Announcement • May 30
Safi Silver Corp. Announces Management Changes Safi Silver Corp. announced that Damian Lopez had resigned as Corporate Secretary of the Company and Paul Bozoki, CFO of Safi Silver Corp., would take on the role of Corporate Secretary. Announcement • May 21
Safi Silver Corp Provides Update on Addana Drilling Program Safi Silver Corp. reported that drilling is complete on the first hole of the Addana campaign, and has commenced on the second hole. Hole #2 is expected to be completed before May 23. The current phase of drilling is focused on targets located in the southwestern portion of the Addana property, where historical work and recent field mapping have identified structurally controlled mineralized zones in quartz-carbonate veins, considered highly prospective for polymetallic silver mineralization. The Company reports that drilling operations have progressed smoothly to date. Recovery of drill core and geological logging is meeting the Company’s expectations. Once recovered, the core is systematically processed, photographed, logged, and prepared for sampling at the Company’s new and secure facilities in the town of Igdi prior to shipment for analytical testing. Samples from the Addana drilling program will be analyzed by Afrilab, a SGS and ISO-certified independent analytical laboratory located in Marrakech, Morocco. The laboratory has previously been utilized by the Company for exploration programs within Morocco and provides internationally recognized analytical services for precious and base metal exploration projects. Afrilab utilizes fire assay, atomic absorption spectroscopy (AAS), and inductively coupled plasma mass spectrometry (ICP-MS). Such methods are ideal for this program, given the precious and base metals mineralization targeted at Addana. As core is recovered, it is being geologically logged and sampled in batches to maintain a consistent flow of material to the laboratory. This approach allows us to maintain strong quality control procedures while ensuring timely assay turnaround as the program advances. Drilling at Addana represents another important milestone in Safi Silver’s transition toward becoming a focused Moroccan polymetallic silver exploration company. The initial drill program at Addana is designed to test priority targets identified through historical exploration, surface sampling, geological mapping, and structural interpretation. The Company expects to provide additional operational updates as drilling progresses and assay results become available. The scientific and technical information contained in this news release has been reviewed and approved by Dr. Andreas Rompel, (Pr.Sci.Nat., FSAIMM)., Chief Exploration of Safi Silver, who is a “Qualified Person” as defined under National Instrument 43-101 – Standards of Disclosure for Mineral Projects. Announcement • Apr 03
Trigon Metals Inc. completed the Spin-Off of Safi Silver Corp. Trigon Metals Inc. agreed to Spin-Off Safi Silver Corp. on February 14, 2024. The Trigon Shareholders will receive one New Trigon Share and 0.5 Silver Hill project Common Shares in exchange for each Trigon Share held immediately prior to completion of the Proposed Arrangement. The Proposed Arrangement remains conditional on the approval of the Trigon Shareholders at the annual general and special meeting, the TSX Venture Exchange and the Ontario Superior Court of Justice. Additionally, completion of the Proposed Arrangement is conditional upon, among other things, completion of a concurrent financing of Spinco and conditional approval for listing the Spinco Common Shares on a recognized Canadian stock exchange. As of February 26, 2024, Trigon Metals has received an interim order from the Ontario Superior Court of Justice and has scheduled its annual general and special meeting of shareholders to be held on April 9, 2024. TSX Trust Company acted as a transfer agent in the transaction.
Trigon Metals Inc. completed the Spin-Off Safi Silver Corp. on April 1, 2026. In connection with the Amalgamation, Trigon Metals Inc. has changed its name to “Safi Silver Corp.", subject to final acceptance of the TSX Venture Exchange. Trigon Metals' trading symbol on the TSXV will also change to “SF” and the trading symbols on the OTC Markets (OTC Pink) and Frankfurt Stock Exchange (FSE) will remain unchanged. The common shares will begin trading under the name “Safi Silver Corp.” and the “SF” ticker, effective April 6, 2026. Announcement • Mar 03
Trigon Metals Inc. Mobilizes Drilling Campaign At Addana Project In Morocco Trigon Metals Inc. announced that its inaugural exploration drilling campaign at the Addana Project in southern Morocco has been mobilized. Twelve (12) diamond drill holes planned for up to 2,100 metres in total. Target depth per hole: 150–200 metres. GeoSond Maroc contracted to conduct the drilling. Core shack to be built and field team identified. Five holes planned at Antenna Hill and seven holes at Addana Southwest. The Addana Project comprises seven exclusive prospecting permits covering approximately 112 km² in the Addana Mountains, within the province of Tata in southern Morocco. Located near Akka, roughly 300 km southeast of Agadir, the Project is easily accessible via the Agadir–Tata highway and benefits from established local infrastructure. Addana was selected as Trigon’s flagship Moroccan project due to its potential for near-surface, high-grade silver-lead polymetallic mineralization, supported by historic artisanal mining and extensive surface sampling. Morocco continues to strengthen its position as a mining-friendly jurisdiction with modern infrastructure, clear regulatory frameworks, and a growing profile in precious metals. As global silver prices remain robust, driven by industrial and energy-transition demand, Addana is well-positioned within a region that hosts Africa’s largest silver mine and is emerging as a key destination for new silver discoveries. The scientific and technical information in this release has been reviewed and approved by Dr. Andreas Rompel, Pr.Sci.Nat. (400274/04), FSAIMM, the Company’s “qualified person” as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects. Dr. Rompel is Trigon’s Chief Exploration Officer and is not considered to be independent of the Company. Announcement • Jan 22
Trigon Metals Inc. Announces Executive Changes Trigon Metals Inc. announced that Mr. Rennie Morkel departs his role as President of Trigon and will continue with Horizon Corporation in his leadership role at the New Horizon Mine. Mr. Morkel played a central role in overseeing operations during a pivotal period for Trigon and in supporting the successful execution of the Horizon transaction. The Company thanks Mr. Morkel for his contributions and wishes him continued success with Horizon. As part of Trigon’s renewed exploration focus, the Company announced that Dr. Andreas Rompel has transitioned from Vice President, Exploration to Chief Exploration Officer. Dr. Rompel brings more than 35 years of international exploration experience and deep technical expertise in mineral systems analysis, exploration strategy, and project evaluation, having started his mining career on the African continent with Anglo American in 1988. Since joining Trigon, Dr. Rompel has been instrumental in shaping the Company’s exploration approach and advancing its Moroccan asset base. In his expanded role, he will continue to lead exploration strategy across Trigon’s portfolio. New Risk • Jan 03
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Canadian stocks, typically moving 15% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$4.2m free cash flow). Negative equity (-US$13m). Revenue is less than US$1m. Minor Risks Share price has been volatile over the past 3 months (15% average weekly change). Shareholders have been diluted in the past year (24% increase in shares outstanding). Market cap is less than US$100m (CA$20.8m market cap, or US$15.2m). Announcement • Dec 18
Trigon Metals Inc., Annual General Meeting, Mar 05, 2026 Trigon Metals Inc., Annual General Meeting, Mar 05, 2026. Announcement • Nov 18
Trigon Metals Inc., Annual General Meeting, Jan 15, 2026 Trigon Metals Inc., Annual General Meeting, Jan 15, 2026. Recent Insider Transactions • Nov 12
Director recently bought CA$119k worth of stock On the 4th of November, Noureddine Mokaddem bought around 500k shares on-market at roughly CA$0.24 per share. This trade did not impact their existing holding. This was the largest purchase by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. Board Change • Nov 04
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Director Gabe Ollivier was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Oct 22
Trigon Metals Inc. to Begin Drilling Campaign At Addana Project, Morocco Trigon Metals Inc. announced the launch of its inaugural drill program at its Addana Project in southern Morocco. The campaign is planned to commence before the end of the month, targeting structurally controlled silver-lead polymetallic vein systems across the Company's 112 km2 permit package in the Addana Mountains. The Addana Project comprises seven exclusive prospecting permits covering approximately 112 km2 in the Addana Mountains, within the province of Tata in southern Morocco. Located near Akka, roughly 300 km southeast of Agadir, the Project is easily accessible by the Agadir-Tata highway and benefits from well-developed local infrastructure. Addana was selected as Trigon's Moroccan project due to its potential for near-surface, high-grade polymetallic mineralization, which is supported by historic artisanal mining and extensive surface sampling. Geologically, Addana lies within the Bani Group of Ordovician quartzites and schists, folded into a broad anticline forming the Addana Range. Mineralization occurs as a network of silver-lead veins, often with zinc and copper, following brittle deformation zones and quartz-carbonate vein systems. Surface mapping and trenching have revealed numerous parallel veins extending up to 2.5 km in length, with grab samples returning assays as high as 564 g/t silver, 24.8 % lead, and 5.3 % zinc. These results highlight the Project's potential for significant, structurally controlled mineralization at depth. Trigon's upcoming drilling program is designed to confirm continuity and grade of the mineralized veins below the shallow workings historically exploited by artisanal miners. Drill fences have been planned across key vein corridors to test both strike and depth extensions, while downhole surveys and core orientation will provide structural data essential for modelling the mineralized system. At Antenna Hill, 5 holes are expected to be drilled as well as 7 holes at Addana SW. Each hole will be logged and split for multi-element assays including silver, lead, zinc, and copper. A comprehensive QA/QC protocol, including certified standards, blanks, and duplicates, will ensure the reliability of assay results. Geotechnical and structural logging will be fully integrated into the program design to guide future targeting. Site preparation, including access roads and drill pads, is nearing completion, with local contractors now mobilizing equipment to site. Announcement • Sep 18
Namibian Competition Commission Grants Approval to Trigon Metals Inc. for the Previously Announced Sale of the Company’s Interest in the Kombat Mine and Associated Assets to Horizon Corporation Trigon Metals Inc. announced that the Namibian Competition Commission has granted approval, effective September 12, 2025, for the previously announced sale of the Company’s interest in the Kombat Mine and associated assets to Horizon Corporation. The granting of competition approval initiates the final steps towards closing the Transaction. The parties continue to work collaboratively to complete the remaining closing conditions. Trigon will provide further updates as the parties advance toward completion of the Transaction. The Transaction remains subject to the final approval of the TSX Venture Exchange. New Risk • Sep 03
New major risk - Revenue and earnings growth Earnings have declined by 2.2% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$2.0m free cash flow). Negative equity (-US$9.9m). Earnings have declined by 2.2% per year over the past 5 years. Revenue is less than US$1m. Market cap is less than US$10m (CA$13.1m market cap, or US$9.48m). Minor Risk Shareholders have been diluted in the past year (25% increase in shares outstanding). New Risk • Aug 31
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -US$2.0m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$2.0m free cash flow). Negative equity (-US$9.9m). Revenue is less than US$1m. Market cap is less than US$10m (CA$13.1m market cap, or US$9.52m). Minor Risk Shareholders have been diluted in the past year (25% increase in shares outstanding). Announcement • Aug 19
