TNR Gold wins ISS support in board battle

TNR Gold wins ISS support in board battle

Mon, September 14, 2026 at 3:38 PM GMT+3 1 min read

TNR Gold Corp (TSX-V:TNR, FRA:TNW, OTC:TRRXF) has won the backing of proxy advisory firm Institutional Shareholder Services, which recommended shareholders elect Kirill Klip.

ISS determined that retaining Klip would provide the institutional knowledge and continuity needed for TNR Gold's future, and concluded that Jon Chrisitan Evensen, who is backing Eucalyptus Resources Opportunities Fund 1, LP, had failed to articulate an adequate go-forward plan, the company said.

The advisory firm also pointed to TNR Gold's private placement with Altius Minerals as the clearest example of value creation during Klip's tenure.

ISS said the announcement was accompanied by a 30% increase in share price and that shares have generally maintained a higher trading range since the transaction.

TNR Gold's board said Eucalyptus is seeking effective control of the company without offering shareholders a premium or a detailed plan for creating value, and is proposing to replace the entire board as the company approaches potential royalty revenue. The board said shareholders still lack clarity on how Eucalyptus would manage the royalty portfolio, allocate capital and preserve institutional knowledge, and said Eucalyptus has not provided transparency on who is financing its campaign.

"TNR Gold is entering one of the most important periods in its history," said Klip, the company's executive chairman. "TNR Gold's royalty-focused strategy is delivering results and has been validated by a major industry player."

The company's royalty portfolio includes interests in the Mariana lithium project in Argentina, where Ganfeng Lithium has begun production, as well as the Los Azules copper project, the Josemaria copper-gold project and the Shotgun gold project in Alaska.