What TNR Gold does

TNR Gold Corp. is a Vancouver-based, TSX Venture Exchange-listed (TSXV: TNR; US OTC: TRRXF) mineral royalty company that has historically operated as a project generator for over thirty years and is positioning itself as a green energy metals royalty and gold company. Its core portfolio consists of a 1.5% net smelter return (NSR) royalty on the Mariana Lithium Project in Argentina (operated by Ganfeng Lithium, with production commenced February 2025), a 0.4% NSR royalty on the Los Azules Copper Project in Argentina (operated by McEwen Copper, advancing toward 2027 construction and 2030 first production), a 7% net profits royalty on the Batidero I & II properties of the Josemaria Project (developed by the Lundin Mining and BHP joint venture Vicuña Corp.), and a 90% interest in the Shotgun Gold Project in Alaska (705,960 oz Au inferred resource) where it is seeking a joint venture partner. The company's revenue model is licensing/royalty-based: TNR receives NSR or NPR payments when operators produce and sell minerals, with no capital contribution required from TNR for project development, resulting in a capital-light cost structure relative to operating miners. Reported financials show zero revenue from 2022 through 2025 and persistent operating losses, reflecting pre-revenue status with first royalty payments from Mariana now in sight. Key shareholders include Altius Minerals Corporation at approximately 31.64% (following a C$4.2M strategic private placement in April 2026 and subsequent open-market purchases), and Executive Chairman/CEO Kirill Klip as the largest individual shareholder.

Name

TNR Gold

Legal name

TNR Gold Corp.

Website

https://tnrgoldcorp.com

Company type

Public

Founded year

1995

Operating status

Operating

Headcount range

11–50 employees

Short description

TNR Gold Corp. is a Vancouver-based mining royalty company holding NSR royalties on the Mariana Lithium (Ganfeng-operated) and Los Azules Copper (McEwen-operated) projects in Argentina, plus a 90% interest in the Shotgun Gold Project in Alaska, targeting investors seeking exposure to green energy metals without operational risk.

Ownership category

akta.pro rank

Product category

Mining Royalty Interests

NAICS

Copper, Nickel, Lead, and Zinc Mining (21223), Gold Ore and Silver Ore Mining (21222)

SIC

Mineral Royalty Traders (6795), Gold And Silver Ores (1040)

akta.pro primary industry

Exploration & Resource Development (Critical Minerals) (IMAKAFAL)

Keywords

• Mining royalty interests
• Lithium copper gold
• Green energy metals
• Mineral exploration assets
• NSR royalty holdings

Headquarters

HQ city

Vancouver

HQ country

Canada

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Others

Revenue model

1. NSR Royalty Revenue: TNR Gold generates revenue through net smelter return (NSR) royalties on mining projects. The company holds royalty interests in the Mariana Lithium Project (1.5% NSR), Los Azules Copper Project (0.4% NSR), and Batidero I&II properties of Josemaria Project (7% NPR). Royalty payments are received when operators produce and sell minerals, with no capital contribution required from TNR.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels5 records

Core offering

TNR Gold Corp. is a green energy metals royalty and gold company that holds net smelter return (NSR) royalty interests and direct mineral property interests in lithium, copper, silver, and gold projects primarily located in Argentina and Alaska. The company operates through a lead generator business model that has identified and advanced world-class exploration projects over thirty years, with current royalty interests in the Mariana Lithium Project (operated by Ganfeng Lithium, in production since February 2025), Los Azules Copper Project (McEwen Copper), Josemaria Project (Lundin Mining/BHP joint venture), and a 90% interest in the Shotgun Gold Project in Alaska. TNR receives royalty payments when operators produce and sell minerals, without contributing capital to project development.

