TNR Gold NSR Royalty Update – McEwen’s Los Azules Copper Requests Admission to Argentina’s Incentive Regime for Large Investments

TNR Gold Corp. reported that McEwen Mining Inc. has requested admission to Argentina's Incentive Regime for Large Investments (RIGI) for the Los Azules copper project. TNR Gold holds a net smelter return (NSR) royalty interest in this project, making this development significant for the company's royalty portfolio.

Argentina's Incentive Regime for Large Investments is designed to attract major capital investments by providing tax benefits and other incentives to qualifying projects. McEwen Mining's application suggests the Los Azules copper project is advancing toward a development decision and seeking to optimize its fiscal framework under this regime.

For TNR Gold, this development validates the strategic value of their royalty position on what appears to be a project moving closer to production. The company's royalty model allows it to benefit from project advancement without direct capital investment or operational risk. Should the Los Azules project receive approval under the incentive regime and proceed to production, TNR would benefit from the NSR royalty stream on copper production.

This announcement reflects positive momentum in the copper sector, particularly for projects in mining-friendly jurisdictions like Argentina that are implementing policies to attract foreign investment. The development underscores the potential value creation for royalty companies positioned on advancing copper assets in a market where copper demand continues to grow driven by electrification and energy transition trends.