Independent proxy advisor Institutional Shareholder Services has recommended that shareholders of TNR Gold Corp. elect Executive Chairman Kirill Klip and withhold from dissident nominee Jon Christian Evensen, rejecting a push by Eucalyptus Resources Opportunities Fund for a full board change.

ISS concluded that the dissident failed to articulate an adequate go-forward plan for TNR Gold and determined that retaining Mr. Klip is necessary to preserve the institutional knowledge and continuity required for the company's future. The advisor also identified Altius Minerals Corporation’s strategic equity stake as a positive development and the clearest example of value creation during Mr. Klip’s tenure.

The proxy advisor highlighted TNR Gold’s strong historical performance, noting that the company delivered a 775% five-year total shareholder return. That compares with a 207% return for the VanEck Junior Gold Miners ETF and returns ranging from 161% to 252% for equal-weighted and market-capitalization-weighted royalty peer groups over the same period. ISS noted that these results reflect actions taken by management.

The contest comes as TNR Gold’s royalty-focused portfolio approaches potential revenue milestones. The company holds a 1.5% net smelter return royalty on the Mariana Lithium Project in Argentina, where Ganfeng Lithium inaugurated a 20,000 tonnes-per-annum lithium chloride plant in February 2025.

“TNR Gold is entering one of the most important periods in its history,” said Kirill Klip, Executive Chairman. “TNR Gold's royalty-focused strategy is delivering results and has been validated by a major industry player. We have repaid the investment loan and maintain a debt-free balance sheet, attracted a strategic investment from Altius, one of Canada's leading royalty companies, and positioned the Company to receive its first royalty revenue. I thank every shareholder who has supported the Company by voting BLUE ."

— Kirill Klip, Executive Chairman

Shareholders must cast their votes using the BLUE Proxy no later than 10:00 a.m. Pacific Time on Friday, September 18, 2026, with the company encouraging voters to contact Kingsdale Advisors for assistance.

Read the full announcement: ISS Rejects Eucalyptus' Demand for Full Board Change - Backs CEO Kirill Klip and Continuity at TNR Gold