Tnr Gold Corp. · TSXV:TNR
Tnr Gold — Investor Presentation (December 2024)
91 slides from Tnr Gold's investor presentation, December 2024
Slide 1: The Power of Discovery
The Power of Discovery Los Azules Copper NSR Royalty Holding with McEwen Mining
Slide 2: The Power of Discovery
The Power of Discovery Building The Green Energy Metals Royalty and Gold Company
Slide 3: The End of the ICE Age. rEVolution
► The End of the ICE Age. rEVolution TSXV: TNR www.tnrgoldcorp.com 3
Slide 4: Cautionary Statement Regarding Forward-Looking Information of TNR Gold Corp.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION OF TNR GOLD CORP. (“TNR”) Certain of the statements made in this Presentation may contain forward-looking statements or information within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canad
Slide 5: There is NO Gold 2.0, Over 5,000 Years of History with Gold
► There is NO Gold 2.0, There are Over 5,000 Yeas of History with Gold TSXV: TNR www.tnrgoldcorp.com 5
Slide 6: Cautionary Note to US Investors
CAUTIONARY NOTE TO US INVESTORS Mineral Reserves and Mineral Resources - The terms "mineral reserve", "proven mineral reserve" and "probable mineral reserve" referred to in the Company's disclosure are Canadian mining terms as defined in accordance with National Instrument 43-101 -Standards of Discl
Slide 7: Green Energy Metals: Tesla Nicola rEVolution and Gold
► Green Energy Metals: Tesla Nicola rEVolution and Gold TSXV: TNR www.tnrgoldcorp.com 7
Slide 8: Introducing GEM Royalty TNR Gold Corp.
Introducing GEM Royalty TNR Gold Corp. “Our business model provides a unique entry point in the creation of supply chains for critical materials like energy metals that are powering the Energy rEVolution, and the Gold industry that is providing the ultimate hedge for this stage of the economic cycle
Slide 9: There is NO Gold 2.0, Over 5,000 Years of History with Gold
► There is NO Gold 2.0, There are Over 5,000 Yeas of History with Gold TSXV: TNR www.tnrgoldcorp.com 9
Slide 10: Leadership
LEADERSHIP Board of Directors Management Kirill Klip, MBA – Executive Chairman Kirill Klip, MBA – President and CEO John Davies Maurice Brooks, B. Sc., FCA (ICAEW) – CFO Konstantin Klip, B.A. Konstantin Klip, B.A. – Vice President, Corporate Development Tobias Higgins, B.A. Nancy La Couvée – Corpora
Slide 11: Corporate Culture
CORPORATE CULTURE Project Portfolio Strategic energy metals focus: lithium and Experienced Management Team Management copper Precious metal assets: gold and silver Strong ownership by insiders and management Proven Business Model Identify and acquire projects at an early stage Selectively advance pr
Slide 12: Global Assets
Shotgun Gold GLOBAL ASSETS Project London CURRENT HOLDINGS Mariana Lithium Project, Argentina • TNR holds 1.5%* NSR Royalty on Mariana Lithium • 100% owned by Ganfeng Lithium Los Azules Copper Project, Argentina • Cu-Au-Ag deposit Vancouver • TNR holds 0.4%* NSR Royalty • 100% owned by McEwen Mining
Slide 13: GEM Royalty Business Model
GEM Royalty Business Model TSXV: TNR www.tnrgoldcorp.com 13
Slide 14: TNR Gold GEM Royalty Portfolio
TNR Gold GEM Royalty Portfolio Project Name Metals Operator Royalty Type Mariana Lithium Lithium & Potash Ganfeng Lithium 1.5% NSR* Los Azules Copper, Gold & Silver McEwen Mining 0.4% NSR** Josemaria Copper, Gold & Silver Lundin Mining 7% Net Profits Royalty*** * * TNR Gold holds a 0.15% NSR on beha
Slide 15: Assets: Copper
ASSETS ► Copper “Red metal goes green during Energy rEVolution” Visual Capitalist TSXV: TNR www.tnrgoldcorp.com 15
