Vancouver, British Columbia--(Newsfile Corp. - February 23, 2026) - TNR Gold Corp. (TSXV: TNR) ("TNR", "TNR Gold" or the "Company") is pleased to announce that Litio Minera Argentina S.A., a subsidiary of Ganfeng Lithium ("Ganfeng Lithium") has provided an update on the Mariana Lithium Project in Argentina. TNR holds a 1.5% Net Smelter Return Royalty ("NSR") on the Mariana Lithium Project, of which a 0.15% NSR Royalty is held on behalf of a shareholder.On February 18, 2026, Litio Minera Argentina S.A. stat ...

Core Viewpoint - TNR Gold Corp. has appointed Leopold Sutton to its Board of Directors, bringing valuable expertise in business transformation consulting, while Tobias Higgins has resigned to pursue new professional commitments [1][4]. Company Overview - TNR Gold Corp. aims to become a leading player in the green energy metals royalty and gold sector, focusing on creating supply chains for critical materials that support the energy transition [5]. - The company holds a diverse portfolio of assets that provide exposure to various aspects of the mining cycle, including partnerships with industry leaders to generate royalty cash flows [6]. Recent Developments - Leopold Sutton's appointment is expected to enhance the company's governance practices and support the Audit Committee, leveraging his extensive experience in financial transformation consulting [4]. - The company has successfully generated high-quality global exploration projects over the past twenty-nine years, with notable potential in the Mariana Lithium Project and Los Azules Copper Project in Argentina [7]. Royalty Holdings - TNR Gold holds a 1.5% NSR royalty on the Mariana Lithium Project, with a potential repurchase arrangement that could adjust its holdings to 0.45% [8]. - The Mariana Lithium Project is fully owned by Ganfeng Lithium and has commenced production with a capacity of 20,000 tons per annum of lithium chloride [9]. - Additionally, TNR Gold holds a 0.4% NSR royalty on the Los Azules Copper Project, which is being developed by McEwen Inc., and a 7% NPR on the Batidero I and II properties of the Josemaria Project, developed by Lundin Mining and BHP [10]. Strategic Focus - The company is actively seeking joint venture partnerships for its Shotgun Gold porphyry project in Alaska, which is strategically located near significant gold projects [11]. - TNR Gold's strategy emphasizes diversification across gold, copper, silver, and lithium, with a commitment to generating in-demand projects and enhancing shareholder value [12].

Core Viewpoint - 2025 has been a successful year for International Lithium Corp. (ILC), marked by a significant turnaround in the lithium market from June onwards, alongside strategic expansions into other critical minerals [2][3]. Company Developments - ILC completed the sale of its Avalonia property in Ireland, generating C$2.5 million, which was reinvested into the Namibian project and other initiatives [8]. - The company acquired an option to buy Lepidico's 100% interest in Lepidico Mauritius for C$975,000, which includes an 80% interest in the Karibib project in Namibia, known for its substantial rubidium and cesium resources [6][8]. - The flagship Raleigh Lake project in Ontario remains economically viable at current spodumene prices and also contains significant rubidium resources [5][10]. Market Insights - The lithium market experienced a challenging first half in 2025, with prices dropping to about 10% of 2023 highs, but saw a recovery in the second half, with spodumene prices rising over 100% and lithium carbonate prices increasing by approximately 65% from June lows [3][4]. - The rebound in lithium prices has been largely overlooked, yet it has outperformed precious metals, indicating a positive trend for the lithium sector [4]. Future Outlook - The positive developments in 2025 and the recovery in lithium prices suggest a strong potential for ILC in 2026, especially if the company exercises its option to acquire Lepidico Mauritius, which would significantly enhance its resource portfolio [9][10]. - The Karibib project could provide ILC with a world-class resource in rubidium and one of the largest cesium deposits not controlled by a Chinese company, positioning the company for substantial growth [9].

