Kirill Klip GEM Royalty TNR Gold Copper Presentation December 2020

Back Into The Future
Tesla Energy rEVolution: Red Metal Goes Green.
Kirill Klip GEM Royalty TNR Gold
Copper December 2020
1

Energy rEVolution
The World Just Before The INTERNET
The future is already here, not everybody can see it yet.
Technology to stop burning oil is here and it is beautiful.
2

Back Into The Future
The future is already here, not everybody can see it yet, but
megatrends are manifesting themselves. rEVolution.
3

The Green Energy Metals Royalty Co.
TNR Gold Corp.
4

Legal Disclaimer
All information about McEwen Mining presented using
publicly available data.
5

Legal Disclaimer For The U.S.
Please read legal disclaimers. There is no investment advice in this
presentation. Always consult your qualified financial adviser.
6

Copper Powered By rEVolution
The future is already here, not everybody can see it yet, but
megatrends are manifesting themselves. rEVolution.
7

Clean Air
8

DIEselGate
9

Electric Cars: Safety & Personal Freedom
Electric Cars provide health safety, personal freedom
and reduce carbon footprint.
10

Electric Cars Are Cleaner Than ICE
By 2019, lifecycle EV emissions were around 3 times
lower than ICE conventional car.
11

Lifecycle greenhouse gas emissions: ICE conventional
vs. Tesla (US battery).
12

Tesla Model 3 lifetime emissions are 65% less than
Mercedes C class.
13

Energy rEVolution
“Maximum Plaid” of Tesla Roadster: Elon Musk has
demonstrated the potential of Electric Cars.
14

Oil Used To Be Very Big
Oil was still very big in 2019, but thanks to rEVolution
Energy Security was not only about oil anymore.
15

Energy rEVolution
The future is already here, not everybody can see it yet.
Technology to stop burning oil is here and it is beautiful.
16

Oil Used To Be Very Big
Tesla’s market cap overtakes Exxon in June 2020.
17

The End of The ICE Age &
OIL Domination.
For centuries we have been burning things just to get some energy.
It has been mostly OIL for the last 100 years.
Not Anymore.
We do not have to burn things.
Electricity is the most efficient form of Energy known to humans.
And now we can Store It and USE IT When We Want.
Cheap Lithium Batteries Change Everything.
18

Tesla Model S
Before we had the best Electric Cars & affordable EVs.
19

Tesla Model 3
Before we had the best Electric Cars & affordable EVs. Now
we have the first best & more affordable Electric Car.
20

The End Of The ICE Age
Tesla Model S was an earthquake, followed by tsunami
of Model 3. Model Y will end The ICE Age.
21

The End Of The ICE Age
Tesla Model S was an earthquake, followed by tsunami
of Model 3. Model Y will end The ICE Age. On the roads.
22

Tesla’s Unfathomable Launch
Elon Musk promised to ramp up Model 3 to 10k a week
and build 500k of all models in 2018.
23

Tesla 2018
Tesla becomes “Real Car Company”.
24

Tesla 2020
Tesla Vehicles Deliveries Q3 2020.
25

Tesla Best-Selling Luxury Car
Tesla Model 3 was America’s best-selling small and
midsize luxury car in Q1 2020.
26

Tesla Best-Selling Luxury Cars
U.S. luxury vehicles sales.
27

All Legacy Autos Are Behind
The pandemic crisis hit legacy autos drowning in debt very
hard, they are not EV ready.
28

Tesla Semi
Tesla Semi is testing new limits for Electric Cars
technology.
29

Cheaper Lithium Batteries Change
Everything
Advanced materials are the base of Energy rEVolution.
30

Total Cost Of Ownership Is lower
With EVs
CleanTechnica: Large auto leasing company - Electric
Cars have mostly lower total cost In Europe.
31

Maintenance Is lower With EVs
CleanTechnica: Electric Cars repair and maintenance
cost is 50% lower than ICE cars.
32

EV & ICE Car Cost Parity
We are closing on EV & ICE car cost parity.
33

34

35

Tesla Battery Day
Tesla: We are closing on EV & ICE car cost parity.
36

Tesla: We are closing on EV & ICE car cost parity.
37

Mass Volume Production
Lithium batteries mass volume production is getting
ready for mass market for electric vehicles.
38

Tesla Ahead Of The Curve
Catalyst: Elon Musk talks about lithium cells cost below
$100 per kWh and for battery packs in 2020.
39

Tesla Ahead Of The Curve
Tesla Catalyst: Elon Musk talks about lithium cells cost
below $100 per kWh and for battery packs in 2020.
40

Mass Volume Production
Lithium batteries mass volume production
$100/kWh Tipping Point.
41

Tesla Energy rEVolution
Tesla’s contribution.
42

Electric Cars are coming much faster than a lot of
people are anticipating it.
43

