TNR Gold Bought 5,616,000 Shares to Date Under Normal Course Issuer Bid
NEWS RELEASE
TNR Gold Bought 5,616,000 Shares to Date Under Normal Course
Issuer Bid
Vancouver, British Columbia – February 21, 2024: TNR Gold Corp. (TSX-V: TNR) (“TNR”, “TNR
Gold” or the “Company”) is pleased to provide a corporate update and announce that the Company has
purchased 5,616,000 shares to date under its normal course issuer bid.
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 common shares
(“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
course issuer bid allows us to purchase Shares in the market to help increase the shareholder value for
the shareholders.
#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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“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
the Mariana Lithium Project.
“TNR does not have to contribute any capital for the development of the Mariana Lithium Project, the Los
Azules Copper Project or the 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.”
Shotgun Gold Project – Alaska
The Shotgun Gold Project is an advanced -stage exploration prospect in southwestern Alaska. The
Company’s exploration field program in 2022-2023 at the Shotgun and Winchester prospects, located in
the Taylor Mountain Quadrangle, Alaska, investigated the geochemical anomalies generated by the 1998
Novagold Resources soil surveys and the geophysical targets indicated by anomalies from the SJ
Geophysics 2011 and 2012 EM surveys.
“The Company’s strategy with the Shotgun Gold Project is to attract a partnership with a major gold
mining company. TNR Gold has successfully consolidated and updated its mining claims in Alaska and
is actively introducing the project to interested parties ,” commented Kirill Klip. “We may be at the
beginning of a great discovery. There is a clear path on how to move this prospective project forward
using the geological and geophysical research currently available to target drilling to expand the resource.
The next step is to acquire a partner that shares our vision and recognizes the growth potential and value
to be added to the Shotgun Gold Project over time. Th e latest exploration program allows us to provide
additional information on TNR’s Shotgun Gold Project for our potential strategic partners.”
About the Shotgun Gold Project
TNR holds a 90% interest in the Shotgun Gold Project that is located 190 kilometres south of the Donlin
Gold Project deposits within the Kuskokwim Gold Belt in southwestern Alaska. This area is emerging as
a multi -million-ounce gold district. The Shotgun p roperty includes a number of prospects, including
Shotgun Ridge and nearby Winchester. The Donlin Gold Project is an intrusion -associated system and
represents one of the largest undeveloped gold deposits in the world. The Company believes that there
are s everal key similarities between prospects on the Shotgun property and that of the Donlin Gold
Project deposits as well as other important intrusion-associated deposits worldwide.
The Company is targeting a large tonnage porphyry system at Shotgun Ridge. Structural repeats, as
interpreted from airborne magnetic data and ground geophysical surveys, provide TNR with encouraging
targets for future drill testing.
Detailed information about the inferred mineral resource estimate is included in the technical report titled,
“Technical Report on the Shotgun Gold Project, Southwest Alaska”, dated May 27, 2013 that can be
found on the TNR Gold website at www.tnrgoldcorp.com or on SEDAR at www.sedar+.ca.
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Mariana Lithium NSR Royalty Holding
On May 2, 2023, TNR Gold announced that Ganfeng Lithium (“Ganfeng Lithium”) provided an update on
the Mariana Lithium Project. 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.
In its 2022 Annual Report, Ganfeng Lithium reported:
“The Mariana lithium salt lake project in Argentina is progressing smoothly at present, the first evaporation
pond of which has been in the stage of water injection. It is expected that the project will commence
production in 2024.”
Kirill Klip, TNR’s Chief Executive Officer commented, “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 last June, will start producing, in 2024, an estimated 20 thousand
tons per year of lithium chloride. The Government o f Salta has reported on Ganfeng Lithium’s
announcement that the operational phase of the Mariana Lithium Project began in January 2023.
“TNR does not have to contribute any capital for the development of the Mariana 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.”
Los Azules Copper, Gold and Silver NSR Royalty Holding
On December 18, 2023, TNR Gold announced that, McEwen Mining Inc. provided an update on the Los
Azules Copper Project in San Juan, Argentina. TNR holds a 0.4% NSR Royalty (of which 0.04% of the
0.4% NSR Royalty is held on behalf of a shareholder) on the Los Azules Copper Project. The Los Azules
Copper Project is held by McEwen Copper Inc., a subsidiary of McEwen Mining.
The news release issued on December 12, 2023, by McEwen Mining stated:
“McEwen Copper
“Eighteen drill rigs are currently on site at Los Azules and over 18,000 meters of drilling have
already been completed, representing more than one -third of the planned meters for this
season’s campaign.
