TSX-V: TM | FRA: TZU2 | OTCQB: PNTZF

Trigon Metals

Building A Mid-Tier African Copper Producer

trigonmetals

Amended and Restated News Release: Trigon Metals enters into Institutional Funding Arrangements with The Lind Partners for C$5.5 million and Sprott Mining for US$2.5 million

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Trigon Metals Inc. (TSX.V:TM) (“ Trigon ” or the “ Company ”) is pleased to announce that it has entered into a convertible security funding agreement dated April 27, 2022 (the “ Agreement ”) with Lind Global Fund II, LP, an entity managed by The Lind Partners, LLC, a New York-based institutional fund manager (together, “ Lind ”). Under the terms of the Agreement, Trigon has agreed to issue to Lind a convertible security in the principal amount of C$5,500,000, with such proceeds being used for general working capital and to repay all outstanding amounts owing to IXM S.A. pursuant to the credit facility between IXM and the Company.

Lind Partners Facility

Pursuant to the Agreement, Lind has agreed to make an investment of C$5,500,000, less a commitment fee of C$165,000, in exchange for a convertible security (the “ Convertible Security ”) with a face value of C$6,600,000 (the “ Face Value ”), representing a principal amount of C$5,500,000 (the “ Principal Amount ”) and a pre-paid interest amount of C$1,100,000 (the “ Pre-Paid Interest ”). Commencing four months from closing, Trigon will begin repaying the Convertible Security in C$275,000 monthly installments. Lind will have the right to convert any portion of the Principal Amount (less the commitment fee) into common shares of Trigon (” Common Shares “) at a price per share of C$0.335 (the “ Conversion Price ”). Pre-Paid Interest will accrue over a period of 24 months from closing and be calculated at the end of each calendar month. Once accrued, Lind will have the option, once every 90 days, to convert accrued Pre-Paid Interest into Common Shares (” Common Shares “) at a price equal to 90% of the market closing price of the Common Shares on the TSX Venture Exchange (the “ Exchange ”) on the day immediately prior to conversion (the ” Interest Conversion Price “).

With mutual consent of Lind, Trigon has the option to buy back the remaining outstanding Convertible Security in cash at any time with no penalty. If Trigon exercises the buy-back option, Lind will have the option to convert (i) up to 33.3% of the outstanding Principal Amount at the Conversion Price into Common Shares, and (ii) up to 100% of the total Pre-Paid Interest at the Interest Conversion Price into Common Shares. Additionally, in the event of a change of control of the Company, Lind may convert 100% of the Pre-Paid Interest into Common Shares. Any issuance of securities to settle any Pre-Paid Interest, whether on a quarterly basis or pursuant to a buyback or change of control event, will require the prior approval of the Exchange prior to any such issuance.

The Convertible Security will rank senior, secured by all of Trigon’s assets (except the shares in Trigon’s Moroccan subsidiary), including a general security agreement, a guarantee from Trigon’s Barbados subsidiary and a share pledge of its Barbados subsidiary shares, and will contain no shorting language.

The issuance of the Convertible Security will be completed under the Exchange private placement rules. Exchange approval will be required prior to Trigon issuing any Common Shares to Lind that would cause it to become an “insider” under applicable securities laws or to hold greater than 9.99% of Trigon’s outstanding Common Shares and disinterested shareholder approval will be required prior to Trigon issuing any Common Shares to Lind that would cause it to become a “control person” under applicable securities laws or to hold greater than 19.99% of Trigon’s outstanding Common Shares.

In connection with the issuance of the Convertible Security, Trigon will issue Lind 15,925,373 Common Share purchase warrants exercisable for a term of 24 months at an exercise price of C$0.35 per Common Share.

Closing of the funding is expected to occur on or about May 3, 2022, subject to approval of the Exchange and other customary closing conditions.

Sprott Mining (Wholly Owned by Eric Sprott) Facility

Trigon has also entered into a financing commitment letter with Sprott Mining Inc. (“Sprott”) pursuant to which Sprott has agreed to provide Trigon with a US$2.5 million loan (the “Sprott Loan”). The Sprott Loan shall have a term of 180 days (the “Term”) and will accrue 1.0% interest per calendar month, payable in arrears. The Sprott Loan will be secured with a first ranking charge against Trigon’s Moroccan assets and will be subordinate to the Convertible Security on the remainder of Trigon’s assets.

Upon the end of the Term, or sooner if agreed by Sprott and Trigon, Sprott will have the right to direct or otherwise re-invest the principal amount of the Sprott Loan into a stream of silver deliveries equal to 8.25% of the silver produced from the Kombat Mine.