Trigon Metals Inc. Defines Key Exploration Targets on Its Kalahari Copper Project, Namibia Trigon Metals Inc. announced the successful completion of a drone-based aeromagnetic survey over a key area of its Kalahari Copper Project. The Company has also finalized the data processing and 3D inversion, enabling interpretation and the definition of highly prospective exploration targets which will be the focus of upcoming exploration campaigns. The survey area was selected for its favourable stratigraphy and structure, as well as its proximity to known mineralization at the Fiesta-Fortuna Prospect (Noronex Limited), located 4 km to the east (Fig. 1). Thick Kalahari sand cover (>40 m) necessitated the use of detailed airborne geophysical surveys to identify prospective targets. Structurally, the area is dominated by two regional-scale, doubly plunging anticlines. Ellipsoidal magnetic lows are interpreted to represent tight Ngwako Pan cored anticlines, flanked by magnetically positive anomalies associated with the D’Kar Formation. The Heimat Fold Closure lies within the same domal structure as the Fiesta-Fortuna Prospect (Noronex Ltd) but is interpreted to occur higher in the stratigraphy, within the D’Kar Formation and away from the traditionally targeted contact with the lower Ngwako Pan Formation (Fig. 2). This target is based on Trigon’s understanding of the Kalahari Copper Belt (KCB) mineralization as likely having both diagenetic and epigenetic origins. Most KCB deposits are semi-stratiform and located near the Ngwako Pan/D’Kar contact. While minor mineralization is often found along this contact, major deposits also tend to be spatially linked to regional anticlines or domes, and in some cases to second-order faulting. The exploration focus is therefore on domal features with either an exposed Ngwako Pan/D’Kar contact or with its D’Kar “roof” still intact. The Heimat Fold Closure represents one such target, with known mineralization immediately to the east (along strike). Similarly, the Bushman Dome target area, covers a large Ngwako Pan Fm cored dome immediately to the south of the Heimat Dome. 3D inversion of the magnetic data has enabled Trigon to identify the relative depth of the prospective Ngwako Pan/D’Kar contact along the hinge zone of the Heimat Dome (Fig. 3). Trigon plans to use this knowledge to guide its maiden drilling program at the Kalahari Project. Additional magnetic targets identified within this prospective zone, include cigar shaped magnetic highs, likely representing 2 order, parasitic folding and linear structures attributed to late Damaran age faulting and thrusting. Further interrogation of the data is underway in order to identify specific drill targets. New Risk • Jul 31
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -US$3.1m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$3.1m free cash flow). Negative equity (-US$6.2m). Revenue is less than US$1m. Market cap is less than US$10m (CA$12.5m market cap, or US$9.05m). Minor Risk Shareholders have been diluted in the past year (25% increase in shares outstanding). New Risk • Jul 25
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: CA$13.3m (US$9.73m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Negative equity (-US$27m). Market cap is less than US$10m (CA$13.3m market cap, or US$9.73m). Minor Risks Large one-off items impacting financial results. Shareholders have been diluted in the past year (25% increase in shares outstanding). Board Change • May 01
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 4 non-independent directors. Independent Director Daye Kaba was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Apr 25
Trigon Metals Inc., Annual General Meeting, Jun 11, 2025 Trigon Metals Inc., Annual General Meeting, Jun 11, 2025. Announcement • Mar 06
Trigon Metals Inc. announced that it has received CAD 2.49835 million in funding from Horizon Corp Ltd On March 6, 2025, Trigon Metals Inc. closed the transaction. The company announced that it has issued 5,603,400 common shares at a price of CAD 0.25 per share for the gross proceeds of up to CAD 1,400,850 in its final tranche. Together with the first tranche of the Offering, the Company has issued an aggregate of 9,993,400 Shares for gross proceeds of CAD 2,498,350. In connection with the Second Tranche, the Company paid cash finder's fees of CAD 5,640 and issued 22,560 finder’s warrants to eligible finders. All securities issued in connection with the Second Tranche are subject to a statutory hold period of four-months and one-day. Announcement • Feb 12
Trigon Metals Inc. announced that it expects to receive CAD 1.7 million in funding from Horizon Corp Ltd Trigon Metals Inc announced a non brokered private placement of 6,800,000 common shares at a price of CAD 0.25 per share for gross proceeds of up to CAD 1,700,000 on February 11, 2025. The transaction includes participation from Horizon Corp. Ltd. Horizon will invest $500,000. Closing of the offering is expected to occur on or about February 20, 2025, and remains subject to a number of conditions, including receipt of all necessary regulatory approvals, including the approval of the TSX Venture Exchange. In connection with the offering, a finder's fee may be payable in line with the policies of the TSX Venture Exchange. All securities issued in connection with the offering will be subject to a statutory hold period of four months and one day. Announcement • Feb 01
Trigon Metals Inc. Pauses Kombat Mine Operations to Address Setback Trigon Metals Inc. announced a proactive operational adjustment at its Kombat Mine in Namibia to address unplanned maintenance requirements for its dewatering systems. The Company has temporarily suspended its operations for an anticipated period of six to nine months due to the failure of both of its two main submersible dewatering pumps. The submersible pumps are crucial to the Company's operations at the Kombat Mine, and the unexpected breakdowns have left Trigon with no immediate solution for full restoration of its systems. Both pumps have been hoisted out of the shafts and sent to a third party engineering firm for independent verification of the root causes for the failures. Unfortunately, due to water levels returning to their normal levels of 60 metres below service at Shaft 1 and 120 metres at Shaft 3, mining operations will be paused until dewatering activities have recommenced. The Company anticipates that dewatering will restart in third quarter of 2025, once the pumps have been repaired and the risk of reoccurrence has successfully been mitigated. Strategic Operational Update: The Company is implementing a comprehensive recovery plan including advanced repairs and upgrades to critical equipment, to ensure long-term operational resilience and efficiency. Trigon has initiated a phased recovery strategy following the identification of maintenance needs in two key submersible pumps at the Kombat Mine. Both pumps have been safely retrieved and are undergoing rigorous analysis by a leading third-party engineering firm to optimize their performance and durability. While dewatering activities will pause during this period, the Company has a clear pathway to resume operations in third quarter /fourth quarter 2025, with enhanced systems designed to mitigate future risks. As a result of this operational setback, the Company also announced the retrenchment of the majority of its onsite employees. To align with this short-term operational adjustment, Trigon will implement a temporary workforce reduction at the mine site. This decision, while necessary under the current circumstances, is one of great regret, as the Company values its team and recognizes the impact this will have on its employees and their families. The Company deeply values its employees and is committed to supporting all affected team members through this transition. This includes generous severance packages, extended healthcare benefits, and dedicated job placement assistance in collaboration with local partners. Trigon remains optimistic about rehiring and re-engaging its workforce once operations resume. Announcement • Jan 23
Trigon Metals Inc. Further Expands Mineralized Zones at Kombat Mine, Namibia - Intersects 8 Metres at 10.44% Cu and 35.34g/t Ag Trigon Metals Inc. announced the results of the recent underground drilling at Shaft 1, at levels 1, 3 and 4 at the Kombat mine. These confirmation holes were targeting orebodies adjacent to historic workings and close to existing underground development. True intercept width is unknown. The holes listed below have extended the known mineralization and mineable tonnes in the upper levels at Shaft 1. Highlights: Level 1 sub 1 (45 metres from surface): KWO-238: 12 metres at 2.27% Cu and 30.41 g/t Ag; KWO-239: 8 metres at 10.44% Cu and 35.34 g/t Ag. Highlights – Level 3 sub 1 (105 metres from surface): KWO-242: 3 metres at 6.81% Cu and 87.83 g/t Ag; KWO-256: 5 metres at 1.40% Cu and 21.89 g/t Ag; KWO-257: 6 metres at 1.40% Cu and 13.95 g/t Ag. Highlights – Level 4 (120 metres from surface): KWO04L-319: 6 metres at 2.15% Cu and 41.20 g/t Ag; KWO04L-323: 5 metres at 3.08% Cu; KWO04L-324: 9 metres at 1.94% Cu and 21.73 g/t Ag. Drillholes KWO-238 and KWO-239 were drilled on the eastern margin of the Sublevel 1.1 of the mined out orebody, about 45 metres from surface. These two holes intersected significant grade approximately 24 metres from the closest historical drillhole results known as OMEG orebodies. These orebodies are conformed with the regional strike-length of the Kombat trend (E-W). Drillhole KWO-242 was drilled southwards, defining the orebody thickness which is extending to the East of level 3 sub-1. This area is about 105 metres from surface and the intersections were 5m long. Similarly, drillholes KWO-256 and KWO-257 were drilled at angles of 15 to 30 to outline vertical continuity of the orebody. These holes also intersected mineralization between 23 and 25 metres, defining a clear zone of mineralisation. Drillhole KWO04L-319 was drilled towards the western margin of the existing development on level 4, about 155 metres from surface. This drill hole was aimed at defining the vertical extend as a follow up to the closest historical intercepts. Similarly, drillholes KWO04L-323 and KWO04L-324 were drilled on the western margin of the Level 4, where multiple intercepts were drilled between 4 and 20 metres from their nearest historical intercepts. Announcement • Jan 17
Trigon Metals Inc. Announces Halting of Underground Mining at Kombat Mine, Namibia Trigon Metals Inc. experienced a setback in underground pumping due to the failure of both of its two main dewatering pumps on the morning of January 16, 2025 at the Company’s Kombat mine in Namibia. As a result, the Company has suspended underground mining as it anticipates that the pump failure will ultimately result in the underground mine flooding over the coming days. All precautions are being taken to ensure safety at the Kombat site. All personnel have exited the affected areas of the underground operations and underground equipment is currently being removed. The Company intends to complete the previously announced transaction with Horizon Corporation Ltd. (“Horizon”). Horizon is aware of the situation and has notified the Company that it is standing by its commitment to complete the purchase of Trigon’s interest in the Kombat mine. Both parties continue to work on the way forward, in conjunction with Trigon’s other partners and stakeholders. Announcement • Dec 04
Horizon Corporation Limited entered into an indicative term sheet to acquire Kombat Mine (Pty) Inc. from Trigon Metals Inc. (TSXV:TM) for $50 million. Horizon Corporation Limited entered into an indicative term sheet to acquire Kombat Mine (Pty) Inc. from Trigon Metals Inc. (TSXV:TM) for $50 million on December 3, 2024. The Term Sheet includes a range of $30-50 million in cash, and a limited royalty that would be paid to Trigon from the Kombat mines copper production. As part of the transaction, Horizon will loan Trigon $5 million as follows: $500,000 within 7 days of entering into a binding loan agreement $2 million in December 2024 subject to satisfying certain closing conditions including Horizon receiving satisfactory security for the Loan, entering into binding documentation for the Proposed Transaction and Horizon completing its preliminary due diligence of the Proposed Transaction; and USD$2.5 million within 45 days of the Tranche 2 Payment. The Loan shall have a term of 24 months and interest rate per annum of 15%. Trigon will grant Horizon an exclusivity to finalize asset sale agreement in exchange for the advancement of the loan, with a break free proportional to the amount of the loan that has been advanced.
