Tesla Energy rEVolution And The Golden Age For Copper: Kirill Klip GEM Royalty TNR Gold Copper Presentation May 2020

1. Back Into The Future
Tesla Energy rEVolution: Red Metal Goes Green.
Kirill Klip GEM Royalty TNR Gold
Copper May 2020
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2. Legal Disclaimer
All information about McEwen Mining presented using
publicly available data.
Kirill Klip GEM Royalty TNR Gold
Copper 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.
Kirill Klip GEM Royalty TNR Gold
Copper May 2020
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4. Back Into The Future
The future is already here, not everybody can see it yet, but
megatrends are manifesting themselves. rEVolution.
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5. Clean Air
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6. DIEselGate
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7. Electric Cars Are Cleaner Than ICE
By 2019, lifecycle EV emissions were around 3 times
lower than ICE conventional car.
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8. Electric Cars: Safety & Personal Freedom
Electric cars provide health safety, personal freedom
and reduce carbon footprint.
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9. Electric Cars Are Cleaner Than ICE
Lifecycle greenhouse gas emissions: ICE conventional
vs Tesla (US battery).
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10. Energy rEVolution
The World Just Before The INTERNET
“Maximum Plaid” of Tesla Roadster: Elon Musk has
demonstrated the potential of Electric Cars.
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11. Energy rEVolution
The World Just Before The INTERNET
The future is already here, not everybody can see it yet.
Technology to stop burning Oil is here and it is beautiful.
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Copper May 2020
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12. Oil Used To Be Very Big
Some still think that oil is very big, but thanks to rEVolution
Energy Security is not only about oil anymore.
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13. The End of The ICE Age &
OIL Domination.
For centuries we have been burning things just to get some energy.
It has been mostly OIL for the last 100 years.
Not Anymore.
We do not have to burn things.
Electricity is the most efficient form of Energy known to humans.
And now we can Store It and USE IT When We Want.
Cheap Lithium Batteries Change Everything.
Kirill Klip GEM Royalty TNR Gold
Copper May 2020
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14. Tesla Model S
Before we had the best Electric Cars and affordable
EVs.
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15. Tesla Model 3
Before we had the best Electric Cars and affordable EVs. Now
we have the first best and more affordable Electric Car.
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16. The End Of The ICE Age
Tesla Model S was an earthquake, followed by tsunami
of Model 3. Model Y will end The ICE Age.
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17. The End Of The ICE Age
Tesla Model S was an earthquake, followed by tsunami
of Model 3. Model Y will end The ICE Age. On the roads.
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18. Tesla’s Unfathomable Launch
Elon Musk promised to ramp up Model 3 to 10k a week
and build 500k of all models in 2018.
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19. Tesla 2018
Tesla becomes “Real Car Company”.
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20. Tesla 2020
Tesla Vehicles Deliveries Q1 2020.
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21. Tesla Best-Selling Luxury Car
Tesla Model 3 was America’s best-selling small and
midsize luxury car in Q1 2020.
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22. All Legacy Autos Are Behind
The pandemic crisis will hit legacy autos drowning in debt
very hard, they are not EV ready.
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23. Cheaper Lithium Batteries Change
Everything
Advanced materials are the base of Energy rEVolution.
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24. Total Cost Of Ownership Is lower
With EVs
CleanTechnica: Large auto leasing company - Electric
Cars have mostly lower total cost In Europe.
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25. EV & ICE Car Cost Parity
We are closing on EV & ICE car cost parity.
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26. Mass Volume Production
Lithium batteries mass volume production is getting
ready for mass market for electric vehicles.
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27. Tesla Ahead Of The Curve
Catalyst: Elon Musk talks about lithium cells cost below
$100 per kWh and for battery packs in 2020.
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28. Mass Volume Production
Lithium batteries mass volume production
$100/kWh Tipping Point.
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29. Tesla Energy rEVolution
Electric Cars are coming much faster than a lot of
people are anticipating it.
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30. The Switch: Mass Market For EVs
Now all automakers are rushing to catch up with Tesla.
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31. The Switch: Mass Market For EVs
Now all automakers are rushing to catch up with Tesla.
