TNR Gold Los Azules NSR Royalty Holding Presentation December 2018
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Building The Green Energy Metals Royalty Company: TNR Gold Los Azules NSR Royalty Holding Presentation December 2018
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TNR Gold Los Azules NSR Royalty Holding Presentation December 2018
- 1. ThePowerofDiscovery December 2018 Los Azules Copper NSR Royalty Holding
- 4. TSXV:TNR www.tnrgoldcorp.com LEADERSHIP Directors Kirill Klip, MBA, Executive Chairman John Davies Greg Johnson B.Sc. Natalia Lobanova …our corporate direction comes from a blend of proven creators of enterprise value and technical expertise… Management Kirill Klip, MBA – President and CEO Maurice Brooks B.Sc., FCA (ICAEW) – CFO Anthony Kovacs – Chief Operating Officer Nancy LaCouvée – Corporate Secretary Roberto Lara – Managing Director (South America) Natalia Lobanova – Strategic Communications: PR, Marketing and Social Media Dr. Frederick Breaks, P.Geo – Technical Adviser
- 5. TSXV:TNR www.tnrgoldcorp.com CORPORATE CULTURE a green energy metals royalty company with strong management ownership “ Experienced ManagementTeam Project Portfolio Management Strategic energy metals focus: lithium and copper Gold and precious metal assets Proven Business Model Identify and acquire projects at an early stage Selectively advance projects Use JV partnerships to mitigate costs and risk Maximize value, minimize success time Strong ownership by insiders and management
- 6. TSXV:TNR www.tnrgoldcorp.com GLOBAL ASSETS CURRENT HOLDINGS Los Azules, Argentina • World Class Cu-Au deposit • TNR holds 0.36% NSR Royalty • 100% owned by McEwen Mining Shotgun Gold, Alaska • Porphyry gold deposit • Multi-million oz potential • Well defined mineralization model International Lithium Corp. (“ILC”) • TNR spin out in 2011 • TNR holds a Strategic Stake in ILC • TNR holds 1.8% NSR Royalty in Mariana Lithium – ILC and Ganfeng JV LondonVancouver San Juan Shotgun Los Azules Office Project ILC Lithium ProjectsMariana Lithium Salta Mavis / Fairservice Raleigh Avalonia
- 8. ASSETS►Argentina TSXV:TNR www.tnrgoldcorp.com FinancialTimes “People are more confident in the future, the economy, in making investments. They are tired of corruption and populism,” Cecilia de Francesca. REUTERS
- 9. ASSETS► Los Azules Argentina is one of the largest economies in Latin America. Argentina is currently undergoing an economic transformation and integration into the global economy. Presidential elections at the end of 2015 led to a significant change in Argentine economic policy. The results of the mid-term elections in October 2017 prove that the new administration is gaining more support for its economic policies in Argentina. TSXV:TNR www.tnrgoldcorp.com US $3.3 B Allocated by the World Bank for the execution of the Country Partnership Strategy with Argentina McEwen Mining World Bank 100% owned by McEwen Mining Inc. TNR holds a 0.36% NSR royalty
- 10. Los Azules ranks as one of the top 2 or 3 world class deposits that are “for sale” and in a low risk jurisdiction TNR holds a 0.36% NSR royalty “ Note: Mineral resources do not have demonstrated economic viability. Estimate of Mineral Resources byType (0.20% Cu cut-off)(1) (1)Technical report titled “NI 43-101 Technical Report – Preliminary Economic Assessment Update for the Los Azules Project, Argentina ,” with an effective date of September 1, 2017, prepared by D. Brown, CPEng, M. Bunyard, C. Eng, FAusIMM, B. Davis, FAusIMM, J. Duff, P. Geol, R. Duinker, P. Eng, MBA, J. Farrell, P. Eng, W. Rose, P. E., K. Seddon, CPEng, R. Sim, P. Geo, all of whom are qualified persons and all of whom but D. Brown and J. Duff are considered independent of McEwen Mining, as defined by NI 43-101. TNR Gold Corp. has not engaged an independent qualified person to verify the technical disclosures provided by McEewn Mining Inc. Mineral resources are not mineral reserves and there is no guarantee that the resources reported herein will result in an economic mining scenario. McEwen Mining TSXV:TNR www.tnrgoldcorp.com ► Los Azules Resource
- 11. Total contained copper is 4.6Mt (Indicated) and 8.8Mt (Inferred)2 Total contained gold is 1.7Moz (Indicated) and 3.8Moz (Inferred) Total contained silver is 56Moz (Indicated) and 136Moz (Inferred) TSXV:TNR www.tnrgoldcorp.com ► Los Azules Resource McEwen Mining LongitudinalSectionThrough the LosAzules Deposit (looking west – southwest) The copper resource contains 10.2 billion pounds Indicated and 19.3 billion pounds Inferred2“ (2)Please refer to technical disclosure statement (1) regarding the resource estimate.
