Gold In The USA, Alaskan Elephant Country: Kirill Klip GEM Royalty TNR Gold Presentation May 2020

1. Gold
Gold in The USA: Solid Values In Uncertain Times.
Kirill Klip GEM Royalty TNR Gold
May 2020
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2. Legal Disclaimer
All information about NOVAGOLD, McEwen Mining, Ganfeng Lithium and
International Lithium is presented using publicly available data.
Kirill Klip GEM Royalty TNR Gold
May 2020
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3. Legal Disclaimer For The US
Please read legal disclaimers. There is no investment advice in this
presentation. Always consult your qualified financial adviser before
investment decisions.
Kirill Klip GEM Royalty TNR Gold
May 2020
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4. The Green Energy Metals
Royalty & Gold Company.
TNR Gold Corp.
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5. Gold Is The Ultimate Hedge
Gold has confirmed one more time its status as “The
Ultimate Hedge” during CoronaVirus pandemic shock.
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6. Gold After Margin Calls
Gold has reached new highs in 2020 even after forced selling
covering margin calls after Double Black Monday 2020 Crash.
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7. Gold New Highs 2020
Gold has reached new highs in 2020 even when the major
Gold market in the world was literally shut down.
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8. Record World Debt
World debt hit record $247 Trillion early 2018 and was already
much higher than before The Great Recession of 2008.
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9. Record Global Debt
Global debt hit record $255 Trillion early 2020 and is
much higher than before The Great Recession of 2008.
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10. Record Government Debt
Government debt has doubled to $70 Trillion since the 2008
crisis; pandemic response will drive that higher still.
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11. Debt Projections
Debt projection exceeds economic output in the US.
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12. US National Debt 116% Of GDP
US National Debt exceeded economic output in the US.
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13. The U.S. National Debt - $25 Trillion
The U.S. national debt has surpassed $25 Trillion.
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14. The U.S. National Debt - $25 Trillion
The U.S. national debt passed $25 Trillion, spiked $1.5
Trillion in 6 weeks.
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15. US Dollar
Purchasing power of the consumer dollar.
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16. The Rise And Fall Of The US Dollar
Purchasing power of the consumer dollar.
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17. FED Easing And US Dollar
Unprecedented FED easing implies a sharply weaker
dollar.
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18. U.S. Dollar In Reserves
U.S. Dollar’s share of official global reserves declines
further.
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19. Gold vs Stocks
Gold has outperformed the stock market from 1998.
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20. Gold vs S&P 500
The price of Gold has crushed the market so far in
the 21st century.
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21. Gold vs Warren Buffett
Gold has outperformed Warren Buffett for the last 20
years Gold +532% - BRK +322%.
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22. The “Third Great Bull Market”
Is Gold setting up for the “Third Great Bull Market”? Yes.
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23. Gold Price 1971 - 2019
Gold in US $ 1971 - 2019 from - $35 to $1,515 - up 43X.
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24. Central Banks Buying Gold
Central Bank demand is the highest since Nixon closed
the Gold window.
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25. Central Banks Buying Gold
Central Banks were net buyers for a tenth consecutive
year.
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26. Central Banks Buying Gold
Central Banks bought more Gold than ever in 2019.
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27. Growing Central Bank Demand
Gold purchases by Central Banks in 2020.
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28. Gold’s Rallies And Slumps
Rick Mills: Gold’s rallies and slumps.
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29. Growing Gold Demand
Bank of America forecasts Gold to hit record $3,000.
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30. Modeled Gold Price
Chris Rutherglen: Modeled Gold price by scaling to the
increase in the US Money Supply $3,670.
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31. How High Can Gold Go?
Could we see $25,000 Gold by 2049?
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32. China Sells USTs & Buys Gold
Trade Wars: China’s holdings of USTs fall to lowest since
May 2017.
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33. China Gold Reserves Growth
China buys more Gold during Trade Wars.
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34. Long Gold In CNY – Breakout.
Crescat Capital: Long Gold in CNY terms and short
global stocks.
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35. Gold In Equity Portfolios
Investors increasing allocations to Gold will be driving
demand side for this Bull Market.
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36. Investors Sell USTs & Buy Gold
World Gold Holdings vs Treasury Holdings in 2020.