Slide 16: Los Azules Copper Project Update, McEwen Mining
► Los Azules Copper Project Update, McEwen Mining TSXV: TNR www.tnrgoldcorp.com 16
Slide 17: Los Azules Copper Project Update, McEwen Mining
► Los Azules Copper Project Update, McEwen Mining TSXV: TNR www.tnrgoldcorp.com 17
Slide 18: Los Azules Copper Project Update, McEwen Mining
► Los Azules Copper Project Update, McEwen Mining TSXV: TNR www.tnrgoldcorp.com 18
Slide 19: Los Azules Copper Project Update, McEwen Mining
► Los Azules Copper Project Update, McEwen Mining TSXV: TNR www.tnrgoldcorp.com 19
Slide 20: Los Azules Copper Project Update, McEwen Mining
► Los Azules Copper Project Update, McEwen Mining TSXV: TNR www.tnrgoldcorp.com 20
Slide 21: Los Azules Copper Project Update, McEwen Mining
► Los Azules Copper Project Update, McEwen Mining TSXV: TNR www.tnrgoldcorp.com 21
Slide 22: Los Azules Copper Project Update, McEwen Mining
► Los Azules Copper Project Update, McEwen Mining TSXV: TNR www.tnrgoldcorp.com 22
Slide 23: Los Azules Copper Project Update, McEwen Mining
► Los Azules Copper Project Update, McEwen Mining TSXV: TNR www.tnrgoldcorp.com 23
Slide 24: Los Azules Copper Project Update, McEwen Mining
► Los Azules Copper Project Update, McEwen Mining TSXV: TNR www.tnrgoldcorp.com 24
Slide 25: Los Azules Copper Project Update, McEwen Mining – New PEA June 2023
► Los Azules Copper Project Update, McEwen Mining – New PEA June 2023 TSXV: TNR www.tnrgoldcorp.com 25
Slide 26: McEwen Mining Preliminary Economic Assessment
► TNR Gold Update on NSR Royalty – Los Azules Copper, Gold & Silver Project – McEwen Mining Preliminary Economic Assessment Vancouver, British Columbia – June 26, 2023: TNR Gold Corp. (TSX-V: TNR) (“TNR”, “TNR Gold” or the “Company”) is pleased to announce that McEwen Mining Inc. (“McEwen Mining”) h
Slide 27: PEA Highlights: Capex, Costs, EBITDA
► TNR Gold Update on NSR Royalty – Los Azules Copper, Gold & Silver Project – McEwen Mining Preliminary Economic Assessment • Initial capital expenditure of $2.462 billion, and a project capital intensity of $7.66 per lb.Cu ($16,880 per tonne Cu)(2) • Average C1(2)cash costs of $1.07 per lb. Cu and
Slide 28: Los Azules Copper Project Update, McEwen Mining
► Los Azules Copper Project Update, McEwen Mining TSXV: TNR www.tnrgoldcorp.com 28
Slide 29: Study Contributors and 2023 PEA vs 2017 PEA
► TNR Gold Update on NSR Royalty – Los Azules Copper, Gold & Silver Project – McEwen Mining Preliminary Economic Assessment Study Contributors The 2023 PEA technical report was prepared by Samuel Engineering Inc., with contributions from Knight Piésold Consulting, Stantec Consulting International Lt
Slide 30: Los Azules Copper Project Update, McEwen Mining
► Los Azules Copper Project Update, McEwen Mining TSXV: TNR www.tnrgoldcorp.com 30
Slide 31: Producing Cathodes
► TNR Gold Update on NSR Royalty – Los Azules Copper, Gold & Silver Project – McEwen Mining Preliminary Economic Assessment 3. Producing Cathodes: The leach process produces LME Grade A copper cathodes, which can be directly used in industry, including within Argentina reducing export taxes. This el
Slide 32: A New Vision and Approach
► TNR Gold Update on NSR Royalty – Los Azules Copper, Gold & Silver Project – McEwen Mining Preliminary Economic Assessment A New Vision and Approach We developed regenerative guiding principles to reframe the approach to sustainable innovation and set forth high-reaching goals that explore all face
Slide 33: Los Azules Copper Project Update, McEwen Mining
