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

1. Gold
Gold in The USA: Solid Values In Uncertain Times.
Kirill Klip GEM Royalty TNR Gold
November 2020
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2. Legal Disclaimer
All information about NovaGold and Barrick Gold is
presented using publicly available data.
Kirill Klip GEM Royalty TNR Gold
November 2020
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3. Legal Disclaimer For The U.S.
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
November 2020
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4. The Green Energy Metals
Royalty & Gold Company.
TNR Gold Corp.
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5. TNR Gold Corp. Shotgun Gold
Dr Tim Baker: Location of major intrusion related Gold
deposits.
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6. 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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7. Gold After Margin Calls
Gold reached new all-time high even after forced selling
covering margin calls after Double Black Monday 2020 Crash.
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8. Gold New All-time High 2020
Gold has reached a new all-time high in 2020.
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9. Gold New All-time High 2020
Gold reached all-time high in 2020 even after the major
Gold market in the world was literally shut down.
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10. Record Global Debt
Global debt hit record over $258 Trillion in Q1 2020 and
is much higher than before The Great Recession of 2008.
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11. Worse Than A War
Global debt is skyrocketing.
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12. Record Global Debt
Global debt topped $258 Trillion in Q1 2020 and is much
higher than before The Great Recession of 2008.
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13. Record Global Debt
Global debt on track to hit $277T this year,
$360T by 2030.
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14. U.S. Federal Debt Over $27 Trillion
U.S. Federal debt has increased by $4.8T - the most in
2020 than in any past year.
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15. U.S. National Debt Over $27 Trillion
U.S. national debt has surpassed $27 Trillion.
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16. U.S. Public Debt vs. GDP
U.S. Debt jumps over $27T while GDP contracts to $19.5T.
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17. U.S. National Debt 138% Of GDP
U.S. National Debt exceeded economic output in
the U.S.
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18. The U.S. National Debt - $27 Trillion
The U.S. national debt passed $27T, spiked $3.6T from
March 2020.
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19. Debt Projections
CBO: Debt projection exceeds economic output in
the U.S.
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20. U.S. – Money Supply Growth
FED: U.S. - M1 Money Supply Growth.
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21. Money Supply Growth vs. Gold
FED: U.S. - M1 Money Supply Growth vs. Gold.
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22. Gold vs. Money Supply
Crescat Capital: Gold vs. money supply.
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23. U.S. Dollar
Purchasing power of the consumer U.S. dollar.
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24. FED Easing And U.S. Dollar
Unprecedented FED easing implies a sharply weaker
U.S. dollar.
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25. The Rise And Fall Of The U.S. Dollar
Purchasing power of the consumer U.S. dollar.
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26. U.S. Dollar vs. Gold
Daniel Lacalle: U.S. Dollar vs. Gold.
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27. U.S. Dollar In Reserves
U.S. Dollar’s share of official global reserves declines
further.
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28. Gold vs. S&P 500
The price of Gold has crushed the market performance so far in
the 21st century.
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29. Gold vs. Stocks
Northstar: Gold has outperformed the stock market from
1998.
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30. Gold, U.S. Election & The 8-Year Cycle
Northstar: Gold, U.S. Elections & the 8-year cycle.
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31. Gold vs. Warren Buffett
Gold has outperformed Warren Buffett for the first 20
years in the 21st century.
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32. Warren Buffett Invests In Barrick
Warren Buffett buys stake in Barrick Gold in August 2020.
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33. The “Third Great Bull Market”
Is Gold setting up for the “Third Great Bull Market”? Yes.
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34. Gold Price 1971 - 2019
Gold in U.S. $ 1971 - 2019 from - $35 to $1,515 - up 43X.
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35. Central Banks Buying Gold
Central Bank demand is the highest since Nixon closed
the Gold window.
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36. Central Banks Buying Gold
Central Banks were net buyers for a tenth consecutive
year.
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37. Central Banks Buying Gold
Central Banks bought more Gold than ever in 2019.
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38. Growing Central Bank Demand
Gold purchases by Central Banks in 2020.
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39. Central Bank Gold Demand
Gold purchases by Central Banks in 2020.
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40. Central Bank Assets vs. Gold
Crescat Capital: Global Central Banks Assets vs. Gold.
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41. Growing Gold Demand
Bank of America forecasts Gold to hit record $3,000.
