Altius to Acquire TNR Gold in C$122 Million Deal

Altius Minerals will take over TNR Gold’s royalty interests in three Argentine mining projects while spinning off TNR’s Shotgun Gold Project in Alaska. The cash-and-stock transaction values TNR at about C$122 million ($86 million), with each share receiving Altius stock and shares in the new spin-off company.

November 11, 2026, 04:59 PM 1,631 0

Altius to Acquire TNR Gold in C$122 Million Deal

TNR shareholders will receive 0.0072 Altius shares and 0.25 share of the newly formed TNR SpinCo for each common share. The consideration implies a value of about C$0.48 per TNR share, a 60% premium to its Tuesday closing price on the TSX Venture Exchange.

SpinCo will hold TNR’s direct exploration asset, the Shotgun Gold Project. Altius said Wednesday it will retain an approximately 12% stake in SpinCo through its existing TNR shareholding.

Altius Chief Executive Brian Dalton said the acquisition adds a significant development-stage royalty over Los Azules, which is expected to increase the company’s copper exposure. TNR’s royalty portfolio also includes interests in the Mariana Lithium Project and the Josemaria Copper-Gold Project.

Dalton said the projects’ “long to ultra-long potential resource lives” offer growth opportunities across multiple commodity cycles, alongside projected cost-curve positions that he said support long-term resilience.

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