The Proposed Transaction remains subject to certain conditions including completion of satisfactory due diligence, the negotiation and execution of a definitive agreements between Trigon and Horizon, third party approvals, shareholder approval and regulatory approval, including, by the TSX Venture Exchange. In addition to the proceeds of the Proposed Transaction, Trigon Metals will retain the Kalahari Copper Project in Namibia and will also benefit from the planned spinout of the Safi Silver Moroccan exploration projects, Silver Hill and Addana Silver Polymetallic project. Announcement • Dec 03
Trigon Metals Inc. Updates Production Guidance for the Full Year of 2025 Trigon Metals Inc. updated production guidance for the full year of 2025. For the year, the company expects underground mining to be between 250,000 Tonnes to 280,000 Tonnes. Processing to be between 260,000 Tonnes to 312,000 Tonnes. Copper Produced to be between 3,770 Tonnes to 4,200 Tonnes. Copper Produced to be between 8,315,000 lbs to 9,250,000 lbs against previous guidance of 12,125,000 lbs to 13,448,000 lbs. New Risk • Dec 01
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -US$9.5m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$9.5m free cash flow). Negative equity (-US$13m). Minor Risks Shareholders have been diluted in the past year (10% increase in shares outstanding). Market cap is less than US$100m (CA$37.1m market cap, or US$26.5m). Announcement • Nov 14
Trigon Metals Inc. Announces Resignation of Dr. David Shaw from the Board of Directors Trigon Metals Inc. announced the resignation of Dr. David Shaw from the Company’s Board of Directors, effective immediately. Dr. Shaw has faithfully served on the Board of Directors since 2019. The Company wishes to thank him for his contributions and dedicated service to Trigon over the past five years, and wish him much success in his future endeavors. Announcement • Oct 08
Trigon Metals Inc. Announces the Results of Drilling from Recent Underground Drilling at Shaft 1 at Levels 3 and 5 at the Kombat Mine Trigon Metals Inc. announced the results of drilling from recent underground drilling at Shaft 1 at levels 3 and 5 at the Kombat mine. These holes were intended as confirmation but have significantly increased the grade and extended the known mineralization in the zone. The holes targeted orebodies adjacent to historic workings and close to existing development thus allowing for near-term mining as Trigon ramps up and focuses solely on underground operations. Depiction of massive bornite with traces of chalcopyrite, occurring in a weak zone possible fault zone. Drillholes KWO-217, KWO-218 and KWO-221 were drilled on the South-Eastern margin of the sublevel 3.1, about 105m from surface where they all intercepted significant intercepts of mineralization between 8 metres and 16 metres to the North-East, South-West of their closest historical intercepts. Similarly, drillholes KWO-194 and KWO-198 were drilled on the Southern margin of the Level 5, about 150m from surface where multiple intercepts found between 80 metres and 84 metres to the East-West from their nearest historical intercepts. Announcement • Sep 19
Trigon Metals Inc. Announces Update of Kombat Mine, Namibia Trigon Metals Inc. announced that it has reached a key milestone, having mined an average of 980 tonnes of ore a day from its underground operations over a 30 day period and that it will pause its open pit operations at the end of September 2024 at the Company's Kombat mine in Namibia. Trigon has achieved a key milestone as required pursuant to the terms of the streaming agreement with Sprott Private Resource Streaming and Royalty (B) Corp. and Sprott Mining Inc. by exceeding average production of 900 tonnes per day from its underground operations over 30 consecutive days. This threshold was required to be met by October 31, 2025 and has been met by Trigon 13 months earlier than contractually required. Following the success from its underground operations, Trigon has made the decision to pause its open pit mining activities with effect from the end of September 2024, based on the following supporting factors: The successful recommissioning of the underground mine with commercial production declared on May 23, 2024, Ability to mine 900 tonnes per day average over a 30 day period, The significant grade differential and positive contribution of the underground mining operations when compared to the open pit operations, and The current milling capacity constraint at the Kombat mine limits plant throughput to 1,000 tonnes per day, which in turn leads to the preferential feeding of higher-grade underground ore. The Company is able to fill any production shortfall through feeding of existing lower-grade stockpiles until such time as underground production reaches full steady state. The mining contractor for the open-pit operations has been notified of the intended pause of open pit mining activities and will demobilise from the operations by the end of September 2024. Announcement • Aug 29
Trigon Metals Inc. Identifies New Zone in the Vicinity of Shaft #3 of Kombat Mine, Namibia Trigon Metals Inc. announced the results of drilling from the new zone identified in the vicinity of Shaft #3 of the Kombat mine. These areas are outside the proven and probable mine reserves published in March 2024. Mineralization in these areas was initially detected in surface drilling in 2023 and some historic drill work dating back to when Goldfields operated the mine. The holes classified as follow-up have yielded positive results. Total volumes and tonnage for a mineral resource estimate have yet to be quantified. At present, drilling is spaced to define a mineral resource estimate in the indicated mineral resource category. Trigon continues its underground drilling operations, with approximately 3,500 meters planned by year-end. Next Steps by Trigon: 1. Volume and Tonnes Calculation: Trigon will estimate block volumes based on drilling intersections and apply the mineralization zone’s s bulk density to convert these volumes into tonnes. 2. Mineral Resource Estimate Category Upgrading: Continue drilling within the indicated mineral resource estimate category. Consider follow-up drilling at closer intervals in high-grade areas to potentially upgrade to the measured mineral resource estimate category. 3. Ongoing Drilling Plan: Trigon plans to drill approximately 3,500 meters by year-end, providing additional data to refine mineral resource estimates and potentially increase confidence levels. 4. Grade Variability: The variability in grades suggests heterogeneous mineralization. Understanding mineralization distribution and continuity is critical for more accurate mineral resource estimation and extraction planning. Reported Earnings • Aug 23
First quarter 2025 earnings released: US$0.05 loss per share (vs US$0.084 loss in 1Q 2024) First quarter 2025 results: US$0.05 loss per share (improved from US$0.084 loss in 1Q 2024). Revenue: US$10.0m (up US$10.00m from 1Q 2024). Net loss: US$2.16m (loss narrowed 27% from 1Q 2024). Revenue is forecast to grow 43% p.a. on average during the next 3 years, compared to a 16% growth forecast for the Metals and Mining industry in Canada. Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has fallen by 33% per year, which means it is performing significantly worse than earnings. Reported Earnings • Aug 01
Full year 2024 earnings released: EPS: US$0.001 (vs US$0.48 loss in FY 2023) Full year 2024 results: EPS: US$0.001 (up from US$0.48 loss in FY 2023). Revenue: US$9.59m (up US$8.64m from FY 2023). Net income: US$20.1k (up US$16.5m from FY 2023). Profit margin: 0.2% (up from net loss in FY 2023). The move to profitability was primarily driven by higher revenue. Revenue is forecast to grow 57% p.a. on average during the next 3 years, compared to a 16% growth forecast for the Metals and Mining industry in Canada. Over the last 3 years on average, earnings per share has fallen by 25% per year whereas the company’s share price has fallen by 24% per year. Announcement • Jul 19
Trigon Metals Stabilizes Water Levels and Maintains Uninterrupted Production from Underground At Kombat Mine, Namibia Trigon Metals Inc. executed a plan to address a temporary setback in underground pumping progress due to the failure of one of its two main dewatering pumps on the evening of June 14, 2024 at the Company's Kombat mine in Namibia. The mine had been dewatered down to 331 metres from the shaft collar at the time of the pump failure and the water has since risen to 227 metres below surface and has remained at that level for the last 2 weeks. A new pump body has been ordered from the supplier and is currently scheduled to arrive in neighboring South Africa by air on July 21, 2024. The pump will then be transported by road to Kombat for installation. Installation and repositioning of the completed pumping unit is estimated to be completed by July 28, 2024. The failure is localized to the pump body (known as the wet end) and does not extend to the pump motor and the installed variable speed drive. The causes of the failure have been identified and are being investigated further with the original manufacturer and supplier of the pump, Yantai Xinhai Industry & Trade Co. Ltd. Mining activities continue as normal from the underground operations with mining activities focused on mining above 120 metres from the shaft collar. The remaining pump is being monitored continuously and does not show any sign of fatigue or potential failure at this juncture. The Company remains focused on underground production from the Asis West underground complex. The pumping setbacks are not expected to impact plans and projections previously outlined in the Company's guidance. Announcement • Apr 20
Trigon Metals Inc. Announces Schlangental Drilling Intercepts 7.0m at 3.52% Copper and 43.09g/t Silver 15km East of Kombat Mine Trigon Metals Inc. announced highlights of the exploration campaign at Schlangental, a key prospect within the wider Kombat property, situated approximately 15km east of the active mining licence ML73B. This announcement comes on the heels of the Company finalizing its comprehensive exploration plan for the expansive Kombat property, spanning nearly 35 km from Gross Otavi to the west and Schlangental in the east. Objectives Schlangental Drilling Campaign: Drilling at Schlangental is the first campaign testing mineralization outside of the main Kombat mining license on the Copper King Extension exploration prospect. Surface mineralization attracted Trigon geologists to the Schlangental area where reports of historic drilling indicated that mineralization continued at depth but no cores or detailed logs were available. Of the planned 36 holes totaling 4,000m, only two holes have been drilled to-date, with both holes intercepting mineralization at modest depths. Highlights of Two Confirmatory Holes: SCPL23-19: 331 azimuth; -57.5 dip, Intersected 7.0m with 3.52% Cu & 43.09 g/t Ag, from 56m. SCPL23-20: 327.2 azimuth;-59.1dip, Intersected 3.0m with 1.99% Cu & 34.38 g/t Ag, from 48m. The mineralization was largely chalcocite (sulfide) and malachite (oxide) with associated higher-than-average silver compared to the main mineral resource at the Kombat mine and compared to the bornite and chalcopyrite copper sulfides predominant at the Kombat mine. Given the encouraging start, deeper drilling will now be undertaken to confirm if this pattern continues in the new area. Plan for Exploring 35km of the Copper King Extension: The broader exploration plan for the Kombat property encompasses an array of methodologies to comprehensively understand its geological potential. Phase 1 involves data compilation in 2D and 3D, supplemented by the acquisition and processing of government data. Subsequent phases entail the interpretation of gathered data to construct a full 3D geological model, augmented by a high-resolution magnetic survey using drones to refine structural geology insights. Moreover, soil sampling initiatives, including auger drilling, will cover the entirety of the property. More specifically, auger drilling will target the western region to penetrate the B horizon for representative soil samples, while the eastern side's challenging calcite cover may necessitate the use of small exploration drill rigs. This integrated approach underscores Trigon’s commitment to thorough exploration methodologies, positioning the Company for strategic advancement and value creation across its extensive mineral assets. Follow-up holes are anticipated to be drilled as soon as the programme resumes. All sample assay results have been monitored through the Company's quality assurance /quality control (QA /QC) program following E2941 - 21 Standard Practices for Extraction of Elements from Ores and Related Metallurgical Materials by 4 acid Digestion with ICPOES finish. Drill core was sent to an independent laboratory, African Laboratory Specialists Namibia (“ALS”), for analysis. ALS is an independent laboratory, located in Kombat, Namibia. Core samples were prepared using the ASTM procedures. Sample size: 3 kg, crushed split to 250g weighed sample (+/- 0.5000g). Reported Earnings • Mar 04
