TNR Gold holds royalty interests relating to the Los Azules, Mariana and Josemaria projects in Argentina. Credit: Terelyuk/Shutterstock.com.
Altius Minerals has agreed to acquire TNR Gold for C$122m ($85.7m), offering TNR shareholders a 60% premium over the company’s recent trading price as part of a share-based transaction.
The proposed acquisition, which will proceed through a court-sanctioned arrangement, aims to give Altius full ownership of TNR and its portfolio of royalty interests across major mineral projects in Argentina.
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Eligible shareholders of TNR Gold who do not dissent will receive 0.0072 Altius shares and 0.25 shares of a newly formed company, TNR SpinCo, for each TNR share held.
Based on Altius’s share price at close on 10 November 2026, the arrangement values each TNR share at approximately C$0.48, including C$0.38 in Altius shares and C$0.10 in SpinCo shares.
Through the transaction, Altius will acquire TNR’s interests in the Los Azules Copper Project, Mariana Lithium Project, and Josemaria Copper-Gold Project.
The company said this would increase its exposure to copper and lithium royalties.
TNR SpinCo will take ownership of the Shotgun Gold Project in Alaska and related assets, with former TNR shareholders initially holding about 88% and Altius 12%.
Altius has agreed to invest C$2.2m to raise its SpinCo stake to approximately 19.9% and provide technical support to SpinCo.
The Los Azules interest being acquired represents an effective 0.36% net smelter return royalty (NSR). Its developer is targeting a final investment (FID) decision by mid-2027 and first production in 2030.
Mariana recently commenced production and is ramping up towards a target output of 20,000 tonnes per year of lithium carbonate equivalent (LCE). The royalty being acquired provides Altius with an effective 1.35% net smelter return interest.
Several major TNR shareholders, representing about 28% of outstanding shares, have agreed to vote in favour of the deal.
Completion is contingent on the approval of at least two-thirds of TNR’s shareholders, final court orders, regulatory clearances, and standard closing conditions.
TNR expects to hold a shareholder meeting regarding the arrangement in December 2026.
If completed, TNR will become a wholly owned Altius subsidiary and will be delisted from the TSX Venture Exchange.
Closing of the agreement is expected around the first quarter of 2027.
SpinCo will remain as an independent company owned primarily by former TNR shareholders and Altius.
Altius CEO Brian Dalton said: “This transaction adds a significant development-stage royalty over the Los Azules project, which offers the potential for decades of increased copper exposure within our portfolio.
“It also results in the consolidation of an operating-stage royalty relating to the Mariana lithium brine project. Both of these assets feature attributes that are hallmarks of Altius’s long-term royalty investing strategy.”
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Source: www.mining-technology.com — article syndicated from the publisher’s feed; all rights remain with the original publisher.