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42. Modeled Gold Price
Chris Rutherglen: Modeled Gold price by scaling to the
increase in the U.S. Money Supply $3,275.
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43. Gold Price Model
Lighthouse: Gold price model $10,050.
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44. How High Can Gold Go?
Could we see $25,000 Gold by 2049?
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45. China Sells USTs & Buys Gold
Trade Wars: China’s holdings of USTs fall to lowest since
May 2017.
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46. China Sells USTs & Buys Gold
Pandemic: China’s holdings of USTs fall to lowest since
May 2017.
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47. Chinese Holdings Of USTs
Pandemic: China’s holdings of USTs fall to lowest
since 2017.
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48. China Gold Reserves Growth
China buys more Gold during Trade Wars.
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49. Long Gold In CNY – Breakout
Crescat Capital: Long Gold in CNY terms and short
global stocks.
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50. Gold Miners
Crescat Capital: Gold Miners free cash flow yield.
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51. Gold Miners EPS vs. S&P 500
Meridian Macro: Gold Miners EPS 108% increase.
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52. Gold In Equity Portfolios
Investors increasing allocations to Gold will be driving
demand side for this Bull Market.
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53. Investors Sell USTs & Buy Gold
World Gold Holdings vs. Treasury Holdings in 2020.
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54. Gold And Negative Real Rates
Amount of global debt with a negative yield hits a
record $17.1 Trillion.
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55. 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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56. Gold And Negative Real Rates
Incrementum: Negative real interest rates are a perfect
environment for Gold.
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57. Gold And Negative Real Rates
Incrementum: Negative real interest rates are a perfect
environment for Gold.
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58. Gold And Negative Yielding Debt
Gold has been mocked for years for its lack of yield.
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59. US 10-Year Real Yield vs. Gold
Gold has been mocked for years for its lack of yield.
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60. Gold All-Time Highs
Gold has hit all-time highs in multiple currencies before
the pandemic.
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61. Gold All-Time Highs
Gold has hit all-time highs in multiple currencies during
the pandemic.
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62. FED Balance Sheet
Crescat Capital: FED has expanded balance sheet to
$7.2 Trillion fighting The Great Depression 2.0
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63. Central Banks Interest Rates
All Central Banks cut interest rates fighting The Great
Depression 2.0
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64. Gold ETF
ETF holding of Gold is growing at record pace in 2020.
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65. Gold Stocks
Northstar: Gold mining stocks were vastly undervalued
relative to broader equity markets.
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66. Gold Stocks
Northstar: GDX & the U.S. election cycle.
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67. Gold Mining Stocks
The oldest Gold mining stocks index by Barron's shows
the extreme historical undervaluation.
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68. Gold Mining Stocks
Crescat Capital: Gold mining stocks are still incredibly
undervalued relative to broader equities and Gold.
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69. Gold Mining Stocks
Crescat Capital: Gold and Gold mining stocks after
yield curve inversions.
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70. Gold & Silver Mining Stocks
Crescat Capital: Gold and Silver Miners vs. Global
Stocks.
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71. Longest And Deepest Bear
McEwen: Gold equities are breaking out from the
“Longest and Deepest Bear” market.
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72. Gold Equities Bull Markets
Incrementum: Gold equities Bull Markets over the past
78 years.
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73. Gold: The Trend Is Up!
McEwen: Gold, the trend is up - targets are big!
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74. Peak Gold
Frank Holmes: Output from the world’s Gold mines will
top out in 2020 before declining.
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75. Industry-wide Decline
Gold production from existing mines could fall sharply
post 2020 onwards.
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76. Gold Reserves
Reserves by major Gold companies have declined 26%
from 2012 and are now below 2007 levels.
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77. Gold Discoveries
Annual exploration budgets vs. Gold discoveries.
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78. Gold Discoveries
Creascat Capital: Gold discoveries.
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79. Exploration Budgets
Global Gold exploration budgets are still a long way off
their 2012 peak.
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80. Gold M&A vs. Exploration
Gold M&A is cheaper and more certain than
exploration.
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81. Gold Enterprise Valuation Curves
Ronald Stewart: Enterprise Valuation per Au oz of
resource for exploration companies is rising.
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82. Gold Enterprise Valuations
Ronald Stewart: Enterprise Valuations per Au oz of reserves
for producing Gold companies.
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83. Where Do You Look For Elephants?
