trigonmetals

TORONTO – June 3, 2025 – Trigon Metals Inc. (TSX-V: TM) (“Trigon” or the “Company”) announces a new date for its annual and special meeting of common shareholders (the “Meeting”) to, among other matters, vote on the proposed transaction pursuant to which Horizon Corporation Limited (“Horizon”) will acquire the Company’s interest in the Kombat Project (the “Project”) in Namibia (the “Transaction”) following the signing of the definitive share purchase agreement (see press release dated May 29, 2025).

The Transaction remains subject to the approval of shareholders at the annual and special meeting of shareholders (the “Meeting”) now rescheduled to be held on July 4, 2025 at 10:00 a.m. ET and to the satisfaction of customary closing conditions, including TSX Venture Exchange approval. Shareholders of record as of May 30, 2025 will be entitled to vote at the Meeting.

The management information circular and related proxy materials (collectively, the “Meeting Materials”) will be mailed to Trigon this week. These documents provide further details regarding the Transaction, voting procedures, and a copy of the fairness opinion. Once mailed to Trigon shareholders, the Meeting Materials will be available under the Company’s profile on SEDAR+ at www.sedarplus.ca .

Jed Richardson, Executive Chairman and CEO of Trigon commented, “The Agreement marks a strategic milestone for the Company. Subject to shareholder approval, management is considering using proceeds from the transaction to buy back shares and for future dividends, following an initial small program to test our silver polymetallic Addana project, and maintain activities at our Silver Hill project in Morocco, and Kalahari Copperbelt project in Namibia.”

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 a 100% interest in the Kalahari Copperbelt Project and an 80% interest in five mining licences in the Otavi Mountainlands where the Company operates the Kombat Mine. In Morocco, the Company is the holder of the Silver Hill and Addana projects, highly prospective copper and silver exploration projects.

Cautionary Notes

This news release may contain forward-looking statements. These statements include statements regarding the Meeting, the Transaction, the Company’s ability to close the Transaction, the Company’s strategies and the Company’s abilities to execute such strategies, the Company’s expectations for the Kombat Mine, 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.

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.

For further information, contact:
Tom Panoulias
+1 647 276 6002 x 1127
IR@trigonmetals.com
Website: www.trigonmetals.com

TORONTO, May 29, 2025 — Trigon Metals Inc. (TSX-V: TM) (“Trigon” or the “Company”) is pleased to announce that it has today entered into a definitive share purchase agreement dated May 27, 2025 (the “Sale Agreement”) with Horizon Corporation Limited (“Horizon”) and Kamino Minerals Limited pursuant to which Horizon will acquire the Company’s interest in the Kombat Project (the “Project”) in Namibia (the “Transaction”).

The Sale Agreement follows the execution of a binding term sheet previously disclosed and the completion of due diligence by both parties. The consideration for the Transaction is all-cash, as disclosed below, and further details will be provided in the Company’s management information circular (the “Circular”) to be filed and mailed in advance of the meeting of Trigon shareholders at which Trigon shareholder approval for the Transaction will be sought (the “Meeting”).

The Transaction will be implemented by way of the acquisition by Kamino Minerals Limited (“Kamino” or the “Purchaser”), an affiliate of Horizon, of:

• 100% of the shares in Trigon Ontario (as defined below);
• 100% of the shares in PNT Financeco Corp. (“PNT”) (the holding company of the Company’s Namibian assets); and
• the intercompany loan owing by PNT to Trigon (the “PNT Loan”).

Minmetals Securities Co., Ltd was engaged to provide market analysis to support the transaction.

Jed Richardson, Executive Chairman and CEO of Trigon, commented: “ With the signing of the definitive agreement, we are taking the final steps toward securing shareholder approval. Upon a successful vote, $2 million will be advanced to Trigon, forming part of the $24 million we will receive ahead of the official closing process. Subject to Namibian completion approvals, the balance will follow in structured payments after nine months in which case we begin receiving $3 million instalments quarterly and the $4 million outstanding loan will be forgiven. These proceeds, combined with the potential production bonus and ongoing royalty, provide a strong and flexible foundation for our continued growth at Silver Hill, Addana, and the Kalahari Copperbelt.”

