TNR Gold Update on Batidero I and II Property Royalties of Lundin MIning’s Josemaria Copper-Gold Project
NEWS RELEASE
TNR Gold Update on Batidero I and II Property Royalties of Lundin MIning’s Josemaria
Copper-Gold Project
Vancouver, British Columbia – April 28, 2022: TNR Gold Corp. (TSX-V: TNR) (“TNR”, “TNR Gold” or
the “Company”) is pleased to announce that Lundin Mining Corporation (“Lundin”) has 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 Resources 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. Lundi n 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 ong oing 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 i s ongoing,
including updating of cost estimates to be reflective of current conditions 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 expenditure 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
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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 and 35,000 meters
of additional drilling are planned to be completed ahead of the new estimates.
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.”
Kirill Klip, TNR’s Ch ief Executive Officer commented, “Our 7% NPR holding on the Batidero I and II
properties of the Josemaria Project held by Lundin Mining represents future growth potential for our
royalty portfolio. We are also investigating potential new acquisitions while our main focus remains on
the development of the Shotgun Gold Project in Alaska. The essence of our business model is to have
industry leaders like Ganfeng Lithium, McEwen Mining and Lundin Group as operators on the projects
that will potentially generate royalty cash flows to contribute and develop a significant long-term value for
our shareholders.”
ABOUT TNR GOLD CORP.
TNR Gold Corp. is working to become the green energy metals royalty and gold company.
Over the past twenty-six years, TNR, through its lead generator business model, has been successful in
generating high-quality exploration projects around the globe. With the Company’s expertise, resources
and industry network, it identified the potential of the Los Azules Copper Project in Argentina and now
holds a 0.4% NSR Royalty on the project, which is being developed by McEwen Mining Inc, (TNR holds
a 0.04% NSR on behalf of a shareholder).
In 2009, TNR founded International Lithium Corp. (“ILC”), a green energy metals company that was made
public through the spin-out of TNR’s energy metals portfolio in 2011. ILC held interests in lithium projects
in Argentina, Ireland and Canada.
TNR retains a 2.0% NSR Royalty on the Mariana Lithium Project in Argentina with Ganfeng Lithium ,
(TNR holds a 0.2% NSR on behalf of a shareholder). Ganfeng’s subsidiary, Litio Minera Argentina, has
a right to repurchase 1.0% of the NSR Royalty on the Mariana Project, of which 0.9% relates to the
Company’s NSR Royalty interest. The Company would receive $900,000 on the completion of the
repurchase. The project is currently being advanced by Ganfeng Lithium International Co. Ltd.
TNR also holds a 7% NPR holding on the Batidero I and II properties of the Josemaria Project, which 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 loc ated in South western Alaska near the Donlin Gold project, which is being
developed by Barrick Gold and Novagold Resources Inc.
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The Company’s strategy with Shotgun Gold Project is to attract a joint venture partner ship with one of
the gold major mining companies. The Company is actively introducing the project to interested parties.
At its core, TNR provides significant exposure to gold, copper , silver and lithium through its holdings in
Alaska (the Shotgun Gold porphyry project) and Argentina ( the Los Azules Copper and the Mariana
Lithium projects) 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 +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 co rporate
objectives, changes in share capital, market conditions for energy commodities, the results of McEwen
Mining’s, Ganfeng Lithium ’s, Josemaria Resources’ and Lundin Mining’s preliminary economic
assessments, Feasibility Study, or Mineral Resource and Mineral Reserve estimations, life of mine
estimates, and mine and mine closure plans and improvements in the financial performance of the
Company. Such forward -looking information is based on a number of assumptions and subject to a
variety of risks and u ncertainties, 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 profile on www.sed ar.com. 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 repay its loans or complete
any further royalty acquisitions or sales; debt or other financing 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 challenging in the future the ownership of
such mining claims. Given these uncertainties, readers are cautioned that forward-looking statements
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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,
Josemaria Resources and Lundin Mining will continue substantially in the ordinary course, including
without limitation with respect to general industr y 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.