Product overview

TNR Gold Corp. is a green energy metals royalty and gold company that generates value through a portfolio of royalty interests and mining assets rather than a unified software product platform. The Company's core holdings include: (1) a 1.5% NSR royalty on the Mariana Lithium Project in Argentina, where Ganfeng Lithium commenced production in February 2025; (2) a 0.4% NSR royalty on the Los Azules Copper Project in Argentina, being developed by McEwen Copper toward a 2030 production target; (3) a 7% NPR on the Batidero I and II properties of the Josemaria Project (jointly developed by Lundin Mining and BHP); and (4) a 90% interest in the Shotgun Gold Project in Alaska, which the Company seeks to advance through joint venture partnerships. These royalty interests provide exposure to lithium, copper, gold, and silver without requiring capital contribution for development.

Differentiator

Problem solved

Functional benefit

Products and services

• Mariana Lithium NSR Royalty TNR Gold holds a 1.5% NSR royalty on the Mariana Lithium Project in Argentina (with 0.15% held on behalf of a shareholder), operated by Ganfeng Lithium. Production commenced at the 20,000 tpa lithium chloride plant on February 12, 2025. The first export of 240 tonnes of lithium chloride occurred in February 2026. The project has measured and indicated resources of 4,410,000 T of LCE and inferred resources of 786,000 T of LCE. Ganfeng's subsidiary LMA holds a right to repurchase 1.0% of the NSR for CAN$1,000,000, leaving TNR with 0.45% NSR post-repurchase.
• Los Azules Copper NSR Royalty TNR Gold holds a 0.4% NSR royalty on the Los Azules Copper Project in San Juan, Argentina (with 0.04% held on behalf of a shareholder), being developed by McEwen Copper Inc. (a subsidiary of McEwen Inc.). The project is one of the world's largest undeveloped copper deposits with 10.2 billion pounds of copper proven and probable reserves, plus 5.4 billion pounds indicated and 20.0 billion pounds inferred resources. A positive Feasibility Study was released in October 2025, with construction targeted to begin in 2027 and first production expected in 2030. Projected royalty cash flow is ~$389.5M undiscounted pre-tax under base case ($4.35/lb copper) and ~$1.4B at current spot prices of $6.50/lb.
• Josemaria Project NPR Royalty TNR Gold holds a 7% net profits royalty (NPR) on the Batidero I and II properties of the Josemaria Project in San Juan, Argentina. The project is being developed by the joint venture between Lundin Mining and BHP (Vicuña Corp.), with BHP having paid Lundin Mining US$690 million for a 50% interest in January 2025. The project is adjacent to Filo del Sol in the Andean copper belt.
• Shotgun Gold Project TNR Gold holds a 90% interest in the Shotgun Gold porphyry project in southwestern Alaska, located 190km south of the Donlin Gold deposits within the Kuskokwim Gold Belt. The project has an inferred mineral resource of 705,960 ounces of gold at 1.06 g/t, with mineralization appearing to be open at depth and along strike. TNR's strategy is to attract a joint venture partnership with a major gold mining company for development. Management has put in place a corporate structure called AmeriGold as a stand-alone company that could potentially inherit the project after a potential spinout from TNR Gold.

Quantifiable outcome

• Los Azules NSR royalty projected to generate ~$389.5M in undiscounted pre-tax royalty cash flow under base case ($4.35/lb copper)
• +3 more outcomes

Named customers3 records

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Seven partnerships are on record, tiered major, core and minor.