Third quarter 2024 earnings released: US$0.036 loss per share (vs US$0.01 loss in 3Q 2023) Third quarter 2024 results: US$0.036 loss per share (further deteriorated from US$0.01 loss in 3Q 2023). Revenue: US$5.70m (up US$5.55m from 3Q 2023). Net loss: US$7.23m (loss widened 314% from 3Q 2023). Revenue is forecast to grow 172% p.a. on average during the next 2 years, compared to a 11% growth forecast for the Metals and Mining industry in Canada. Over the last 3 years on average, earnings per share has fallen by 41% per year but the company’s share price has only fallen by 11% per year, which means it has not declined as severely as earnings. Announcement • Feb 15
Trigon Metals Inc., Annual General Meeting, Apr 09, 2024 Trigon Metals Inc., Annual General Meeting, Apr 09, 2024. Announcement • Feb 05
Trigon Metals Inc. Announces First Underground Mining Blast at Kombat Trigon Metals Inc. announce the commencement of operational training for the underground mine at the Kombat project ahead of schedule, marked by the successful blasting of the first block. The early initiation of the underground operational training underscores Trigon's commitment to operational excellence and efficient project delivery. The first blast was initiated on February 1, 2024 at the Asis West shaft’s No. 1 level. The first underground blast represents a key step towards unlocking the full potential of the Kombat project and realizing its strategic importance in the copper market. The significant milestone sets the stage for enhanced project economics as the Company enters a new operational phase that is expected to exploit higher copper grades at depth as indicated by the resource statement and resource models which were reconfirmed through surface and underground confirmatory drilling, an important step towards positioning Trigon as a key player in the copper market and facilitating the long-term sustainability and profitability of the Kombat Mine. Trigon Metals remains focused on advancing its projects responsibly and sustainably, prioritizing environmental stewardship and social engagement throughout the mining lifecycle. Announcement • Jan 23
Trigon Metals Inc. Announces Results from Confirmation Drilling At the Kombat Mine in Namibia Trigon Metals Inc. announced results from confirmation drilling at the Kombat Mine in Namibia (the Project) with key highlights from the drilling campaign. The reported results are from the shallow areas of 1 Shaft (Asis West Shaft) adjacent to the historic Omega Shaft from 100 years ago. The 1 Shaft area still contains high-grade zones of mineralization to be accessed from the underground. Highlights of the Drill Results: Several confirmation holes near 1 Shaft have been completed. These drillholes were targeting orebodies adjacent to historic workings and close to existing development thus allowing for near-term mining during the ramp-up stage of underground operations. The holes listed below have extended the known mineralization and mineable tonnage in the zone. K15FLW02: 306° azimuth; -88.7° dip Intersected 9.0m with 2.59% Cu & 36.7 g/t Ag, from 26m; Intersected 9.3m with 1.35% Cu & 17.2 g/t Ag, from 49m; K15FLW03: 92.1° azimuth; -89.1° dip Intersected 15.5m with 5.56% Cu & 81.4 g/t Ag, from 10m; K15FLW09: 329° azimuth; -86.4° dip Intersected 9.8m with 1.01% Cu & 14.4 g/t Ag, from 10.2m; Intersected 7.0m with 1.44% Cu & 23.4 g/t Ag, from 25m; Intersected 6.0m with 1.91% Cu & 37.3 g/t Ag, from 43m; K15FLW11: 82.1° azimuth; -87.2° dip Intersected 18.0m with 6.15% Cu & 81.8 g/t Ag, from 18m; As previously announced, the Company remains on track to initiate underground mining beginning in Calendar second quarter this year. As prepare for this stage Trigon Metals anticipates increased operational efficiency and enhanced resource extraction following the promising drill results that have showcased the substantial mineralization within the targeted zones. Recent Insider Transactions • Jan 15
Independent Director recently bought CA$96k worth of stock On the 11th of January, Larisa Sprott bought around 479k shares on-market at roughly CA$0.20 per share. This transaction increased Larisa's direct individual holding by 2x at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. New Risk • Dec 03
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -US$25m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$25m free cash flow). Negative equity (-US$11m). Earnings have declined by 47% per year over the past 5 years. Revenue is less than US$1m (US$367k revenue). Minor Risks Shareholders have been diluted in the past year (14% increase in shares outstanding). Market cap is less than US$100m (CA$47.0m market cap, or US$34.8m). Reported Earnings • Dec 03
Second quarter 2024 earnings released: US$0.019 loss per share (vs US$0.006 loss in 2Q 2023) Second quarter 2024 results: US$0.019 loss per share (further deteriorated from US$0.006 loss in 2Q 2023). Net loss: US$3.69m (loss widened 257% from 2Q 2023). Revenue is forecast to grow 35% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Metals and Mining industry in Canada. Over the last 3 years on average, earnings per share has fallen by 32% per year but the company’s share price has only fallen by 6% per year, which means it has not declined as severely as earnings. Announcement • Nov 29
Trigon Metals Inc. Announces Board Changes Trigon Metals Inc. announced that Rennie Morkel has been appointed President and COO of the Company as Jed Richardson transitions to the role as Executive Chairman. Trigon Metals Inc. welcomes Rennie Morkel, a Namibian Permanent Resident, as the new President and Chief Operating Officer. Rennie, a Chartered Accountant with qualifications from Ernst & Young South Africa, brings 19 years of invaluable experience in the mining sector. His senior positions at major companies, including Endeavour Mining Group, Glencore, China General Nuclear Power Group, Vale, Norilsk Nickel, and African Rainbow Minerals, have given him extensive expertise in uranium, base metals, and precious metals across various project life cycles. Rennie holds an Honors degree in Accounting Science from the University of Pretoria. Trigon Metals Inc. is pleased to welcome Andreas “Andy” Rompel as the new VP Exploration. Andy is a German national with expertise in geology. With over three decades of exploration and production experience, Andy has worked with various commodities, including precious metals, base metals, coking coal, and cobalt. His international experience and proficiency in multiple languages, including German, Afrikaans, and English, make him a valuable addition to the Trigon Metals team. Trigon Metals Inc. is also proud to announce the addition of Grant Sboros as a new director. Holding dual nationalities of Greek and South African, Grant serves as the Chief Executive Officer of Euro Sun Mining Inc. His rich background in finance and mining, including roles as a Deloitte partner in Mozambique and as the Head of Auditing, brings a wealth of experience in both operations and finance in the African mining industry. Announcement • Oct 26
Trigon Metals Inc. Updates on Progress for Underground Mining At Kombat, Namibia Trigon Metals Inc. provided an update on work on the establishment of the Kombat underground mine planned for early 2024. Dewatering the underground mine began in September 2023. Water levels have decreased 157m in the first month of piping and is on track to have the shaft fully dewatered by year-end. This will allow for mining to begin in the first half of 2024. In July and August 2023, Trigon installed two powerful (2.5MW) submersible pumps in the main shaft at Asis West, together with 7.2 MW of emergency backup generators to ensure uninterrupted power. The water pumped out of the mine is potable and piped into an open canal that feeds reservoirs near Windhoek, the capital of Namibia. An extensive hydrogeology study was completed to understand water related to the mine. The pumps have the capacity to remove in excess of 2,000 cubic metres per hour, sufficiently more than the total inflow when the mine is completely drained. The mining fleet for underground mining is expected to begin to arrive in December 2023, providing sufficient time to prepare stopes and train staff before the planned start-up. Announcement • Sep 29
Trigon Metals Inc., Annual General Meeting, Dec 04, 2023 Trigon Metals Inc., Annual General Meeting, Dec 04, 2023. Announcement • Aug 25
Trigon Metals Inc. Produces Strong Copper Concentrate with High Recovery in Start-Up At Kombat Mine, Namibia Trigon Metals Inc. announced the production of its first copper concentrate. On August 18, 2023, the Company produced its first sale-ready dried copper concentrate for sale at the mill which has a capacity of 1,000 tonnes per day on August 21, 2023, the first full day of concentrate production, 436 tonnes of ore were processed through the mill (n nearly 44% of capacity) and the Company is targeting 70% production by the end of September. In the commissioning stage, the mill was purposely fed lower-grade material (average feed grade of 0.73% copper)ued from waste as identified by ore spotters. The utilization of low-grade feed makes the result stand out as more impressive, having produced a concentrate grade of 33.5% copper at recoveries of 79.5%. The resulting concentrate has exceeded the expected grade of 20%, and recoveries have the potential to improve with higher-grade feed. Higher-grade concentrate translates directly to higher profitability due to lower shipment and treatment charges per pound of copper produced. Stockpiles on the run-of-mine pad now total 27,000 tonnes of ore averaging close to 1.2% Cu, representing one month's supply of ore feed. Announcement • Aug 22
Trigon Metals Inc. Announces Operational Update Trigon Metals Inc. announced at site, the work at the production plant has been completed on schedule. Crushers and mills have been started. The coarse ore bins are being filled and first concentrate was produced on August 18, 2023, the details of which will be shared in a subsequent release. Approximately 25,000t of ore is now stockpiled on the run of mine pad. New Risk • Jul 31
New major risk - Negative shareholders equity The company has negative equity. Total equity: -US$6.9m This is considered a major risk. Being in negative equity means that the company's liabilities exceed its assets, meaning it owes more to creditors than it has in owned assets. While this doesn't mean the company is about to collapse, in the long-term, this is unsustainable. The company may have issues meeting financial obligations, is at risk of becoming insolvent and may have difficulty raising capital, especially more debt, if needed. Currently, the following risks have been identified for the company: Major Risks Negative equity (-US$6.9m). Earnings have declined by 39% per year over the past 5 years. Revenue is less than US$1m (US$949k revenue). Minor Risks Shareholders have been diluted in the past year (15% increase in shares outstanding). Market cap is less than US$100m (CA$40.0m market cap, or US$30.2m). New Risk • Jul 20
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -CA$29m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-CA$29m free cash flow). Earnings have declined by 31% per year over the past 5 years. Revenue is less than US$1m (CA$1.0m revenue, or US$763k). Minor Risks Shareholders have been diluted in the past year (15% increase in shares outstanding). Market cap is less than US$100m (CA$34.0m market cap, or US$25.8m). Announcement • Jul 13
Trigon Metals Inc. announced that it expects to receive CAD 5 million in funding Trigon Metals Inc. announced a private placement of up to 25,000,000 units at a price of CAD 0.2 per unit for the aggregate gross proceeds of CAD 5 million on July 12, 2023. Each unit is comprised of one common share and one-half of one common share purchase warrant. Each warrant entitles the holder to purchase one common share at an exercise price of CAD 0.30 per common share for a period of 36 months following the closing date. In connection with the Offering, the agents received an aggregate cash fee equal to CAD 204,450 and the company issued to the agents 1,022,250 non-transferable compensation options. Each compensation option entitles the holder thereof to purchase one common share at an exercise price equal to the offering price for a period of 36 months following the closing date. The company has also paid the agents a corporate finance fee of CAD 83,000, plus applicable taxes. In addition, the agents received 417,000 corporate finance fee Compensation Options, to purchase an equal number of common shares, subject to adjustment in certain circumstances at the offering price for a period of 36 months following the closing date. The common shares and warrants issued pursuant to the offering will not be subject to a statutory 4-month hold period. The transaction is subject to the approval of the TSX Venture Exchange. New Risk • Jul 13
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 15% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-CA$29m free cash flow). Earnings have declined by 31% per year over the past 5 years. Revenue is less than US$1m (CA$1.0m revenue, or US$762k). Minor Risks Shareholders have been diluted in the past year (15% increase in shares outstanding). Market cap is less than US$100m (CA$34.0m market cap, or US$25.8m). Announcement • Jul 07