Knowledge Katti, founding Shareholder in Trigon Namibia , expressed strong support for the transaction, stating: “As a proud Namibian shareholder, I wholeheartedly support Horizon Corporation as the new investor in the Kombat Mine. Horizon’s proven experience in the mining sector positions them to successfully reopen the mine, creating much-needed jobs for our community. The people and children of the Kombat area urgently need this project to resume operations, as it will significantly boost living standards and bring economic hope to our region.”

Pre-Closing Reorganization

Prior to closing of the Transaction, Trigon will undertake an internal reorganisation in terms of which:

• Trigon will incorporate a new wholly owned Ontario subsidiary (“Trigon Ontario”);
• Trigon will transfer to Trigon Ontario all of Trigon’s rights and obligations under Trigon’s stream agreement (the “Sprott stream”) with Sprott Private Resource Streaming and Royalty (B) Corp. and Sprott Mining Inc. (collectively, “Sprott”) including the release of Trigon from all security and guarantees under the Sprott stream;
• Trigon will transfer to Trigon Ontario a portion of the PNT Loan such that the net asset value of Trigon Ontario will be $1;
• PNT will transfer to Trigon, or a subsidiary of Trigon, 100% of its interest in Copperbelt Mineral Exploration (Pty) Ltd.

Purchase Consideration

Kamino will pay to Trigon a total purchase consideration of US$24,000,000 in cash (the “Purchase Consideration”) for the Transaction comprising:

• $1 for the shares in Trigon Ontario; and
• $23,999,999 for the shares in PNT and the PNT Loan, subject to a purchase price adjustment for outstanding liabilities owing to IXM S.A. and Sprott on closing (the “Purchase Price Adjustment”).

The Purchase Consideration will be settled in eight equal instalments, with the first instalment payable on the later of closing of the Transaction, being the deal ratification and competition approvals in Namibia, and the date that is nine months after the date of approval of the Transaction by Trigon’s shareholders. The seven remaining instalments will be payable every three months from the date of the first instalment. The Sale Agreement removes the requirement for additional debt financing discussed in the February 11, 2025 annexure to the loan agreement, removing the conditions to the payment.

In addition, the Purchaser will make an additional cash payment (the “Production Payment”) to Trigon thirty days following the first date upon which the underground operations of the Project achieve ore production and processing of a daily minimum of 2,250tpd on each day for a 90 consecutive day period. The Production Payment ranges between US$3,500,000 and US$13,000,000, dependent on copper price.

As further consideration, Trigon will be granted a royalty on the Project from Trigon Mining (Namibia) (Pty) Ltd, the registered owner of the Project, of 1.0% of copper net smelter returns on a per invoice basis, payable if the invoiced copper price on final invoicing is greater than $4.00 per pound (the “Royalty”) for up to 20 quarters with 8 allowable deferrals. Such royalty is to paid exclusively from Horizon’s equity ownership. Payments under the Royalty will commence once the Project achieves copper metal production of 1,000 tonnes for each of two consecutive calendar months.

Loans from Horizon to Trigon

On February 11, 2025, Trigon announced the revised terms of the loan agreement entered into with Horizon (“Loan Agreement”), in terms of which the loan amount was reduced to US$4,000,000, with structured advances over five tranches (“Horizon Loan”). The Horizon Loan bears interest at 15% per annum, with interest only commencing after a six month grace period (“Grace Period”) and is repayable in 18 equal amortised repayments commencing at the end of the Grace Period. The Horizon Loan is secured by a General Security Agreement over all the property, assets and undertakings of Trigon. A portion of the fourth tranche, and the full fifth tranche are still to be advanced by Horizon.