TNR Gold Shotgun Gold project is located in the
Alaskan “Elephant Country”.
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84. TNR Gold Corp. Shotgun Gold
Dr Tim Baker: Location of major granite related Gold
deposits.
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85. TNR Gold Corp. Shotgun Gold
Dr Tim Baker: Tintina Gold Belt examples.
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86. TNR Gold Corp. Shotgun Gold
Dr Tim Baker: Tintina Gold Belt.
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87. TNR Gold Corp. Shotgun Gold
Dr Tim Baker: Geology and Vein deposits of SW Alaska.
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88. TNR Gold Corp. Shotgun Gold
Dr Tim Baker: Depth-fluids model for IRGS.
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89. TNR Gold Corp.
Shotgun Gold Project, Alaska.
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90. The Shotgun Gold Project
Shotgun Gold is located in Donlin Gold Mining District,
South-West Alaska.
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91. The Shotgun Gold Project
Shotgun Gold is located in Donlin Gold Mining District,
South-West Alaska.
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92. The Shotgun Gold Project
TNR Gold strategy with Shotgun Gold.
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93. Alaska A World-class Jurisdiction
Leverage in a place where you can keep the rewards.
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94. Alaska’s Appeal
At a time of extreme geopolitical uncertainty, Alaska is
welcoming new responsible development.
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95. Gold In The USA
Donlin Gold: strong support for responsible mining and
development in Alaska.
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96. Decline In Gold Discoveries
Gold mine supply is set to decline after years of
increases.
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97. Alaska’s Donlin Gold
Donlin Gold: One of the few large projects in a safe
jurisdiction.
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98. Donlin Gold Federal Permit
Donlin Gold: key project milestone achieved.
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99. Donlin Gold Permitting
Donlin Gold: key project milestones achieved.
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100. Donlin Gold Infrastructure
Barrick Gold and NovaGold are developing
Donlin Gold and opening new Mining District in the U.S.
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101. Gold Elephant In Alaska
Among the world’s highest-grade known open-pit
deposits.
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102. Gold Elephant In Alaska
Multi-generational sustainable economic opportunity.
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103. Gold Elephant In Alaska
Leverage where it counts… and that you can keep.
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104. Gold Elephant In Alaska
Time-tested partnership with Barrick Gold.
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105. Gold Elephant In Alaska
Partnered with experienced industry leader focused on
enhancing value.
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106. Gold Elephant In The USA
Donlin Gold: development projects of similar size are
scarce. Development of major gold mining camp.
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107. New Gold Camp In The USA
Donlin Gold in Alaska could be one of the industry’s top
producing assets.
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108. The Shotgun Gold Project
Exploration history of Shotgun Gold project in Alaska.
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109. Regional Geologic Environment
Region is truly unique “Elephant Country” for large scale
gold deposits.
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110. Shotgun Gold Geology
Predominantly underlain by Cretaceous sediments of
the Kuskokwin Group.
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111. Shotgun Gold Mineralization
Shotgun Gold: the same age rocks and geological
signature appear to resemble Donlin Gold mineralization.
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112. Shotgun Ridge
Shotgun Ridge - mineralized intervals.
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113. Shotgun Ridge Drilling
Shotgun Ridge - drill holes plan view.
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114. Shotgun Ridge
Shotgun Ridge - resource model cross-section A-A’
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115. The Shotgun Project
The Shotgun Project - mineral resource.
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116. Understanding Potential Targets
Shotgun Ridge alone shows potential to host multiple
closely spaced gold deposits.
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117. Typical Porphyry System
Magnetic image shows “ring structure” typical of
porphyry systems.
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118. Area Of Defined Resource
Multiple areas with similar structural and magnetic
character are untested by drilling.
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119. Chargeability Model
Only one chargeability target is tested by drilling and it
is mineralized.
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120. Shotgun Ridge Geophysics
The Shotgun Gold project – geophysics cross section.
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121. Shotgun Ridge Geophysics
Mineralization plotted down hole over 3D chargeability
model.
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122. Shotgun Ridge Potential
Shotgun Ridge has untested structural intersections that
may host significant Gold deposits.
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123. The Shotgun Gold Opportunity
Shotgun Ridge is just one of multiple gold target areas.
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124. Shotgun Ridge
Shotgun Ridge - inferred resource estimate.
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125. 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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126. 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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127. 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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128. 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
November 2020
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