TNR Gold Bought 5,056,000 Shares Under Normal Course Issuer Bid
NEWS RELEASE
TNR Gold Bought 5,056,000 Shares Under Normal Course Issuer
Bid
Vancouver, British Columbia – January 11, 2024: TNR Gold Corp. (TSX-V: TNR) (“TNR”, “TNR Gold”
or the “Company”) is pleased to announce that the Company bought 5,056,000 shares under its normal
course issuer bid in 2023.
As announced on June 1, 2023, TNR Gold is conducting a normal course issuer bid (the “Bid“) pursuant
to which the Company may purchase up to a maximum of 9,548,639 common shares of the Company
(the “Shares”), representing approximately 5% of the Company’s outstanding Shares. No more than 2%
of the outstanding Shares may be purchased in any 30-day period.
The Company intends to terminate the Bid on or about June 4, 2024. Purchases pursuant to the Bid are
being made from time to time by PI Financial Corp. on behalf of the Company through the facilities of the
TSX Venture Exchange. Shares purchased will be paid for with cash available from the Company’s
working capital. All Shares purchased pursuant to the Bid will be returned to treasury as authorized and
unissued shares.
The Company is of the view that the recent market prices of its Shares do not properly reflect the
underlying value of the Shares. No insiders of the Company intend to participate in the Bid.
“We are building the green energy metals royalty and gold company ”, commented Kirill Klip, Executive
Chairman of TNR Gold. “ 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 potential of blue -sky discovery at Shotgun Gold Project and important partnerships with
industry leaders Like Ganfeng Lithium, McEwen Mining and Lundin Mining as operators on the projects
that have the potential to generate royalty cashflows that will contribute significant value for our
shareholders.
Last year we repaid our investment loan in full, and our Company has no debt. We believe that the recent
market prices of our Shares do not properly reflect the underlying value of the Shares and the normal
#1120, 789 West Pender Street,
Vancouver, B.C.
V6C 1H2, Canada
T: +1 (604) 229-8129
E-mail: [email protected]
Website: http://www.tnrgoldcorp.com
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course issuer bid allows us to purchase Shares in the market to help increase the shareholder value for
the shareholders.
We are very pleased that the Mariana Lithium Project is progressing smoothly towards expected
commercial production in 2024. Representatives of Ganfeng Lithium confirmed to the Governor of Salta
Gustavo Sáenz that the Mariana Project, on which construction began in June 2022, will start producing,
in 2024, an estimated 20 thousand tons per year of lithium chloride. The Government of Salta has
reported on Ganfeng Lithium’s announcement that the operational phase of the Mariana Lithium Project
began in January 2023. We are looking forward towards our first NSR royalty cash flow payments from
Mariana Lithium Project.
TNR does not have to contribute any capital for the development of the Mariana Lithium Project, Los
Azules Copper Project and Josemaria Project . The essence of our business model is to have industry
leaders like Ganfeng Lithium as operators on the projects that will potentially generate royalty cashflows
to contribute significant value for our shareholders.”
ABOUT TNR GOLD CORP.
TNR Gold Corp. is working to become the green energy metals royalty and gold company.
Our business model provides a unique entry point in the creation of supply chains for critical materials
like energy metals that are powering the energy rEVolution, and the gold industry that is providing a
hedge for this stage of the economic cycle.
Our portfolio provides a unique combination of assets with exposure to multiple aspects of the mining
cycle: the power of blue-sky discovery and important partnerships with industry leaders as operators on
the projects that have the potential to generate royalty cashflows that will contribute significant value for
our shareholders.
Over the past twenty-eight 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% NSR royalty
is held on behalf of a shareholder. 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, and the
construction of a 20,000 tons-per-annum lithium chloride plant has commenced.
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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 . The Los Azules Copper Project is being developed by
McEwen Mining.
TNR also holds a 7% net profits royalty holding on the Batidero I and II properties of the Josemaria Project
that is being developed by Lundin Mining. Lundin Mining is part of the Lundin Group, a portfolio of
companies producing a variety of commodities in several countries worldwide.
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. T he 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 p roperties 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, for ward-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.
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 inte rim and annual Management’s D iscussion 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
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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 s uch 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 Mining 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. Exce pt as required by law, the Company assumes no
obligation to update forward -looking information should circumstances or management’s estimates or
opinions change.