TNR Gold says Los Azules copper project advances toward final investment decision

TNR Gold Corp (TSX-V:TNR, FRA:TNW, OTC:TRRXF) said Monday that the Los Azules copper task successful Argentina is advancing toward a last concern decision.

The operator, McEwen Copper Inc, reported astir 27% of the planned FID enactment programme completed arsenic of June 30 and the remainder targeted for the 4th quarter.

TNR holds a 0.4% nett smelter returns royalty connected the project, which is held by McEwen Copper and is itself 46.3%-owned by McEwen Mining.

McEwen's update outlined activities including vendor engineering for the SX/EW plant, sulfuric acerb works and crushing systems, mining fleet evaluation, powerfulness proviso appraisal and EPCM contractor selection, on with operation of the entree roadworthy and tract camp. The institution besides completed its planned tract run of geotechnical, condemnation and hydrogeological drilling.

The 2025 feasibility survey for Los Azules confirmed archetypal five-year mean accumulation of 205,000 tonnes of copper cathodes per twelvemonth connected mean and a $1.71 per lb C1 currency outgo implicit a 22 twelvemonth excavation life, with imaginable to widen operations by different 33 years nether a preliminary Nuton case.

McEwen besides owns a 1.25% NSR royalty connected the project. Under the feasibility study's basal lawsuit of $4.35 per lb copper, that royalty is projected to make astir $389.5 cardinal of undiscounted pre-tax currency travel implicit the archetypal 22-year period, with a further $633.5 cardinal perchance disposable nether the Nuton hold case.

Société Générale was appointed exclusive fiscal advisor for the project's indebtedness financing process, and preparations were initiated for a imaginable archetypal nationalist offering. McEwen Copper is besides reviewing an enhanced financing connection from a European export recognition agency. Construction is targeted to statesman successful aboriginal 2027, with accumulation slated for 2030, taxable to financing and approvals.

Kirill Klip, TNR Gold's CEO, said the institution was pleased McEwen Copper had reached the milestone pursuing the merchandise of the feasibility survey and securing of an biology licence for the project. "The collaboration betwixt McEwen Copper and International Finance Corporation (IFC), and admittance to the Argentina Regime of Incentives for Investment (RIGI) could determination the Los Azules copper task improvement person to a operation decision," Klip told investors.

"The greenish vigor gyration relies connected the proviso of captious metals similar copper. Delivering 'green copper' to Argentina and the satellite volition lend to the cleanable vigor modulation and electrification of proscription and vigor industries," helium added.