Eucalyptus Resources Calls for Board Upgrade at TNR Gold
Eucalyptus Resources, the largest shareholder of TNR Gold Corp. (TSX-V: TNR), has issued a letter to shareholders ahead of the company's annual general and special meeting scheduled for September 22, 2026. The firm is urging an overhaul of the board, arguing that it lacks experience and has failed to deliver value to investors over nearly a decade under CEO Kirill Klip. Eucalyptus Resources criticizes TNR Gold's governance practices, including excessive share dilution—over 90 million shares issued—and significant compensation paid to the Klip family. The company also accuses current board nominees of lacking public or executive experience and highlights concerns over stalled projects like the Shotgun Gold Project. The letter calls for an independent slate of directors with professional expertise to replace what Eucalyptus Resources describes as a 'family business' model that has not served shareholders well.
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Topics: board nomination company restructuring proxy fight shareholder rights