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32. World’s Top 10 EVs Manufacturers
Tesla is leading world’s top EVs manufacturers. China’s
BYD, BAIC and SAIC take next 3 places.
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33. World’s Top 10 Selling EVs
Tesla Model 3 is leading world’s top electric car sales
by a huge margin.
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34. The Switch: The End Of The ICE Age
China’s ICE engines passenger vehicles sales
collapsed.
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35. The Switch Flipped
Electric Cars are forecast to account for all the growth
in passenger vehicles sales from 2023.
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36. Mercedes Kills ICE Engines
Daimler stops developing new generations of ICE
engines and will concentrate on electric powertrains.
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37. Global Electric Vehicles Sales
Cumulative global passenger EV sales - 4 million sold
by 2018, 5 million sold by 2019.
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38. The Switch Flipped
Global sales of traditional fuel-powered cars and trucks
may have already peaked.
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39. The Time To Sell A Million EVs
The time to sell a million EVs is shortening.
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40. Global Electric Cars Sales
Electric Cars sales growth worldwide was affected by
slowing China due to NEV policy changes in 2019.
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41. Global Electric Cars Sales
Electric Cars sales are growing.
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42. Global Electric Vehicles Fleet
Cumulative global passenger EV sales – 4M sold by
2018, 5M sold by 2019, 8M sold by 2020.
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43. BNEF EV Outlook 2020
BNEF: 500 EV models will be available globally by 2022.
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44. The Switch: Mass Market For EVs
BNEF: As EV sales spread to new markets they are
projected to jump to 54 million by 2040.
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45. EV Share Of New Car Sales
BNEF: EV share of new car sales is projected to grow to
58% by 2040.
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46. Global EV Fleet
BNEF: Global EV fleet is projected to reach 116 million
by 2030.
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47. Global Electric Cars Sales
Global annual passenger vehicles sales by drivetrain.
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48. Global Electric Vehicles Sales
Annual passenger EV sales by region.
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49. My 20/200 Formula
The Switch: we are getting there - mass market for EVs
USD$20k buys you BMW 2 style EV with 200 miles range.
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50. EV Mass Adoption
EV outlooks are changing towards mass adoption.
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51. China’s EV Sales
BNEF: China accounts for the largest share of global
EV sales.
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52. China’s State Grid Is
Getting Ready For 100
Million Electric Cars By
2030
Can We Reach 200 Million EVs Globally
By That Time?
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53. China’s Hunger For Copper
China’s Copper Raw Material Imports: 2008 – 2020.
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54. Tesla Comes To China
Shanghai welcomes Elon Musk and Tesla Gigafactory 3.
Transfer of technology is unavoidable.
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55. Tesla Gigafactory 3, China
Tesla’s $2B China Gigafactory covers the size of 121
football pitches, aimed to make 3k EVs a week.
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56. Tesla Gigafactory 3, China
Tesla’s $2B China Gigafactory: “machine is building
machines”, aims to make 4k EVs a week in 2020.
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57. Tesla Gigafactory 4, Germany
Germany welcomes Tesla Gigafactory 4!
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58. Tesla Gigafactory 4, Germany
Tesla comes to the motherland of the iconic legacy
automakers and will keep them on their toes.
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59. Tesla Gigafactory 5, Texas?
Reports: Tesla will likely select Texas as location for its
Cybertruck Gigafactory 5.
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60. Rivian
New players are coming in. Rivian is backed by
Amazon and Ford.
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61. Tesla Energy rEVolution
We must stop burning oil. Solar and Wind.
Electricity.
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62. Green Energy: Clean Equals Cheap
All-in cost for clean energy is already cheaper than
coal and gas.
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63. Clean Energy Is Getting Cheaper
All-in cost for clean energy is getting much cheaper
than coal and gas.
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64. Renewable Energy
Renewable energy projected to account for three
quarters of global power generation by 2050.
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65. A Golden Age For Copper
Visual Capitalist: “With the rise of EVs, copper demand
will follow suit”.
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66. Copper And Clean Energy
Visual Capitalist: “A new energy transition is beginning
and copper is at the heart of it”.
