Altius Minerals has agreed to acquire TNR Gold in a share deal valuing the royalty holder at about C$122m, the companies said on 11 November 2026.
Why Altius Minerals Corporation is buying TNR Gold Corp.
Altius said the transaction adds a significant development-stage royalty over the Los Azules copper project in Argentina, owned by McEwen Copper, together with TNR's royalty over the Mariana lithium project.
Deal terms and financing
TNR holders will receive 0.0072 of an Altius share and 0.25 of a SpinCo share for each TNR share, implying about C$0.48 a share and a premium of about 60%. SpinCo will hold TNR's 90% interest in the Shotgun gold project; Altius will subscribe for about C$2.2m of SpinCo shares, lifting its stake to about 19.9%.
Regulatory approvals and timing
The plan of arrangement needs approval from two-thirds of votes cast by TNR shareholders and a majority excluding Altius and other related parties, at a meeting expected by 22 December 2026, as well as orders from the Supreme Court of British Columbia and TSX and TSX Venture approvals. Closing is expected in or around the first quarter of 2027.
Market context
Altius made an unsolicited, non-binding proposal for TNR in October. Directors, officers and certain shareholders holding about 28.2% of TNR's shares have signed voting support agreements.
