TNR Gold Corp.
Royalties Ready to Pay Off Amid Rising Metal Prices
Published: Jan 21, 2026
Author: FRC Analysts
Disclosure: TNR Gold Corp. has paid FRC a fee for research coverage and distribution of reports. See last page for other important disclosures, rating, and risk definitions.
Company Details
Sector – Research Report
Trading Information
Ticker & Exchange – TNR.V :TSXV
Report Highlights
- TNR is up 240% YoY, significantly outperforming the BetaShares mining royalty ETF, which is up only 17%.
- The company is primarily a royalty business, which earns a percentage of revenue from projects operated by other mining companies. Its portfolio includes the Shotgun gold project in Alaska, and royalties on two advanced projects in Argentina: the Mariana lithium project owned by Ganfeng Lithium (SZSE: 002460, Market Cap $27B), and the Los Azules copper-gold project owned by McEwen Inc., a private company controlled by renowned mining executive Rob McEwen, and several institutions.
- TNR is awaiting its first royalty payment, expected this quarter, as Ganfeng began production at its Mariana lithium project last year. Based on current spot prices, we estimate TNR could earn US$1.60M annually in royalties. Receiving this first payment will be a major milestone, marking TNR’s transition into a revenue-generating royalty company.
- We believe the timing of these royalties is ideal, as lithium prices are rebounding strongly, up 109% YoY to US$23,000/t, though still below the 2022 peak of US$85,000/t. We expect the lithium rebound to continue as the market shifts from oversupply to deficit this year, with demand led by EVs, energy storage, and rapidly growing sectors like AI data centers, robotics, and automation.
- Regarding TNR’s second royalty, three recent developments increase confidence that McEwen will continue advancing the Los Azules copper-gold project, which is positive for TNR since production delays could affect revenue. First, McEwen completed a robust economic study (feasibility study). Second, the project was included in Argentina’s Large Investment Incentive Regime (RIGI), granting tax and export duty benefits. Third, copper prices are up 34% YoY to $5.82/lb, an all-time high.
- McEwen plans to begin construction in 2026, and start commercial production by 2029. We estimate TNR could earn US$5M annually in royalties at conservative copper prices, rising to US$8M at current spot prices.
- Upcoming catalysts include Mariana royalty payments, Los Azules construction, and development, and the possibility of a Shotgun JV partner.
Price and Volume (1-year)

| YTD | 12M | |
| TNR | 6% | 240% |
| TSXV | 10% | 77% |
| ETF* | 5% | 17% |
Royalties in two advanced-stage projects in Argentina+90% interest in the Shotgun gold project in Alaska100% owned by McEwen Inc. Located in the prolific Andes copper belt, 90 km north of Glencore’s (LSE: GLEN) El Pachon copper-molybdenum project Los Azules hosts one of the largest undeveloped copper resources in the world
Deposit size: ~4 km × 2.2 km × 1 km
Portfolio Summary

Source: Company
Los Azules Copper-Gold-Silver Project, Argentina ( TNR: 0.36% NSR) 2025 Resource Estimate (Exclusive of Mineral Reserves)
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