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37. Millennials Were Chasing Crypto Bubbles
“Gold 2.0” - The demographic situation was not helping:
“Gold Bugs” were facing extinction.
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38. Millennials Are Still Chasing Crypto Bubbles
There is NO “Gold 2.0”: Hype is over - bitcoin failed to
act the hedge during the crises.
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39. Bitcoin Store Of Value?
Black Holes of scams are sucking out all positive energy
out of Crypto Universe.
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40. Gold vs Bitcoin
Gold has acted as the safe heaven during August 2019
market sell off and bitcoin failed to do so.
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41. Gold vs Bitcoin
Gold has acted as the safe heaven during Double Black
Monday 2020 market crash and bitcoin failed to do so.
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42. Millennials Are Still Chasing Crypto Bubbles
There is no “Gold 2.0” – bitcoin failed to act as a hedge
and “noncorrelated asset”.
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43. Millennials Are Still Chasing Crypto Bubbles
There is NO “Gold 2.0” – bitcoin failed to act as a hedge
and “noncorrelated asset”.
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44. Gold And Negative Real Rates
Incrementum: Gold was driven by negative real rates to
all-time high in the U.S. dollars in 2011.
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45. Gold And Negative Real Rates
Negative real interest rates are a perfect environment
for Gold.
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46. Gold And Negative Yielding Debt
Gold has been mocked for years for its lack of yield.
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47. Gold All-Time Highs
Gold has hit all-time highs in multiple currencies.
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48. Gold All-Time Highs
NorthStar: Gold has hit all-time high in Euro.
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49. FED Balance Sheet
FED has expanded balance sheet to $7 Trillion fighting
The Great Depression 2.0
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50. Central Banks Interest Rates
All Central Banks cut interest rates fighting The Great
Depression 2.0
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51. Gold ETF
ETF holding of Gold is growing at record pace in 2020.
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52. Gold Stocks
Gold mining stocks were vastly undervalued relative to
broader equity markets.
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53. Gold Mining Stocks
The oldest Gold mining stocks index by Barron's shows
the extreme historical undervaluation.
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54. Gold Mining Stocks
Crescat Capital: Gold mining stocks are still incredibly
undervalued relative to broader equities and Gold.
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55. Gold Mining Stocks
Crescat Capital: Gold and Gold mining stocks after
yield curve inversions.
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56. The Switch: BANG vs FANG
Gold miners - BANG stocks.
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57. Longest And Deepest Bear
McEwen: Gold equities are breaking out from the
“Longest and Deepest Bear” market.
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58. Gold Equities Bull Markets
McEwen: Gold equities Bull Markets over the past 77
years.
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59. Gold: The Trend Is Up!
McEwen: Gold, the trend is up - targets are big!
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60. Peak Gold
Frank Holmes: Output from the world’s Gold mines will
top out in 2020 before declining.
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61. Industry-wide Decline
Gold production from existing mines could fall sharply
post 2020 onwards.
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62. Gold Reserves
Reserves by major Gold companies have declined 26%
from 2012 and are now below 2007 levels.
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63. Gold Discoveries
Annual exploration budgets vs Gold discoveries.
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64. Exploration Budgets
Global Gold exploration budgets are still a long way off
their 2012 peak.
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65. Gold M&A vs Exploration
Gold M&A is cheaper and more certain than
exploration.
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66. Gold Enterprise Valuation Curves
Enterprise Valuation per oz of resource for exploration
companies is rising.
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67. Gold Enterprise Valuations
Enterprise Valuations per oz of resource for exploration,
development and production companies.
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68. Where Do You Look For Elephants?
TNR Gold Shotgun Gold project is located in Alaskan
“Elephant Country”.
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69. TNR Gold Corp.
Shotgun Gold project, Alaska.
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70. The Shotgun Gold Project
Shotgun Gold is located in Donlin Gold Mining District,
South-West Alaska.
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71. The Shotgun Gold Project
Shotgun Gold is located in Donlin Gold Mining District,
South-West Alaska.
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72. The Shotgun Gold Project
TNR Gold strategy with Shotgun Gold.
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73. Alaska A World-class Jurisdiction
Leverage in a place where you can keep the rewards.
Kirill Klip GEM Royalty TNR Gold
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74. Alaska’s Appeal
At a time of extreme geopolitical uncertainty, Alaska is
welcoming new responsible development.