Summary of Key Points from the Conference Call Industry Overview - **Industry Focus**: New Materials, specifically lithium, uranium, rare earths, magnets, and solar glass [1][6] - **Market Outlook**: Positive trends expected in lithium and uranium prices due to strong demand, while solar glass faces challenges from oversupply [1][2][3][5] Lithium Market Insights - **Demand Surge**: Lithium demand has exceeded expectations, particularly from Energy Storage Systems (ESS), with production up 70% year-over-year [2] - **Price Recovery**: Lithium carbonate prices in China have rebounded to nearly Rmb100,000 per ton, prompting the restart of previously idled production capacity [2] - **Future Growth**: The market anticipates a further 50% growth in ESS production in 2026, leading to a more balanced supply-demand scenario [2] - **Risks**: Six lepidolite mines in Yichun are at risk of temporary shutdowns in 2026, which could impact supply [2] Uranium Market Insights - **Price Momentum**: Strong momentum in uranium prices is expected, supported by major investment vehicles resuming buying in the spot market post-holiday season [3] - **Production Guidance**: Kazatomprom's production guidance for 2026, to be announced early next year, may act as a short-term catalyst for price increases [3] - **Long-term Contracts**: An increase in utilities contracting in November has led to improved long-term prices, currently at US$86 per pound [3] - **Investment Opportunities**: CGN Mining is expected to benefit from rising uranium prices and potential re-rating following the listing of its peer CNUC [3] Rare Earths and Magnets - **Price Strength**: Strong demand in downstream applications has led to robust rare earth prices, supported by China's supply-side controls [4] - **Export Normalization**: Leading magnet producers have received export licenses, normalizing shipments and potentially improving earnings in 2026 [4] Solar Glass Market Insights - **Weak Demand**: Solar glass demand remains weak, with installations in China boosted by a rush due to tariff reforms, leading to a potential decline in installations in 2026 [5] - **High Supply Pressure**: Current supply levels are high at approximately 88,000 tons per day, leading to inventory buildup and price drops to Rmb12 per square meter or lower [5] - **Capacity Adjustments Needed**: Continued capacity exits or maintenance are necessary to balance the market, with new overseas capacity expected to add further supply pressure in 2026 [5] Company-Specific Insights - **Ganfeng Lithium**: Price target raised to HK$62.40 for H-shares, reflecting demand upside from ESS [19] - **Tianqi Lithium**: Price target increased to HK$55.20 for H-shares, with EPS estimates adjusted significantly upward for 2026 [19] - **Sinomine Resources**: Price target raised to Rmb77.00, with EPS estimates showing substantial growth for 2026 [19] - **Xinyi Solar**: Price target decreased to HK$3.40, reflecting longer-term ASP changes despite a positive outlook for EPS in 2025 [21] - **Flat Glass**: Price targets adjusted downward due to expected production declines, with significant changes in EPS estimates for the coming years [21] Conclusion - **Investment Outlook**: The New Materials sector shows potential for growth, particularly in lithium and uranium, while challenges persist in the solar glass market. Companies like Ganfeng Lithium and Tianqi Lithium are positioned to benefit from favorable market conditions, while adjustments in price targets reflect the evolving landscape [1][19][21]

Market Overview - The lithium market is experiencing a recovery, currently trading around $13,500 per metric ton, which is a nearly 50% increase from intra-year lows and over 25% year-over-year, although still significantly below the $80,000 peak in 2022 [1] Demand Drivers - Electric vehicles (EVs) continue to be the primary source of lithium demand, but energy storage systems are emerging as the next major growth driver, with large-scale battery installations rapidly expanding [2] - Analysts predict that energy storage will outpace EV growth in 2026, particularly as EV markets in China mature and U.S. growth faces policy uncertainties [3] Energy Storage Systems - Energy storage systems vary from large utility-scale batteries to smaller grids that support homes and buildings, capable of operating independently during outages [4] - Integrated energy storage allows for the saving of excess supply to be utilized during peak demand times [5] Industry Outlook - Chinese lithium producers are optimistic about the emerging demand, with expectations for the global lithium market to reach balance by 2026 and 2027 due to rapid growth in energy storage installations [6] - Bernstein analysts note a bottoming market for lithium, anticipating tightening conditions through 2026 and 2027 [6] Technological Advancements - Direct lithium extraction (DLE) is moving towards commercial production, with Albemarle Corporation achieving recovery rates above 94% and water reuse of up to 85% in its Chilean DLE pilot plant [7] - Albemarle's stock has shown volatility, reflecting market uncertainty and optimism regarding technological advancements in lithium extraction [8] Investment Performance - The Global X Lithium & Battery Tech ETF is up 53.76% year-to-date, indicating strong investor interest in the sector as energy storage demand accelerates [8]

