TNR Gold NSR Royalty Update - McEwen Copper Completes US$240 Million Term Loan to Advance Los Azules Toward Final Investment Decision
A new US$240 million term loan advances Los Azules toward a 2027 investment decision, enhancing TNR Gold’s royalty exposure without capital commitments.
Rhea-AI Summary
TNR Gold (TRRXF) highlights McEwen Copper's US$240 million 4-year term loan to advance the Los Azules copper project in Argentina.
The facility bears 12% annual interest, includes share purchase warrants and is intended to fund engineering and early works while broader project financing and a potential McEwen Copper IPO are advanced. A final investment decision is expected in mid‑2027, with commercial copper cathode production targeted for 2030, subject to financing and approvals. TNR holds a 0.4% NSR royalty on Los Azules and is not required to contribute development capital. The company reports a 775% total shareholder return over five years, remains debt‑free, and also holds a 1.5% NSR on the producing Mariana Lithium project, a 7% net profits royalty on Josemaria claims, and a 90% interest in the Shotgun Gold project.
Positive
- US$240 million 4-year senior secured term loan closed to advance Los Azules
- 0.4% NSR royalty on Los Azules with no capital required from TNR
- 775% total shareholder return over five years, outperforming royalty peer groups and a junior gold ETF
- Diversified royalty portfolio including 1.5% NSR on Mariana Lithium and 7% NPR on Josemaria claims
- Debt-free balance sheet while holding multiple royalties and a 90% interest in Shotgun Gold
- Feasibility study and environmental permit in place for Los Azules, with engineering ahead of plan
Negative
- Commercial copper cathode production at Los Azules only targeted for 2030, implying long-dated royalty cash flows
AI-generated analysis. How Rhea-AI works. Not financial advice.
Vancouver, British Columbia--(Newsfile Corp. - September 10, 2026) - TNR Gold Corp. (TSXV: TNR) ("TNR", "TNR Gold" or the "Company") is pleased to advise that McEwen Inc. ("McEwen") has announced an update on the Los Azules copper, gold and silver project in San Juan, Argentina. TNR holds a
Delivering on Strategy
The NSR Royalty forms part of TNR Gold's larger portfolio, which provides diversified exposure to lithium, copper, gold and silver. The portfolio includes
TNR Gold's ongoing strategy has delivered a
The Los Azules project is held by McEwen Copper Inc. ("McEwen Copper"), which is
"McEwen Inc. ("McEwen" or the "Company") today announced that its
The proceeds of the Term Loan will be used to continue advancing engineering and early works of the Los Azules copper project in San Juan, Argentina, and for general corporate purposes. A final investment decision and full project financing is expected in mid-2027, with commercial copper cathode production targeted for 2030, subject to project financing and customary approvals. The Term Loan provides funding while McEwen Copper advances the broader project debt financing for Los Azules, for which Societe Generale was appointed sole financial advisor in May 2026. Preparations for a potential initial public offering of McEwen Copper continue in parallel.
The principal amount of the Term Loan will bear interest at
'This financing reflects our lenders' confidence in Los Azules and in the progress Argentina has made over the past two and a half years. The initiatives of President Javier Milei have helped make Argentina an increasingly attractive destination for large-scale foreign investment. Economic stabilization, stronger credit ratings, lower country risk and the RIGI are bringing long-term capital back to the country. San Juan continues to demonstrate the qualities of a dependable mining jurisdiction, supported by strong institutions, rigorous processes and sound governance. We are proud to be building Los Azules here," said Michael Meding, Managing Director of McEwen Copper.
LOS AZULES PROJECT UPDATE
Work at Los Azules continues to advance toward a final investment decision. The 2025-2026 field campaign was completed with more than 5,600 meters of drilling. Geotechnical results were better than expected and will improve the open pit design as mine planning advances. Condemnation drilling confirmed the suitability of the planned location for the North-East rock storage facility. Engineering for the final investment decision is ahead of plan. Engineering for the key process equipment packages (solvent extraction/electrowinning, sulfuric acid and crushing) has been awarded to Metso, the mining fleet tender is in final evaluation, and the selection of the EPCM contractor is expected by the fourth quarter of 2026.
