TNR Gold NSR Royalty Update – Ganfeng’s Mariana Lithium Completed the First Export of Lithium Chloride

TNR Gold Corp. has announced a significant milestone in its transition to becoming a cash-generating royalty company, as Ganfeng Lithium completed the first commercial export of lithium chloride from the Mariana Lithium Project in Argentina's Salta Province. The shipment comprised 240 tonnes of high-purity lithium chloride dispatched in 10 containers from the General Güemes processing facility, representing the culmination of the project's development phase and the beginning of full-scale commercial operations.

The timing of this production ramp-up appears strategically advantageous given the substantial recovery in lithium market conditions. Current lithium carbonate equivalent prices are trading in the $18,000-$20,000 per tonne range, representing a dramatic improvement from levels below $10,000 per tonne observed approximately one year ago. This price recovery enhances the economic value of TNR's 1.5% Net Smelter Return royalty on the project, positioning the company to benefit from improved market fundamentals as production scales up.

The Mariana Project represents a key component of TNR's diversified royalty portfolio, which includes exposure to critical minerals and precious metals through partnerships with established industry operators including Ganfeng Lithium, McEwen Inc., Lundin Mining, and BHP. TNR also holds a 0.4% NSR royalty on the Los Azules Copper Project and maintains significant gold exposure through its 90% interest in the Shotgun Gold project in Alaska. This diversified approach provides shareholders with exposure across different stages of the mining cycle and multiple commodity sectors.

The successful commencement of commercial production at Mariana validates TNR's lead generator business model, which has been employed over three decades to identify and develop high-quality global exploration projects. As the company transitions from a project generator to a royalty-focused entity, the Mariana milestone demonstrates the potential for sustained cash flow generation from its carefully curated portfolio of strategic partnerships with tier-one mining companies across the critical minerals and precious metals sectors.