In terms of the Sale Agreement, the Horizon Loan will be classified between Project Loan Amounts (being amounts applied to costs and expenses in Namibia relating to the Project) and Non-Project Loan Amounts. All obligations to repay Project Loan Amounts, including interest thereon will be transferred to PNT prior to closing. An agreed sale of the project would see this portion of the debts of Trigon cleared. Any remaining Non-Project Loan Amounts will continue to bear interest at 15% per annum, remain secured by the General Security Agreement and be repayable by Trigon on the terms set out above. At this time Trigon anticipates the non-project loan amount at handover will be zero dollars.

In terms of the Loan Agreement, an additional loan amount of US$2,000,000 (the “Additional Loan”) was also made available to Trigon on the same terms as the Horizon Loan to provide flexibility for further financing. The Additional Loan is repayable as follows:

• If Trigon shareholder approval is achieved on or before June 30, 2025, the Additional Loan plus accrued interest is deducted from the eight instalment payment for the Transaction; or
• If Trigon shareholder approval is not achieved on or after June 30, 2025, the Additional Loan plus accrued interest is added to the outstanding Horizon Loan balance and the Horizon Loan repayment terms as set out above will apply.

In terms of the Sale Agreement, the Additional Loan will now be advanced to Trigon no later than thirty calendar days after the date of approval of the Transaction by Trigon shareholders. The Additional Loan will be subject to the terms and conditions of the Horizon Loan, and will be repaid by offsetting the loan amount, including accrued interest, against the eighth instalment payment for the Transaction.

Fairness Opinion

The board of directors of Trigon (the “Board”) has received a fairness opinion from Beacon Securities Limited that the consideration to be received by the Company pursuant to the Transaction is fair, from a financial point of view, to Trigon. After reviewing the terms of the Transaction and the fairness opinion, the Board has unanimously approved the Agreement and recommends that shareholders vote in favour of the Transaction.

Conditions precedent

The Transaction remains subject to approval by no less than 66 2/3% of the votes cast by Trigon Shareholders at the Meeting. The Transaction is subject to the satisfaction of a number of other closing conditions, including the approval of the Namibian Competition Commission, the consent of Sprott, approval of the TSX Venture Exchange, as well as other customary conditions.

Deal Protections

The Sale Agreement provides for customary deal protection provisions, including non-solicitation covenants on the part of Trigon and a right in favour of the Purchaser to match any unsolicited superior proposal. In the event that the Agreement is terminated in certain circumstances, Trigon has agreed to pay the Purchaser a termination fee equal to one times the principal outstanding under the Loan Agreement. In the event that Trigon shareholder approval has not been obtained by the date (the “Right to Match Expiry Date”) that is the earlier of (i) the date that is two months from the date of the Meeting, and (ii) the date that is six months from the date of the Sale Agreement, the Purchaser will retain a right to match with respect to any acquisition proposal or superior proposal received by Trigon which shall expire within 30 days from the date the Purchaser receives the written notice from Trigon of such proposal. This right shall terminate on the date that is six (6) months from the Right to Match Expiry Date.

Further details of the Transaction, including voting procedures and a copy of the fairness opinion, will be provided in the management information circular to be provided in anticipation of the Meeting, which will be available under the Company’s profile on SEDAR+ at www.sedarplus.ca .

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 a 100% interest in the Kalahari Copperbelt Project and an 80% interest in five mining licences in the Otavi Mountainlands where the Company operates the Kombat Mine. In Morocco, the Company is the holder of the Silver Hill and Addana projects, highly prospective copper and silver exploration projects.

Cautionary Notes

This news release may contain forward-looking statements. These statements include statements regarding the Sale Agreement, the Loan Agreement, the Additional Loan, the timing of the payment of the consideration, the Company’s ability to satisfy the conditions to closing the Transaction, the Transaction, the price of copper, the ability to restart the Kombat mine, the Company’s strategies and the Company’s abilities to execute such strategies, the Company’s expectations for the Kombat Mine, 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.

