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Altius Minerals (TSX:ALS,OTCQX:ATUSF) has agreed to acquire TNR Gold (TSXV:TNR,OTCPL:TRRXF) to expand its copper and lithium exposure in Argentina, picking up royalties on McEwen Copper’s Los Azules project and Ganfeng Lithium's (HKEX:1772,OTCPL:GNENF) producing Mariana operation.
“This transaction adds a significant development stage royalty over the Los Azules project, which offers the potential for decades of increased copper exposure within our portfolio,” Altius CEO Brian Dalton said a press release.
“It also results in the consolidation of an operating stage royalty relating to the Mariana lithium brine project.”
Altius will acquire all of the TNR shares it does not already own in a deal valuing the junior at about US$122 million, or roughly US$0.48 per share, based on the closing price of Altius shares on Tuesday (November 10).
That is a premium of about 60 percent to TNR’s close the same day.
TNR shareholders will receive 0.0072 of an Altius share and 0.25 of a share in TNR SpinCo, a new company that will hold TNR’s Shotgun gold project in Alaska, for each TNR share. The Altius portion is worth about US$0.38 per share, or US$97 million in total, and the SpinCo portion about US$0.10, or US$25 million.
McEwen Copper, a subsidiary of McEwen Mining (TSX:MUX,NYSE:MUX) backed by Rio Tinto (ASX:RIO,NYSE:RIO,LSE:RIO) and Stellantis (NYSE:STLA), is targeting a final investment decision at Los Azules by mid-2027 and first output in 2030.
A recent feasibility study outlines average output of about 148,000 metric tons of copper cathode per year over a 21 year mine life, with the first five years averaging 204,800 metric tons.
Altius will hold an effective 0.36 percent net smelter return (NSR) royalty.
Mariana recently began production and is ramping up to 20,000 metric tons per year of lithium carbonate equivalent. Ganfeng is considering a 40,000 metric ton target, according to Altius, which will hold an effective 1.35 percent NSR on the project. The portfolio also covers the Josemaria copper-gold project in Argentina.
Altius will retain a 0.5 percent NSR on Shotgun and own about 12 percent of SpinCo at closing. It has agreed to subscribe for US$2.2 million in SpinCo shares at a US$25 million valuation, lifting its stake to about 19.9 percent.
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Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.