Trigon Metals Inc. Announces Results from Confirmation Drilling At the Kombat Mine in Namibia Trigon Metals Inc. announced results from confirmation drilling at the Kombat Mine in Namibia. with key highlights from the drilling campaign. The reported results are from the East 400 area, and the Kavango North Pit. The East 400 area is located 250m east of the Kavango Pit where mining began in May 2023. Kavango North pit is an extension of the Kavango Pit. The team has drilled some confirmation holes in the East 400 area. East 400 is the smallest and shallowest of the planned pits at the Kombat mine. The holes did exhibit evidence of oxidization in the mineralized zone, but also returned some of the highest silver grades reported in drilling this year. The assays have been prepared and classified by Trigon Mining (Namibia)(Pty) Ltd. in accordance with the reporting guidelines as set out in National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101") as required by the Canadian Securities Administrators. Announcement • Jun 09
Trigon Metals Inc. Announces Drill Results from the East 600 Planned Open Pit, At the Kombat Mine in Namibia Trigon Metals Inc. announced drill results from the East 600 planned open pit, at the Kombat mine in Namibia (the "Project"). These holes were drilled to confirm known historical mineral resources drilled previously by the prior owner from the underground. These results are new to the East 600 area and represent some of the longest mineralized intercepts drilled from surface. East 600, also referred to as the ore capping zone, is located 400m east of the main pit and has been incorporated into resource plan and mine plan. Highlights of the Drill Results: Hole 2: Intersected 4.34m, 1.56% Cu, from 37m; Hole 3: Intersected 10m, 1.14% Cu, from 40m; Hole 4: Intersected 76m at 1.48% Cu, 8.9g/t Ag from 22m, including: 13m, 1.46% Cu, 5.7g/t Ag, from 3m, and 21m, 3.54% Cu, 17.9g/t Ag from 49m, and 11m, 1.39% Cu, 5.61g/t Ag from 87m. The company has now completed one full month of mining at Kombat, and the ramp-up to full mining production is going well. The goal for May was 120,000t of mined rock, and 124,000t were mined. May was strictly waste tonnes, but high-grade mineralization has been exposed in several areas of the pit. The first ore tonnes are scheduled to be mined towards the end of June. Blasts have occurred on schedule once a week, this schedule will be maintained until the mill starts at the end of July, whereupon blasts are scheduled twice a week. The company anticipates mining rates will average 8,000t when the mine is in full operation. However, in start-up mode mining rates have reached up to 10,000t on days when the team has pushed to test capacity. The company will continue to test areas around the planned open pits; East 400, East 600, and East 900 as potential sources for adding near surface high-grade ore. In addition, drilling is planned for the Otavi area, 12km west of the Kombat mining permit to test the limbs of 35km of mineralized strike-length corridor. The assays have been prepared and classified by Trigon Mining (Namibia)(Pty) Ltd. in accordance with the reporting guidelines as set out in National Instrument 43-101 - Standards of Disclosure for Mineral Projects (NI 43-101) as required by the Canadian Securities Administrators. Announcement • May 11
Trigon Metals Restarts Mining At the Kombat Copper Project Ahead of Schedule Trigon Metals Inc. announced, as of May 9, 2023, a successful first mining blast and the official restart of mining operations from its Kombat mine open pit, ahead of initial projections. Now that mining has commenced, ore will be stockpiled at the mill. First concentrate shipments are anticipated in fiscal second quarter. Copper production of 4.4 million pounds is anticipated from the open pit by March 31, 2024 (f fiscal year end), growing to 6.8 million pounds in first full year of production. The next quarter is expected to also mark the beginning of water pumping from underground in anticipation of reopening underground mining in 2024. The Kombat Mine is currently the only operating commercial copper mine in Namibia. Mining operations originally commenced in 1962, having produced a total output of 12.5 million tonnes of ore grading 2.6% copper on average until 2008. The mine still boasts NI 43-101 measured and indicated open pit and underground resources of an additional 12.2 million tonnes at an average grade of 1.9% copper. Exploration potential exists close to existing workings at surface and underground, alongside 35km of mineralized strike-length Trigon has yet to explore. The inherited mine infrastructure has an estimated value of more than USD 150 million, including; a mill that can process 1,100 tonnes/day, an 800m shaft with two other vertical shafts, extensive underground workings, a tailings facility, ramp systems, mine buildings and concentrator. Announcement • May 05
Trigon Metals Inc. Announces Results from the Drilling of New Mineralization Targets at its Kombat Mine in Namibia Trigon Metals Inc. announced results from the drilling of new mineralization targets at its Kombat Mine in Namibia (the "Project") with key highlights from the drilling campaign. The reported results are from the Kavango West area, 150 metres west of the Main Kavango Pit, discussed in recent press releases, the implications being a favourable confirmation of the Kombat trend mineralization. The holes reported are from drilling testing gaps in the known mineralization previously thought to be barren. Holes 3, 4,9 and 15 are verification holes testing continuity between areas previously drilled. The results are some of the longest intercepts drilled from surface. Kavango West is a direct extension of the main body of the mineralization lying just west of the planned Kavango Pit closer to the mill and main shaft. The mineralization is proving to be higher grade but deeper than Kavango and Kavango North. From historical drilling, this connects to even larger bodies at depth and is close to underground workings. This area has been incorporated into the Company's underground mine plan. The assays have been prepared and classified by Trigon Mining (Namibia)(Pty) Ltd. in accordance with the reporting guidelines as set out in National Instrument 43-101 – Standards of Disclosure for Mineral Projects(“NI 43-101”) as required by the Canadian Securities Administrators. All sample assay results have been monitored through the Company's quality assurance /quality control (QA /QC)program following E2941 - 21 Standard Practices for Extraction of Elements from Ores and Related Metallurgical Materials by 4 acid Digestion with ICPOES finish. Drill core was sent to an independent laboratory, African Laboratory Specialists Namibia (“ALS”), for analysis. ALS is an independent laboratory, located in Kombat, Namibia. Core samples were prepared using the ASTM procedures. Sample size: 3 kg, crushed split to 250g weighed sample (+/- 0.5000g). Announcement • Jan 20
Trigon Metals Inc. Announces Results from the Drilling of New Mineralization Targets At Its Kombat Mine in Namibia Trigon Metals Inc. announced results from the drilling of new mineralization targets at its Kombat Mine in Namibia (the “Project”). These results are from the East 400 area, 150 metres east of the Kavango Pit, discussed in recent press releases (August 4, September 15, and November 9, 2022), extending the Kombat trend mineralization. Highlights of the Drill Results: Hole 2A (181 azimuth, -71.8 dip); 8m at 1.10% copper 94-102m; Hole 2B (172.7 azimuth, -58.8 dip); 9m at 0.9% copper 9-18m and, 11m at 0.9% copper 68-79m; Hole 4A (184 azimuth, -43.2 dip); 5m at 3.98% copper and 8.7 g/t silver 44-49m; Hole 4B (172 azimuth, -49.4 dip);- 17m at 1.0% copper and 15.50 g/t silver 0-17m; The holes reported are from drilling testing gaps in the known mineralization previously thought to be barren. Holes 2A, 2B, 4A and 4B are verification holes testing continuity between areas previously drilled. The results are some of the longest intercepts drilled from surface and with both sulfide and oxide mineralization. All sample assay results have been monitored through the Company's quality assurance /quality control (QA /QC) program following E2941 - 21 Standard Practices for Extraction of Elements from Ores and Related Metallurgical Materials by 4 acid Digestion with ICP-OES finish. Drill core was sent to an independent laboratory, African Laboratory Specialists Namibia (“ALS”), for analysis. ALS is an independent laboratory, located in Kombat, Namibia. Core samples were prepared using the ASTM procedures. Sample size: 3 kg, crushed split to 250g weighed sample (+/- 0.5000g). Recent Insider Transactions • Nov 18
President recently bought CA$90k worth of stock On the 10th of November, Jeddiah Richardson bought around 562k shares on-market at roughly CA$0.16 per share. This transaction amounted to 11% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Jeddiah's only on-market trade for the last 12 months. Announcement • Nov 12
Trigon Metals Inc., Annual General Meeting, Dec 07, 2022 Trigon Metals Inc., Annual General Meeting, Dec 07, 2022, at 10:00 US Eastern Standard Time. Agenda: To receive and consider the audited consolidated financial statements as at and for the fiscal year ended March 31, 2022, together with the report of the auditors thereon and the unaudited condensed interim consolidated financial statements for the three-month period ended June 30, 2022; to consider and elect the directors for the upcoming year; to consider and, if acceptable, appoint McGovern Hurley LLP, Chartered Accountants, as auditor of the Corporation; to consider and, if acceptable, re-approve the Corporation's stock option plan; and to consider other business as may properly come before the Meeting or any postponement(s) or adjournment(s) thereof. Announcement • Nov 10
Trigon Reports New High Grade Drill Results At Growing New Zone At Kombat Mine, Namibia Trigon Metals Inc. announces results from the drilling of new mineralization targets at Kombat Mine in Namibia. These results are from the East 400 area, 150 metres east of the Kavango Pit, discussed in recent press releases (August 4, 2022 and September 15, 2022), extending the Kombat trend mineralization. CenEast 00 (184.8 azimuth, -71.1 dip) - 19m at 1.18%, from 64-83m - 3m at 3.24% copper and 11.75 g/t silver, from 101-104m Hole V01 (172.7 azimuth, -58.8 dip) - 7m at 2.22% copper and 27.13 g/t silver, from 56-63m Hole V03 (183.5 azimuth, -53.3 dip) - 47m at 1.20% copper and 5.35 g/t silver, from 28-75m The holes reported are from drilling testing gaps in the known mineralization previously thought to be barren. CenEast 00, V01 and V03 are verification holes testing continuity between areas previously drilled. The results are some of the longest intercepts drilled from surface and are consistently sulfide mineralization. Map of the East 400 Program Area The CenEast hole is east of the majority of the drilling that has been reported from this program in the area of the Kavango pit, initially disclosed in the press release dated May 17, 2022. It lies between East 200 affectionately called the Fat Avocado and what was previously thought to be a separate body situated to the east. Cross Section E400 Hole CenEast 00 and CenEast 00a CenEast 00 hole intercepted a wide zone of mineralization filling in an area thought to be an unmineralized gap previously. Hole CenEast 00A has been drilled and assays are pending. This hole shows the mineralization may be more continuous than previously thought. Location of Holes V01 and V03 in East 400 Program Area Verification holes V01 and V03 are in the heart of the East 400 mineralized zone discussed in previous Trigon press releases and should be considered infill holes confirming mineralization between holes previously drilled. The results reported here are notable because of the length of the intercepts above the projected reserve grade. Cross section E400 Hole V01 Hole V01 is a verification hole testing a zone between two areas of known mineralization, verifying the continuity. Cross section E400 Hole V03 Hole V03 is another verification hole. It again tests an area outside of the known resource between two mineralized areas. The results represent one of the longer interceptions and shows mineralization almost right up to the contact between the dolomite host rock and the phyllite interior of the Otavi syncline the structural feature that defines the Kombat mineralization and the entire 35km trend controlled by Trigon. Drillcore from E400 Hole V03, again shows shiny golden-coloured chalcopyrite mineralization (copper mineral) throughout the drill core. The assays have been prepared and classified by Trigon Mining (Namibia)(Pty)Ltd in accordance with the reporting guidelines as set out in National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) as required by the Canadian Securities Administrators. Announcement • Sep 17