“Recently, key management and directors from McEwen Mining and McEwen Copper visited
the project to review the progress made towards delivery of the feasibility study for the future
Los Azules Mine. Michael Meding, Vice President and General Manager of McEwen Copper,
commented: ‘We are very pleased with the progress at Los Azules since 2021, when McEwen
Copper was created to drive forward the development of one of the world’s largest
undeveloped copper projects. Our vision is to develop Los Azules as a model for the future of
mining.”
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“Technical Information
“The technical content of this news release related to financial results, mining and development
projects has been reviewed and approved by William (Bill) Shaver, P.Eng., COO of McEwen
Mining and a Qualified Person as defined by SEC S -K 1300 and the Canadi an Securities
Administrators National Instrument 43-101 “Standards of Disclosure for Mineral Projects.”
The news release issued by McEwen Mining on February 12, 2024, stated:
“McEwen Copper
Twenty drill rigs are currently on site at Los Azules and over 36,000 meters (118,000 ft) of
drilling have been completed so far this season, to advance all areas that contribute to the
upcoming Feasibility Study (FS), which is expected to be published in Q1 2025.
At the Los Azules Project, we've made significant progress. Our drilling program is over
halfway complete, with 36,000 meters drilled out of the 55,000 planned for our comprehensive
feasibility study. The work necessary for the completion of the feasibility study includes mineral
resource estimation, metallurgical testing, equipment selection, final completion and cost
estimation of design for the mine and our facilities. Additionally, we will work to advance our
power and road infrastructure plans and esta blish preliminary site -wide water balance
including pit dewatering.
On the ground, we've made tangible progress with the drilling program, construction of our
winter camp and improvements to the exploration road facilitating year -round operations.
We're also on track with environmental permitting, reflecting our commitment to responsible
development.
Financially, we've been diligent in protecting our treasury. The majority of our funds have been
invested in depository receipts of foreign and major Argentinean corporations, to shield us from
devaluation. This strategic move ensures that the Los Azules p roject's financial backbone
stays robust in supporting our project development.
“We are adapting to a changing environment in Argentina, recognizing the importance of
current political and economic reforms for the future stability and growth of the nation. Mining
is a vital component of Argentina’s economy and, under the right conditions, one that is poised
to grow significantly and support the country’s economic recovery,” said Michael Meding, VP
of McEwen Copper and General Manager of the Los Azules Project.”
“Technical Information
“The technical content of this news release related to financial results, mining and development
projects has been reviewed and approved by William (Bill) Shaver, P.Eng., COO of McEwen
Mining and a Qualified Person as defined by SEC S -K 1300 and the Canadi an Securities
Administrators National Instrument 43-101 “Standards of Disclosure for Mineral Projects.”
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“About McEwen Copper
McEwen Copper Inc. holds a 100% interest in the Los Azules copper project in San Juan,
Argentina and the Elder Creek project in Nevada, USA.
Los Azules was ranked in the top 10 largest undeveloped copper deposits in the world by
Mining Intelligence (2022). Its current copper resources are estimated at 10.9 billion pounds
at a grade of 0.40% Cu (Indicated category) and an additional 26.7 billion pounds at a grade
of 0.31% Cu (Inferred category). A PEA published in June 2023 estimated a $2.7 billion after-
tax NPV8% at $3.75/lb Cu and a 27-year mine life.” TNR Gold News Releases dated June 26
and October 18, 2023.”
The McEwen Mining press release appears to be reviewed and verified by a Qualified Person (as that
term is defined by National Instrument 43 -101 – Standards of Disclosure for Mineral Projects ) and the
procedures, methodology and key assumptions disclosed therein are those adopted and consistently
applied in the mining industry, but no Qualified Person engaged by TNR has done sufficient work to
analyze, interpret, classify or verify McEwen Mini ng’s information to determine the current mineral
resource or oth er information referred to in its press releases. Accordingly, the reader is cautioned in
placing any reliance on the disclosures therein.
“We are pleased that significant developments on the advancement of the Los Azules Copper Project
towards feasibility have led to the increased Stellantis holdings in McEwen Copper, as a strategic partner
in the future development of this large copper, gol d and silver project , stated Kirill Klip, TNR’s Chief
Executive Officer . “In February 2023, Stellantis invested ARS $30 billion, and with an additional
investment of ARS $42 billion made after the new preliminary economic assessment (PEA)
publication, has a total investment of ARS $72 billion. An aggregate of US $65 million in McEwen Copper
was also invested by Rio Tinto’s Venture Nuton in 2022 and 2023 ”. . TNR Gold’s vision is aligned with
the leaders of innovation among automakers like Stellantis, whose aim is decarbonizing mobility, and
mining industry leaders such as Rob McEwen, whose vision is ‘to build a mine for the future, based on
regenerative principles that can achieve net zero carbon emissions by 2038.
