Rob McEwen’s copper venture is moving forward with a major project in Argentina, betting a new legal and fiscal stability program shields it from the latest spate of turmoil in the nation https://t.co/deNUn8CXdr ...

Core Insights - TNR Gold Corp has achieved a 100% increase in share price this year and aims for further growth milestones [1][5][14] - The company is transitioning from a project generator to a royalty-generating entity, with the first royalty payments expected soon from the Mariana lithium project [2][6][7] Mariana Lithium Project - Partner Ganfeng has commenced gradual production of lithium chloride, with plans to scale up to 20,000 tonnes per year [2][6] - The project is anticipated to generate cash flow for TNR Gold, marking a significant strategic shift [6][7] Los Azules Copper Project - A collaboration agreement between McEwen Copper and the International Finance Corporation (IFC) is seen as a strong endorsement for project financing [3][8] - TNR Gold's royalty on Los Azules could be valued at up to $30 million based on recent comparable deals [3][11] - The project is among the largest copper projects globally, with significant resources estimated at 10.9 billion pounds of copper in the indicated category and 26.7 billion pounds in the inferred category [12][13] Market Recognition - A new research report has raised TNR Gold's target price from $0.28 to $0.30, reflecting growing market confidence in the company's potential [4][13]

1. Report Industry Investment Rating - Not provided in the report 2. Core View of the Report - Last week, copper prices broke upward. The main reasons were that the performance of the US core inflation in August met expectations, boosting the expectation of an interest - rate cut this year. The dismissal storm of Cook was postponed, which lifted the US dollar index to rebound from a low level. China's industrial enterprise profits in August showed a significant year - on - year rebound, and the anti - involution policy effectively boosted market confidence. From the fundamental perspective, both Indonesia's Grasberg and Peru's Antamina significantly lowered their recent production expectations, the supply of concentrates became tighter, the expected domestic refined copper production declined, social inventories were running at a low level, and the near - month futures market returned to a flat price structure. Overall, the continuous rise in copper mine interference rate and the start of interest - rate cuts by global central banks paved the way for the upward movement of copper prices from both macro and fundamental aspects. The rebound of the US dollar index had limited suppression on copper prices. The central bank restarted reverse repurchase to provide a loose liquidity environment. The anti - involution policy in key domestic industries had shown good effects. The domestic tight - balance structure intensified, social inventories were running at a low level, and there was an expectation of a slight reduction in refined copper production this month. It is expected that copper prices will enter a volatile upward trend in the short term [2][3][8]. 3. Summary According to Relevant Catalogs 3.1 Market Data - Price Changes: From September 19th to September 26th, LME copper rose from $9996.50/ton to $10205.00/ton, a increase of 2.09%; COMEX copper rose from 463.05 cents/pound to 476.45 cents/pound, a increase of 2.89%; SHFE copper rose from 79850 yuan/ton to 82470 yuan/ton, a increase of 3.28%; international copper rose from 70810 yuan/ton to 72870 yuan/ton, a increase of 2.91%. The Shanghai - London ratio rose from 7.99 to 8.08. The LME spot premium/discount rose from -$64.90/ton to -$33.91/ton, a decrease of 47.75%, and the Shanghai spot premium/discount fell from 70 yuan/ton to -5 yuan/ton [4]. - Inventory Changes: As of September 26th, the total inventory of LME, COMEX, SHFE, and Shanghai Bonded Area decreased to 641,745 tons, a decrease of 0.77% compared with September 19th. Among them, LME inventory decreased by 3250 tons (-2.20%), COMEX inventory increased by 5510 short tons (1.74%), SHFE inventory decreased by 7008 tons (-6.63%), and Shanghai Bonded Area inventory decreased by 200 tons (-0.26%) [7]. 3.2 Market Analysis and Outlook - Macro - aspect: In the US, the core PCE in August was +2.7% year - on - year and +0.3% month - on - month, both meeting expectations. Consumer spending on non - essential goods was strong. There was a dispute over the dismissal of Fed Governor Cook, and some officials had different views on interest - rate cuts. The US imposed a 15% tariff on EU imported automobiles. In China, the total profit of industrial enterprises above designated size in August increased by 20.4% year - on - year, and the cumulative year - on - year growth from January to August was 0.9%. The equipment manufacturing industry played a significant role [9]. - Supply - demand aspect: Indonesian Grasberg and other mines had production problems, and the supply of concentrates was tight. The implementation of Document No. 770 was expected to intensify the shortage of domestic resources. The production of refined copper in September was expected to decrease by more than 50,000 tons. In terms of demand, the construction of power grid investment projects was limited, the start - up rate of the copper cable industry was lower than the same period in previous years. New energy vehicle orders were abundant, but the copper consumption in the photovoltaic industry declined. The overall consumption remained stable, and the domestic social inventory was at a low level, with the tight - balance structure intensifying [10]. 3.3 Industry News - Freeport's Indonesian Grasberg copper mine suspended operations due to an accident, resulting in a significant decline in the production of copper and gold. The production was expected to return to normal in 2027. The company declared force majeure, and the insurance compensation was expected to have a deductible of $500 million and an upper limit of $700 million [11]. - Canadian mining company Hudbay Minerals' factory in Peru temporarily closed due to protests, and the company was working to resume normal operations, stating that it would not affect its production and cost guidance in 2025 [12]. - Argentina approved Canadian mining company McEwen Copper's $2.7 billion investment in the Los Azules copper project, which was expected to contribute $1.1 billion to exports annually. The project was planned to start producing cathode copper in 2029 [13]. 3.4 Related Charts - The report provides multiple charts showing the price trends, inventory changes, premium/discount trends, and other aspects of copper, including the price trends of SHFE copper and LME copper, LME copper inventory, LME copper premium/discount, etc., with the data source being iFinD and Tongguan Jinyuan Futures [17][20][24].

