2518: Rundown on TNR's portfolio

TNR Gold's royalties on McEwen's Los Azulis copper project and Ganfeng's Mariana lithium mine underpin Altius Minerals' non-binding acquisition proposal.

• Altius takeover interest: Canadian royalty giant Altius made a non-binding proposal to acquire TNR Gold, citing the strength of TNR's South American royalty portfolio, with due diligence ongoing.
• Los Azulis copper royalty: TNR's crown-jewel royalty sits on Rob McEwen's Los Azulis copper project in Argentina, which has a feasibility study showing a 21-year mine life (potentially 33+ years with Rio Tinto's Nuton tech), is nearing a final investment decision this year, and could need $300-400M in financing with Société Générale possibly running the debt book.

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