TNR Gold NSR Royalty Update – McEwen Copper Appoints Societe Generale as Financial Advisor for Project Debt Financing of Los Azules Project

TNR Gold Corp. has provided a significant update on the Los Azules copper project in Argentina, where the company holds a 0.4% net smelter returns royalty. McEwen Copper, which owns the project and is 46.3% controlled by McEwen Inc., has appointed Societe Generale as sole financial advisor for project debt financing, marking a critical milestone in advancing the project toward construction.

The Los Azules project represents one of the world's largest undeveloped copper resources and has achieved several major milestones in 2025. The project secured approval under Argentina's RIGI (Large Investment Incentive Regime), providing 30 years of legal, fiscal, and customs stability. A feasibility study published in October 2025 confirmed robust economics with initial 5-year average production of 205,000 tonnes per annum of copper cathodes at $1.71/lb C1 cash cost over a 22-year mine life, with potential to extend operations for an additional 33 years.

The financial implications for TNR are substantial, with the NSR royalty projected to generate pre-tax revenues of $520.5 million at current copper prices of $5.80/lb, or $389.5 million at the feasibility study's base-case price of $4.35/lb. Societe Generale's mandate encompasses structuring a comprehensive debt package utilizing export credit agencies, commercial banks, multilateral institutions, and potential capital markets instruments, working alongside the International Finance Corporation.

The project timeline targets a Final Investment Decision by end-2026, with construction commencing in early 2027 and first production in 2030. This development positions TNR shareholders to benefit from exposure to one of the sector's premier copper development projects during a period of strong copper fundamentals driven by energy transition demand. The appointment of a tier-one financial advisor and the project's advanced permitting status significantly de-risk the path to construction and production.