Electric Cars are coming much faster than a lot of
people are anticipating it.
44

The Switch: Mass Market For EVs
Now all automakers are rushing to catch up with Tesla.
45

Now all automakers are rushing to catch up with Tesla.
46

World’s Top 10 EVs Manufacturers
Tesla is leading world’s top EVs manufacturers. China’s
BYD, BAIC and SAIC take next 3 places.
47

World’s Top 10 Selling EVs
Tesla Model 3 is leading world’s top Electric Car sales
by a huge margin.
48

World’s Top 10 Selling EVs
Tesla Model 3 is leading world’s top Electric Car sales
by a huge margin.
49

The Switch: The End Of The ICE Age
China’s ICE engines passenger vehicles sales
collapsed.
50

The Switch Flipped
Electric Cars are forecast to account for all the growth
in passenger vehicles sales from 2023.
51

Mercedes Kills ICE Engines
Daimler stops developing new generations of ICE
engines and will concentrate on electric powertrains.
52

The Switch Flipped
Global sales of traditional fuel-powered cars and trucks
may have already peaked.
53

The Switch Flipped
EV sales to grow on price parity, new models.
54

Electric Surge
DIEsel is being eclipsed by Electric Cars in Europe.
55

Global Electric Vehicles Sales
Cumulative global passenger EV sales - 4 million sold
by 2018, 5 million sold by 2019.
56

The Time To Sell A Million EVs
The time to sell a million EVs is shortening.
57

Global Electric Cars Sales
Electric Cars sales growth worldwide was affected by
slowing China due to NEV policy changes in 2019.
58

Electric Cars sales are growing.
59

Electric Cars sales are growing.
60

Global Electric Vehicles Fleet
Cumulative global passenger EV sales – 4M sold by
2018, 5M sold by 2019, 8M sold by 2020.
61

Electric Cars Sales USA
Cumulative Electric Cars sales December 2010 - August
2020.
62

U.S. Electric Cars Sales
U.S. EV share of new vehicles sales.
63

Norway Electric Cars Sales
Electric Cars sales in Norway.
64

U.S. Electric Cars Sales
2021 U.S. EV sales to increase 70% over 2020.
65

BNEF EV Outlook 2020
BNEF: 500 EV models will be available globally by 2022.
66

BNEF: As EV sales spread to new markets they are
projected to jump to 54 million by 2040.
67

EV Share Of New Car Sales
BNEF: EV share of new car sales is projected to grow to
58% by 2040.
68

Global EV Fleet
BNEF: Global EV fleet is projected to reach 116 million
by 2030.
69

Global annual passenger vehicles sales by drivetrain.
70

Global Electric Vehicles Sales
Annual passenger EV sales by region.
71

My 20/200 Formula
The Switch: we are getting there - mass market for EVs
USD$20k buys you BMW 2 style EV with 200 miles range.
72

EV Mass Adoption
EV outlooks are changing towards mass adoption.
73

China’s EV Sales
BNEF: China accounts for the largest share of global
EV sales.
74

China Bets On Electric Cars
Projected percent composition of passenger vehicles in
China over the next two decades.
75

China Electric Cars Sales
In October 2020, EV sales in China reached a local
peak.
76

China’s Hunger For Copper
China’s Copper Raw Material Imports: 2008 – 2020.
77

78

79

China’s State Grid Is
Getting Ready For 100
Million Electric Cars By
2030
Can We Reach 200 Million EVs Globally
By That Time?
80

Tesla Comes To China
Shanghai welcomes Elon Musk and Tesla Gigafactory 3.
Transfer of technology is unavoidable.
81

Tesla Gigafactory 3, China
Tesla’s $2B China Gigafactory covers the size of 121
football pitches, aimed to make 3k EVs a week.
82

Tesla Gigafactory 3, China
Tesla’s $2B China Gigafactory: “machine is building
machines”, aims to make 4k EVs a week in 2020.
83

Tesla Gigafactory 4, Germany
Germany welcomes Tesla Gigafactory 4!
84

Tesla Gigafactory 4, Germany
Tesla comes to the motherland of the iconic legacy
automakers and will keep them on their toes.
85

Tesla Gigafactory 5, Texas!
Tesla selects Texas as location for its Cybertruck
Gigafactory 5.
86

Rivian
New players are coming in. Rivian is backed by
Amazon and Ford.
87

We must stop burning oil. Solar and Wind.
Electricity.
88

Green Energy: Clean Equals Cheap
All-in cost for clean energy is already cheaper than
coal and gas.
89

Clean Energy Is Getting Cheaper
All-in cost for clean energy is getting much cheaper
than coal and gas.
90

Renewable Energy
Renewable energy projected to account for three
quarters of global power generation by 2050.
91