At the peak of the past field season, the project employed more than 500 people, with nearly
This winter, the Project experienced one of the heaviest snow seasons in more than two decades. Returning to site and managing the meltwater will require additional focus, and McEwen Copper stands ready to support the response led by the Government of San Juan and local communities with heavy machinery and water management works. At the same time, the snowmelt is expected to refill hydroelectric reservoirs and recharge aquifers after years of drought, a welcome development for a region that has faced prolonged water scarcity. The Los Azules team has decades of experience working in the high Andes and managing snow events of this kind.
ABOUT MCEWEN
McEwen provides its shareholders with exposure to a growing base of gold and silver production in addition to a very large copper development project, all in the Americas. The gold and silver mines are in prolific mineral-rich regions of the world: the Cortez Trend in Nevada, USA, the Timmins district of Ontario and Flin Flon in Manitoba, Canada, and the Deseado Massif in Santa Cruz province, Argentina. McEwen is also reactivating its El Gallo gold and silver mine in Mexico.
The Company has a
McEwen also owns a
McEwen also recently purchased
Chairman and Chief Owner Rob McEwen has invested over US
For further details, visit the McEwen website.
Qualified Persons
The McEwen Copper feasibility study technical report has an effective date of September 3, 2025.
The feasibility study and associated news disclosures were reviewed and verified by the following qualified persons who are independent consultants of McEwen Copper:
Technical aspects of the news release related to Project Execution, Development information, and other information excluding mineral resource disclosure - James L. Sorensen - FAusIMM Reg. No. 221286 with Samuel Engineering.
Technical aspects of the news release related to Metallurgical Summary and Process Information - Michael McGlynn - SME Registered Member No. 4149430 with Samuel Engineering.
Disclosure related to the updated Los Azules mineral resource estimate - Jeff Sullivan - FAusIMM Reg. No. 201778 with CRM-SA, LLC.
Disclosure related to the initial Los Azules mining, and mineral reserve estimate - Gordon Zurowski, P.Eng with AGP Mining Consultants.
Technical aspects of the news release related to Financial Modeling - Steve Pozder - P.E. with Samuel Engineering.
About McEwen Copper
McEwen Copper Inc. is a copper development company whose principal asset is the Los Azules project in San Juan Province, Argentina - an advanced-stage project counted among the largest undeveloped copper resources globally. McEwen Copper is
Qualified Person
The McEwen press release appears to be reviewed and verified by a Qualified Person (as that term is defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects) and the procedures, methodology and key assumptions disclosed therein are those adopted and consistently applied in the mining industry, but no Qualified Person engaged by TNR has done sufficient work to analyze, interpret, classify or verify McEwen's information to determine the current mineral resource or other information referred to in its press releases. Accordingly, the reader is cautioned in placing any reliance on the disclosures therein.
Kirill Klip, the Company's Chief Executive Officer, stated, "We are pleased that McEwen Copper has reached this milestone following the release of the feasibility study and securing of an environmental permit for the construction and operation of Los Azules. The collaboration between McEwen Copper and International Finance Corporation (IFC), and admission to the Argentina Regime of Incentives for Investment (RIGI) could move the Los Azules copper project development closer to a construction decision.
Mining in Argentina is being recognized by the government as an integral part of its economic development plan, providing jobs and enriching local communities. The president of Argentina has introduced important government policies aimed at supporting business and unlocking the country's economic potential.
TNR Gold shares along with others, an aim to decarbonize mobility, and mining industry leaders such as Rob McEwen, whose vision is 'to build a mine for the future, based on regenerative principles that can achieve net zero carbon emissions by 2038'.
Together with Rio Tinto's Venture Nuton®, McEwen Copper is exploring new technologies that save energy, water, time and capital, advancing Los Azules towards the goal of leading environmental performance. The involvement of Rio Tinto, with its innovative technology, may also accelerate realizing the potential of the Los Azules project.
The green energy rEVolution relies on the supply of critical metals like copper. Delivering 'green copper' to Argentina and the world will contribute to the clean energy transition and electrification of transportation and energy industries.
The feasibility study confirms Los Azules project as a long-life, low-cost producer of high-purity copper cathodes with strong economic returns and sustainability. It highlights the potential to create a robust leach project while reducing the environmental footprint, and greater environmental and social stewardship sets the project apart from other potential mine developments.
TNR Gold does not have to contribute any capital for the development of the Los Azules Project. The essence of our business model is to have industry leaders like McEwen as operators on the projects that will potentially generate royalty cashflows to contribute significant value for our shareholders."