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67. Clean Energy Transition
Visual Capitalist: “In the future, clean energy sources are
set to take a larger potion of the global energy mix”.
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68. Clean Energy Becomes Cheaper
Visual Capitalist: “The declining costs of wind, solar and energy storage
technologies will contribute to the clean energy transition”.
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69. Why Copper?
Visual Capitalist: “Copper has the superior properties that
allow it to be used for many types of clean energy”.
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70. Copper In Wind Farms
Visual Capitalist: “Offshore wind farms require
significantly more copper per MW”.
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71. U.S. Large-Scale Wind Projects
Visual Capitalist: “Since 2004, $177 billion has been
invested in U.S. large-scale wind projects”.
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72. Copper In Solar
Visual Capitalist: “There are approximately 5.5 T per MW
of copper in solar power systems”.
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73. U.S. Solar PV
Visual Capitalist: “The cost to install solar has dropped
by more than 70% over the last decade”.
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74. Copper In Energy Storage
Visual Capitalist: “Copper wiring and cabling connects
renewable power generation with energy storage devices”.
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75. U.S. Energy Storage
Visual Capitalist: “Across the United States, a total of 5.8 MW
of energy storage capacity has been commissioned”.
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76. Copper in Electric Vehicles
Visual Capitalist: “Electric vehicles rely heavily on
copper for the motors and charging cabling”.
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77. Copper in Electric Vehicles
Visual Capitalist: “Electric vehicles rely heavily on
copper for the motors and wiring”.
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78. Electric Vehicles
Visual Capitalist: “Electric vehicles are becoming more
accessible as more options enter the market”.
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79. Copper And Energy Transition
Visual Capitalist: “With each energy transition comes a
new need for materials”.
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80. The Switch: Energy Transition
43% potential increase in copper demand by 2035.
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81. Copper: Green And Healthy
Copper is durable and sustainable with a long service
life. It plays a crucial role in green future.
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82. Copper: Green And Healthy
More Copper should be used for doorknobs and other
surfaces to stop spread of viruses.
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83. Copper And Climate Change
Global demand for Copper in climate-based retrofitting
is forecast to grow 300% by 2035.
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84. The Switch: rEVolution
By 2030, > 250,000 tonnes of Copper will be used
annually in EV motors.
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85. Copper Is Needed For EVs & All
Charging Infrastructure
Annual copper demand in EVs and ICE vehicles.
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86. EVs & Copper Demand
EVs are expected to drive copper demand.
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87. Copper Big Picture
World refined Copper usage per capita: 1950-2018.
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88. Copper Big Picture
Over the next 26 years the world is going to mine more
copper than what has been mined in all history.
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89. World Copper Mine Production
World Copper mine production, 1900-2018.
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90. Copper Supply And Demand 2020
Covid-19 supply disruptions partially offsets demand
shortfalls.
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91. Copper Mining Capacity
Trends in Copper mining capacity, 2000-2023.
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92. Top 20 Copper Mines
Top 20 Copper mines by capacity.
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93. Global Copper Production
Global Copper production increasing slowly.
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94. Copper Disruptions
Copper disruptions return to impact mines.
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95. China Smelter Capacity Growth
Rapid growth in Chinese Copper smelter capacity.
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96. Copper Supply
Mine production rising and scrap availability falling.
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97. Copper Market
Raw materials weigh on downstream production.
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98. Copper Metal Stocks
Raw material shortages increase cathode demand.
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99. China’s Copper Share
China’s share of world copper consumption.
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100. Copper Supply Gap
Without copper projects supply gap will exceed 15Mt
by 2035.
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101. Copper Supply Gap
Copper supply gap will reach 8 Mt by the end of this
decade.
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102. Copper Mining Projects
Copper mining projects are increasingly challenging to
develop.
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103. New Supply Vacuum
Major copper mines starting in 2014-2019.
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104. Copper “Severe Deficit”
Goldman sees “severe deficit” for copper starting
in 2023.
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105. Copper Industry Meets 21st Century
It was our great-grandfathers that built today’s copper
industry.
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106. Copper Industry Investment Cycles
Understanding the implications of underinvestment.