The proceeds of the Sprott Loan are to be used to fund the Company’s operations in Namibia. Closing of the Sprott Loan is subject to the parties entering into a credit agreement, approval of the Exchange and other customary closing conditions. The Sprott Loan is considered to be a non-arm’s length transaction given that Eric Sprott, through 2176423 Ontario Ltd., beneficially owns more than 10% of the common shares of Trigon.

About Trigon

Trigon is a publicly traded Canadian exploration and development company with its core business focused on copper and silver holdings in mine-friendly African jurisdictions. Currently the company has operations in Namibia and Morocco. In Namibia, the Company holds an 80% interest in five mining licences in the Otavi Mountainlands, an area of Namibia widely recognized for its high-grade copper deposits, where the Company is focused on exploration and re-development of the previously producing Kombat Mine. In Morocco, the Company is the holder of the Silver Hill project, a highly prospective copper and silver exploration project.

About The Lind Partners, LLC

The Lind Partners manages institutional funds that are leaders in providing growth capital to small- and mid-cap companies publicly traded in the US, Canada, Australia and the UK. Lind’s funds make direct investments ranging from US$1 to US$30 million, invest in syndicated equity offerings and selectively buy on market. Having completed more than 100 direct investments totaling over US$1 Billion in transaction value, Lind’s funds have been flexible and supportive capital partners to investee companies since 2011.
For more information, please visit http://www.thelindpartners.com .

On behalf of the Board of Directors of Trigon Metals Inc.:

Jed Richardson, Director and Chief Executive Officer

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Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This news release may contain forward-looking statements. These statements include statements regarding the Convertible Security, the Sprott Loan, repayment of the IXM facility, the terms, timing, potential completion and the use of proceeds of the Convertible Security and the Sprott Loan as well as statements regarding Trigon’s future business plans and objectives. These statements are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially because of factors discussed in the management discussion and analysis section of our interim and most recent annual financial statements or other reports and filings with the TSX Venture Exchange and applicable Canadian securities regulations. We do not assume any obligation to update any forward-looking statements, except as required by applicable laws.

Trigon Metals Advances Exploration With Encouraging Results of Geophysical IP Survey of its High Potential Silver Hill Project, Morocco

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Toronto, Canada – March 23, 2022 – Trigon Metals Inc. (TSX-V: TM) (“Trigon” or the “Company”) announces that it has completed an IP survey (induced polarization survey) of its Silver Hill project in Morocco (the “Project”).

Initial drilling targeted areas that showed evidence of historical mining, testing the strength of the mineralization in those areas. The program successfully identified copper and silver grades, with notable values for cobalt. The survey covers the areas of known mineralization providing signatures to compare to other areas of the property. Highly mineralized areas, defined by drilling or trenching, all had notable chargeability anomalies, and areas without mineralization coincided with areas of weak chargeability.  However, the areas of drilled mineralization only accounted for two of the numerous chargeability anomalies and did not test any of the strongest anomalies, but comparatively weak anomalies near the surface. The survey identified two trends that run the full length of the property, increasing the scope of our target to two parallel trends with deep roots, beyond the two discrete zones that are visible at surface.

Jed Richardson, President and CEO, commented, “The survey shows that we have a very favorable position with two strong trends that run the full width of our 4 km claim area.  That is even more exciting than the simple connection between the drilled discovery area and the mineralization highlighted by our first trench and hole S9, we had hoped the survey would reveal. We now have a long list of promising targets to explore in the coming drill program and are looking forward to revealing the next generation potential of Trigon Metals.”

The survey covered the central part of the concession with an IP pole-dipole configuration and a limit of investigation to a depth of 150m. During a period in excess of three weeks, twenty linear kilometers were surveyed with a NW-SE line orientation (37 lines perpendicular to the assumed structural orientation that is interpreted to control the mineralization) with a 200m line spacing.

The examination of linear pseudo-sections of chargeability (Fig. 1) illustrates a large increase in thedepth of the chargeability values (up to 25-30 mV/V) that indicate moderate to high IP anomalies interpreted at 120m depth. Additionally, the juxtaposition of proximal pseudo-sections shows a notable lateral continuity of these anomalies, especially two NE-SW major IP axes (Northern axis and Southern axis).

Click to view Figure 1-a
Click to view Figure 1-b.

