TNR Gold Corp. has broadened its ongoing investigation into Eucalyptus Resources Opportunities Fund 1, LP, uncovering details of a potential conspiracy to coordinate undisclosed share acquisitions and voting arrangements ahead of an upcoming shareholder vote.

The probe focuses on actions led by Jon Christian Evensen regarding the company's upcoming annual general and special meeting of shareholders scheduled for September 22, 2026. According to the investigation, Eucalyptus and a group of joint actors have allegedly coordinated the acquisition and voting of TNR Gold shares to secure control of the board without fulfilling mandatory regulatory disclosure requirements.

No corrective disclosures have been provided by the parties involved. TNR Gold is evaluating available options to safeguard shareholder interests and maintain the integrity of the ballot.

The voting dispute centers on competing proxy materials ahead of the fast-approaching deadline. Shareholders have until 10:00 a.m. Pacific Time on September 18, 2026, to submit the BLUE proxy. Submitting the later-dated BLUE proxy revokes any earlier voting instructions submitted via competing green proxy cards.

Ahead of the meeting, major stakeholders have adjusted their positions in the company. Altius Minerals Corporation holds a 9.9% interest in TNR Gold, following a strategic private placement and a subsequent share purchase that brought its total holding to 30,935,000 common shares. Executive Chairman Kirill Klip expanded his own stake by adding 4,200,000 shares this year, bringing his total holding to 31,363,000 shares.

Independent proxy advisor ISS noted the company's multi-year performance history as the board defends its record against the dissident slate. Shares are currently trading at $0.255, up 6.25%.

Read the full announcement: TNR Gold Provides Update on Joint Actor Investigation