TNR Gold Gets ISS Support in Proxy Fight Against Dissident Nominee
News related to:TNR Gold Corp · 2 min read
TNR Gold Corp. has received support from Institutional Shareholder Services Inc. (ISS) in its ongoing proxy fight against dissident Eucalyptus Resources Opportunities Fund 1, LP. The ISS, a leading independent proxy advisor, has recommended that shareholders vote in favor of TNR Gold's management and against the dissident nominee, Jon Christian "JC" Evensen.
According to the ISS, TNR Gold has outperformed its peer group over the past three and five years. The company's strategy, led by CEO Kirill Klip, has been validated by the Altius Minerals Corporation private placement, which the ISS highlighted as the most direct example of value creation associated with Klip's tenure. The Altius private placement was accompanied by a 30% increase in share price and has maintained a higher trading range since the transaction.
Klip, the Executive Chairman of TNR Gold, expressed gratitude to shareholders who have already voted in support of the company's strategy.
The ISS report also noted that TNR Gold has delivered a 775% five-year total shareholder return, significantly outperforming the 161% for the equal-weighted royalty peer group, 252% for the market-capitalization-weighted royalty peer group, and 207% for the VanEck Junior Gold Miners ETF. The company's strategy, which focuses on providing diversified exposure to lithium, copper, gold, and silver, has been instrumental in achieving these results.
TNR Gold's portfolio includes several key projects, such as the Mariana Lithium project in Argentina, where Ganfeng Lithium has commenced production and completed its first exports of lithium chloride. TNR holds a 1.5% net smelter return royalty on this project, of which 0.15% is held on behalf of a shareholder. As operations ramp up, this royalty positions the company for its first potential royalty revenue.
Additionally, the Los Azules Copper project in Argentina is being advanced by McEwen Inc., with TNR holding a 0.4% net smelter return royalty. The Josemaria project, also in Argentina, is being developed by the joint venture between Lundin Mining and BHP, with TNR holding a 7% net profits royalty. Lastly, the Shotgun Gold project in Alaska, where TNR holds a 90% interest, is being actively pursued to attract a joint venture partner to fund further exploration.
TNR Gold is urging shareholders to vote the BLUE Proxy, which is a vote to protect the company's proven strategy, preserve institutional knowledge and continuity, and reject the dissident campaign. The BLUE Proxy must be received no later than 10:00 a.m. Pacific Time on Friday, September 18, 2026. Shareholders who have already voted using a green proxy can still change their vote by using the later-dated BLUE Proxy.
The company is emphasizing the importance of continuity and the value of the current leadership, which has preserved and advanced a diversified royalty portfolio, maintained a debt-free balance sheet, attracted a strategic investment from Altius, and positioned the company for potential first royalty revenue. The dissident's proposal to replace the entire board without offering a control premium or a credible go-forward plan is seen as a risk to the company's strategic continuity and execution.
In conclusion, TNR Gold is entering one of the most important periods in its history, with its royalty-focused strategy delivering results and being validated by industry participants. The company is urging shareholders to protect their investment by voting the BLUE Proxy and supporting the current management.