TNR Gold Corp (TSX-V:TNR, OTC:TRRXF) revealed new developments related to the acquisition of Josemaria Resources Inc (TSX:JOSE, NASDAQ OMX:JOSE, OTCQB:JOSMF) by Lundin Mining Corporation (TSX:LUN), which was first announced earlier in April.
Josemaira’s flagship asset is the Josemaria copper-gold project in Argentina, on which TNR holds a 7% net profit interest royalty covering the Batidero I and II properties.
In a statement, Vancouver-based TNR told investors that Lundin and Josemaria have completed a plan of arrangement related to the acquisition.
READ: TNR Gold considers partial Ganfeng's Mariana Lithium royalty sale
An earlier statement from Lundin, an internationally-recognized mining major, revealed that the company aims to complete an updated technical report for the project in the fourth quarter of 2022.
Lundin CEO Peter Rockandel cited the “excellent reputation” of Josemaria Resources in San Juan and Argentina, adding that the company is excited to lead the project through the remaining stages of development and into production.
For TNR, a lead generator advancing a number of green energy metals projects around the world, its 7% NPR holding on the Batidero I and II properties “represents future growth potential” for its royalty portfolio.
“The essence of our business model is to have industry leaders like Ganfeng Lithium, McEwen Mining and Lundin Group as operators on the projects that will potentially generate royalty cash flows to contribute and develop a significant long-term value for our shareholders,” CEO Kirill Klip said in a statement.
The group is primarily focused on the development of the Shotgun gold project in Alaska, but it is investigating potential new acquisitions, Klip added.
TNR also holds a 0.4% NSR on the Los Azules copper project in Argentina, which is being developed by McEwen Mining Inc (NYSE:MUX), and a 2.0% NSR on the Mariana lithium project in Argentina with Ganfeng Lithium.
Contact Angela at angela@proactiveinvestors.com
Follow her on Twitter @AHarmantas