TNR Gold NSR Royalty Update – Ganfeng’s Mariana Lithium Officially Commenced Production
NEWS RELEASE
TNR Gold NSR Royalty Update – Ganfeng’s Mariana Lithium
Officially Commenced Production
Vancouver, British Columbia – February 20, 2025: TNR Gold Corp. (TSX-V: TNR) (“TNR”, “TNR
Gold” or the “ Company”) is pleased to announce that Ganfeng Lithium (“Ganfeng”) has provided an
update on the Mariana Lithium Project in Argentina. TNR holds a 1.5% NSR Royalty on the Mariana
Lithium Project, of which a 0.15% NSR Royalty is held on behalf of a shareholder.
On February 14, 2025, Ganfeng announced commencement of formal production of the Mariana Lithium
salt-lake project in Argentina. Ganfeng stated in its announcement:
“A production ceremony for the first phase of the Mariana lithium salt-lake project in Argentina
owned by Litio Minera Argentina S.A. (hereinafter referred to as " LMA "), a wholly -owned
subsidiary of Ganfeng Lithium Group Co., Ltd. was held at the project site on 12 February
2025, which means the formal production of the first phase of the Mariana lithium salt -lake
project.
Mariana lithium salt -lake project is located in Salta Province, Argentina, with total lithium
resources of approximately 8,121,000 tons of LCE currently explored. After the formal
production of the first phase of Mariana lithium salt -lake project with an annual production
capacity of 20,000 tons of lithium chloride production line, the Company will actively accelerate
the ramp-up of the production capacity of the project. With the gradual release of production
capacity, the supply and cost structure of the lithium resources of the Company will be further
optimized, the Company's profitability will be enhanced, and the Company's core
competitiveness in the global market will be continuously improved.
The Company will perform the corresponding procedures and obligation of information
disclosure according to the subsequent progress of the relevant matters. Investors are advised
to invest rationally and pay attention to the investment risks.
Announcement is hereby given.”
As stated by Gasgoo out of Shanghai:
“Ganfeng Lithium has invested in multiple salt lake projects across Argentina, including
Cauchari-Olaroz, Mariana, PPG, PG, Incahuasi, and SDLP. Except for Cauchari -Olaroz, the
other five projects are all situated in Salta Province.
#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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Luo Xiaofeng, head of Ganfeng Lithium's South America operations, highlighted the company's
role in strengthening China -Argentina ties: ‘Through joint efforts, in September 2024, we
facilitated the signing of a letter of intent for a sister -province relationship between Jiangxi
Province, China, and Salta Province, as well as a sister -city agreement between Xinyu City
and Salta City.’ These agreements mark a new phase in bilateral cooperation and set a model
for China-Argentina industrial collaboration.
Currently, Ganfeng Argentina is preparing to submit RIGI applications for the Mariana, PPG,
and Cauchari-Olaroz projects. RIGI, introduced by the Argentine government in 2024, is a
large-scale investment incentive program offering tax, foreign exchange, an d import-export
policy benefits to enterprises, further deepening Ganfeng Lithium's cooperation with Argentina.
Over the years, Ganfeng Lithium has steadily expanded its investments in Argentina, not only
in equity, project construction, and equipment procurement but also in community
development. The company has provided free medical equipment, education programs, and
essential supplies, significantly improving local living conditions.
The launch of the Mariana project injects new momentum into Salta's economy and mining
sector. Salta Governor Gustavo Sáenz emphasized the project's importance, stating, “Mariana
is one of the most significant projects in our province. Its development has not only driven
economic growth but has also created over 11,600 and jobs both directly and indirectly,
bringing transformative change to the region's mining industry.”
Alongside economic contributions, Ganfeng Lithium remains committed to environmental
sustainability. To conserve local water resources, the Mariana project utilizes non -potable
water sources with excessive heavy metal content and implements water recycling systems.
Despite the project's remote high-altitude location and limited infrastructure, Ganfeng Lithium
has built a 120MW photovoltaic power station and a 288MWh energy storage system equipped
with its in-house developed battery technology. This ensures that the Mariana project operates
entirely on renewable energy with uninterrupted 24-hour power supply.
Additionally, to protect local wildlife such as flamingos and alpacas, Ganfeng Lithium has
established 19 ecological conservation zones around the Mariana project. The company
collaborates with local research institutions and biologists to monitor water qu ality and
vegetation changes in real -time, publishing regular environmental reports to promote
harmonious coexistence between industry and nature.
Ganfeng Lithium made its first investment in Argentina's salt lake projects in 2011. Over the
past 14 years, the company has steadily expanded its local footprint, advancing exploration
and construction while fostering strong ties with local communities and governments.”
“We are building the green energy metals royalty and gold company and now we are graduating to the
cash flow generating royalty 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, Lundin Mining and BHP as operators on the
projects that have the potential to generate royalty cashflows that will contribute significant value for the
Company.
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“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. Our transformation from
the project generation junior mining company into the cash flow generating royalty company will bring the
necessary catalyst for the market valuation of our assets.
“We are very pleased that Ganfeng officially inaugurated the Mariana Lithium's start of production at a
20,000 tons-per-annum lithium chloride plant on February 12, 2025. We are looking forward to 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.”
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-nine 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 . 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 . The Los Azules Copper Project is being developed by
McEwen Mining.
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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 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. 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.
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
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
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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.