Trigon Metals Inc. Announces Results from Drilling of New Mineralization Targets At Kombat Mine in Namibia Trigon Metals Inc. announces results from drilling of new mineralization targets at Kombat Mine in Namibia (the “Project”). These results are from the East 400 area, 150 metres east of the Kavango Pit, discussed in the August 4, 2022 press release, extending the Kombat trend mineralization. Holes from the East 400 area: Hole 5B (azimuth 180.0, dip -50.0). 4.0 m at 7.67 % copper and 10.73 g/t silver from 35.0m and, 3.0 m at 0.98 % Cu from 67.0 m. Hole 7A (azimuth 180.0, dip -70.0). 2.0 m at 1.19 % copper and 9.98g/t silver from 33.0m. Hole 7B (azimuth 167,9, dip -49.0). 4.0m of 2.25% copper and 5.49g/t silver from 30.0m and, 3.0m or 1.02 copper and 4.19g/t silver from 42.0m. Hole 7C (azimuth 180.0, dip -55.0). 6.0m of 1.02% copper and 10.42 g/t silver, from 50.0m. The technical information presented in this press release has been reviewed and approved for disclosure by Fanie Müller, P.Eng, VP Operations of Trigon, who is a Qualified Person as defined by NI 43-101. Announcement • Aug 26
Trigon Metals Inc. Announces the Appointment of Mohammed Benharref to Board of Directors Trigon Metals Inc. announced the appointment of Mr. Mohammed Benharref to the Company’s Board of Directors, effective immediately. Mr. Benharref is a founding partner of Technomine Africa, the Moroccan mineral prospecting company Trigon acquired in 2020 responsible for the discovery of the Silver Hill copper-silver-cobalt exploration project. He has more than 30 years of geological experience, including mineral exploration, geological mapping, applied geology and geosciences. He has held key positions within Managem Ltd. (SA), a Moroccan mining and engineering conglomerate, and is the founder of Morocco-based mining services company, CAP Resources, which conducts large-scale projects on behalf of the government and major Moroccan mining companies alike. Mr. Benharref graduated from Marrakech University (Morocco) with a Doctorate in Structural Geology defended in 1991. Announcement • Aug 06
Trigon Metals Inc. Announces Results from Drilling of New Mineralization Targets at Kombat Mine in Namibia Trigon Metals Inc. announced results from drilling of new mineralization targets at Kombat Mine in Namibia (the Project), in the area of the Kavango Pit, along the Kombat trend mineralization. Highlights of the Drill Results: Holes from the Kavango Pit area: Hole CenMid01 (azimuth 350.1, dip -77.0). 5.1m of 3.0% copper and 13.6 g/t silver, from 8.0m and 6.9m of 1.6% copper and 13.5g/t silver, from 16.1m. Hole CenMid01A (azimuth 180.0, dip -76.8). 11.0m of 2.6% copper, 75.0m down the hole. Hole CenMid02 (azimuth 201.6, dip -67.4). 9.0m of 2.7% copper and 9.1 g/t silver, from 44.0m. Hole CenMid04 (azimuth 177.8, dip -61.7). 6.0m of 2.4% copper and 5.6 g/t silver, from 55.0m. and, 2m of 1.2% copper, from 67m. Holes from connecting the Kavango mineralization to the East 400 (Fat Avo) area: Hole Infill05 (azimuth 186.6, dip -70.7). 2m of 1.0% copper from 23.0m; And, 4.0m of 0.8 copper from 28.0m; and 7.0m of 1.4% copper from 40.0m. Hole Infill06 (azimuth 181.0, dip -73.2): 6.0m of 1.2% copper from 20.0m; and 10.0m of 1.7% copper from 56.0mHoles are following the mineralization from the area being mined eastward. Holes with the same number and a letter designation are drilled from the same location and different inclinations. Holes marked infill are holes drilled between the Kavango pit zone and the Fat Avo, a high-grade mineralized body previously identified by historic underground drilling. The drilling between the bodies is newly identified mineralization. Announcement • Aug 03
Trigon Metals Inc. Revises Mine Plan to Optimize Production Based on New Information from Kavango Pit Mining, Namibia Trigon Metals Inc. announced revisions to its mine plan based on new information from mining the Kavango Open Pit. As planned, initial mining has begun in the area of the Kavango Pit. Management has noted marked improvements on grade control and recoveries, and are pausing operations to focus the mine plan on this type of mineralization to reduce mine wide operating costs at its Kombat Mine in Namibia. Trigon Metals has elected to pause operations at the Kombat Mine in Namibia to optimize its newly increased working capital by reconfiguring the mine plan to focus on higher grade and more consistent orebodies drilled in the Kavango pit and Kombat trend mineralization. As detailed in the update release dated July 7 (See Press Release “Trigon Provides Operational Update”), stripping and mining has begun in the Kavango pit. As anticipated, the mineralization in this area is of higher and more consistent grade. Owing to this new information, a decision has been made to optimize the mine plan. Management will now utilize the operational pause to focus the mine plan to exclusively operate from the Kavango pit and Kombat Trend mineralization, as compared to the original strategy which would have employed Kavango ore to supplement production from the central pit. The revised mining plan should dramatically improve operating costs at the mine. The move to take advantage of the higher grade and more consistent Kavango and Kombat trend mineralization should take operating costs down to $2.60-$2.80/lb of copper, from the $3.30-$3.50/lb forecasts from the original mining plan. During the production pause, drilling will continue on the Kombat Trend to build a new mine plan around the higher grade and more consistent mineralization discovered in this area. The central pit mineralization has proven more costly to mine, as the veinlet nature of the mineralization has made grade control difficult and costly to control. Mining in this area will be economic at higher copper prices and the company is also exploring ore sorting techniques to upgrade mill feed and reduce costs from the central pit. The pause will involve the retrenchment of a portion of the mine and mill staff for Trigon and the mine contractor. As a first target, the central pit mineralization was attractive due of its proximity to the mill and what appeared to be lower strip ratio, however, the nature of the mineralization has proven to be different than the main Kombat Trend. This appears to be the situation in Pit 1 (“Central Pit”) and Pit 4. Pits 2 and 3 (“East 900”) are on the Kombat Trend and do not have the challenges that Pit 1 and 4 have presented. The difference in the trends is a new understanding of the mineralization brought to the fore by the recent work on Pit 5 (“Kavango pit”). The addition of Pits 5 and 6, will give this iteration of the open pit the same four year mine life as the previous plan but at more favourable operating costs. The plan to commence mining from the open pit and gradually transition to underground ore beginning in 2024 remains unchanged. Announcement • Jul 08
Trigon Metals Inc. Provides Operational Update At Kombat Mine in Namibia Trigon Metals Inc. provided the following operational update and review of mining performance, ore processing and copper concentrate shipments from its Kombat Mine in Namibia. The restart of the Kombat Mine has been a tremendous achievement for Trigon and its shareholders, as well as the Kombat community and country of Namibia. The mine employs 220 Namibians both directly and as contractors. An additional 80 women are employed on a part- time rotational basis as part of the Company's community garden agricultural development project. To date 1,103,312 tonnes of material have been mined including pre-stripping, 120,775 tonnes of ore have been mined at an average grade of 0.92% copper and 6.9 g/t silver.34,762 tonnes of ore grading 0.85% copper and 10.97 g/t silver have been fed into the mill and processed, producing 861.4 tonnes of concentrate grading 19.75% copper and 271.3 g/t silver. To date, 548 tonnes of concentrate have been shipped and revenue received. Through the start-up, the ore has been highly oxidized and the feed grade has been highly variable, resulting in the production of some low-quality concentrates. Through March and April, the processing plant team completed the final upgrade of the mill. The process included the installation of reagent dosing pumps to improve the accuracy of dosing as the reagent dosing had previously been erratic. Over this period, the plant also underwent a variety of upgrades with the aim of increasing plant capacity and reliability. Some of the key tasks completed include: Changing the secondary crusher 2 from obsolete 2.4kV spares to 525V supply to ensure reliability. Cleaning build-up from fines silos to increase available storage capacity. Improving ball mills feed chute distribution to ensure a stable flow. Changing the design of the bagging plant to ensure material of the correct consistency is bagged at the required rate to meet daily requirements. High oxidation and variability of the ore in the open pit mining blocks has slowed mining output. In February, mining moved to mining smaller benches and requiring a higher volume of samples including blast hole sampling to get control of grade. This was effective in April, with head grades averaging 1.7% well above the 1.0% target, but it slowed down mining, falling below the mill capacity. The primary problem was the cycle time for confirmation sampling. In June, a mobile XRF sampling team was created and deployed to the mining pit giving the mining team instant feedback and allowing mining speeds to increase. In addition, mining has begun in the Kavango pit a parallel structure to the Central pit where all of the ore has been sourced to date. The nature of the mineralization in the Kavango pit is more massive, larger higher grade mining blocks, that are expected to allow for higher mining output compared to stringy highly variable vein swarms mined in the Central pit. Currently, highly oxidized ore is being mined at Kavango as the team benches down to the sulphide ore. The mill should start receiving higher grade, high recovery ore from Kavango in the next two weeks. Announcement • May 19
Trigon Metals Inc. Announces Results Form Drilled Holes in the East 900 Area Trigon Metals Inc. announced the delineation of a new area of mineralization referred to as the Central Pit southwest extension, and results from recently drilled holes in the East 900 area. The drilling is part of 10,000m planned programme aimed at resource definition and new exploration for the central license area at the Kombat Mine. Drilling Highlights: Central Pit SW Extension: C1DDT3-01 2 notable intercepts; [Azumith 359, Dip 55]: 4m @ 4.1% copper from 43m to 47m; And 4m @ 6.9% copper from 58m to 62m. C1DDT3-03 2 notable intercepts; [Azumith 360, Dip 55]: 17m @ 4.4% copper from 60m to 77m; and 3m @ 10.1% copper from 85m to 88m. East 900: E900-02 2 notable intercepts; [Azumith 80, Dip 27]: 8m @ 0.6% copper from surface to 8m; And 3m @ 1.5% copper from 11m to 14m. E900-06 5 notable intercepts; [Azumith 257, Dip 45]: 2m @ 2.0% copper from 12m to 14m, 2m @ 1.0% copper from 67m to 69m, 1m @ 1.1% copper from 70m to 71m, 2m @ 0.6% copper from 80m to 82m, And 3m @ 2.1% copper from 85m to 88m. Drilling at the Central Pit SW extension has outlined newly discovered mineralization that is expected to be incorporated into a mining plan that will result in expansion of the planned central pit. The results illustrate continuity of the mineralization with a structure that runs the length of the central pit. It is notable that the resources of the central pit and extension do not sit above the old mined out areas but occur north of the underground mining cap and, as such, have properties distinct to those found underground. East 900 is a highly prospective area with existing resources for open pit mining. Drilling continues in this area and to the east. Mineralization is very shallow and remains open in all directions. The exploration work is moving to the east on strike with main mine workings, as such this represents the greatest potential for an expansion of the current surface resource. East 900 is east of the historic mining at surface or underground and is on strike with the historic underground development, as such it appears to be very similar to the mineralized areas mined from underground. Announcement • Mar 03
Trigon Ships First Copper Concentrates from the Kombat Mine Plant Commissioning Progress Update Trigon Metals Inc. announces the first shipments of copper concentrate. The first truck load was delivered from the mine to IXM warehouses in Walvis Bay, Namibia, late last week. The truckload contained 31 dry metric tonnes of concentrate, grading 20.41% copper and 265 g/t silver. The truckload is the first of400 tonnes of concentrate now produced and stockpiled at the Kombat Mine. The balance of the concentrate will be moved to the IXM warehouse, and booked as sold this week. IXM will make provisional payment for tonnes of copper concentrate delivered to port. Provisional payment is 90% of the projected proceeds for the metal content determined by an independent laboratory on site at the mine, with the balance of payment adjusted on final assays by IXM. On May 6, 2021 Trigon announced it had begun the purchases needed to restart the Kombat Mine, ten months hence, the mine is generating its first revenues. IXM is a global merchandizer of base and other non-ferrous metals, with expert teams on every continent. It is among the top copper, zinc, lead concentrate, and cobalt merchants internationally and is a leading trader of refined base metals. It is already active in Namibia, with a strong track record in that region. The company is fully owned by the international mining company, CMOC group, one of the leading suppliers of copper, cobalt, molybdenum, tungsten, niobium and phosphate fertilizer products, with operations across the world. Announcement • Feb 17