► Los Azules Copper Project Update, McEwen Mining TSXV: TNR www.tnrgoldcorp.com 33
Slide 34: Production Capacity and Mine Plan
► TNR Gold Update on NSR Royalty – Los Azules Copper, Gold & Silver Project – McEwen Mining Preliminary Economic Assessment A nominal copper cathode production capacity of 385 million lbs. per year (175 ktpa) is met or exceeded during the first 11 years of mining and was selected as the Base Case, w
Slide 35: Summary Results Table 1
► TNR Gold Update on NSR Royalty – Los Azules Copper, Gold & Silver Project – McEwen Mining Preliminary Economic Assessment Summary results for the Base Case and Alternative Case are provided in Table 1. TSXV: TNR www.tnrgoldcorp.com 35
Slide 36: Summary Results Table 1
► TNR Gold Update on NSR Royalty – Los Azules Copper, Gold & Silver Project – McEwen Mining Preliminary Economic Assessment Summary results for the Base Case and Alternative Case are provided in Table 1. TSXV: TNR www.tnrgoldcorp.com 36
Slide 37: Sensitivity Analysis
► TNR Gold Update on NSR Royalty – Los Azules Copper, Gold & Silver Project – McEwen Mining Preliminary Economic Assessment Sensitivity Analysis The Base Case project economics are reasonably robust (>15% post-tax IRR) at a copper price above $3.00 per pound and are similarly resistant to an increas
Slide 38: Capex Escalation Sensitivity
► TNR Gold Update on NSR Royalty – Los Azules Copper, Gold & Silver Project – McEwen Mining Preliminary Economic Assessment Table 3 below show the sensitivity of the Base Case project economics to initial and sustaining capital expenditure escalatio n on a post-tax basis. TSXV: TNR www.tnrgoldcorp.c
Slide 39: Opex Escalation Sensitivity
► TNR Gold Update on NSR Royalty – Los Azules Copper, Gold & Silver Project – McEwen Mining Preliminary Economic Assessment Table 4 below show the sensitivity of the Base Case project economics to operating expenditure escalation on a post-tax basis. TSXV: TNR www.tnrgoldcorp.com 39
Slide 40: Capital Costs Estimates
► TNR Gold Update on NSR Royalty – Los Azules Copper, Gold & Silver Project – McEwen Mining Preliminary Economic Assessment Capital Costs Estimates The Project includes the development of an open pit mine with muti-stage crushing and screening, a heap leach pad, and a copper solvent extraction-elect
Slide 41: Capital Costs Table
► TNR Gold Update on NSR Royalty – Los Azules Copper, Gold & Silver Project – McEwen Mining Preliminary Economic Assessment TSXV: TNR www.tnrgoldcorp.com 41
Slide 42: Operating Costs Estimates
► TNR Gold Update on NSR Royalty – Los Azules Copper, Gold & Silver Project – McEwen Mining Preliminary Economic Assessment Operating Costs Estimates Table 6 summarizes the LOM project operating costs per tonne of material processed and per pound of copper produced. TSXV: TNR www.tnrgoldcorp.com 42
Slide 43: Los Azules Copper Project Update, McEwen Mining
► Los Azules Copper Project Update, McEwen Mining TSXV: TNR www.tnrgoldcorp.com 43
Slide 44: Royalties and Taxes
► TNR Gold Update on NSR Royalty – Los Azules Copper, Gold & Silver Project – McEwen Mining Preliminary Economic Assessment Royalties and Taxes The 2023 PEA includes all government and private royalties on production, export taxes, as well as income taxes and banking taxes. Royalty calculations vary
Slide 45: Nuton Opportunity
► TNR Gold Update on NSR Royalty – Los Azules Copper, Gold & Silver Project – McEwen Mining Preliminary Economic Assessment Nuton Opportunity Nuton LLC is a copper heap leaching technology venture of Rio Tinto that became a strategic partner in 2022. Its Nuton suite of proprietary technologies provi