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.

For further information, contact:
Tom Panoulias
+1 647 276 6002 x 1127
IR@trigonmetals.com
Website: www.trigonmetals.com

TORONTO, April 24, 2025 — Trigon Metals Inc. (TSX-V: TM; OTCQB: PNTZF) announces that it will be holding its annual and special meeting of common shareholders on Wednesday, June 11, 2025, at 10:00 a.m. ET (the “Meeting”) to, among other matters, vote on the proposed sale of the Company’s ownership interest in the Kombat Mine to Horizon Corporation Limited (the “Proposed Transaction”).

Trigon and Horizon are in the final stages of negotiation the definitive share purchase agreement (the “SPA”) that will govern the Proposed Transaction and the parties expect to be able to execute the SPA in the coming days. Please see the Company’s press releases dated February 11, 2025 and April 2, 2025 for additional details regarding the Proposed Transaction. The Company will provide further updates as the Proposed Transaction advances. The completion of the Proposed Transaction remains subject to regulatory approvals, including TSX Venture Exchange approval, Trigon shareholder approval, third-party consents, and other customary closing conditions.

The Proposed Transaction is expected to transition Trigon from an under-capitalized operator to a well funded exploration company. This positions Trigon to focus on the full-scale advancement of its copper and silver exploration projects in Morocco, and the Kalahari Copper Project in Namibia. If approved, the Proposed Transaction will provide Trigon with the financial flexibility and capital necessary to aggressively pursue development activities at its Silver Hill, Addana and Kalahari projects, with no additional dilution to shareholders.

Jed Richardson, Executive Chairman and CEO of Trigon, commented:

“With visibility to approximately up to US$40M in payments plus a potentially lucrative royalty, this is an opportunity to concentrate our efforts where we see the highest growth potential and strongest returns, and return some capital to our shareholders over time. We are excited about what lies ahead.”

A package including the management information circular, which will describe the terms of the Proposed Transaction and additional details of the Meeting, will be mailed to Trigon shareholders of record as of May 6, 2025. The mailout will also include a link to download the Proposed Transaction Information Packet from the Trigon website.

About Trigon Metals

Trigon is a publicly traded Canadian exploration and development company focused on advancing copper and silver projects in Africa. The Company’s portfolio includes an 80% interest in five mining licences in Namibia’s Otavi Mountainlands, as well as the Kalahari Copper Project and its Moroccan exploration projects, including Addana and Silver Hill.

Cautionary Notes

This news release may contain forward-looking statements. These statements include statements regarding the Meeting, the Proposed Transaction, the Company’s ability to close the Proposed Transaction, regulatory approvals and operational plans, the Company’s strategies and the Company’s abilities to execute such strategies, the Company’s expectations for the Kombat mine, 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.

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.

For more information, contact Tom Panoulias, VP Corporate Development:

+1(647)276-6002 x 1127

IR@trigonmetals.com
website: www.trigonmetals.com

TORONTO –April 2, 2025 -Trigon Metals Inc. (TSX-V: TM, OTCQB: PNTZF) (“Trigon” or the “Company”) is pleased to provide an update on the previously announced agreement with Horizon Corporation Limited (“Horizon”) for the sale of Trigon’s ownership interest in the Kombat Mine in Namibia to Horizon (the “Transaction”).

Both Trigon and Horizon remain committed to completing the Transaction and continue to make steady progress toward closing. While the initial internal target date of March 31, 2025, for entering into a binding share purchase agreement (the “SPA”)was not met, work is advancing on the final steps necessary to complete the Transaction. The parties continue to collaborate on finalizing the SPA, securing the required approvals and satisfying the closing conditions, and Trigon expects to consummate the Transaction.