“The green energy rEVolution relies on the supply of critical metals like copper; delivering “green copper”
to Argentina and the world will contribute to the clean energy transition and electrification of transportation
and energy industries.
“Strong team performance is accelerating the McEwen Copper Los Azules program. The Los Azules
Project PEA results highlighted the potential to create very robust leach project, while reducing
environmental footprint, and greater environmental and social st ewardship sets the Project apart from
other potential mine developments.
“It’s also very encouraging to see an updated independent mineral resource estimate that has increased
significantly.
“Together with Nuton, McEwen Copper is exploring new technologies that save energy, water, time and
capital, advancing Los Azules towards the goal of the leading environmental performance. The
involvement of Rio Tinto with its innovative technology, may al so accelerate realizing the enormous
potential of the Los Azules Project.
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“Los Azules was ranked in the top 10 largest undeveloped copper deposits in the world by Mining
Intelligence (2022). TNR Gold does not have to contribute any capital for the development of the Los
Azules Project. The essence of our business model is to hav e industry leaders like McEwen Mining as
operators on the projects that will potentially generate royalty cashflows to contribute significant value for
our shareholders.”
Batidero I and II NPR Royalty Holding
On April 28, 2022, TNR Gold announced that Lundin Mining Corporation completed a plan of
arrangement pursuant to which Lundin acquired all of the issued and outstanding shares of Josemaria
Resources Inc. (“ Josemaria Resources”) and Josemaria Resources became a subsidiary of Lundin.
TNR holds a 7% net profit interest royalty (“ NPR”) on the Batidero I and II properties of the Josemaria
copper-gold project located in San Juan, Argentina that is owned by Josemaria Resources. In its news
release dated April 28, 2022, Lundin stated:
“The addition of the Josemaria project to Lundin Mining’s portfolio solidifies our position as a
leading base metals producer with high -quality copper exposure and significant growth. We
look forward to building upon the excellent reputation of Josemaria R esources in San Juan
and Argentina,” said Peter Rockandel, Lundin Mining President and CEO, “We are excited to
lead the project through the remaining stages of development and into production to create
significant value for all stakeholders.
“Josemaria Project Update
As announced by Josemaria Resources on April 11, 2022, the Mining Authority of San Juan,
Argentina has approved the Environmental Social Impact Assessment for the Josemaria
Project, marking a significant milestone in the project’s permitting process. Lundin Mining and
the Josemaria project team are working with the national and provincial authorities to progress
the project through the next stages of development. Discussions regarding commercial
agreements and securing of additional sectoral permits are ongoing and anticipated later this
year prior to a definitive construction decision.
The Josemaria project is progressing through basic engineering with procurement of long-lead
equipment, including securing key items of crushing and processing. Study work is ongoing,
including updating of cost estimates to be reflective of current conditi ons and evaluation of
potential scope changes compared to plans envisaged in the Josemaria Resources
2020 Feasibility Study (“NI 43 -101 Technical Report, Feasibility Study for the Josemaria
Copper-Gold Project, San Juan Province, Argentina” dated November 5, 2020 (the “Josemaria
Resources 2020 Feasibility Study”)). Lundin Mining aims to complete an updated Technical
Report for the project in the fourth quarter of 2022. While this work has not yet concluded, the
Company expects the initial capital expenditur e estimate of the project to be greater than $4
billion. Effective post-closing, the Company intends to spend up to $300 million to advance the
project ahead of a construction decision in the second half of 2022, including engineering,
commitments for long lead items, preconstruction activities and drilling.
As part of the updated Technical Report, Lundin Mining plans to complete new Mineral
Reserve and Resource estimates. Approximately 20,600 meters of drilling have been
completed on the project since the most recent 2020 Josemaria Resources mineral estimates
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and 35,000 meters of additional drilling are planned to be completed ahead of the new
estimates.
In its news release dated January 14, 2024, Lundin stated:
“2024 Capital Expenditure Guidance
Josemaria Project ($225 million): The estimated capital expenditures in 2024 will continue to
support advancing the project prior to a construction decision. An updated capital cost estimate
and project schedule is pending completion that will incorporate results from project de -risking
initiatives and optimization studies. Capital expenditures primarily include continuation of
hydrology work, delivery of long-lead mills and motors. Field activities will include road upgrades
and geotechnical work as well as permitting initiatives, mainly for the powerline, access road and
community relations programs.”
About Lundin Mining
Lundin Mining is a diversified Canadian base metals mining company with operations and
projects in Argentina, Brazil, Chile, Portugal, Sweden and the United States of America,
primarily producing copper, zinc, gold and nickel.”
TNR’s 7% NPR holding on the Batidero I and II properties of the Josemaria Project held by Lundin Mining
represents future growth potential for the royalty portfolio.
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
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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.
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 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, 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.