TNR Gold NSR Royalty Update – Ganfeng’s Mariana Lithium Completed the First Export of Lithium Chloride
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% N et 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 tr ucks 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.
#1120, 789 West Pender Street,
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Website: http://www.tnrgoldcorp.com
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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.
“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.”
ABOUT TNR GOLD CORP.
TNR Gold Corp. is working to become the green energy metals royalty and gold company.
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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
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www.tnrgoldcorp.com
For further information concerning this news release please contact Kirill Klip +1 604-229-8129
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this
release.
Cautionary Statement Regarding Forward-Looking Information
Except for statements of historical fact, this news release contains certain “forward-looking information”
within the meaning of applicable securities law. Forward-looking information is frequently characterized
by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate”, “will”, “could” and
other similar words, or statements that certain events or conditions “may” or “could” occur, although not
all forward-looking statements contain these identifying words. Specifically, forward-looking statements
in this news release include, but are not limited to, statements made in relation to: TNR ’s 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.
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.
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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.