TNR Gold NSR Royalty Update - Los Azules Copper, Gold and Silver Project: McEwen Copper Announces an Additional US$35 Million Investment by Nuton, a Rio Tinto Venture
McEwen Copper, a subsidiary of McEwen Mining, has secured an additional $35 million investment from Nuton , a Rio Tinto Venture, through a private placement of 1,166,666 common shares at $30.00 per share. The second tranche of the offering also included $2 million from two other investors. Following this transaction, Nuton owns 17.2% of McEwen Copper, which now has a post-money market value of $984 million. The proceeds will fund the ongoing feasibility study for the Los Azules copper project, scheduled for publication in first half 2025. TNR Gold holds a 0.4% net smelter returns royalty on the Los Azules Project.
McEwen Copper, una sussidiaria di McEwen Mining, ha ottenuto un ulteriore investimento di 35 milioni di dollari da Nuton, un'azienda della Rio Tinto, attraverso un collocamento privato di 1.166.666 azioni ordinarie a 30,00 dollari per azione. La seconda tranche dell'offerta ha incluso anche 2 milioni di dollari da parte di altri due investitori. Dopo questa transazione, Nuton possiede il 17,2% di McEwen Copper, che ora ha un valore di mercato post-money di 984 milioni di dollari. I proventi finanzieranno lo studio di fattibilità in corso per il progetto minerario Los Azules, previsto per la pubblicazione nella prima metà del 2025. TNR Gold detiene una royalty sul ritorno di fusione netta dello 0,4% sul progetto Los Azules.
McEwen Copper, una subsidiaria de McEwen Mining, ha asegurado una inversión adicional de 35 millones de dólares de Nuton, una empresa de Rio Tinto, mediante una colocación privada de 1.166.666 acciones ordinarias a 30,00 dólares por acción. La segunda parte de la oferta también incluyó 2 millones de dólares de otros dos inversionistas. Tras esta transacción, Nuton posee el 17,2% de McEwen Copper, que ahora tiene un valor de mercado post-money de 984 millones de dólares. Los ingresos financiarán el estudio de viabilidad en curso para el proyecto de cobre Los Azules, programado para su publicación en la primera mitad de 2025. TNR Gold posee una regalía del 0,4% sobre los ingresos netos de fusión del Proyecto Los Azules.
맥유언 구리(McEwen Copper)는 맥유언 광업(McEwen Mining)의 자회사로, 리오 틴토의 벤처인 뉴톤(Nuton)으로부터 3천5백만 달러의 추가 투자를 확보했습니다. 이는 주당 30.00달러에 1,166,666주를 사들인 사모 배정을 통해 이루어진 것입니다. 이번 공모의 두 번째 분할은 다른 두 투자자로부터 200만 달러를 포함했습니다. 이 거래 이후, 뉴톤은 맥유언 구리의 17.2%를 소유하게 되었으며, 현재 기업 가치는 9억 8천4백만 달러입니다. 이 자금은 로스 아술레스 구리 프로젝트의 진행 중인 타당성 연구를 위한 자금으로 사용될 예정이며, 연구 결과는 2025년 상반기에 발표될 예정입니다. TNR 골드는 로스 아술레스 프로젝트에 대한 순 제련 수익의 0.4% 로열티를 보유하고 있습니다.
McEwen Copper, une filiale de McEwen Mining, a sécurisé un investissement supplémentaire de 35 millions de dollars de Nuton, un projet de Rio Tinto, par le biais d'un placement privé de 1.166.666 actions ordinaires à 30,00 dollars par action. La deuxième tranche de l'offre a également inclus 2 millions de dollars de deux autres investisseurs. Suite à cette transaction, Nuton détient 17,2 % de McEwen Copper, qui a désormais une valeur de marché post-money de 984 millions de dollars. Les fonds serviront à financer l'étude de faisabilité en cours pour le projet de cuivre Los Azules, dont la publication est prévue pour le premier semestre 2025. TNR Gold détient une redevance de 0,4 % sur les revenus nets de fusion du Projet Los Azules.
McEwen Copper, eine Tochtergesellschaft von McEwen Mining, hat eine zusätzliche Investition von 35 Millionen Dollar von Nuton, einem Rio Tinto-Venture, durch eine Privatplatzierung von 1.166.666 Stammaktien zu je 30,00 Dollar pro Aktie gesichert. Die zweite Tranche des Angebots beinhaltete ebenfalls 2 Millionen Dollar von zwei anderen Investoren. Nach dieser Transaktion besitzt Nuton 17,2 % an McEwen Copper, dessen Unternehmenswert nach der Investition nun 984 Millionen Dollar beträgt. Die Erlöse werden die laufende Machbarkeitsstudie für das Los Azules-Kupferprojekt finanzieren, deren Veröffentlichung im ersten Halbjahr 2025 geplant ist. TNR Gold hält ein Royalty von 0,4 % aus dem Nettoschmelzgewinn für das Los Azules-Projekt.
