TNR Gold Corp (TSX-V:TNR, OTC:TRRXF) gave its shareholders a positive update on developments at the Mariana lithium project, telling investors that the project is “progressing smoothly.”
Vancouver-based TNR holds a 1.5% NSR Royalty on the Mariana lithium project in Argentina, of which 0.15% NSR Royalty is held on behalf of a shareholder.
Project owner Ganfeng Lithium outlined development in its 2022 annual report, where it said that the lithium salt lake project in Argentina is “progressing smoothly at present.”
The first evaporation pond is in the stage of water injection, according to Ganfeng Lithium. The company expects to start production in 2024.
That means exciting things are on the horizon for TNR, a royalty company with broad exposure to gold, copper, silver and lithium properties.
Kirill Klip, TNR's CEO commented: "We are very pleased that the Mariana lithium project is progressing smoothly towards expected commercial production in 2024.
"Representatives of Ganfeng Lithium confirmed to the Governor of Salta Gustavo Sáenz that the Mariana project, on which construction began last June, will start producing, in 2024, an estimated 20,000 tons per year of lithium chloride,” Klip said in a statement.
The operational phase of the Mariana lithium project began in January 2023, the Government of Salta reported on Ganfeng Lithium's announcement, according to Klip.
TNR does not have to contribute any capital for the development of the Mariana project, Klip noted.
“The essence of our business model is to have industry leaders like Ganfeng Lithium as operators on the projects that will potentially generate royalty cashflows to contribute significant value for our shareholders,” he concluded.
TNR Gold’s 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,” according to the company, and the gold industry that is providing a hedge for this stage of the economic cycle.
Contact Angela at angela@proactiveinvestors.com
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