Summary of Global Energy Storage: 2026 Lithium Outlook Industry Overview - The report focuses on the lithium market, highlighting its cyclical nature and recent trends in supply and demand dynamics [1][10] - The lithium market is expected to tighten significantly in 2026 due to increasing demand from electric vehicles (EV) and energy storage systems (ESS) [4][54] Key Points Price Forecasts - Lithium carbonate prices are projected to rise from $10,000/ton in 2025 to $17,000/ton in 2026 and $25,000/ton in 2027, which is above current futures and consensus estimates [5][10] - Current spot prices have rebounded to approximately $13,000/ton but remain below the marginal cash cost of $11,000/ton, indicating insufficient levels to incentivize new supply [2][21] Supply and Demand Dynamics - In the first nine months of 2025, lithium supply reached 1.18 million tons of lithium carbonate equivalent (LCE) against a demand of 1.15 million tons LCE, indicating a balanced market [3][25] - Demand for lithium is forecasted to grow by 29% year-over-year to 2.2 million tons LCE in 2026, while supply is expected to grow by only 17%, leading to a utilization rate increase from 90% in 2025 to 99% in 2026 [4][54] Investment Implications - The report suggests that 2025 marks a trough in lithium prices, making it an attractive entry point for investors [7][10] - Lithium equities, particularly Tianqi Lithium, are expected to outperform, with a price target raised to RMB 74/share and HKD 69/share, reflecting higher price expectations and earnings upgrades [7][10] Inventory Trends - China's lithium inventory has decreased from approximately 120,000 tons at the beginning of the year to 110,000 tons, with inventory days dropping to around 25 days, the lowest since 2024 [3][80] - The decline in inventory days is seen as a positive indicator for tightening market conditions [28][80] Historical Context - Historically, lithium equities tend to lead price recoveries by 6 to 12 months and outperform for at least two years following a price trough [7][10] - The report notes that the lithium market has experienced an 85% collapse in spot prices from peak levels, leading to significant reductions in capital expenditures (capex) [14][40] Future Outlook - The long-term outlook for lithium demand is robust, with expectations for demand to triple from 1.7 million tons in 2025 to 4.1 million tons by 2030 [55] - The report emphasizes that a sustained higher price level is necessary to incentivize the restart of curtailed high-cost lithium projects [43][61] Additional Insights - The report highlights that the current valuations for lithium equities are below historical averages, suggesting potential for multiple expansions as higher prices drive earnings upgrades [7][10] - The lithium market is expected to remain cyclical, with supply responding elastically to price changes, and the need for higher prices to stimulate new investments is underscored [14][36]