- Secured $35 million investment from Rio Tinto's Nuton
- Total raised $56 million in current offering
- Post-money valuation reaches $984 million
- Feasibility study advancement funded and on track for H1 2025
- Share dilution for existing stakeholders
Vancouver, British Columbia--(Newsfile Corp. - October 28, 2024) - TNR Gold Corp. (TSXV: TNR) ("TNR", "TNR Gold" or the "Company") is pleased to announce that McEwen Mining Inc. ("McEwen Mining") has provided an update on the Los Azules copper, gold and silver project in San Juan, Argentina. TNR holds a
The news release issued by McEwen Mining on October 24, 2024, stated:
"McEwen Copper Inc., a subsidiary of McEwen Mining Inc. (NYSE: MUX) (TSX: MUX), is pleased to announce closing of an additional
McEwen Copper previously announced a non-brokered private placement financing of up to 2,333,333 common shares at a subscription price of US
In this second tranche of the Offering, Nuton (a Rio Tinto Venture) has purchased an additional 1,166,666 common shares of McEwen Copper for
Nuton now owns
Proceeds from the Offering will be used to advance ongoing work on the feasibility study for the Los Azules copper project, which is scheduled for publication in the first half of 2025.
Subscription for the remaining 466,664 common shares in the Offering is available to qualified accredited investors, subject to a US
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
About Nuton
Nuton is an innovative venture that aims to help grow Rio Tinto's copper business. At the core of Nuton is a portfolio of proprietary copper leaching related technologies and capability - a product of almost 30 years of research and development. Nuton offers the potential to economically unlock copper from primary sulfide resources through leaching, achieving market-leading recovery rates and contributing to an increase in copper production at new and ongoing operations. One of the key differentiators of Nuton is the ambition to produce the world's lowest footprint copper while having at least one Positive Impact at each of our deployment sites, across our five pillars: water, energy, land, materials and society.
About McEwen Copper
McEwen Copper Inc. holds a
Los Azules was ranked in the top 10 largest undeveloped copper deposits in the world by Mining Intelligence (2022). A PEA published in June 2023 for the project estimated a
The NYSE and TSX have not reviewed and do not accept responsibility for the adequacy or accuracy of the contents of this news release, which has been prepared by management of McEwen Mining Inc.
About McEwen Mining
McEwen Mining is a gold and silver producer with operations in Nevada, Canada, Mexico and Argentina. In addition, it owns approximately
"We are pleased that significant developments on the advancement of the Los Azules Copper Project towards feasibility have led to the increased Rio Tinto and Stellantis holdings in McEwen Copper as strategic partners of this large copper, gold and silver project. In 2023, Stellantis invested an aggregate ARS
"The green energy rEVolution relies on the supply of critical metals like copper; delivering "green copper" to Argentina and the world will contribute to the clean energy transition and electrification of transportation and energy industries.
"The new president of Argentina has introduced important government policies aimed at supporting business and unlocking the country's economic potential. Mining is being recognized as an integral part of this economic development plan, providing jobs and enriching local communities.
"Strong team performance of McEwen Copper is advancing the Los Azules Project towards a feasibility study. The Los Azules Project PEA results highlight the potential to create a robust leach project while reducing the environmental footprint, and greater environmental and social stewardship sets the project apart from other potential mine developments.
"It's also encouraging to see an updated independent mineral resource estimate that has increased the resource significantly. Infill drilling during the 2023-24 season upgraded the resource categories, validated the geological model and confirmed the high-grade zone. Resource drilling for the Los Azules Feasibility Study is now complete, and the study appears to be on track for delivery in early 2025.
"Together with Nuton, McEwen Copper is exploring new technologies that save energy, water, time and capital, advancing Los Azules towards the goal of leading environmental performance. The involvement of Rio Tinto, with its innovative technology, may also accelerate realizing the enormous potential of the Los Azules Project.
"Los Azules was ranked in the top ten largest undeveloped copper deposits in the world by Mining Intelligence (2022). TNR Gold does not have to contribute any capital for the development of the Los Azules Project. The essence of our business model is to have industry leaders like McEwen Mining as operators on the projects that will potentially generate royalty cashflows to contribute significant value for our shareholders."