Slide 46: Los Azules Copper Project Update, McEwen Mining
► Los Azules Copper Project Update, McEwen Mining TSXV: TNR www.tnrgoldcorp.com 46
Slide 47: Nuton Opportunity (continued)
► TNR Gold Update on NSR Royalty – Los Azules Copper, Gold & Silver Project – McEwen Mining Preliminary Economic Assessment This could provide a significant opportunity to optimize the mine plan and the need for selective mining, as simultaneous stacking of both secondary and primary mineralization
Slide 48: Preliminary Economic Assessment
► TNR Gold Update on NSR Royalty – Los Azules Copper, Gold & Silver Project – McEwen Mining Preliminary Economic Assessment TSXV: TNR www.tnrgoldcorp.com 48
Slide 49: Project Development Schedule
► TNR Gold Update on NSR Royalty – Los Azules Copper, Gold & Silver Project – McEwen Mining Preliminary Economic Assessment Project Development Schedule The Gantt chart below presents a conceptual project development timeline based on regional contractor inputs and long-lead equipment and materials
Slide 50: Project Development Schedule Chart
► TNR Gold Update on NSR Royalty – Los Azules Copper, Gold & Silver Project – McEwen Mining Preliminary Economic Assessment TSXV: TNR www.tnrgoldcorp.com 50
Slide 51: Updated Mineral Resource Estimate
► TNR Gold Update on NSR Royalty – Los Azules Copper, Gold & Silver Project – McEwen Mining Preliminary Economic Assessment Updated Mineral Resource Estimate The database for resource estimation has a cutoff date December 31 st , 2022. An additional 22,252 m of drilling (mostly infill) from 49 holes
Slide 52: Los Azules Copper Project Update, McEwen Mining
► Los Azules Copper Project Update, McEwen Mining TSXV: TNR www.tnrgoldcorp.com 52
Slide 53: Mineral Resource Estimate Details
► TNR Gold Update on NSR Royalty – Los Azules Copper, Gold & Silver Project – McEwen Mining Preliminary Economic Assessment The current database is adequate for the preparation of a long-range model that serves as the basis for the 2023 PEA. The extent of mineralization along strike exceeds 4 kilome
Slide 54: Mineral Resource Table 9
► TNR Gold Update on NSR Royalty – Los Azules Copper, Gold & Silver Project – McEwen Mining Preliminary Economic Assessment TSXV: TNR www.tnrgoldcorp.com 54
Slide 55: Table 9 Notes
► TNR Gold Update on NSR Royalty – Los Azules Copper, Gold & Silver Project – McEwen Mining Preliminary Economic Assessment Table 9 Notes: • Mineral resources, which are not mineral reserves, do not have demonstrated economic viability. The estimate of mineral resources may be materially affected by
Slide 56: Los Azules Copper Project Update, McEwen Mining
► Los Azules Copper Project Update, McEwen Mining TSXV: TNR www.tnrgoldcorp.com 56
Slide 57: End Notes
► TNR Gold Update on NSR Royalty – Los Azules Copper, Gold & Silver Project – McEwen Mining Preliminary Economic Assessment End Notes: • (1) All dollar amounts are United States Dollars (USD) unless otherwise stated. • (2) Project capital intensity is defined as Initial Capex ($) / LOM Avg. Annual C
Slide 58: Qualified Persons
► TNR Gold Update on NSR Royalty – Los Azules Copper, Gold & Silver Project – McEwen Mining Preliminary Economic Assessment Qualified Persons Technical aspects of this news release, excluding mineral resource disclosure, have been reviewed and verified by James L. Sorensen – FAusIMM Reg. No. 221286
Slide 59: Los Azules Copper Project Update, McEwen Mining – New PEA June 2023