Summary of Standard Lithium and Lithium Royalty Corp Conference Call Company and Industry Overview - **Companies Involved**: Standard Lithium (NYSEAM:SLI) and Lithium Royalty Corp - **Industry Focus**: Lithium and battery materials, particularly for electric vehicles (EVs) and energy storage systems (ESS) Key Points from the Conference Call Standard Lithium Overview - Standard Lithium is a near-commercial lithium company focused on sustainable development of high-grade lithium-ion properties in the U.S. [2] - The company is advancing its Southwest Arkansas project, a $1.5 billion initiative aiming for 22,500 tons of lithium carbonate production, with a target completion date of 2028 [6][7]. Lithium Royalty Corp Overview - Lithium Royalty Corp was established in 2018 and has a portfolio of 37 royalties globally, with a focus on lithium projects [3][4]. - The company raised $150 million during its IPO in March 2023, marking it as the only IPO on the TSX that year [3]. Demand and Market Trends - Lithium demand is projected to grow by 25% in 2026, with potential for 30% growth driven by EVs and ESS [9][11]. - Key indicators for demand health include rising electrolyte prices and seasonal trends in EV sales [9][10]. - Energy storage is expected to account for approximately 27% of the lithium market by the end of the year, with growth rates of 50%-70% anticipated [10]. U.S. Market Dynamics - The U.S. government acknowledges its lag behind China in the battery supply chain and is working to address this issue [15][16]. - Permitting processes are a significant challenge for hard rock mining, but Standard Lithium's projects are on private lands, easing regulatory hurdles [17][18]. Industry Consolidation and Investment - Major energy companies like Equinor are actively involved in lithium projects, indicating a trend of consolidation in the industry [24][26]. - There is a recognition that large public companies are managing cyclical commodity businesses, leading to cost-cutting measures during downturns [28]. Project Milestones and Future Plans - Standard Lithium is finalizing its definitive feasibility study and is in discussions for debt financing and offtake agreements [30][31]. - The company aims to expand production to approximately 150,000 tons per year by 2035, with projects in both Arkansas and East Texas [32][33]. Pricing Trends and Long-term Outlook - Pricing for lithium is expected to be robust in 2026, with potential peak prices ranging from $2,000 to $6,000 per ton [42]. - Long-term pricing needs to be above $18,000 to $20,000 per ton to support new lithium projects [45]. - Standard Lithium maintains a competitive cost structure, with production costs under $6,000 per ton, allowing for resilience in volatile markets [47]. Conclusion - The conference highlighted the growing demand for lithium driven by EVs and energy storage, the strategic partnerships being formed in the industry, and the proactive steps being taken by companies like Standard Lithium to secure their position in the market. The focus on sustainable practices and government support for domestic supply chains is expected to play a crucial role in the future of the lithium industry.

Core Insights - Armory Mining Corp. is advancing its Candela II lithium brine project in Argentina, focusing on minerals critical to energy, security, and defense sectors [1][6] - The company plans to conduct a scoping study to assess the technical viability and economic potential of the Candela II project, which has an inferred resource of 457,000 tonnes of lithium carbonate in-situ [2][3] Project Development - The scoping study aims to provide preliminary estimates of production potential, resource expansion, capital and operating costs, and will also evaluate environmental impacts and regulatory requirements [3] - The current market price for lithium carbonate is $13,401 per ton for 99.5% battery grade as of November 17, 2025 [2] Location and Competition - The Candela II project is situated in the 'Lithium Triangle' of South America, near major players like Ganfeng Lithium, Rio Tinto, and Power Minerals [4] - Ganfeng Lithium, the largest producer of battery-grade lithium in China, holds an adjacent concession and a production well approximately 9.8 km from Candela II [4]