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107. Copper Exploration Has Been
Increasingly Unsuccessful
Glencore: Copper mine project pipeline has more than
halved.
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108. Copper Discoveries
Exploration budgets are still down, and major copper
discoveries are far and few between.
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109. Copper Exploration
Global exploration expenditure for Copper and drill
hole analysis.
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110. Have We Found Everything?
The future of copper mining means grades
below 0.5% Cu Eq.
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111. Copper Head Grade
Industry head grade is going lower.
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112. $6 Trillion Investment In EVs
Fast roll out of infrastructure for EVs will require stable
supply of copper.
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113. Commitments To EVs
There is a huge disconnect between billons $$$ invested in
electric cars and capital invested in mining.
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114. Investors Moved From Lithium To Pot
Speculative investors have moved from Lithium to Pot.
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115. Speculative Capital Has Gone Up In Smoke
Speculative capital normally allocated to junior mining
has gone up in smoke quite literally.
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116. How To Cross Digital Divide And
Finance Tesla rEVolution?
Capital is coming to global electric cars space, but
only the best mining companies can get it.
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117. Copper Projects NPV & IRR
RFC Ambrian: Projects in the development pipeline are
highly sensitive to copper price.
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118. Projects Delayed
Most of new large mining projects and expansions
delayed beyond 2023.
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119. Price Shocks Are Imminent
Much higher prices for copper needed to put new
mines in production.
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120. Copper Inventories
Copper inventories plunged in 2019.
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121. Commodities Big Picture
Goehring & Rozencwajg Associates: Commodities
radically undervalued.
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122. Los Azules Copper
McEwen Mining: “Los Azules – Our Sleeping Giant"
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123. The Green Energy Metals
Royalty & Gold Company.
TNR Gold Corp.
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124. GEM Royalty Co.
TNR Gold Corp. (TSXV: TNR)
Becoming The Green Energy Metals Royalty & Gold Company.
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125. TNR Gold Business Model
We do not have to contribute any capital to the
development of Los Azules.
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126. TNR Gold Corp. Global Assets
TNR Gold Corp. current holdings.
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127. GEM Royalty Co.
TNR Gold Corp. (TSXV: TNR)
Becoming The Green Energy Metals Royalty & Gold Company.
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128. The Green Energy Metals Royalty Co.
TNR Gold Corp.
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129. Assets – Los Azules Copper,
San Juan, Argentina
Andean Cordillera – Home to Major Copper Mines.
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130. Los Azules Copper Resource
Los Azules ranks as one of the top 2 or 3 world class
deposits that are “for sale”.
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131. Los Azules Copper Resource
Los Azules Copper resource contains 10.2B lb. indicated
and 19.3B lb. inferred resources.
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132. Los Azules PEA
Los Azules can become 26th largest Copper mine
in the world.
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133. Los Azules PEA
Los Azules projected cost of Copper production.
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134. Los Azules Copper
Preliminary Economic Assessment
McEwen Mining Preliminary Economic Assessment’s
Highlights.
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135. Los Azules Copper
Undiscounted NSR $35.2B
McEwen Mining PEA: Commodity Price Assumptions.
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136. Los Azules Copper
Potential Value of TNR Gold’s NSR Royalty
TNR Gold holds a 0.36% NSR Royalty on the entire
Los Azules Copper project with McEwen Mining.
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137. Los Azules Update
McEwen Mining’s update on Los Azules.
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138. Los Azules Summary
Value-adding will continue for Los Azules
in 2019 and 2020.
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139. Los Azules Copper
McEwen Mining: Los Azules – significant optionality to
copper price.
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140. Copper M&A Transactions
McEwen Mining: Benchmarking Los Azules Intrinsic
value.
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141. Largest Copper Projects For M&A
RFC Ambrian: 19 largest copper projects reserves and
resources.
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142. The Largest Copper Projects For JVs
RFC Ambrian: 19 largest copper projects that may
require a 3rd party.
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143. The Largest Copper Projects For JVs
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144. The Largest Copper Projects For JVs
RFC Ambrian: NPV and IRR of the largest copper
projects that may require a 3rd party.
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145. 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
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146. Thank you!
Energy rEVolution.
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
Copper May 2020
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