Fig. 1: Examples of IP pseudo-sections (L11 and L13) showing (1) clear increasing of chargeability in depth and (2) lateral continuity of the chargeable objects (here at least on 200m)

Thereby, the IP chargeability map at 120m depths (Fig. 2) highlights the identified two major IP axes here described:

  • The Northern IP axis (A1): represents an interpretation of the continuity of two minor western (A1-a) E-W (600m long) and eastern (A1-b) NE-SW (800m long) IP axis with chargeability anomalies up to 18-20 mV/V (moderate IP anomalies);
  • The Southern IP axis (A2):  represents a major IP axis of some 2.4 km long (also open to the SW) with four (A2-a to A2-d) successive and globally aligned secondary axis that rich 25-30 mV/V of chargeability intensity (moderate to high IP anomalies)

Click to view Figure 2.

Fig. 2: Chargeability map with the identified IP axis, past drill holes and newly defined targets (T1 to T6)

The compilation of these very encouraging results with outputs of the successful 2020 drilling program (2,000m of core drilling executed between October and December, 2020) has confirmed the expected high potential of the Project.

The compilation supports three main interpretive aspects:

The results obtained in ddh’s S1, S5, S13, S22, S23, S24, S25 and S27 are probably related to the A1-a minor axis which trends east – west.

  1. Copper sulphides (particularly Chalcopyrite) were recognized in these holes, an ensuing drill program is planned to investigate further.
Drill Thickness (m) Cu (%) Ag (ppm)
S1 14 1.08 74
S5 8 1.2 13
S13 8 1.77 121
S22 3 0.52 18
S23 32 0.77 28
S24 30 0.73 21
S25 23 0.55 16
S27 28 0,5 14
  1. The eastern NE-SW minor axis (A1-b) is interpreted as the extension of the western E-W minor axis (A1-a) and the interesting values of chargeability (up to 18 mV/V) are certainly related to the presence of sulphides; this assumption is strongly supported by the significant results obtained on drill S10 (7m @ 0.9% Cu or 20m @ 0.55% Cu) even if this drill is completely located outside of the anomaly (some 200m south) and with low chargeability, (only around 8-9 MV/V); this axis also has to be drilled, especially its north-eastern max (18 mV/V).
  2. The southern IP axis is the main and high potential result from the IP survey. It consists of globally four aligned secondary axes of 0.4 to more than 1 km long, on the same NE-SW trend (at least 2.4 km long considering that the extreme south-western axis have been only partially covered) and with maximum of chargeability between 20 and 30 mV/V (moderate to high IP anomalies). These four secondary axes represent four main targets that have to be drilled without delay as they represent high potential targets according to the results from drills S11 (7m @ 1.04% Cu and 25ppm Ag or 19m @ 0.62% Cu and 10ppm Ag), S12 (5m @ 0.52% Cu and 7ppm Ag), S9 (6.5m @ 1.29% and 3m @ 1.98% Cu or 21m @ 0.96% Cu) and from the trench (13m @ 2.7% Cu and 34ppm Ag). These results are even more valuable when we know that drills S11 and S12 are clearly outside (to the north) of the limits of the anomalies (more than 300 m for the S11 and some 200 m for the S12) and that drill S9 and the nearest trench (20 m north of S9) coincides only with a very small rounded limit of the anomaly (around 100 m diameter) at 16 mV/V. Definitely, this southern IP major axis (A2) concentrates and materializes the main high potential object of the Project and represents the first priority for the next coming drilling program.

Considering these new positive results, the new exploration program is built in four steps:

  • An orientation-drilling program on the four main IP anomalies (A2-a to A2-d) on the southern IP axis (at least 4-5 drills, up to 750 m in total) and, secondary, on the two minor IP axis (A1-a and A1-b) of the northern IP axis (minimum 2 drills, at least 300 m in total); this corresponds to main six drilling targets (T1 to T6, see Fig. 2 above).
  • In case of positive results from the orientation-drilling program, a main and systematic drilling program will be conducted in order to verify-delimit the mineralized zone’s extensions in all spatial dimensions (quantities of drilling to be defined and planed).
  • Extension of the IP survey to the southern part of the concession with a configuration that can explore at least at 200-250 m depths considering the topography in this area and the dipping (to the South) of the geological units that host the mineralization.
  • On the possibly highlighted new IP anomalies in the southern part of the concession, another orientation drilling program will be executed to test these newly discovered anomalies.

Qualified Person

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.

Trigon Metals Inc.

Trigon is a publicly traded Canadian exploration and development company with its core business focused on copper and silver holdings in mine-friendly African jurisdictions. Currently the company has operations in Namibia and Morocco. In Namibia, the Company holds an 80% interest in five mining licences in the Otavi Mountainlands, an area of Namibia widely recognized for its high-grade copper deposits, where the Company is focused on exploration and re-development of the previously producing Kombat Mine. In Morocco, the Company is the holder of the Silver Hill project, a highly prospective copper and silver exploration project.

