Altius Minerals Elevates Stake in TNR Gold to 30.9 Million Shares via Market Purchase

Altius Minerals Strengthens Position Through Public Market Acquisition

On July 17, 2026, Altius Minerals Corporation purchased 7.435 million shares of TNR Gold on the public market at CAN$0.23 per share, as per SEDI.ca filings dated July 21, 2026. This acquisition boosts Altius’s total shareholding in TNR Gold to 30.935 million shares, marking a significant increase in its strategic involvement. The shares were acquired via open market transactions rather than private placements, indicating Altius sourced them through regular trading channels.

This purchase follows an initial strategic investment announced by TNR Gold on May 25, 2026. Executive Chairman Kirill Klip commented that the increased stake signifies "strong market recognition of the quality of our assets, and their potential." The investment is described as strategic and non-controlling, aligning Altius as a key stakeholder in TNR Gold’s long-term value creation.

TNR Gold’s Strategic Business Model and Direction

Positioning itself as "the green energy metals royalty and gold company," TNR Gold’s business model aims to provide exposure to critical materials driving the "Energy rEVolution." The company’s strategy encompasses multiple stages of the mining cycle, from early exploration to established royalty-generating operations, creating diversified revenue streams from both energy transition metals and precious metals during this distinct economic phase.

With assets across continents and commodities, TNR Gold holds significant royalty interests in lithium and copper projects in Argentina operated by multinational miners, alongside gold exposure via its major stake in the Shotgun Gold porphyry project in Alaska. This geographic and commodity diversification supports TNR Gold’s goal of building a "unique combination of assets providing exposure to different parts of the mining cycle."

Mariana Lithium Project and Partnership with Ganfeng Lithium

TNR Gold owns a 1.5% net smelter return (NSR) royalty on Argentina’s Mariana Lithium Project, with 0.15% held on behalf of a shareholder. The project is fully owned and operated by Ganfeng Lithium’s subsidiary, Litio Minera Argentina (LMA). After receiving environmental approval from Salta province, the project began production in February 2025, with Ganfeng inaugurating a 20,000 tons-per-annum lithium chloride plant on February 12, 2025.

Under the royalty agreement, Ganfeng’s subsidiary may repurchase 1.0% of the NSR royalty on Mariana, which would yield TNR Gold CAN$900,000 and its shareholder CAN$100,000, reducing TNR’s royalty to 0.45%. This arrangement illustrates how TNR Gold’s royalty model secures defined cash flows from operating mines while allowing operators buyback options.

Los Azules Copper Project Developed by McEwen Inc.

TNR Gold holds a 0.4% NSR royalty on the Los Azules Copper Project in Argentina, with 0.04% allocated to a shareholder. The project is under development by McEwen Inc., a mining firm with established South American operations. This royalty provides TNR Gold exposure to copper development without incurring operational or capital risks.

Including Los Azules in its portfolio exemplifies TNR Gold’s strategy of partnering with established operators to generate long-term royalty income. McEwen’s development efforts align with TNR Gold’s approach to building "supply chains for critical materials" while maintaining passive revenue streams tied to project success.

Josemaria Project Royalty via Lundin Mining and BHP Joint Venture

TNR Gold holds a 7% net profits royalty (NPR) on the Batidero I and II properties of Argentina’s Josemaria Project, developed through a joint venture between Lundin Mining and BHP, two leading global miners. This partnership highlights TNR Gold’s strategy of aligning with "industry leaders" on projects with strong cash flow potential.

The joint venture with Lundin Mining and BHP provides TNR Gold exposure to a well-backed project. The 7% NPR differs from TNR Gold’s NSR royalties elsewhere, reflecting a diversified royalty structure tailored to project specifics and operator agreements.

Shotgun Gold Porphyry Project and Joint Venture Plans

TNR Gold owns 90% of the Shotgun Gold porphyry project in Southwestern Alaska, near Novagold Resources’ Donlin Gold project. The company aims to secure a joint venture with a major gold miner rather than independently develop the project, consistent with its model of generating projects and partnering with established operators to realize value.

TNR Gold is actively marketing Shotgun Gold to potential partners. Its proximity to Donlin Gold offers strategic geographic and infrastructure advantages. The gold exposure complements TNR Gold’s energy metals portfolio, with gold described as "the ultimate hedge during this part of the economic cycle."

Altius Minerals’ Royalty-Centric Investment Approach

Altius Minerals Corporation focuses on per-share growth through a diversified royalty portfolio tied to "long life, high margin operations." Its investment thesis targets macro trends like rising electricity consumption, global infrastructure expansion, increased EAF steelmaking, and fertilizer demand. These trends overlap with commodities in TNR Gold’s portfolio, including potash, iron ore, renewable energy, base and battery metals, and gold.

Altius combines royalty ownership with a Project Generation business that develops exploration projects for sale to developers in exchange for royalties. Listed on the S&P/TSX Small Cap, Global Mining Indices, and Canadian Dividend Aristocrats Index, Altius is a recognized player in Canadian mining finance. Its increased TNR Gold stake reflects strategic alignment in investment philosophy and commodity exposure.

Executive Leadership and Insider Holdings

TNR Gold Executive Chairman Kirill Klip views Altius’s increased investment as validation of the company’s strategy and assets. He stated the transaction "underscores the strength and credibility of TNR Gold’s strategy" and highlights "strong market recognition of the quality of our assets, and their potential." The initial May 2026 investment helped advance TNR Gold’s strategic plan.

Klip disclosed his personal holding of 27.963 million TNR Gold shares, making him one of the largest shareholders. He described his stake as "further evidence of my deep personal commitment to the Company, and strong confidence in our experienced team and its strategic development plan." This insider ownership aligns management interests with shareholders.

Portfolio Integration and Value Creation Strategy

TNR Gold’s management emphasizes its portfolio as a "unique entry point into the creation of supply chains for critical materials like energy metals," while also providing gold exposure as a hedge. This dual strategy combining energy transition commodities with precious metals is distinctive in Canadian mining finance. The company partners with established operators rather than pursuing direct development, reducing capital intensity while maintaining commodity upside exposure.

The portfolio spans early-stage projects like Shotgun Gold and operating assets like Mariana Lithium, offering "exposure to different parts of the mining cycle." Partnerships with industry leaders such as McEwen Inc., Ganfeng Lithium, Lundin Mining, and BHP highlight TNR Gold’s reliance on operator success rather than internal development. This model enables benefits from commodity price gains and production growth while limiting operational risks.

Forward-Looking Statements and Risks

TNR Gold’s disclosures include cautionary notes on forward-looking statements. Future cash flow from royalties, achievement of corporate goals, and potential strategic transactions remain subject to risks and uncertainties. There is no guarantee of completing further royalty acquisitions, securing financing, or meeting objectives.

Operational risks include reliance on government confirmation of mining claim ownership through rental payments. Changes in government policies or third-party disputes may pose risks. Forward-looking statements about business conditions, economic activity, and regulations are based on management assumptions that may prove inaccurate. Readers are advised that such statements are not guarantees and should not be overly relied upon.