as well as royalties on two advanced South American projects: the Mariana lithium project in Argentina, owned by Ganfeng Lithium (SZSE: 002460), and the Los Azules copper-gold project, controlled by mining veteran Rob McEwen and his institutions." (Angela Harmantas)

"Analysts at Fundamental Research noted that TNR is “awaiting its first royalty payment, expected this quarter, as Ganfeng began production at its Mariana lithium project last year.” Based on current lithium prices, the firm estimates TNR could earn around US$1.6 million annually from Mariana.

“Receiving this first payment will be a major milestone, marking TNR’s transition into a revenue-generating royalty company,” analysts wrote." (Angela Harmantas)

TNR’s Los Azules copper-gold royalty is also drawing attention. McEwen completed a feasibility study in October 2025, confirming the project’s economic attractiveness, and the project was included in Argentina’s Large Investment Incentive Regime (RIGI), granting tax and export benefits. Copper prices, meanwhile, have risen 34% year-over-year to an all-time high of US$5.82 per pound. Fundamental Research estimates TNR could earn US$5 million annually in royalties at conservative copper prices, rising to US$8 million at current spot prices, with construction planned to begin in 2026 and commercial production by 2029. (Angela Harmantas)

"Fundamental Research reiterated its Buy rating on TNR, raising its fair value estimate from C$0.30 to C$0.35 per share. TNR “offers exposure to gold, lithium, and copper through projects in Alaska and Argentina, and is on the verge of earning its first royalty revenue,” analysts wrote, adding that “high metal prices, combined with project milestones, position TNR for significant revenue potential.” (Angela Harmantas)

"Elsewhere, at the Shotgun gold project in Alaska, TNR is actively seeking a JV partner to advance the project to a Preliminary Economic Assessment (PEA). Shotgun hosts inferred resources totaling 706 Koz of gold at a grade of 1.1 grams per tonne. Analysts believe the project has expansion potential, with the Shotgun Ridge deposit remaining open along strike and at depth." (Angela Harmantas)

The valuation matrix provided by Fundamental Research enables investors to assess the impact of varying copper and lithium price assumptions on the potential valuation of TNR Gold Corp.

Angela Harmantas: "Fundamental Research Reiterated "Buy" Rating for TNR Gold and Increased a Fair Value Estimate From C$0.30 to C$0.35 per Share"

TNR Gold – AmeriGold – Shotgun Gold

TNR Gold shareholders will benefit from the strategic partner’s capital being invested “in the ground” and industry expertise, including operations in Alaska.

TNR Gold Corporate Update and Strategic Review of the Developing M&A Opportunities

TNR Gold Shotgun Gold Project Presentation from Kirill Klip

Please visit the TNR Gold website for all updated presentations.

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

Do Your Own Research.

Previously, Gold surged over $4,380 and made the highest daily closing in history at $4,456 on October 20, 2025.

Gold has been enjoying a very healthy consolidation, which we certainly welcomed before its time, after its October surge to over $4,380.

November Crypto Crash Masacre has woken it up from the very brief nap, and it surged over $3,400 again, getting ready for the decisive move above $5,000 next year.

Bloomberg reports that Gold has gained nearly every month this year, and its remarkable performance makes ot a major diversifier on the institutional level.

According to Bloomberg, Gold demand hit a record in Q3: "Total Gold grows 3% year-on-year to a record of 1,313 tons".

Gold finished October in style on a very powerful note and made a new highest monthly closing in history at $4,003 on October 31, 2025.

The beautiful law of leverage can produce "miracles" on the way up. The same law has already crashed whole civilisations. The divine laws of time and gravity will demolish all sandcastles.

"AI Irrational Exuberance" squared by "Crypto Scams" became the geopolitical weakness and the vector of the attack. Trillions of "Paper Wealth" will be vaporised. Everything else is just a confirmation."

Gold surged over $4,380 and made the highest daily closing in history at $4,456 on October 20, 2025.

Gold is going parabolic after its recent breakout in August, following the very brief consolidation pattern of the few months before.

