TNR Gold Corp (TSX-V:TNR, FRA:TNW, OTC:TRRXF) has entered into an exclusivity arrangement with Altius Minerals Corporation (TSX:ALS, OTCQX:ATUSF) over a non-binding proposal for Altius to buy all the TNR shares it does not already own.
Altius disclosed the arrangement in an early warning report. TNR responded to the proposal on October 5.
No decisions have been made on a definitive transaction, and Altius said there is no assurance it will make a binding offer or that a deal will be reached.
Altius now holds 30,937,500 TNR shares, about 12.7% of the company on a non-diluted basis. That is up from 23.5 million shares, or roughly 9.8%, before its latest purchase.
Its subsidiary, Altius Resources Inc., bought 7,437,500 shares on July 17 at $0.23 each through the TSX Venture Exchange. The purchase totalled 1,710,625.
Altius said it bought the shares for investment purposes and may increase or decrease its stake over time.
TNR has also scheduled its annual general and special meeting of shareholders for December 8, 2026.
Separately, the company and Eucalyptus Resources Opportunities Fund 1, LP have agreed to discontinue a petition in the Supreme Court of British Columbia, giving TNR's current board time to complete its ongoing strategic review.
Shares of TNR Gold were up over 15% at C$0.30 on Tuesday morning.