Summary of China Lithium Market Conference Call Industry Overview - The focus is on the China lithium market, particularly lithium carbonate and its supply dynamics amid regulatory disruptions [1][2][3]. Key Insights 1. **Price Adjustments**: - Average spot price assumptions for China lithium carbonate have been increased by 3% for 2025E, 33% for 2026E, and 20% for 2027E [1]. - The current spot price for lithium carbonate rose by 18% to Rmb85,000/ton as of August 21, 2025, following supply disruptions [2]. 2. **Supply Disruptions**: - Significant supply risks identified, with approximately 240kt LCE (15% of 2025E global supply) at risk due to non-compliance in mining activities [2]. - Specific operations affected include: - Zangge Mining's operation in Qinghai (1% of global supply) suspended since July 14, 2025. - CATL's lepidolite mine in Yichun (5% of global supply) suspended since August 10, 2025. - Seven other lepidolite mines in Yichun (6% of global supply) at risk of disruption post-September 30, 2025. - Citic Guoan's lithium brine operations (3% of global supply) facing risks due to overproduction and expiring mining licenses [2]. 3. **Earnings Forecasts**: - Earnings forecasts for China lithium equities have been raised by 5%-250% for 2025E-2027E, reflecting the impact of supply disruptions [1]. 4. **Scenario Analysis**: - **Base Case**: Anticipates strict enforcement of mining rights investigations, leading to: - Zangge's suspension lasting 1-2 months. - CATL's suspension lasting approximately 12 months. - Other mines facing disruptions for 9-12 months post-verification [3][6]. - **Downside Case**: Exemption of suspensions during transitional periods, leading to a potential decline in lithium carbonate prices to Rmb70,000/ton in 2026E, with a 3-51% downside to EPS [4][7]. - **Upside Case**: Stricter enforcement could lead to prices reaching Rmb120,000/ton in 2026E, with a potential upside of 20-350% to EPS [4][8]. 5. **Market Dynamics**: - The report indicates a potential supply surplus of 8% in 2025E and 1% in 2026E, with expectations of lithium carbonate prices reaching Rmb100,000/ton in 2026E [3]. 6. **Long-term Demand**: - Projected growth in electric vehicle (EV) sales, with total EV sales expected to reach 25 million units by 2026E, driving increased demand for lithium [12]. 7. **Valuation and Risks**: - Valuation based on EV/EBITDA multiples, with key risks including execution of mining rights investigations, commodity price volatility, and regulatory changes [17]. Additional Insights - The report emphasizes the importance of monitoring inventory levels, which have decreased at lithium converters while increasing at downstream battery producers [11]. - The sensitivity of net profits for major lithium companies like Tianqi Lithium and Ganfeng Lithium is highlighted, indicating how price fluctuations can significantly impact profitability [15]. This summary encapsulates the critical points discussed in the conference call regarding the China lithium market, focusing on supply disruptions, price forecasts, and potential investment implications.

Summary of the Conference Call on China Lithium Industry Industry Overview - The conference call focuses on the **China Lithium Industry**, particularly the implications of recent regulatory investigations on lithium mining rights and their impact on lithium prices and supply dynamics [2][3]. Key Points and Arguments 1. **Price Increase**: The price of China GFEX lithium carbonate futures (Sept 2025 contract) rose to **Rmb72.8k/t** as of July 22, marking a **25% increase** from the previous month's low of **Rmb58.4k/t** [2]. 2. **Supply Disruption Concerns**: Market concerns about potential supply disruptions have escalated due to: - An investigation by the central government into mining rights. - Local government orders for certain companies, such as Zangge Mining, to suspend lithium production [2][3]. 3. **Regulatory Compliance Issues**: Many lithium mines are reportedly not compliant with regulations, lacking proper mining licenses or failing to pay required royalties. This non-compliance puts approximately **229kt LCE** of lithium supply at risk, with **120kt LCE** identified as high risk for short-term suspension [3][4]. 4. **Inventory Levels**: As of last week, there was an inventory of **142.6kt LCE** of lithium carbonate along the supply chain in China, which may be affected by the supply disruptions [4]. 5. **Short-term Outlook**: The anticipated supply disruptions are expected to be temporary, as production is likely to resume once operators comply with regulatory requirements [4]. Valuation Insights 1. **Price Forecast**: If the supply disruption of **131kt LCE** is confirmed, lithium carbonate futures prices could potentially rise to **Rmb100k/t** in the short term [5]. 2. **Top Picks**: The report identifies **Qinghai Salt Lake Industry (QSLI)** as the top pick due to its compliance with lithium mining rights, followed by **Tianqi Lithium** and **Ganfeng Lithium** [5]. Risks and Considerations 1. **Market Risks**: Key risks to the lithium sector include: - Volatility in commodity prices. - Regulatory changes. - Production disruptions [7]. 2. **Demand Risks**: Demand for lithium is primarily driven by sectors such as portable electronics and electric vehicle (EV) batteries [7]. Additional Important Information - The report emphasizes the importance of compliance with mining regulations and the potential financial implications for companies involved in lithium production [3][4]. - Analysts involved in the report include Sky Han, Sharon Ding, and others from UBS Securities Asia Limited, highlighting the expertise behind the analysis [6]. This summary encapsulates the critical insights from the conference call regarding the current state and future outlook of the China lithium industry, emphasizing the interplay between regulatory actions and market dynamics.