Bull Theory on X gives a good rundown of the events during the Crypto Crash Black Friday massacre on October 10, 2025:

"TRUMP JUST TRIGGERED THE BIGGEST CRYPTO CRASH

And it was all pre planned. Here’s what happened. Two days before Trump’s Truth Social post, one of Bitcoin’s oldest wallets suddenly started opening large short positions on $BTC and $ETH worth billions. No catalyst. No headlines. Just silent movement onchain. Then came the post. Trump warned that China would face massive tariffs, hinting at a trade escalation. Markets reacted instantly a small dip, some volatility, but nothing major yet. But the real hit came hours later. From the White House podium, Trump officially announced 100% tariffs on all Chinese imports starting November 1.

→ A shock no one priced in. Within minutes, chaos followed:

→ S&P 500 fell over 2% - its sharpest single-day drop since April

→ Bitcoin ₿ plunged to $102K, erasing weeks of gains

→ Altcoins entered freefall, most dropping 70–90% within minutes

→ Over $20B–$22B in positions liquidated (real exposure likely $40B–$50B+)

→ Nearly $1T in crypto market cap wiped out in less than 3 hours

And here’s where things get strange 30 minutes before Trump’s official announcement, that same whale doubled their short exposure. When the market crashed, the positions were closed for an estimated $200M profit. The timing was too perfect to ignore. Was it coincidence or did someone know what was coming? Because minutes after that, it wasn’t just traders getting hit. It looked like a major entity got completely blown off. The crash across large cap alts wasn’t normal volatility. It felt structural as if a fund or desk was forced to unwind positions all at once. Every exchange saw cascading liquidations. Even USDE depegged 35–40%. This wasn’t a retail dump. It was a full leverage cleanse." (Bull Theory on X)

As we have discussed, Gold becomes a major diversifier & "The Ultimate Hedge" on the institutional level for portfolios constructed with stocks, bonds and crypto assets.

Gold confirmed its status as "The Ultimate Hedge" during the Crypto Crash Black Friday massacre and made a new record high weekly closing at $4,017 on October 10, 2025.

This part of the Gold rally is powered by strong ETF demand. Bloomberg reports that investors scooped up Gold-backed ETFs, whose holdings expanded the most in more than three years in September.

Previously, Gold surged to a new highest daily closing in history at $3,763 on September 23, 2025, followed by a weekly all-time high closing made at $3,760 on September 26, 2025.

One more "conspiracy theory" becomes reality. Bloomberg reports: "Most buying by Central banks is undeclared".

Gold made its previous highest daily closing in history at $3,636 on September 8, 2029, following the very impressive breakout after the recent much-needed consolidation phase.

This powerful breakthrough has been striking one all-time high daily closing after another: $5,532 on September 2, $3,558 on September 3 and $3,585 on September 5, 2025.

Central Banks continue to accumulate Gold and diversify their reserve assets. This year, Foreign Central Banks hold more Gold than US Treasuries for the first time since 1966.

TNR Gold Eyes Lithium Royalties and Share Buybacks After 240% Share Price Rise

2026-01-28T05:52:00.000-08:00

TNR Gold's shares surged 240% in 2025, reaching 19 cents, driven by rising commodity prices and project advancements, with analysts raising fair value to $0.35 per share under a buy rating.

The post highlights upcoming lithium royalties from Ganfeng's Mariana project in Argentina, estimated at $1.6 million annually as production scales to 20,000 tonnes, alongside copper royalties up to $8 million from McEwen's Los Azules.

Executive Chairman Kirill Klip announced potential share buybacks in December 2025 to minimize dilution, with potential dividends pending regulatory approval, while seeking partners for the Shotgun Gold project to enable a spin-out. (Grok)

"TNR Gold Corp (TSX-V:TNR, OTC:TRRXF) executive chairman Kirill Klip talked with Proactive's Stephen Gunnion about the company’s strong start to 2026, highlighting the next key milestones after a 240% share price increase in 2025.

Klip outlined how TNR Gold plans to minimize dilution, pursue share buybacks, and potentially introduce a dividend policy subject to regulatory approval. A major catalyst this year is the anticipated first royalty payment from Ganfeng Lithium tied to the Mariana Lithium project in Argentina. “Our general strategy will be to minimize dilution to absolute minimum... and to increase the returns for all our shareholders,” said Klip.

