TNR Gold NSR Royalty Update – Ganfeng’s Mariana Lithium Officially Commenced Production

TNR Gold Corp. has received confirmation from Ganfeng Lithium that production has officially commenced at the Mariana Lithium Project in Argentina. This development represents a significant milestone for TNR, which holds a 1.5% net smelter return (NSR) royalty on the project. The commencement of production transforms TNR's royalty position from a development-stage asset to an active revenue-generating investment.

The Mariana Lithium Project, operated by Ganfeng Lithium, represents part of the growing lithium production capacity in Argentina's renowned lithium triangle region. Ganfeng is one of the world's leading lithium producers, and their successful transition from development to production at Mariana validates the project's technical and economic viability. For TNR, this milestone means the company will begin receiving royalty payments based on production volumes and lithium prices.

This production start is particularly significant given the current lithium market dynamics and the critical role of lithium in the global energy transition. Argentina has emerged as a key jurisdiction for lithium development, benefiting from extensive brine resources and established mining infrastructure. The successful production commencement at Mariana adds to Argentina's growing contribution to global lithium supply and reinforces the country's position as a major lithium producer.

For TNR Gold, the transition of Mariana from development to production provides a diversified revenue stream beyond the company's traditional gold-focused portfolio. The 1.5% NSR royalty offers long-term exposure to lithium production without the operational risks and capital requirements associated with mine development and operation. This development should enhance TNR's asset portfolio value and provide shareholders with exposure to the growing lithium market through a proven, producing asset.