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75. Gold In The USA
Donlin Gold: strong support for responsible mining and
development in Alaska.
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76. Decline In Gold Discoveries
Gold mine supply is set to decline after years of
increases.
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77. Alaska’s Donlin Gold
Donlin Gold: One of the few large projects in a safe
jurisdiction.
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78. Donlin Gold Federal Permit
Donlin Gold: key project milestone achieved.
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79. Donlin Gold Permitting
Donlin Gold: key project milestones achieved.
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80. Donlin Gold Infrastructure
Barrick Gold and NOVAGOLD are developing
Donlin Gold and opening new Mining District in the U.S.
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81. Gold Elephant In Alaska
One of the largest and highest-grade known open-pit
gold development projects in the world.
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82. Donlin Gold, Alaska
One of few federally-permitted undeveloped assets in
North America.
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83. Gold Elephant In The USA
Donlin Gold: development projects of similar size are
scarce. Development of major gold mining camp.
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84. New Gold Camp In The USA
Donlin Gold in Alaska could be one of the industry’s top
producing assets.
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85. The Shotgun Gold Project
Exploration history of Shotgun Gold project in Alaska.
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86. Regional Geologic Environment
Region is truly unique “Elephant Country” for large scale
gold deposits.
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87. Shotgun Gold Geology
Predominantly underlain by Cretaceous sediments of
the Kuskokwin Group.
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88. Shotgun Gold Mineralization
Shotgun Gold: the same age rocks and geological
signature appear to resemble Donlin Gold mineralization.
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89. Shotgun Ridge
Shotgun Ridge - mineralized intervals.
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90. Shotgun Ridge Drilling
Shotgun Ridge - drill holes plan view.
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91. Shotgun Ridge
Shotgun Ridge - resource model cross-section A-A’
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92. The Shotgun Project
The Shotgun Project - mineral resource.
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93. Understanding Potential Targets
Shotgun Ridge alone shows potential to host multiple
closely spaced gold deposits.
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94. Typical Porphyry System
Magnetic image shows “ring structure” typical of
porphyry systems.
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95. Area Of Defined Resource
Multiple areas with similar structural and magnetic
character are untested by drilling.
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96. Chargeability Model
Only one chargeability target is tested by drilling and it
is mineralized.
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97. Shotgun Ridge Geophysics
The Shotgun Gold project – geophysics cross section.
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98. Shotgun Ridge Geophysics
Mineralization plotted down hole over 3D chargeability
model.
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99. Shotgun Ridge Potential
Shotgun Ridge has untested structural intersections that
may host significant Gold deposits.
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100. The Shotgun Gold Opportunity
Shotgun Ridge is just one of multiple gold target areas.
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101. Shotgun Ridge
Shotgun Ridge - inferred resource estimate.
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102. Strategic Partner - Gold In The USA
TNR Gold is looking for strategic partner to unlock the
potential of Shotgun Gold development.
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103. GEM Royalty Portfolio
• 0.36% NSR Royalty on the entire Los Azules, Argentina
– one of the largest Copper projects under McEwen
Mining management.
• 1.8% NSR Royalty on the Mariana Lithium, Argentina
– lithium brine project under Ganfeng Lithium
management.
• 90% Shotgun Gold project, Alaska. Gold in the USA
Elephant Country - Donlin Gold mining district being
developed by Barrick Gold and Nova Gold.
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104. GEM Royalty Co.
TNR Gold Corp.
• Becoming The Green Energy Metals Royalty Co.
• Assets with major companies as Operators.
• Green Energy Metals: Copper and Lithium.
• TNR holds NSR Royalty on Los Azules Copper.
• TNR holds NSR Royalty on Mariana Lithium.
• TNR holds 90% stake in Shotgun Gold, Alaska.
• TNR Gold presentations on www.tnrgoldcorp.com
• All Information is available on www.sedar.com
Kirill Klip GEM Royalty TNR Gold
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105. Thank you!
Energy rEVolution & Gold.
The World Just Before The INTERNET.
Contact k.klip@btinternet.com
Visit www.kirillklip.blogspot.com
Follow on Twitter @kirillklipKirill Klip GEM Royalty TNR Gold
May 2020
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