• International Finance Corporation (IFC)majorStrategic or Co-development Partner · 29 September 2025IFC signed collaboration agreement with McEwen Copper to support alignment of Los Azules project with IFC's ESG standards for potential future financing. Represents milestone in broader financing strategy and alignment with top-tier sustainability standards.
• McEwen Inc. / McEwen Copper Inc.coreStrategic or Co-development PartnerMcEwen Copper operates the Los Azules Copper Project in Argentina where TNR holds 0.4% NSR royalty. Project achieved feasibility study milestone (October 2025) with NPV $2.9B and IRR 19.8%. Construction targeted 2027, first production 2030. McEwen Copper has 46.4% ownership with strategic investors Stellantis (18.3%), Nuton/Rio Tinto (17.2%), and Rob McEwen (12.7%).
• Ganfeng Lithium / Litio Minera ArgentinacoreStrategic or Co-development PartnerGanfeng Lithium operates the Mariana Lithium Project in Argentina where TNR holds 1.5% NSR royalty. Production commenced February 2025 at 20,000 tpa lithium chloride plant. First export of 240 tonnes lithium chloride completed February 2026. TNR's first royalty payment is now in sight.
• Lundin Mining Corporation / BHP (Vicuña Corp. Joint Venture)majorStrategic or Co-development PartnerLundin Mining and BHP joint venture (Vicuña Corp.) is developing the Josemaria Project where TNR holds 7% NPR on Batidero I&II properties. BHP paid Lundin Mining US$690 million for 50% interest in Josemaria (January 2025). Project is adjacent to Filo del Sol in San Juan Province, Argentina.
• Rio Tinto / NutonmajorStrategic or Co-development PartnerRio Tinto's Nuton venture holds 17.2% equity stake in McEwen Copper and provides Nuton® leaching technology for potential processing of primary ores at Los Azules. Technology could extend mine life by 30+ years with copper recoveries of 73-79% on primary sulfide ore.
• YPF LuzminorStrategic or Co-development PartnerArgentine power company providing financing for power grid upgrades and 100% renewable power supply to Los Azules project under long-term agreement.
• Novagold Resources / Barrick GoldminorStrategic or Co-development PartnerDeveloping the Donlin Gold Project near TNR's Shotgun Gold Project in Alaska. Shotgun is located 190km south of Donlin Gold deposits within the Kuskokwim Gold Belt, an emerging multi-million-ounce gold district.

Scale indicators9 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Altius Minerals Corporation: Canadian mineral royalty company focused on base metals, precious metals, and renewable energy royalties. Closest direct peer given identical royalty model, TSX-V listing, and Altius's 31.64% strategic stake in TNR creates direct economic linkage.
• NovaGold Resources Inc. Developer of Donlin Gold Project in Alaska, located 190km north of TNR's Shotgun Gold Project in the same Kuskokwim Gold Belt. Highly comparable as a gold-focused company with significant Alaska exposure; Greg Johnson (TNR advisor) co-founded NovaGold.
• Metalla Royalty & Streaming Ltd. Pure-play precious metals royalty and streaming company. Directly comparable business model of acquiring royalties/streaming interests on producing and development-stage mining assets without operating them.
• Gold Royalty Corp. Gold-focused royalty company with interests across North American gold projects. Closely comparable given TNR's 90% interest in Shotgun Gold and self-identification as a gold royalty company.
• Elemental Royalty Corp. Royalty company providing upfront capital to miners in exchange for royalty interests. Closely comparable junior royalty model with diversified commodity exposure across precious and base metals.
• Vox Royalty Corp. Royalty company with diversified portfolio of royalties on gold, copper, and other commodities. Comparable small-cap royalty model with similar commodity exposure and capital-light structure.
• Sandstorm Gold Ltd. Gold streaming and royalty company providing upfront financing to mining operators in exchange for precious metals delivery. Comparable business model with similar commodity exposure and royalty/streaming structure.

Broad incumbents

• Franco-Nevada Corporation: World's largest precious metals royalty and streaming company with diversified portfolio across gold, silver, and energy. Establishes the benchmark valuation multiple for the royalty sub-sector and serves as aspirational comparable for TNR's growth trajectory.
• Triple Flag Precious Metals Corp. Precious metals royalty and streaming company with diversified portfolio of streaming agreements. Comparable business model at significantly larger scale with similar focus on precious metals exposure.
• Wheaton Precious Metals Corp. Major precious metals streaming company with portfolio of long-term streaming agreements. Comparable streaming/royalty model at much larger scale, providing reference point for streaming economics and valuation framework.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/TNR_Gold
• Facebookfacebook.com/TNRGoldCorp
• LinkedInlinkedin.com/company/tnr-gold-corp

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Subsidiaries1 record

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about TNR Gold