TNR is focused on early stage exploration for gold and high-demand minor metals. A planned TSX spin-out, of International Lithium Corp, should add value to its Li and REE assets, and leave TNR with a portfolio of highly prospective, porphyry copper-gold targets.
Investment Points
- Focused on exploration for precious and base metals with a strategic emphasis on high-demand rare and minor metals, e.g. rare earth elements and lithium.
- Business model is “Lead Project Generator”, acquiring early stage projects, and adding value by internal and JV development (diversify cost, risk) or corporate spin-off.
- TNR holds early stage gold-copper (porphyry) projects in Argentina and Canada, including 50% of 920koz Au at Shotgun. Significant potential for large-scale discoveries Lithium and REM asset spin off, as International Lithium Corp, planned for TSX.V in June/July 2010, mkt cap C$15m would make it undervalued compared to peers.
- Tight capital structure: TNR management and insiders own 46%, institutions 20%.
- Highly experienced management and technical team.
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