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Gold/Mining/Energy : McEwen Mining
MUX 19.03-1.3%Dec 12 3:59 PM EST
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To: lamboguy who wrote (24528)12/6/2025 6:37:57 PM
From: syder  Read Replies (1) of 24539
 
Historically, TNR had a “back-in right” under an exploration/option agreement covering part of the Los Azules Copper Project (Argentina), meaning — after certain conditions (e.g. feasibility study) — TNR could have taken an ownership stake.

Instead of exercising that back-in, TNR and McEwen agreed to convert that interest into a royalty — specifically a net smelter returns (NSR) royalty — on Los Azules.

TNR holds a 0.4% NSR royalty (of which 0.04% is on behalf of a shareholder) on the Los Azules project being developed by a subsidiary of McEwen Mining.

That means when/if the project produces copper/gold/silver, TNR Gold is entitled to a portion of the revenues (after smelting and processing), proportional to that royalty.

For McEwen Mining — converting TNR’s old back-in rights into a royalty helps simplify ownership and likely reduces complexity and dilution.
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