Trigon Metals Inc. announced that it has received CAD 2.506454 million in funding On February 16, 2022, Trigon Metals Inc. closed the transaction. The company issued 3,848,665 units for gross proceeds of CAD 1,347,029 in its second and final tranche and 7,161,297 units for CAD 2,506,454 in the transaction. Certain of the directors and officers of the company have subscribed for units pursuant to the final tranche. In connection with the final tranche, the company paid cash finder’s fees of CAD 19,845 and issued 56,700 finder’s warrants to eligible finders. Each finder warrant will entitle the 8,571,428holder thereof to acquire one share at a price of CAD 0.35 for a period of 24 months following the date. The final tranche remains subject to the final approval of the TSX Venture Exchange. All securities issued in connection with the final tranche are subject to a statutory hold period of four-months and one-day. Announcement • Dec 19
Trigon Metals Inc. Reports Mineral Reserve and Updated Feasibility Study for the Kombat Open Pit Trigon Metals Inc. announced an updated National Instrument 43-101 compliant Mineral Reserve estimate and feasibility study for the open pit mine at the Kombat project in Namibia ("Kombat"). In 2018, the Company published a Mineral Reserve estimate for the Kombat open pit, together with a feasibility study on the open pit project. The Mineral Resource estimate for Kombat was updated in 2020 and again on August 3, 2021, based on the confirmatory resampling program undertaken in early 2021. At that time, as the updated Mineral Resource estimate differed from the estimate used for the 2018 feasibility study, the Company moved the Kombat open pit back to a Mineral Resource estimate stage, as the Mineral Reserves, technical, engineering and economic studies had to be redone to align with the updated Mineral Resources. The Indicated Mineral Resource estimate comprises 5.28Mt from the open pit, at a grade of 1.00% copper, and 6.93Mt from the underground at a grade of 2.66% copper. The Kombat open pit mine has a potential life of mine of 5 years, mining a total of 1.5Mt ore, at an average grade of 1.14% copper and 7.49 g/t silver. The total start-up capital for the Kombat open pits, including the refurbishment of the plant, is USD 10 million, including contingencies. All of the capital, excluding stay in business capital is spent in year 1, and the majority of this capital has already been spent in 2021 to date. The restart of the open pit mine at Kombat is reaching its final stages, with open pit mining having resumed in October 2021, in order to produce run of mine for the commissioning of the processing plant in December 2021. The refurbishment of the plant is almost complete with long lead equipment items currently being installed. The project remains on track for first production of copper concentrate in early 2022. The Company provides updated production forecasts based on the latest Mineral Resource and Reserve estimates for both the open pit and underground projects of 3,500 tons for 2022 (open pit only), increasing to 14,000 tons by 2024, with the re- commissioning of the underground mine and the doubling of the current capacity of the processing plant. Executive Departure • Nov 30
Director Stephanus Theron has left the company On the 27th of November, Stephanus Theron was replaced as CEO by Jeddiah Richardson after 2.7 years in the role. Stephanus still personally held 2.49m shares (CA$1.2m worth) as of September 2021. This is 1.6% of the company. Stephanus is the only executive to leave the company over the last 12 months. The current median tenure of the management team is 5.21 years. Under Stephanus' leadership, the company delivered a total shareholder return of -82%. Announcement • Sep 21
Trigon Metals Inc. announced that it has received CAD 6.866 million in funding On September 20, 2021, Trigon Metals Inc. closed the transaction. The company issued 17,165,000 Units for the gross proceeds of CAD 6,866,000 in an oversubscribed round of funding. The company issued 7,562,500 units for proceeds of CAD 3,025,000 in its second tranche closing. In connection with the first tranche, the company paid cash finder’s fees of CAD 117,740 and issued 294,350 finder’s warrants to eligible finders. Each finder warrant will entitle the holder thereof to acquire one share at a price of CAD 0.40 for a period of 24 months following the date hereof. The Second Tranche remains subject to the approval of the TSX Venture Exchange. Announcement • Aug 25
Trigon Metals Inc. announced that it expects to receive CAD 5 million in funding Trigon Metals Inc. announced a non-brokered private placement of up to 12,500,000 units at a price of CAD 0.40 per unit for gross proceeds of up to CAD 5,000,000 on August 24, 2021. Each unit will be comprised of one common share and one half of one common share purchase warrant. Each warrant will entitle the holder thereof to acquire one share at a price of CAD 0.50 for a period of 24 months following the closing, subject to an acceleration provision whereby in the event that at any time after the expiry of the statutory hold period, the shares trade at CAD 0.75 or higher on the TSX Venture Exchange for a period of 30 consecutive days, the company shall have the right to accelerate the expiry date of the warrants to the date that is 30 days after the company issues a news release announcing that it has elected to exercise the acceleration right. The transaction is expected to occur on or about September 10, 2021 and remains subject to a number of conditions, including receipt of all necessary regulatory approvals, including the approval of the TSX Venture Exchange. In connection with the offering, a finder’s fee may be payable in line with the policies of the TSX Venture Exchange. All securities issued in connection with the Offering will be subject to a statutory hold period of four-months and one-day. Announcement • Aug 05
Trigon Metals Inc. Reports Significant Increase in Indicated Resources at Kombat Mine, Namibia Trigon Metals Inc. announces an updated NI 43-101 Mineral Resource estimate at the Kombat Mine in Namibia ("Kombat" or the "Project"). Combined open pit and underground Indicated Mineral Resources estimates have risen to 12.2 million tonnes at 1.94% copper, 13.65 g/t silver and 0.70% lead, as compared to the strictly open pit Indicated Mineral Resource estimate of 7.35 million tonnes at 0.91% copper, 0.58g/t silver and 0.88% lead announced. The updated Mineral Resource estimate is the culmination of 18 months of work, first mapping historical drilling and historic mine production in three dimensions, and the re-logging and assaying of 50 years of stored drill core. Work was able to confirm historic assay results for copper, and assay silver for the first time, converting 86.5% of the global resource to Measured and Indicated confidence level of an NI 43-101 Mineral Resource estimate. The Company used stricter criteria for calculating cut-off grades and removed the influence of lead when calculating the copper equivalent cut-off given the abundance of copper and silver mineralization, and the focus on profitable and sustainable production. The new criteria has the impact of increasing the copper grade in the open pit and limiting what qualifies as tonnes of estimated Mineral Resources. The result is a robust open pit and underground Mineral Resource estimate that is projected to deliver more than 20 years at planned production levels. Initially, lead will not be recovered when the open pit mining recommences as the preference is optimize the recovery of copper and silver, which are far more valuable throughout the mine-life. The presentation of these Mineral Resource estimates marks the first comprehensive estimation of silver grades at Kombat, generating an in situ Indicated Mineral Resource estimate of 5.3 million ounces of silver, a by-product to the contained 482 million pounds of in situ copper. Metallurgical testing and anticipated mine dilution provide for an estimated copper recovery of 85% and a silver recovery of 88%. The Mineral Resource Estimates were prepared and classified by Minxcon in accordance with the reporting guidelines as required by the Canadian Securities Administrators. The Qualified Person responsible for the declaration of the Mineral Resource Estimation is Mr. Uwe Engelman BSc (Zoo. & Bot.), BSc Hons (Geol.), Pr.Sci.Nat. Reg. No. 400058/08, MGSSA, who is a "qualified person" as such term is defined in NI 43- 101 and CIM definition standards. The Company does not currently have a feasibility study in respect of the underground portions of the Kombat Mine and production restart activities underground are based on internal management forecasts. Announcement • Jun 15
Trigon Metals Inc. Announces Assay Results from Holes S22 Through S25 Trigon Metals Inc. announces assay results from holes S22 through S25. The holes complete the easternmost fence drilled to test the geometry and extent of the copper and silver mineralization at the Silver Hill project (“Silver Hill” or the “Project”) in Morocco. The results comprise the fourth of four fences drilled at the Project. Each of the holes demonstrated strong copper and silver mineralization. Two of the four holes show 30 metres of continuous mineralization. This fence of holes was drilled at the eastern extent of the drilling of this campaign and suggests that mineralization is intensifying in this direction. Highlights: Hole S23: 32 metres of 0.77% copper and 28.5 g/t silver including; 11 metres @ 1.01% copper and 37 g/t silver; and, 12 metres @ 0.96% copper and 41 g/t silver. Hole S24: 30 metres of 0.73% copper and 21 g/t silver, including; 13 metres @ 0.91% copper and 39 g/t silver; and, 5 metres @ 0.98% copper and 20 g/t silver The four fences of drilling cover a relatively shallow well-mineralized area of about 750 metres in length and 200 metres wide that appears to open to the east, west and north. Announcement • May 21
Trigon Metals Inc. Announces Assay Results from Holes S16 Through S21 Trigon Metals Inc. announced assay results from holes S16 through S21. The holes complete the westernmost fences drilled to test the geometry and extent of the mineralization at the Silver Hill project ("Silver Hill" or the "Project") in Morocco. The results comprise the second and third of four fences drilled at the Project. Each of the holes demonstrated strong copper and silver mineralization. The most significant of the results was hole S20 showing 31 metres of 0.74% copper and 23 g/t silver with higher grade intervals. The hole is drilled at the western extent of the drilling of this campaign and suggests that mineralization remains strong. Drill core was analyzed by AfriLab, an independent SGS accredited laboratory in Marrakech. Trigon has completed the drilling of an additional fence, the results of which will be reported in the coming weeks. The Company is pleased with its progress, as geologists are attaining a more comprehensive understanding of the nature and size of the mineralization at the Project. The technical information presented in this press release has been reviewed and approved for disclosure by Fanie Muller, P.Eng, VP Operations of Trigon, who is a Qualified Person as defined by NI 43-101. Announcement • May 08
Trigon Metals Inc. Announces That Procurement Activities of Long Lead Items Are Currently Underway for the Restart of Kombat Mine Trigon Metals Inc. announced that procurement activities of long lead items are currently underway for the restart of Kombat Mine. The company anticipates production to resume by the end of 2021. Management anticipates initial production at Kombat will be 6,000t of copper in concentrate for calendar year 2022, with initial mining beginning late 2021 accessing ore from open pit sources. Planned production will increase to 16,500t of copper in concentrate in 2024, when higher grade underground ore begins to be recovered and as planned upgrades to crushing and milling are incorporated. The company has completed an order to Xinhai (Yantai) Mining Engineering Co., Ltd, for the procurement of new flotation cells to replace those in the original mill. The equipment utilizes high functioning, top quality technology. Going forward, the ongoing partnership between Trigon and Xinhai will centre on its role as an equipment supplier. Trigon will not pursue a financing arrangement with Xinhai or utilize any Chinese export credit facilities at this stage, and will instead aim to secure purchaser debt finance for the restart with the help of concentrate off takers. According to the Company's 2018 Feasibility Study for the Kombat open pit restart, the upfront capital cost for the Project, which includes the costs of refurbishment of the processing plant, installation of power infrastructure and mobilization of the mining contractor is USD 6.4 million. At present, approximately 40% of that figure has been spent, and the company has realized some material cost savings. While much of the equipment from the old plant is in good working order, the Company has secured spares at low cost from other operations in Namibia. Announcement • Feb 26
