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查看配图A partial view of the Los Azules project area in Argentina. Credit: McEwen Copper.
Posted By: FREDERIC TOMESCO November 11, 2026
Altius Minerals (TSX: ALS) agreed to buy TNR Gold (TSXV: TNR) in a deal valued at $122 million (US$86 million) that boosts the company’s exposure to Argentine copper and lithium while spinning out an Alaska gold project.
Each eligible TNR share would receive 0.0072 Altius shares and a quarter-share in a new company holding the Shotgun gold project, Altius said Wednesday in a statement. The package’s estimated value of 48¢ includes 38¢ in Altius stock and 10¢ assigned to the spinout, representing a 60% premium to TNR’s 30¢ close Tuesday.
The acquisition fits Altius’s strategy of accumulating royalties on long-life mineral deposits. It combines potential future copper revenue from TNR’s royalty on McEwen Copper’s Los Azules project with exposure to Mariana, an operating lithium brine project where Altius already holds a royalty. TNR’s interests also include a royalty on properties within the Josemaria copper-gold project.
Los Azules “represents the primary long-term opportunity, while Mariana offers nearer-term cash flow potential,” TD Securities mining analyst Craig Hutchison said in a note.
Development timelines
Hutchison expects limited near-term financial impact from the relatively small deal, with its value dependent on development timelines at Los Azules and Josemaria.
The companies’ relationship deepened in May, when Altius completed a $4.2-million investment for a minority stake and secured first-offer rights over TNR’s principal royalties. By October, Altius owned about 13% of TNR, which disclosed an unsolicited takeover proposal and entered exclusive talks.
TNR’s effective interests include a 0.36% net smelter return royalty on Los Azules and 1.35% on Mariana, excluding portions held for another shareholder.
McEwen project
Los Azules, in San Juan province, is owned by McEwen Copper, whose investors include McEwen (TSX: MUX; NYSE: MUX), Rio Tinto (ASX: RIO; LSE: RIO; NYSE: RIO) and automaker Stellantis.
A 2025 feasibility study for the project outlines average annual production of about 148,200 tonnes of copper cathode over 21 years, with cash costs of US$1.71 per lb. The proposed operation would produce finished copper using heap leaching and solvent extraction-electrowinning, avoiding a conventional concentrator and reliance on outside smelters. Nearby exploration targets could eventually help extend the project’s operating life.
Los Azules “offers the potential for decades of increased copper exposure within our portfolio,” Altius CEO Brian Dalton said Wednesday.
McEwen Copper secured a US$240-million loan in August for engineering and early works. Full project financing and a final investment decision are targeted for mid-2027, with commercial production starting in 2030, subject to financing and approvals. That leaves the royalty’s copper cash flow dependent on successful development.
Buyback option
At Mariana, Ganfeng Lithium inaugurated a 20,000-tonne-per-year lithium chloride plant in February 2025. The acquisition would consolidate Altius’s exposure to the operation, although TNR’s royalty carries a buyback provision: Ganfeng’s subsidiary can purchase 0.9 percentage points of TNR’s effective interest for $900,000, reducing it to 0.45%.
Shotgun would remain with former TNR shareholders through the spinout. Altius would retain a 0.5% royalty and invest $2.2 million to increase its spinout ownership to just under 20%, while providing technical support.
Closing of the TNR acquisition is expected around the first quarter of 2027, subject to shareholder, court and regulatory approvals. Shareholders controlling about 28% of TNR have signed support agreements; a vote is expected in December.
TNR shares closed Tuesday at 30¢ in Toronto, valuing the company at $73 million, before trading was halted Wednesday morning pending news. Altius was 3.5% weaker at $51.14 Wednesday, valuing it at $3 billion.
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