TNR Gold shares jump as strategic review sparks investor interest

Shares of TNR Gold Corp (TSX-V:TNR, OTC:TRRXF) are set to end the week on a high after the royalty company’s stock spiked on Thursday, climbing as much as 33% to an intraday high of $0.08 and continued to add another 13% on Friday.

Trading volume spiked to 3.7 million shares—well above average—as investors responded to growing market interest in the company’s strategic review and prized royalty assets.

The renewed investor enthusiasm follows TNR’s May 14 announcement that it is advancing a strategic review aimed at exploring merger and acquisition opportunities. The Vancouver-based company is fielding interest from potential partners and acquirers for its green energy metals and gold royalty portfolio.

“Our company has repaid our investment loan in full, and we believe that the recent market prices of our shares do not properly reflect the underlying value of TNR’s assets,” said executive chairman Kirill Klip. “Our transformation from a project-generation junior mining company into a cashflow-generating royalty company may bring the necessary catalyst for improved market valuation of our assets.”

TNR holds a 1.5% net smelter return (NSR) royalty on the Mariana Lithium Project in Argentina, operated by Ganfeng Lithium, and a 0.4% NSR royalty on McEwen Mining’s Los Azules copper project—backed by major partners including Rio Tinto and Stellantis. It also owns a 90% stake in the Shotgun Gold Project in Alaska, located near the multi-million-ounce Donlin Gold deposit.

With the Mariana project beginning production earlier this year, TNR expects its first royalty payments in 2025, providing potential cash flow with no further capital commitment. The company is also evaluating a spinout of the Shotgun project into a separate vehicle, AmeriGold, to attract a joint venture partner for further development.

“We’re building a leading green energy metals royalty and gold company, offering a unique entry into the supply chains powering the energy transition,” Klip added.

The company said it is also considering a share buyback program as part of its capital strategy, citing strong fundamentals and a diversified portfolio of royalties across lithium, copper, silver, and gold projects.

Thursday’s rally suggests that investors are beginning to take note.

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