TNR Gold NSR Royalty Update - Los Azules Feasibility Study Confirms Economically Robust Copper Project With Leading ESG Performance

Core Insights - TNR Gold Corp. holds a 0.4% net smelter returns royalty on the Los Azules copper project, which has shown robust economic potential and strong ESG performance according to a recent feasibility study [1][3][4] Project Overview - The Los Azules project is confirmed as a long-life, low-cost producer of high-purity copper cathodes, with a focus on sustainability and reduced environmental impact [3][4][5] - The project is designed to be a model for responsible mining, aiming for carbon neutrality by 2038 and utilizing 100% renewable energy [15][26][42] Economic Metrics - The feasibility study indicates an after-tax NPV of $2.9 billion, an IRR of 19.8%, and a payback period of 3.9 years [14][68] - Initial capital expenditure is estimated at $3.17 billion, with average annual copper production projected at 148,200 tonnes over a 21-year mine life [14][71] Production and Costs - Average annual production during the first five years is expected to be 204,800 tonnes, with a C1 cash cost of $1.71 per pound and an all-in sustaining cost of $2.11 per pound [14][71] - The project anticipates a total copper recovery rate of approximately 70.8% [66] Environmental and Regulatory Aspects - The project has received necessary environmental permits and is accepted into Argentina's Large Investment Incentive Regime, providing stability for 30 years [15][38] - The design includes a heap leach process that significantly reduces water usage and eliminates the need for tailings dams [15][36] Future Growth Opportunities - Exploration targets near Los Azules, including Tango, Porfido Norte, Franca, and Mercedes, are prioritized for future drilling to potentially extend the mine life [34][35] - The feasibility study also considers the potential application of Nuton® technology for processing primary ores, which could further enhance project economics [74]