TNR Gold Corp.
Near-Term Royalty Potential from Ganfeng’s Lithium Project
Published: 5/29/2024
Author: Sid Rajeev, B.Tech, CFA, MBA

Sector: Basic Materials | Industry: Other Industrial Metals & Mining
Ticker Symbols:
TNR.V - NEO 🔹
TRRXF - NASDAQ 🔹
- Since our initiating report in September 2023, TNR’s royalty projects have made significant progress. TNR is up 40% since September 2023.
- The company’s portfolio primarily consists of a gold project in Alaska (Shotgun), and royalties in two advanced-stage projects in Argentina, including the Mariana lithium project owned by Ganfeng Lithium (SZSE: 002460/MCAP: $12B), and the Los Azules copper-gold project owned by McEwen Copper.
- Ganfeng is on track to start commercial production at its Mariana lithium project later this year. We are projecting annual royalty revenue of $1.4M for TNR at current spot lithium prices. Royalty payments for TNR could commence as early as 2025.
- McEwen Copper’s Los Azules copper-gold project hosts a large, open-pittable copper deposit (38 Blbs copper + 4.7 Moz gold + 159 Moz silve