- 12. TSXV:TNR www.tnrgoldcorp.com 12 ► Los Azules Los Azules PEA Annual Production (4)Please refer to technical disclosure statements (1 and 3) regarding the PEA. If ItWere in Production Now, Referenced to 2017World Copper Mine Production (4) McEwen Mining
- 13. TSXV:TNR www.tnrgoldcorp.com 13 ► Los Azules Los Azules PEA C1 Cost per Pound Copper (4)Please refer to technical disclosure statements (1 and 3) regarding the PEA. If ItWere in Production Now, Referenced to 2017World Copper Mine C1 Cost (4) McEwen Mining
- 14. TSXV:TNR www.tnrgoldcorp.com ► Los Azules Preliminary Economic Assessment 2017 PEA Highlights(1,3) Base Case ($3.00/lb copper, $1,300/oz gold, $17/oz silver) • $2.2 billionAfter-Tax NPV (8% discount rate) and 20.1% After-Tax IRR • 3.6 year payback and a 36 years Life of Mine (LOM); • 415 million lb average annual copper production for the first 10 years. • $1.11/lb average cash copper production costs (C1*) for the first 10 years, $1.28/lb average C1 costs over LOM. McEwen Mining (3) The PEA reported and documented by McEwen Mining is preliminary in nature, it includes inferred mineral resources that are considered too geologically speculative to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the preliminary economic assessment will be realized. Mineral resources, including those categorized as “measured and indicated” as well as “inferred” are not mineral reserves and the economic viability of these mineral resources have not been demonstrated by this economic analysis. McEwen Mining's press releases and website material appear to be prepared by Qualified Persons and the procedures, methodology and key assumptions disclosed by McEwen Mining are those adopted and consistently applied in the mining industry, but no Qualified Person engaged by TNR has done sufficient work to analyze, interpret, classify or verify McEwen Mining's information, nor to determine the current mineral reserve or resource or any other information referred to in their press releases. Accordingly, the reader is cautioned in placing any reliance on these disclosures.
- 15. TSXV:TNR www.tnrgoldcorp.com 15 ► Los Azules PEA: Commodity Price Assumptions $3.00/lb copper $1,300/oz gold $17/oz silver Undiscounted net smelter return, over the life of the mining project $35.2 billion UndiscountedCash FlowWaterfall Diagram for the Life of Project(4) McEwen Mining (4)Please refer to technical disclosure statements (1 and 3) regarding the PEA.
- 16. TSXV:TNR www.tnrgoldcorp.com 16 ► Los Azules PotentialValue ofTNR’s NSR Royalty (4)Please refer to technical disclosure statements (1 and 3) regarding the PEA. DiscountedCash FlowWaterfall Diagram for the Life of Project(4) McEwen Mining TNR holds a 0.36% NSR royalty on the entire LosAzules project PEA estimates undiscounted cash flow for the life of mine Net Smelter Return over $35B (4) PEA estimates discounted cash flow (8%) for the life of mine with the Net Smelter Return over $10.5B (4)
- 17. ► Los Azules Summary Argentina is open for business Los Azules deposit is massive 100% owned by McEwen Mining TNR has 0.36% NSR royalty PEA shows favorable results Project is moving forward IncreasedValue forTNR! TSXV:TNR www.tnrgoldcorp.com 17 McEwen Mining
- 18. TSXV:TNR CONTACT JointVenture Partnerships Financing -We welcome your inquiries - Investor Relations hub https://tnrgoldcorp.com/investors/ IR@tnrgoldcorp.com 1111 Melville Street, Suite 1100 Vancouver, BC,V6E 3V6, Canada Phone: +1 604-700-8912 Fax: +1 604-484-7143 www.tnrgoldcorp.com
- 19. TSXV:TNR www.tnrgoldcorp.com 19 ► Technical Disclosure Statements Certain Information in this presentation is based on studies conducted by McEwen Mining Inc. and their consultants and “Qualified Persons” as defined by National Instrument 43-101. Statements in the presentation referring to Resource Estimates and a Preliminary Economic Assessment are taken from the information publicly provided by McEwen Mining Inc. The technical report, which includes the results of the preliminary economic analysis (“PEA”), is available on the McEwen Mining website and under the profile of McEwen Mining on SEDAR at www.sedar.com. The following notes are referenced in this presentation. (1)Technical report titled “NI 43-101Technical Report – Preliminary Economic Assessment Update for the Los Azules Project,Argentina ,” with an effective date of September 1, 2017, prepared by D. Brown, CPEng, M. Bunyard,C. Eng, FAusIMM, B. Davis, FAusIMM, J. Duff, P. Geol, R. Duinker, P. Eng, MBA, J. Farrell, P. Eng,W. Rose, P. E., K. Seddon,CPEng, R. Sim, P. Geo, all of whom are qualified persons and all of whom but D. Brown and J. Duff are considered independent of McEwen Mining, as defined by NI 43-101.TNRGold Corp. has not engaged an independent qualified person to verify the technical disclosures provided by McEewn Mining Inc. Mineral resources are not mineral reserves and there is no guarantee that the resources reported herein will result in an economic mining scenario. (3) The PEA reported and documented by McEwen Mining is preliminary in nature, it includes inferred mineral resources that are considered too geologically speculative to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the preliminary economic assessment will be realized. Mineral resources, including those categorized as “measured and indicated” as well as “inferred” are not mineral reserves and the economic viability of these mineral resources have not been demonstrated by this economic analysis. McEwen Mining's press releases and website material appear to be prepared byQualified Persons and the procedures, methodology and key assumptions disclosed by McEwen Mining are those adopted and consistently applied in the mining industry, but no Qualified Person engaged byTNR has done sufficient work to analyze, interpret, classify or verify McEwen Mining's information, nor to determine the current mineral reserve or resource or any other information referred to in their press releases. Accordingly, the reader is cautioned in placing any reliance on these disclosures. Jonathan Findlay, P.Geo, GeologicalConsultant of theCompany, and a “Qualified Person” for the purposes of National Instrument 43-101-Standards of Disclosure for Mineral Projects of the Canadian SecuritiesAdministrators, has reviewed and approved the scientific and technical information contained in this Presentation.