Altius Minerals Strikes $122M Deal to Acquire Full Control of TNR Gold

Altius Minerals Corporation (TSX: ALS) has entered into a definitive agreement to acquire all of the common shares of TNR Gold Corp. (TSXV: TNR) that it does not already own, in a transaction valued at approximately $122 million. The deal will proceed by way of a court-approved plan of arrangement under the Business Corporations Act of British Columbia.

The acquisition represents the culmination of a relationship that deepened steadily through 2026. Altius made an initial $4.2 million strategic investment in TNR in April 2026 at $0.1775 per share, taking roughly 9.9% of the company, before building its stake to approximately 12.7%. In October 2026, Altius put forward an unsolicited non-binding proposal, prompting TNR to form a special committee of independent directors that reviewed the terms before the company entered an exclusivity arrangement with Altius. The November 11 definitive agreement converts that process into a binding transaction.

TNR Gold holds royalty and project interests, making it a strategic fit for Altius, which operates a royalty and streaming model alongside a project generation business. Full consolidation would bring TNR's assets fully onto Altius's books and eliminate the minority float on the TSXV.