He also noted a 60% increase in lithium resources at Mariana, with production scaling up and Ganfeng preparing an application for Argentina’s large investment incentive program. On the copper front, Klip discussed the Los Azules project, now bolstered by copper prices surpassing $13,000 per tonne. He said royalties from this project could reach $8 million annually, while lithium royalties may climb to $1.6 million based on new estimates.

Regarding gold, Klip discussed the Shotgun Gold project in Alaska, where TNR is seeking a strategic partner. He revealed plans for a potential spin-out named AmeriGold, in which existing shareholders would receive shares." (Proactive)

The TNR Gold Team started this year on a very strong note, having delivered a 240% increase in our Company's share price in 2025. We reached an intraday high of 19 cents on January 26, 2026.

"My personal share price target for our Company is to reach a minimum of C$0.50, and with all our dedication, your support, and a strong gold market, we can aim at C$1.0 after the successful J/V partnership on the Shotgun Gold Project in Alaska."

“TNR Gold's 2025 share price surged 240% from CAD 0.05 to 0.17, fueled by insider purchases totalling over 2 million shares and minimal dilution, as detailed in the attached chart showing a bull flag breakout and heavy accumulation signals.” (By Grok)

Chart by Nicholas Winton

Angela Harmantas from Proactive wrote about the new report on TNR Gold from Fundamental Research Corp.:

"TNR Gold is on the cusp of becoming a revenue-generating royalty company, according to a new report from Fundamental Research, with analysts citing rising lithium and copper prices as key drivers for near-term earnings."

"The company, which focuses on royalties from projects operated by other mining firms, has seen its shares surge 240% year-over-year, significantly outperforming the BetaShares mining royalty ETF, up just 17% over the same period.

TNR’s portfolio includes the Shotgun gold project in Alaska, as well as royalties on two advanced South American projects: the Mariana lithium project in Argentina, owned by Ganfeng Lithium (SZSE: 002460), and the Los Azules copper-gold project, controlled by mining veteran Rob McEwen and his institutions." (Angela Harmantas)

"Analysts at Fundamental Research noted that TNR is “awaiting its first royalty payment, expected this quarter, as Ganfeng began production at its Mariana lithium project last year.” Based on current lithium prices, the firm estimates TNR could earn around US$1.6 million annually from Mariana.

“Receiving this first payment will be a major milestone, marking TNR’s transition into a revenue-generating royalty company,” analysts wrote." (Angela Harmantas)

TNR’s Los Azules copper-gold royalty is also drawing attention. McEwen completed a feasibility study in October 2025, confirming the project’s economic attractiveness, and the project was included in Argentina’s Large Investment Incentive Regime (RIGI), granting tax and export benefits. Copper prices, meanwhile, have risen 34% year-over-year to an all-time high of US$5.82 per pound. Fundamental Research estimates TNR could earn US$5 million annually in royalties at conservative copper prices, rising to US$8 million at current spot prices, with construction planned to begin in 2026 and commercial production by 2029. (Angela Harmantas)

"Fundamental Research reiterated its Buy rating on TNR, raising its fair value estimate from C$0.30 to C$0.35 per share. TNR “offers exposure to gold, lithium, and copper through projects in Alaska and Argentina, and is on the verge of earning its first royalty revenue,” analysts wrote, adding that “high metal prices, combined with project milestones, position TNR for significant revenue potential.” (Angela Harmantas)

"Elsewhere, at the Shotgun gold project in Alaska, TNR is actively seeking a JV partner to advance the project to a Preliminary Economic Assessment (PEA). Shotgun hosts inferred resources totaling 706 Koz of gold at a grade of 1.1 grams per tonne. Analysts believe the project has expansion potential, with the Shotgun Ridge deposit remaining open along strike and at depth." (Angela Harmantas)

The valuation matrix provided by Fundamental Research enables investors to assess the impact of varying copper and lithium price assumptions on the potential valuation of TNR Gold Corp.