ABOUT TNR GOLD CORP.
TNR Gold Corp. is working to become the green energy metals royalty and gold company.
Our business model provides a unique entry point in the creation of supply chains for critical materials like energy metals that are powering the energy rEVolution, and the gold industry that is providing a hedge for this stage of the economic cycle.
Our portfolio provides a unique combination of assets with exposure to multiple aspects of the mining cycle: the power of blue-sky discovery and important partnerships with industry leaders as operators on the projects that will potentially generate royalty cashflows to contribute significant value for our shareholders.
Over the past thirty years, TNR, through its lead generator business model, has been successful in generating high-quality global exploration projects. With the Company's expertise, resources and industry network, the potential of the Mariana Lithium Project and Los Azules Copper Project in Argentina, among many others, have been recognized.
TNR holds a
The Mariana Lithium Project is
TNR Gold also holds a
TNR also holds a
TNR provides significant exposure to gold through its
At its core, TNR provides a wide scope of exposure to gold, copper, silver and lithium through its holdings in Alaska (the Shotgun Gold porphyry project) and royalty holdings in Argentina (the Mariana Lithium project, the Los Azules Copper Project and the Batidero I & II properties of the Josemaria Project), 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
For further information concerning this news release please contact Kirill Klip +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 future receipt of cash flows from its royalty holdings and the subsequent contribution of significant value to its shareholders; the possible growth of TNR's value; and TNR's strategy and business objectives; TNR's corporate objectives and future potential transactions being considered by the Special Committee and the Board, and the benefit that TNR's shareholders may derive from same; the possible growth of TNR's value; future revenue and increased valuations of TNR's royalty holdings caused by potential strategic alliances with major mining companies and investment institutions; the potential production from the Mariana Lithium Project; future investment of substantial capital in the development of the Shotgun Gold Project by a potential partner of TNR; the possible benefits that may accrue to the Los Azules copper project; the potential acceleration of the Los Azules project's potential due to Rio Tinto's involvement in the project or timing of a construction decision; and the potential benefits caused by delivering 'green copper' to Argentina and the world. Such forward-looking information is based on a number of assumptions and subject to a variety of risks and uncertainties, 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 SEDAR+ profile on www.sedarplus.ca. 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 receive royalty payments from its royalty interests, enter into one or more strategic transactions, partnership or a spin-out, or be able to complete any further royalty acquisitions or sales of royalty interests, or portions thereof; debt or equity financings 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, in future, challenging the ownership of such mining claims. Given these uncertainties, readers are cautioned that forward-looking statements 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 Inc., Ganfeng Lithium, Lundin Mining and BHP will continue substantially in the ordinary course, including without limitation with respect to general industry 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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/313760
FAQ
What exactly is TNR Gold’s royalty interest in the Los Azules copper project?
TNR Gold holds a 0.4% net smelter returns (NSR) royalty on the Los Azules Copper Project, of which 0.04% is held on behalf of a shareholder. The royalty applies to metal production, and TNR states it does not need to contribute any capital to the project’s development.
How will the US$240 million term loan for McEwen Copper be used?
The 4-year senior secured term loan proceeds will be used to continue advancing engineering and early works at Los Azules in San Juan, Argentina, and for general corporate purposes. It is intended to provide funding while broader project debt financing is arranged.
What are the key terms of McEwen Copper’s new term loan facility?
The principal bears 12.0% annual interest, payable monthly, with the principal due at maturity after 4 years. The loan can be repaid early by paying remaining principal, accrued interest and a 5% fee on the remaining principal. Lenders also received 15,000 five-year McEwen Copper warrants per US$1 million of principal, exercisable at US$40 per share.
When are key milestones expected for Los Azules after this financing?
The company indicates that a final investment decision and full project financing are expected in mid‑2027, with commercial copper cathode production targeted for 2030, subject to project financing and customary approvals.
What other royalty and project interests does TNR Gold currently hold?
TNR Gold holds a 1.5% NSR on the Mariana Lithium Project in Argentina (with 0.15% held on behalf of a shareholder), a 7% net profits royalty on the Batidero I and II properties of the Josemaria Project, and a 90% interest in the Shotgun Gold project in Alaska. The Mariana Lithium project began production at a 20,000 tpa lithium chloride plant in February 2025.