► Los Azules Copper Project Update, McEwen Mining – New PEA June 2023 TSXV: TNR www.tnrgoldcorp.com 59
Slide 60: Los Azules Copper Project Update, McEwen Mining
► Los Azules Copper Project Update, McEwen Mining TSXV: TNR www.tnrgoldcorp.com 60
Slide 61: Los Azules Copper Project Update, McEwen Mining
► Los Azules Copper Project Update, McEwen Mining TSXV: TNR www.tnrgoldcorp.com 61
Slide 62: Los Azules Copper Project Update, McEwen Mining
► Los Azules Copper Project Update, McEwen Mining TSXV: TNR www.tnrgoldcorp.com 62
Slide 63: Los Azules Copper Project Update, McEwen Mining
► Los Azules Copper Project Update, McEwen Mining TSXV: TNR www.tnrgoldcorp.com 63
Slide 64: New Investment US$35 M October 2024
► Los Azules Copper Project Update, McEwen Mining New Investment US$35 M October 2024 TSXV: TNR www.tnrgoldcorp.com 64
Slide 65: McEwen Copper Secures Environmental Permit for Los Azules
► TNR Gold Update on NSR Royalty – Los Azules Copper, Gold & Silver Project – McEwen Copper Secures Environmental Permit for Construction and Operation of Los Azules Vancouver, British Columbia – December 5, 2024: TNR Gold Corp. (TSX-V: TNR) (“TNR”, “TNR Gold” or the “Company”) is pleased to announc
Slide 66: McEwen Copper Secures Environmental Permit for Los Azules
►TNR Gold NSR Royalty Update – Los Azules Copper, Gold and Silver Project: McEwen Copper Secures Environmental Permit for Construction and Operation of Los Azules TSXV: TNR www.tnrgoldcorp.com 66
Slide 67: McEwen Copper Secures Environmental Permit for Los Azules
► TNR Gold Update on NSR Royalty – Los Azules Copper, Gold & Silver Project – McEwen Copper Secures Environmental Permit for Construction and Operation of Los Azules Completing the evaluation process required significant work from our internal team and specialized consultants. McEwen Copper extends
Slide 68: McEwen Copper Secures Environmental Permit for Los Azules
►TNR Gold NSR Royalty Update – Los Azules Copper, Gold and Silver Project: McEwen Copper Secures Environmental Permit for Construction and Operation of Los Azules TSXV: TNR www.tnrgoldcorp.com 68
Slide 69: Next Steps: Toward Feasibility and Construction
► TNR Gold Update on NSR Royalty – Los Azules Copper, Gold & Silver Project – McEwen Copper Secures Environmental Permit for Construction and Operation of Los Azules Next Steps: Toward Feasibility and Construction With the EIA approval in place, Los Azules is advancing towards publishing a definitiv
Slide 70: McEwen Copper Secures Environmental Permit for Los Azules
►TNR Gold NSR Royalty Update – Los Azules Copper, Gold and Silver Project: McEwen Copper Secures Environmental Permit for Construction and Operation of Los Azules TSXV: TNR www.tnrgoldcorp.com 70
Slide 71: McEwen Copper Secures Environmental Permit for Los Azules
► TNR Gold Update on NSR Royalty – Los Azules Copper, Gold & Silver Project – McEwen Copper Secures Environmental Permit for Construction and Operation of Los Azules Los Azules was ranked in the top 10 largest undeveloped copper deposits in the world by Mining Intelligence in 2022. Los Azules is des
Slide 72: McEwen Copper Secures Environmental Permit for Los Azules
►TNR Gold NSR Royalty Update – Los Azules Copper, Gold and Silver Project: McEwen Copper Secures Environmental Permit for Construction and Operation of Los Azules TSXV: TNR www.tnrgoldcorp.com 72
Slide 73: Comments from TNR Gold CEO Kirill Klip