Trigon Metals Inc. Announces Trench Assay Results from Exploration Program Campaign Trigon Metals Inc. announced trench assay results from the company's exploration program campaign at the Company's 100% owned Silver Hill Project in Morocco. A trench has been completed on fresh rock below the saprolite. Continuous samples were collected horizontally along the wall of the trench returning 13 metres of 2.7% copper, 34.5 g/t silver and 82 ppm cobalt. The trench exposed an area of intense sub-vertical hydrothermal alteration, giving geologists a unique look at the nature of the mineralization. The trench is located 1.5km away from the S1 discovery hole, in an area first identified by surface grab sample, J10 reported 6.8% copper and 116 g/t silver. The zone was tested successfully with drill hole S9, 31 metres of 0.7% copper from 37 to 68 metres depth down the hole. Given the much higher grades in the trench, it now appears the original hole may not have penetrated the heart of the structure. The trench exposed some old mining works where the richest silver mineralization appears to have been previously mined out. Given the limitations of ancient mining techniques, it is view that the core of the structure at depth has not yet been investigated. Samples E14 and E15 are taken from the opposing wall of the trench avoiding the muddy fill from the mined-out area. Evidence around the site continues to point to silver being the focus of the ancient miners, suggesting the mined-out material may have been a high grade silver vein. Company geologists plan to target deeper in the structure where the vein may remain untouched, out of reach of ancient mining technology. The trench was 30m in total length ramping down to the target area and samples were taken some 5 metres below the surface level. It was all free digging material, completed with a diesel hydraulic shovel, at a width of 3.8 metres. A rock breaker was used for the final 1.5 metres. Is New 90 Day High Low • Feb 17
New 90-day low: CA$0.25 The company is down 21% from its price of CA$0.32 on 18 November 2020. The Canadian market is up 11% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Metals and Mining industry, which is flat over the same period. Announcement • Jan 13
Trigon Metals Inc. Announces Assay Results from Hole S13, the First Hole of A Planned 3000 M Drill Campaign A Silver Hill Project in Morocco Trigon Metals Inc. announced assay results from hole S13, the first hole of a planned 3000 m drill campaign at the Company's Silver Hill Project in Morocco. An 8 m interval grading 1.8% copper and 121 g/t silver was intercepted at a depth of 32.5 m. Assay results included a 0.5 m interval of 14.87% copper, 1000 g/t silver and 173 ppm cobalt. Hole S13 is located at N 31°14'43,6"; W 004°46'53,3"; 70 degrees to N356, in the vicinity of Hole S1, which was drilled by Technomine (the previous owner of the Project) prior to Trigon's acquisition of the Project. The intent of Trigon's current drill program is to confirm the mineralization down-dip of the historic mined-out strike zone, identified by the drill program completed in November 2020 by Trigon. Additionally, it is hoped that this ongoing drill program will provide information as to the structural controls of the mineralization. Assay results are pending. During the last three weeks, 10 holes have been completed that targeted a structure believed to be the focus of historic mining, along 1.3 km of known strike length. The 0.5 m high grade interval mentioned above represents the high silver assay reported on the property. The exploration team is also designing a subsequent exploration program which will utilize geophysical survey results in order to identify new targets similar to the discovery at S9, drilled in the November 2020 program, which returned 31 m at 0.7% copper, at a depth of 37 m. Is New 90 Day High Low • Nov 24
New 90-day low: CA$0.27 The company is down 5.0% from its price of CA$0.28 on 25 August 2020. The Canadian market is up 5.0% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Metals and Mining industry, which is down 9.0% over the same period. Announcement • Nov 13
Trigon Metals Inc. Announces Results of an Initial Exploratory Drilling Program At Its Silver Hill Project in Morocco Trigon Metals Inc. announced the results of an initial exploratory drilling program at its Silver Hill project in Morocco. In order to increase the Company’s existing knowledge of the Project and to gain a better understanding of the local geology the Company drilled five diamond core holes, combined total length of 900 metres. In terms of this program, the Company drilled five diamond core holes (S8 " S12) with a total coverage of 900 metres, for the purposes of building on the Company’s existing knowledge of the project and gaining a better understanding of the local geology.
The current drill program focused on the southern area of the property, mainly to test the down dip potential of the initial S1 to S5 holes and also the potential strike connection between the shallow drill holes in the west and the surface grab samples in the east. Drill core was analyzed by AfriLab, an accredited laboratory in Marrakech. Announcement • Oct 15
Trigon Metals Inc. announced that it has received CAD 5.317564 million in funding from 2176423 Ontario Ltd. and other investors On October 13, 2020, Trigon Metals Inc. (TSXV:TM) closed the transaction. The company has issued 1,471,999 units for gross proceeds of CAD 555,210 in its second tranche. The second tranche included participation from insiders of the company for 70,000 units. The company issued aggregate of 15,193,041 units for gross proceeds of CAD 5,317,564 in the transaction. The company has paid CAD 57,547.55 as finder's fees in the transaction. All of the securities issued by the company pursuant to the offering will be subject to a four month statutory hold period which expires on February 14, 2021. Announcement • Oct 06
Trigon Metals Inc. Announces to Report Assay Results from Grab Samples Taken At the Company's Silver Hill Copper-Silver Project in Morocco Trigon Metals Inc. announced to report assay results from grab samples taken at the Company's Silver Hill copper-silver project ("the Project") in Morocco. Notably, surface sampling returned positive results from a newly identified area of mineralization, containing evidence of historical mining - sample J10 returned 112g/t silver and 6.80% copper. The new area is presumed to be an extension of the uppermost structure drilled and reported by Trigon on August 10, 2020. This result extends the known area of mineralization 1.2 km beyond the previous work, increasing the potential strike length to at least 2 km. The remainder of the work focused on the second structure that to date has reported higher grade copper and lower silver grades than the first structure (upper most structure). Work included sampling of outcrop on a road cut in the area, notably sample J2 returned 5.84% copper and 1 g/t silver. Samples were taken from walls of a historical adit, approximately 20 m from the entrance. Notable results include sample J3 with 5.04% copper and 24 g/t silver and sample J5 with 14.32% copper and 280 g/t silver. Waste piles outside of the adit were also sampled returning extraordinary copper results - J6 returned 12.40% copper and 32 g/t silver, and J9 returned 21.39% copper and 24 g/t silver. Samples were analyzed for silver and copper using Inductively Coupled Plasma Atomic Emission Spectroscopy ("ICP-AES") prepared using four acid absorption in Marrakech, Morocco by African Laboratory for Mining and Environment ("AfriLab"). The Silver Hill Project is an 8 km2 property in the Anti-Atlas region of Morocco. The Project is located at a regional address well known for base metals occurrences in Morocco. Morocco has a mining history that spans in excess of 100 years and is well known for being a mining friendly jurisdiction. Preliminary surface exploration has revealed high-grade copper and silver mineralization distributed over a wide surface area. Slags from ancient workings indicate historical large-scale mining for silver. Announcement • Oct 05
Trigon Metals Inc. Expands Kombat Mineral Resource from 7 Million to 39 Million Tonnes Trigon Metals Inc. announced a 456% increase in the total Mineral Resources reported at Kombat, from 7.0 million tonnes, as at February 28, 2018 ("2018 Mineral Resource") to 39.1 million tonnes (including inferred resources). A total of 3,758 additional mineralized underground drill holes have been incorporated outside of the holes utilized in the 2018 Mineral Resource database, leading to a 152% increase in the volume of the resource shell and 3 dimensional confirmation of ore not removed by historic mining. The previous total Inferred and Indicated Mineral Resource of 7 million tonnes represented between 18% of the pre-existing geological model used for resource reporting, with the remaining 82% of the tonnage based on drill holes not previously included. Additional work was undertaken including improvement of the level of accuracy of depletions in the underground areas. Total Mineral Resources include Indicated and Inferred Mineral Resources on the open pit and underground areas at Kombat, Asis and Gross Otavi. The previous 2018 Mineral Resource estimate for the open pit areas (Kombat and Gross Otavi) comprised an Indicated Mineral Resource of 1.529 million tonnes grading 1.14% copper, 0.72% lead and 2.88 g/t silver, and an Inferred Mineral Resource of 1.582 million tonnes grading 1.40% copper, 1.79% lead and 2.17 g/t silver, at a cut-off grade of 0.6% copper equivalent for Kombat and 0.77% for Gross Otavi. The previous 2018 Mineral Resource estimate for the underground areas at Kombat and Asis was an Inferred Mineral Resource of 3.929 million tonnes grading 3.72% copper, 1.03% lead and 31.29 g/t silver, at a cut-off grade of 1.4% copper equivalent. The previous combined open pit and underground 2018 Mineral Resource estimate for Kombat, Asis and Gross Otavi comprised an Indicated Mineral Resource of 1.529 million tonnes grading 1.14% copper, 0.72% lead and 2.88 g/t silver, and an Inferred Mineral Resource of 5.511 million tonnes grading 3.05% copper, 1.25% lead and 22.93 g/t silver. Announcement • Sep 28
Trigon Metals Inc. announced that it expects to receive CAD 5 million in funding from 2176423 Ontario Ltd. Trigon Metals Inc. (TSXV:TM) announced a private placement of up to 14,285,714 units at a price of CAD 0.35 per unit for gross proceeds of up to CAD 5,000,000 on September 1, 2020. Each unit will be comprised of one common share and one half of one common share purchase warrant. Each warrant will entitle the holder thereof to acquire one share at a price of CAD 0.45 for a period of 36 months following the closing. The company has granted an overallotment option to agents not to exceed 15% of the units. The company will pay a cash fee and compensation warrants to the agents in the transaction. The transaction is subject to a number of conditions, including receipt of all necessary regulatory approvals, including the approval of the TSX Venture Exchange. All securities issued in in the transaction will be subject to a statutory hold period of four months and one day. The transaction is expected to occur on or about September 22, 2020. Announcement • Sep 26
Trigon Metals Inc. (TSXV:TM) completed the acquisition of Silver Hill Project in Morocco. Trigon Metals Inc. (TSXV:TM) entered into a memorandum of understanding to acquire Silver Hill Project in Morocco for CAD 3.4 million on November 19, 2019. Pursuant to the terms, Trigon will pay CAD 0.5 million in cash and will issue common shares equal to CAD 0.75 million. Trigon will also pay CAD 0.4 million in cash and CAD 0.25 million in shares upon one year anniversary of closing of transaction. Trigon will also issue shares equal to CAD 1.25 million, if the independent NI 43-101 compliant mineral resource estimate at the project showing at least 0.1 million tonnes of contained copper. On May 25, 2020, Trigon Metals Inc. entered into a share purchase agreement to acquire Silver Hill Project in Morocco. Trigon will issue 6 million common shares on closing of the deal. As of March 3, 2020, the period to enter into definitive agreement has been extended to three months having a new expiration date of May 19, 2020. As on August 4, 2020, Trigon Metals signed an amendment to extend the share purchase agreement which was set to expire on July 31, 2020, as Trigon and Technomine await regulatory approvals necessary for the completion of the Transaction. Administrative item responsible for the delay, the mining license, was finally signed on July 29, 2020. The transaction is subject to due diligence by Trigon, entry into definitive agreement and obtaining of the necessary regulatory approvals, including approval of the TSX Venture Exchange. As of September 1, 2020, TSX Venture Exchange approved the transaction.
Trigon Metals Inc. (TSXV:TM) completed the acquisition of Silver Hill Project in Morocco on September 24, 2020. Trigon has paid CAD 25,000 and issued 300,000 common shares to Majilias Inc. for its role as an arm’s length finder. Majilias shall also be entitled to a finder’s fee of 5% of the cash and share consideration comprising the Second Payment, when paid by Trigon.