Altius acquires 9.9% stake in TNR Gold to strengthen exposure to copper and lithium royalty assets

Altius Minerals’ investment in TNR Gold expands its exposure to royalty-linked mining assets tied to high-potential copper, lithium and gold projects in Argentina and Alaska.

Altius Minerals has acquired a 9.9% stake in TNR Gold, in a move that reinforces its strategy of investing in companies with royalty-generating mining assets and exposure to high-potential resource projects.

According to TNR Gold, the Canadian company will purchase 23.5 million common shares at C$0.1775 per share, a price based on the 30-day volume-weighted average prior to the agreement. The transaction represents a total investment of approximately C$4.2 million.

The deal was struck at a discount to TNR Gold’s recent market price of around C$0.20 per share, placing the company’s market capitalization at roughly C$42.5 million. By comparison, Altius Minerals has a market capitalization of about C$2.9 billion.

Investment aimed at supporting TNR Gold’s corporate development

TNR Gold said the proceeds from the transaction will be used to fund potential corporate development initiatives, as well as general corporate and working capital requirements.

For TNR Gold, the addition of Altius as a significant shareholder represents a strategic endorsement of the quality of its asset portfolio and its long-term growth potential in the mining royalty space.

TNR Gold chairman Kirill Klip said the investment will help advance the company’s strategic plan and reflects market recognition of the strength of its assets and their future upside.

Altius expands exposure to royalty assets tied to mining projects in Argentina

From Altius’ perspective, the investment provides indirect exposure to mining projects with royalty upside, particularly in copper, lithium and gold.

The company said the transaction is aligned with its long-established strategy of patiently building minority equity positions in companies that hold royalties related to high-potential mineral resource projects.

TNR Gold’s royalty portfolio includes several assets in Argentina, especially those linked to copper and lithium. These include a 0.4% NSR royalty on McEwen Mining’s Los Azules project, a 7% net profit interest on the Batidero I and II properties of the Josemaría project, now being developed by the Lundin-BHP joint venture, and a 1.5% NSR royalty on Ganfeng’s Mariana lithium project.

This portfolio gives Altius added exposure to some of Argentina’s most closely watched mining developments, at a time when the country continues to gain importance in global copper and lithium supply.

Portfolio also includes gold exposure in Alaska

In addition to its copper and lithium royalty interests, TNR Gold provides exposure to gold through its 90% ownership of the Shotgun project in Alaska.

According to the company, the project hosts an inferred resource of 705,960 ounces of gold, adding further diversification to its portfolio and another potential source of long-term value.

Altius continues to deepen its royalty-focused strategy

Altius currently holds interests in 13 producing assets, including six potash mines in Canada and the Voisey’s Bay nickel-copper-cobalt mine operated by Vale. In Brazil, it also holds a stream interest in Lundin Mining’s Chapada copper mine and a royalty on Sigma Lithium’s Grota do Cirilo project.

The company also owns stakes in several other royalty businesses and recently completed the acquisition of Lithium Royalty, further strengthening its position in the sector.