A Golden Age For Copper
Visual Capitalist: “With the rise of EVs, copper demand
will follow suit”.
92

Green rEVolution
Trafigura expects a surge in global demand this
decade.
93

Copper And Clean Energy
Visual Capitalist: “A new energy transition is beginning
and copper is at the heart of it”.
94

Clean Energy Transition
BNEF: Cheapest source of new bulk electricity
generation by country.
95

Clean Energy Becomes Cheaper
Combination of Solar and Wind with Energy Storage
becomes cheaper.
96

Why Copper?
Visual Capitalist: “Copper has the superior properties that
allow it to be used for many types of clean energy”.
97

Copper In Wind Farms
Visual Capitalist: “Offshore wind farms require
significantly more copper per MW”.
98

U.S. Large-Scale Wind Projects
Visual Capitalist: “Since 2004, $177 billion has been
invested in U.S. large-scale wind projects”.
99

Large-Scale Wind Projects
Wind turbines are getting larger, larger blades optimize
power generation and increase ROI.
100

Copper In Solar
Visual Capitalist: “There are approximately 5.5 T per MW
of copper in solar power systems”.
101

U.S. Solar PV
The cost to install solar has dropped by more than all
forecasts.
102

Copper In Energy Storage
Visual Capitalist: “Copper wiring and cabling connects
renewable power generation with energy storage devices”.
103

U.S. Energy Storage
Visual Capitalist: “Across the United States, a total of 5.8 MW
of energy storage capacity has been commissioned”.
104

Copper in Electric Vehicles
Visual Capitalist: “Electric vehicles rely heavily on
copper for the motors and charging cabling”.
105

Copper in Electric Vehicles
Visual Capitalist: “Electric vehicles rely heavily on
copper for the motors and wiring”.
106

Copper And Energy Transition
Visual Capitalist: “With each energy transition comes a
new need for materials”.
107

The Switch: Energy Transition
43% potential increase in copper demand by 2035.
108

Copper: Green And Healthy
Copper is durable and sustainable with a long service
life. It plays a crucial role in green future.
109

More Copper should be used for doorknobs and other
surfaces to stop spread of viruses.
110

More Copper should be used for surfaces to stop
spread of viruses.
111

Copper And Climate Change
Global demand for Copper in climate-based retrofitting
is forecast to grow 300% by 2035.
112

The Switch: rEVolution
By 2030, > 250,000 tonnes of Copper will be used
annually in EV motors.
113

Copper Is Needed For EVs & All
Charging Infrastructure
Annual copper demand in EVs and ICE vehicles.
114

EVs & Copper Demand
EVs are expected to drive copper demand.
115

Copper Big Picture
World refined Copper usage per capita: 1950-2018.
116

Copper Big Picture
Over the next 26 years the world is going to mine more
copper than what has been mined in all history.
117

World Copper Mine Production
World Copper mine production, 1900-2018.
118

Copper Supply And Demand 2020
Covid-19 supply disruptions partially offsets demand
shortfalls.
119

Copper Mining Capacity
Trends in Copper mining capacity, 2000-2023.
120

Top 20 Copper Mines
Top 20 Copper mines by capacity.
121

Teck: Copper Big Picture
Teck: Supply continues to be at risk, Copper demand
improves.
122

Global Copper Production
Global Copper production increasing slowly.
123

Copper Disruptions
Copper disruptions return to impact mines.
124

China Smelter Capacity Growth
Rapid growth in Chinese Copper smelter capacity.
125

Copper Supply
Mine production rising and scrap availability falling.
126

Copper Market
Raw materials weigh on downstream production.
127

Copper Metal Stocks
Raw material shortages increase cathode demand.
128

China’s Copper Share
China’s share of world copper consumption.
129

Copper Supply Gap
Without copper projects supply gap will exceed 15Mt
by 2035.
130

Copper Supply Gap
Copper supply gap will reach 8 Mt by the end of this
decade.
131

Copper Mining Projects
Copper mining projects are increasingly challenging to
develop.
132

New Supply Vacuum
Major copper mines starting in 2014-2019.
133

Copper “Severe Deficit”
Goldman sees “severe deficit” for copper starting
in 2023.
134

Copper Industry Meets 21st Century
It was our great-grandfathers that built today’s copper
industry.
135

Copper Industry Investment Cycles
Understanding the implications of underinvestment.
136

Copper Exploration Has Been
Increasingly Unsuccessful
Glencore: Copper mine project pipeline has more than
halved.
137

Copper Discoveries
Exploration budgets are still down, and major copper
discoveries are far and few between.
138

Copper Exploration
Global exploration expenditure for Copper and drill
hole analysis.
139

Have We Found Everything?
The future of copper mining means grades
below 0.5% Cu Eq.
140