► TNR Gold Update on NSR Royalty – Los Azules Copper, Gold & Silver Project – McEwen Copper Secures Environmental Permit for Construction and Operation of Los Azules Stated Kirill Klip, TNR Gold’s Chief Executive Officer, “We are pleased that McEwen Copper has reached this major milestone and secure
Slide 74: McEwen Copper Secures Environmental Permit for Los Azules
►TNR Gold NSR Royalty Update – Los Azules Copper, Gold and Silver Project: McEwen Copper Secures Environmental Permit for Construction and Operation of Los Azules TSXV: TNR www.tnrgoldcorp.com 74
Slide 75: Green Energy rEVolution and Argentina Policy
► TNR Gold Update on NSR Royalty – Los Azules Copper, Gold & Silver Project – McEwen Copper Secures Environmental Permit for Construction and Operation of Los Azules “The green energy rEVolution relies on the supply of critical metals like copper; delivering ‘green copper’ to Argentina and the world
Slide 76: McEwen Copper Secures Environmental Permit for Los Azules
►TNR Gold NSR Royalty Update – Los Azules Copper, Gold and Silver Project: McEwen Copper Secures Environmental Permit for Construction and Operation of Los Azules TSXV: TNR www.tnrgoldcorp.com 76
Slide 77: Los Azules Copper Project Update, McEwen Mining
► Los Azules Copper Project Update, McEwen Mining TSXV: TNR www.tnrgoldcorp.com 77
Slide 78: Los Azules Copper Project Update, McEwen Mining
► Los Azules Copper Project Update, McEwen Mining TSXV: TNR www.tnrgoldcorp.com 78
Slide 79: Los Azules Copper Project Update, McEwen Mining
► Los Azules Copper Project Update, McEwen Mining TSXV: TNR www.tnrgoldcorp.com 79
Slide 80: Los Azules Copper Project Update, McEwen Mining
► Los Azules Copper Project Update, McEwen Mining TSXV: TNR www.tnrgoldcorp.com 80
Slide 81: Los Azules Copper Project Update, McEwen Mining
► Los Azules Copper Project Update, McEwen Mining TSXV: TNR www.tnrgoldcorp.com 81
Slide 82: Los Azules Copper Project Update, McEwen Mining
► Los Azules Copper Project Update, McEwen Mining TSXV: TNR www.tnrgoldcorp.com 82
Slide 83: Los Azules Copper Project Update, McEwen Mining
► Los Azules Copper Project Update, McEwen Mining TSXV: TNR www.tnrgoldcorp.com 83
Slide 84: Los Azules Copper Project Update, McEwen Mining
► Los Azules Copper Project Update, McEwen Mining TSXV: TNR www.tnrgoldcorp.com 84
Slide 85: Los Azules Copper Project Update, McEwen Mining
► Los Azules Copper Project Update, McEwen Mining TSXV: TNR www.tnrgoldcorp.com 85
Slide 86: Los Azules Copper Project Update, McEwen Mining
► Los Azules Copper Project Update, McEwen Mining TSXV: TNR www.tnrgoldcorp.com 86
Slide 87: Los Azules Copper Project Update, McEwen Mining
► Los Azules Copper Project Update, McEwen Mining TSXV: TNR www.tnrgoldcorp.com 87
Slide 88: Los Azules Copper Project Update, McEwen Mining
► Los Azules Copper Project Update, McEwen Mining TSXV: TNR www.tnrgoldcorp.com 88
Slide 89: Los Azules Copper Project Update, McEwen Mining
► Los Azules Copper Project Update, McEwen Mining TSXV: TNR www.tnrgoldcorp.com 89
Slide 90: Los Azules Summary
► Los Azules Summary Argentina is open for business Los Azules deposit is massive 100% owned by McEwen Copper TNR holds 0.4%* NSR royalty New PEA shows favorable results Project is moving forward Increased Value for TNR Gold! McEwen Mining * See page 14 TSXV: TNR www.tnrgoldcorp.com 90
Slide 91: Contact Us Today
CONTACT US TODAY We welcome your inquiries Investor Relations Hub Joint Venture https://tnrgoldcorp.com/investors/ Partnerships IR@tnrgoldcorp.com 1120 – 789 West Pender St., Vancouver, BC, Canada, V6C 1H2 Phone: +1 604-229-8129 Fax +1 604-229-8150 www.tnrgoldcorp.com Financing December 2024 TSXV: T