For further information, contact:
Jed Richardson
+1 647 276 6002
jed.richardson@trigonmetals.com
Website: www.trigonmetals.com

 Cautionary Notes

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This news release may contain forward-looking statements. These statements include statements regarding the Project, the mineralization of the Project, the Company’s exploration plans, the prospectivity of the Project and the Company’s future plans and objectives. These statements are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially because of factors discussed in the management discussion and analysis section of our interim and most recent annual financial statements or other reports and filings with the TSX Venture Exchange and applicable Canadian securities regulations. We do not assume any obligation to update any forward-looking statements, except as required by applicable laws.

Trigon Closes Fully Subscribed Private Placement Financing

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NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES

Trigon Metals Inc. (TSX-V: TM) (“Trigon” or the “Company”) has closed its previously announced non-brokered private placement financing of units (the “Offering”) on a fully subscribed basis. The Company issued 4,862,500 units (the “Units”) at a price of $0.40 per Unit for aggregate gross proceeds of $1,945,000.

Each Unit is comprised of one common share of Trigon (a “Share”) and one-half of one common share purchase warrant (each whole warrant, a “Warrant”). Each Warrant entitles the holder thereof to acquire one Share at a price of $0.50 for a period of 24 months following the date hereof, 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 $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.

In connection with the Offering, the Company paid cash finder’s fees of $56,000 and issued 140,000 finder’s warrants (the “Finder Warrants”) to eligible finders. Each Finder Warrant will entitle the holder thereof to acquire one Share at a price of $0.40 for a period of 24 months following the date hereof. The Offering remains subject to the final approval of the TSX Venture Exchange.

All securities issued in connection with the Offering are subject to a statutory hold period of four-months and one-day. The Company intends to use the net proceeds from the Offering for the recommencement of mining at the Kombat mine and for working capital and general corporate purposes.

Trigon Metals Inc.

Trigon is a publicly traded Canadian exploration and development company with its core business focused on copper and silver holdings in mine-friendly African jurisdictions. Currently the company has operations in Namibia and Morocco. In Namibia, the Company holds an 80% interest in five mining licences in the Otavi Mountainlands, an area of Namibia widely recognized for its high-grade copper deposits, where the Company is focused on exploration and re-development of the previously producing Kombat Mine. In Morocco, the Company is the holder of the Silver Hill project, a highly prospective copper and silver exploration project.

Cautionary Notes

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This news release may contain forward-looking statements. These statements include statements regarding the Offering, the expected use of proceeds of the Offering and the Company’s future plans and objectives. These statements are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially because of factors discussed in the management discussion and analysis section of our interim and most recent annual financial statements or other reports and filings with the TSX Venture Exchange and applicable Canadian securities regulations. We do not assume any obligation to update any forward-looking statements, except as required by applicable laws.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

For further information:
Jed Richardson
+1 647 276 6002
jed.richardson@trigonmetals.com

Website: www.trigonmetals.com

Trigon Closes Books on Private Placement

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NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES

Toronto, Canada–March 7, 2022 – Trigon Metals Inc. (TSX-V: TM) (“Trigon” or the “Company”) is pleased to announce that due to overwhelming investor interest, it has closed the order books on its previously announced non-brokered private placement of up to 4,862,500 units (the “Units”) at a price of $0.40 per Unit for gross proceeds of up to $1,945,000 (the “Offering”).

Each Unit is comprised of one common share of Trigon (a “Share”) and one-half of one common share purchase warrant (each whole warrant, a “Warrant”). Each Warrant will entitle the holder thereof to acquire one Share at a price of $0.50 for a period of 24 months following the date hereof, 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 $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.

Closing of the Offering is expected to occur on or about March 11, 2022 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. The Company intends to use the net proceeds from the Offering for the recommencement of mining at the Kombat mine and for working capital and general corporate purposes.

Trigon Metals Inc.

Trigon is a publicly traded Canadian exploration and development company with its core business focused on copper and silver holdings in mine-friendly African jurisdictions. Currently the company has operations in Namibia and Morocco. In Namibia, the Company holds an 80% interest in five mining licences in the Otavi Mountainlands, an area of Namibia widely recognized for its high-grade copper deposits, where the Company is focused on exploration and re-development of the previously producing Kombat mine. In Morocco, the Company is the holder of the Silver Hill project, a highly prospective copper and silver exploration project.