Copper Head Grade
Industry head grade is going lower.
141

$6 Trillion Investment In EVs
Fast roll out of infrastructure for EVs will require stable
supply of copper.
142

Commitments To EVs
There is a huge disconnect between billons $$$ invested in
electric cars and capital invested in mining.
143

Investors Moved From Lithium To Pot
Speculative investors have moved from lithium to pot.
144

Speculative Capital Has Gone Up In Smoke
Speculative capital normally allocated to junior mining
has gone up in smoke quite literally.
145

How To Cross Digital Divide And
Finance Tesla rEVolution?
Capital is coming to global electric cars space, but
only the best Lithium companies can get it.
146

Copper Projects NPV & IRR
RFC Ambrian: Projects in the development pipeline are
highly sensitive to copper price.
147

Projects Delayed
Most of new large mining projects and expansions
delayed beyond 2023.
148

Price Shocks Are Imminent
Much higher prices for copper needed to put new
mines in production.
149

Commodities Big Picture
Goehring & Rozencwajg Associates: Commodities
radically undervalued.
150

Copper Inventories
Copper inventories plunged in 2020.
151

Copper Bull markets
Copper price history comparisons.
152

We Need Real Things To Build
Other Things
Seems reasonable? But Markets are broken.
How to transfer Capital directly to enterprises?
153

Los Azules Copper
McEwen Mining: “Los Azules – Our Sleeping Giant"
154

Los Azules Copper
McEwen Mining: Los Azules – significant optionality to
copper price.
155

The Green Energy Metals
Royalty & Gold Company.
TNR Gold Corp.
156

GEM Royalty Co.
TNR Gold Corp. (TSXV: TNR)
Becoming The Green Energy Metals Royalty & Gold Company.
157

GEM Royalty Co.
158

TNR Gold Business Model
We do not have to contribute any capital to the
development of Mariana Lithium.
159

TNR Gold Corp. Global Assets
TNR Gold Corp. current holdings.
160

GEM Royalty Co.
161

The Green Energy Metals Royalty Co.
TNR Gold Corp.
162

Assets – Los Azules Copper,
San Juan, Argentina
Andean Cordillera – Home to Major Copper Mines.
163

Los Azules Copper Resource
Los Azules ranks as one of the top 2 or 3 world class
deposits that are “for sale”.
164

Los Azules Copper Resource
Los Azules Copper resource contains 10.2B lb. indicated
and 19.3B lb. inferred resources.
165

Los Azules PEA
Los Azules can become 26th largest Copper mine
in the world.
166

Los Azules PEA
Los Azules projected cost of Copper production.
167

Los Azules Copper
Preliminary Economic Assessment
McEwen Mining Preliminary Economic Assessment’s
Highlights.
168

Los Azules Copper
Undiscounted NSR $35.2B
McEwen Mining PEA: Commodity Price Assumptions.
169

Los Azules Copper
Potential Value of TNR Gold’s NSR Royalty
TNR Gold holds a 0.36% NSR Royalty on the entire
Los Azules Copper project with McEwen Mining.
170

Los Azules Update
McEwen Mining’s update on Los Azules.
171

Los Azules Update
172

Los Azules Update
173

Los Azules Summary
Value-adding will continue for Los Azules
in 2019 and 2020.
174

Los Azules Copper
McEwen Mining: Los Azules – significant optionality to
copper price.
175

Copper M&A Transactions
McEwen Mining: Benchmarking Los Azules Intrinsic
value.
176

Los Azules Copper Royalty
Rob McEwen: Taca Taca serves as a good proxy for the
value of Los Azules.
177

Largest Copper Projects For M&A
RFC Ambrian: 19 largest copper projects reserves and
resources.
178

The Largest Copper Projects For JVs
RFC Ambrian: 19 largest copper projects that may
require a 3rd party.
179

180

RFC Ambrian: NPV and IRR of the largest copper
projects that may require a 3rd party.
181

GEM Royalty Co.
TNR Gold Corp.
• Becoming The Green Energy Metals Royalty Co.
• Assets with major companies as Operators.
• Green Energy Metals: Copper and Lithium.
• TNR holds NSR Royalty on Los Azules Copper.
• TNR holds NSR Royalty on Mariana Lithium.
• TNR holds 90% stake in Shotgun Gold, Alaska.
• TNR Gold presentations on www.tnrgoldcorp.com
• All Information is available on www.sedar.com
182

Thank you!
Energy rEVolution.
The World Just Before The INTERNET.
Contact k.klip@btinternet.com
Visit www.kirillklip.blogspot.com
Follow on Twitter @kirillklipKirill Klip GEM Royalty TNR Gold
183

Kirill Klip GEM Royalty TNR Gold Copper Presentation December 2020

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