McEwen Copper said its Los Azules copper project in Argentina has been approved for inclusion in the Milei government’s strategic development initiative, allowing the company to advance its $2.67 billion development https://t.co/zt6k4c1xIo ...

Core Insights - Argentina has approved McEwen Copper's $2.7 billion Los Azules copper project for a tax break program called the Large Investment Incentive Regime (RIGI) [1] Company Summary - McEwen Copper is a Canadian mining company that is set to benefit from the approval of its Los Azules copper project in Argentina [1] - The project is valued at $2.7 billion, indicating a significant investment in the mining sector [1] Industry Summary - The approval of the Los Azules project under the RIGI program highlights Argentina's efforts to attract foreign investment in the mining industry [1] - The tax break program aims to incentivize large investments, which could lead to increased copper production in the country [1]

Core Viewpoint - McEwen Mining Inc. reported its Q1 2025 results, highlighting a strategic focus on increasing gold production and improving financial performance despite operational challenges [1][4][8]. Production and Growth Plans - The company aims to significantly increase annual gold production at the Fox Complex, targeting 60,000 ounces by 2027, with potential expansion to 120,000 - 150,000 ounces by 2030, contingent on timely permit approvals [2]. - Consolidated production for Q1 2025 was 24,131 GEOs, a decrease from 33,037 GEOs in Q1 2024, with expectations to meet the 2025 production guidance of 120,000 to 140,000 GEOs [14][36]. Financial Performance - Gross profit for Q1 2025 was $10.1 million, up from $6.0 million in Q1 2024, driven by a 31% increase in average realized gold price [8]. - The net loss for Q1 2025 was $3.9 million, an improvement from a net loss of $20.4 million in Q1 2024, attributed to reduced expenditures from McEwen Copper and higher gross profit from gold operations [9]. Capital and Liquidity - To fund growth initiatives, the company completed a $110 million convertible debt offering, with a focus on transitioning production at the Fox Complex [3][10]. - As of March 31, 2025, consolidated cash and cash equivalents were $68.5 million, a significant increase from $17.5 million at the end of 2024 [13]. Mine Performance - The Gold Bar Mine produced 7,688 GEOs in Q1 2025, down from 11,716 GEOs in Q1 2024, with expectations for steady production increases through the year [15]. - The San José Mine produced 10,924 GEOs in Q1 2025, a 16% decrease from the previous year, impacted by lower processed grades and recovery rates [22]. Exploration and Development - The company is advancing its Grey Fox project, with a pre-feasibility study underway to better define its potential and production timeline [3][21]. - Exploration at the Fox Complex resulted in a 32% increase in indicated ounces at Grey Fox, now totaling 1,538,000 ounces at a grade of 3.64 g/t Au [21]. McEwen Copper Developments - McEwen Copper invested $21.3 million in Q1 2025 to advance the feasibility study for the Los Azules copper project, which is one of the largest undeveloped copper deposits globally [26][27]. - The company is seeking admission to the Regime of Incentives for Investment in Argentina, which could provide significant fiscal and regulatory benefits for the Los Azules project [32].

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