TNR Gold highlights Los Azules' progress and Altius Strategic Investment

TNR Gold Executive Chairman Kirill Klip joined Steve Darling from Proactive to discuss several important developments shaping the company’s growth strategy, including a strategic investment by Altius Minerals and the continued advancement of the Los Azules copper project in Argentina.

Klip explained that Altius has acquired a 9.9% strategic stake in TNR Gold, describing the move as a strong endorsement of both the company’s long-term direction and the strength of its royalty portfolio. According to Klip, the investment not only enhances TNR Gold’s profile within the mining and royalty sectors, but also increases market awareness of the company’s broader asset base, including its Shotgun Gold project in Alaska.

The discussion also focused on progress at McEwen Copper’s Los Azules project, where TNR Gold maintains a net smelter return royalty interest. Klip highlighted recent developments designed to support the project’s advancement, including the appointment of Société Générale to assist with arranging project debt financing. He also noted the possibility of a future public listing for McEwen Copper, a move that could create additional visibility and funding opportunities for the asset.

Further attention was given to the involvement of Rio Tinto through its Nuton technology venture and the potential for the global mining giant to increase its participation in the Los Azules project. Klip emphasized Argentina’s recently implemented RIGI investment framework, saying the initiative creates improved long-term fiscal and legal stability that could make the country increasingly attractive for major mining investments and project development.

One of the most significant highlights discussed was the project’s long-term production potential and mine life outlook. Klip pointed to estimates suggesting a mine life of approximately 21 years, with potential annual production exceeding 200,000 tonnes of London Metal Exchange copper plate in the first 5 years and averaging 148,000 tonnes annually. He further noted that the implementation of Rio Tinto’s Nuton technology could significantly enhance resource recovery and potentially extend the mine’s operating life by an additional 33 years, further strengthening the long-term value proposition of the project.

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