ABOUT TNR GOLD CORP.
TNR Gold Corp. is working to become the green energy metals royalty and gold company.
Our business model provides a unique entry point in the creation of supply chains for critical materials like energy metals that are powering the energy rEVolution, and the gold industry that is providing a hedge for this stage of the economic cycle.
Our portfolio provides a unique combination of assets with exposure to multiple aspects of the mining cycle: the power of blue-sky discovery and important partnerships with industry leaders as operators on the projects that have the potential to generate royalty cashflows that will contribute significant value for our shareholders.
Over the past twenty-eight years, TNR, through its lead generator business model, has been successful in generating high-quality global exploration projects. With the Company's expertise, resources and industry network, the potential of the Mariana Lithium Project and Los Azules Copper Project in Argentina among many others have been recognized.
TNR holds a
The Mariana Lithium Project is
TNR Gold also holds a
TNR also holds a
TNR provides significant exposure to gold through its
At its core, TNR provides a wide scope of exposure to gold, copper, silver and lithium through its holdings in Alaska (the Shotgun Gold porphyry project) and royalty holdings in Argentina (the Mariana Lithium project, the Los Azules Copper Project and the Batidero I & II properties of the Josemaria Project), and is committed to the continued generation of in-demand projects, while diversifying its markets and building shareholder value.
On behalf of the Board of Directors,
Kirill Klip
Executive Chairman
For further information concerning this news release please contact Kirill Klip +1 604-229-8129.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Statement Regarding Forward-Looking Information
Except for statements of historical fact, this news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", "will", "could" and other similar words, or statements that certain events or conditions "may" or "could" occur, although not all forward-looking statements contain these identifying words. Specifically, forward-looking statements in this news release include, but are not limited to, statements made in relation to: TNR's corporate objectives, and future potential transactions being considered by the Special Committee and the Board. Such forward-looking information is based on a number of assumptions and subject to a variety of risks and uncertainties, including but not limited to those discussed in the sections entitled "Risks" and "Forward-Looking Statements" in the Company's interim and annual Management's Discussion and Analysis which are available under the Company's SEDAR+ profile on www.sedarplus.ca. While management believes that the assumptions made and reflected in this news release are reasonable, should one or more of the risks, uncertainties or other factors materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking information. In particular, there can be no assurance that: TNR will enter into one or more strategic transactions, partnership or a spin-out, or be able to complete any further royalty acquisitions or sales of royalty interests, or portions thereof; debt or equity financings will be available to TNR; or that TNR will be able to achieve any of its corporate objectives. Actual results and future events in respect of the Company's NSR's could differ materially from those anticipated in such forward-looking statements and information. Risks and uncertainties that could cause results or future events to differ materially from current expectations expressed or implied by the forward-looking statements and information include, but are not limited to, fluctuations in the market price of precious metals, mining industry risks, political, economic, social and security risks associated with foreign operations, the ability of the corporation to receive or receive in a timely manner permits or other approvals required in connection with operations, risks associated with the construction of mining operations and commencement of production and the projected costs thereof, risks related to litigation, the state of the capital markets, environmental risks and hazards, uncertainty as to calculation of mineral resources and reserves, and other risks. Readers should not place undue reliance on forward-looking statements or information included herein, which speak only as of the date hereof. TNR relies on the confirmation of its ownership for mining claims from the appropriate government agencies when paying rental payments for such mining claims requested by these agencies. There could be a risk in the future of the changing internal policies of such government agencies or risk related to the third parties, in future, challenging the ownership of such mining claims. Given these uncertainties, readers are cautioned that forward-looking statements included herein are not guarantees of future performance, and such forward-looking statements should not be unduly relied on.
In formulating the forward-looking statements contained herein, management has assumed that business and economic conditions affecting TNR and its royalty partners, McEwen Mining Inc., Ganfeng Lithium and Lundin Mining will continue substantially in the ordinary course, including without limitation with respect to general industry conditions, general levels of economic activity and regulations. These assumptions, although considered reasonable by management at the time of preparation, may prove to be incorrect.
Forward-looking information herein and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this cautionary statement. Except as required by law, the Company assumes no obligation to update forward-looking information should circumstances or management's estimates or opinions change.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/227982
FAQ
What is the size of Nuton's investment in McEwen Copper's Los Azules project?
What is TNR Gold's royalty stake in the Los Azules project?
When is the Los Azules project feasibility study expected to be published?
What is McEwen Copper's current market value after the investment?