Cautionary Notes

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This news release may contain forward-looking statements. These statements include statements regarding the Offering, the expected use of proceeds of the Offering and the Company’s future plans and objectives. These statements are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially because of factors discussed in the management discussion and analysis section of our interim and most recent annual financial statements or other reports and filings with the TSX Venture Exchange and applicable Canadian securities regulations. We do not assume any obligation to update any forward-looking statements, except as required by applicable laws.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

For further information:

Jed Richardson
+1 647 276 6002
jed.richardson@trigonmetals.com

Website: www.trigonmetals.com

Trigon Announces Private Placement Financing

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NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES

Toronto, Canada –March 7, 2022 –Trigon Metals Inc. (TSX-V: TM) (“Trigon” or the “Company”) intends to complete a non-brokered private placement of up to 3,750,000 units (the “Units”) at a price of $0.40 per Unit for gross proceeds of up to $1,945,000 (the “Offering”).

Each Unit is comprised of one common share of Trigon (a “Share”) and one-half of one common share purchase warrant (each whole warrant, a “Warrant”). Each Warrant will entitle the holder thereof to acquire one Share at a price of $0.50 for a period of 24 months following the date hereof, 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 $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.

Closing of the Offering is expected to occur on or about March 18, 2022 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. The Company intends to use the net proceeds from the Offering for the recommencement of mining at the Kombat mine and for working capital and general corporate purposes.

Trigon Metals Inc.

Trigon is a publicly traded Canadian exploration and development company with its core business focused on copper and silver holdings in mine-friendly African jurisdictions. Currently the company has operations in Namibia and Morocco. In Namibia, the Company holds an 80% interest in five mining licences in the Otavi Mountainlands, an area of Namibia widely recognized for its high-grade copper deposits, where the Company is focused on exploration and re-development of the previously producing Kombat mine. In Morocco, the Company is the holder of the Silver Hill project, a highly prospective copper and silver exploration project.

Cautionary Notes

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This news release may contain forward-looking statements. These statements include statements regarding the Offering, the expected use of proceeds of the Offering and the Company’s future plans and objectives. These statements are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially because of factors discussed in the management discussion and analysis section of our interim and most recent annual financial statements or other reports and filings with the TSX Venture Exchange and applicable Canadian securities regulations. We do not assume any obligation to update any forward-looking statements, except as required by applicable laws.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

Contacts

For further information:

Jed Richardson
+1 647 276 6002
jed.richardson@trigonmetals.com

Website: www.trigonmetals.com

Trigon Ships First Copper Concentrates from the Kombat Mine

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PLANT COMMISSIONING PROGRESS UPDATE

Toronto, Canada – February 28, 2022 –Trigon Metals Inc. (TSX-V:TM) (“Trigon” or the “Company”) 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 of 400 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.

Commenting, Jed Richardson, President & CEO stated: “Congratulations to the team, as they have achieved another tremendous milestone at Kombat. Overall, we have met our numerous goals in a fast moving process. Commissioning continues on all levels and, following the initial strong performance of the mill announced in January, we have been pushing the mill towards stronger recoveries and continuous operation. The mill is now hitting its stride, we are operating at a steady state 70% capacity, producing over 35 tonnes of concentrate per day. We are working our way to a declaration of commercial production.”

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 (See press release, “Copper production planned for 2021 year-end), 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.

Qualified Person

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.

Trigon Metals Inc.

Trigon is a publicly traded Canadian copper mining company, with its core business focused on copper and silver holdings in mine-friendly African jurisdictions. Currently the company has operations in Namibia and Morocco. The 80% owned Kombat Mine in Namibia is the flagship operation where production is forecast to grow to over 30 million pounds of copper produced annually using open pit and underground mining methods. The company controls five mining licences in the Otavi Mountainlands, an area of Namibia widely recognized for its high-grade copper deposits where the Company is focused on growing production at Kombat through development and further exploration. In Morocco, the Company is the holder of the Silver Hill project, a highly prospective copper and silver exploration project.

For further information, contact:

Jed Richardson
+1 647 276 6002
jed.richardson@trigonmetals.com
Website: www.trigonmetals.com

Cautionary Notes

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This news release may contain forward-looking statements. These statements include statements regarding the shipment of concentrates, forecast production of concentrates and the Company’s future plans and objectives. These statements are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially because of factors discussed in the management discussion and analysis section of our interim and most recent annual financial statements or other reports and filings with the TSX Venture Exchange and applicable Canadian securities regulations. We do not assume any obligation to update any forward-looking statements, except as required by applicable laws.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.