TNR Gold NSR Royalty Update – McEwen’s Los Azules Copper Definitive Feasibility Study Expected in July 2025

TNR Gold Corp. has announced an update regarding its net smelter return (NSR) royalty position in McEwen Mining's Los Azules copper project, with McEwen Mining indicating that a definitive feasibility study is expected to be completed by July 2025. This milestone represents a significant advancement for the copper project and provides TNR Gold shareholders with visibility into the timeline for potential value realization from their royalty interest.

The announcement comes as part of McEwen Mining's quarterly earnings update, demonstrating continued progress on the Los Azules project development. A definitive feasibility study represents the final major technical milestone before potential construction decisions, providing detailed engineering, economic, and environmental assessments that will determine the project's commercial viability and development path.

For TNR Gold, this update is particularly significant as NSR royalties provide exposure to project revenues without the capital expenditure requirements of mine development. The completion of a definitive feasibility study could potentially trigger re-rating of TNR Gold's royalty asset and provide clearer valuation metrics for the company's interest in what appears to be advancing toward potential production status.

The July 2025 timeline indicates McEwen Mining is maintaining momentum on the Los Azules project development, which could position TNR Gold shareholders to benefit from any positive feasibility results and subsequent development decisions. This type of royalty update demonstrates the value proposition of royalty companies in providing shareholders with leveraged exposure to project development milestones without direct operational involvement.