The key terms of the Transaction remain as follows:

• Horizon’s loan to Trigon is structured at USD$4,000,000, disbursed in tranches, with an additional loan option of USD$2,000,000 for financing flexibility.
• The purchase price for Trigon’s shares of the Kombat Mine is set at USD$24,000,000, payable over eight quarterly installments upon shareholder approval.
• Trigon will retain a 1% net revenue royalty for each of two consecutive calendar months and a royalty of 1% will be payable for 20 months on net copper revenue when invoiced copper price on final invoicing when specified conditions are met
• A schedule of follow up payments related to the start-up of the Asis Far West expansion

Please see the Company’s press release dated February 11, 2025 for additional details regarding the Transaction.

Jed Richardson, CEO and Executive Chairman of Trigon Metals, commented, “We are pleased with the progress we have made toward closing the sale of Trigon’s interest in the Kombat Mine to Horizon. While we would have preferred a faster pace, we are working through the necessary steps to ensure a successful and seamless transition. Both Trigon and Horizon remain fully engaged in finalizing the Transaction, and we look forward to delivering a positive outcome for our shareholders.”

The Company will provide further updates as the Transaction advances toward closing. The completion of the Transaction remains subject to regulatory approvals, including TSX Venture Exchange approval, Trigon shareholder approval, third-party consents, and other customary closing conditions.

Further to the Company’s press releases dated February 21, 2025 and March 6, 2025, the Company announces that the following finder fees were paid in connection with the recently closed non-brokered private placement by the Company: (i) Hampton Securities received $3,990 in cash and 15,960 finder warrants, (ii) EDE Asset Management Inc. received $5,400 in cash and 21,600 finder warrants, and (iii) Brightmind Ventures Limited received $47,450 in cash.

About Trigon Metals Inc. Trigon is a publicly traded Canadian exploration and development company focused on advancing copper and silver projects in Africa. The Company’s portfolio includes an 80% interest in five mining licenses in Namibia’s Otavi Mountainlands, as well as the Kalahari Copper Project and the upcoming spinout of the Safi Silver Moroccan exploration projects, including Addana and Silver Hill.

Cautionary Notes

This news release may contain forward-looking statements. These statements include statements regarding the Transaction, the timing of the Transaction, the Company’s ability to close the Transaction, regulatory approvals and operational plans, the Company’s strategies and the Company’s abilities to execute such strategies, the Company’s expectations for the Kombat mine, 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.

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.

Contacts

For more information, contact Tom Panoulias, VP Corporate Development:
+1(647)276-6002 x 1127
IR@trigonmetals.com
website: www.trigonmetals.com

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

TORONTO– March 06. 2025 – Trigon Metals Inc. (TSX-V: TM, OTCQB: PNTZF) (“Trigon” or the “Company”) has closed a non-brokered second and final tranche (the “Second Tranche”) of its previously announced non-brokered private placement financing of common shares (the “Offering”). The Company issued 5,603,400 common shares (the “Shares”) at a price of $0.25 per Share for aggregate gross proceeds of $1,400,850 in the Second Tranche. Together with the first tranche of the Offering, the Company has issued an aggregate of 9,993,400 Shares for gross proceeds of $2,498,350.

In connection with the Second Tranche, the Company paid cash finder’s fees of $5,640 and issued 22,560 finder’s warrants (the “Finder Warrants”) to eligible finders. Each Finder Warrant entitles the holder thereof to acquire one Share at a price of $0.25 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 Second Tranche are subject to a statutory hold period of four-months and one-day. The Company intends to use the net proceeds from the Second Tranche 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.

Cautionary Notes

This news release may contain forward-looking statements. These statements include statements regarding the Offering, the use of proceeds of the Offering, the Company’s ability to obtain the requisite approvals for the Offering, the economic viability of the Kombat mine and the Company, the Company’s ability to obtain adequate financing, the Company’s strategies and the Company’s abilities to execute such strategies, the Company’s expectations for the Kombat Mine, 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.

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.

For further information, contact Tom Panoulias, VP Corporate Development:
+1 (647) 276-6002 x 1127
IR@trigonmetals.com
Website: www.trigonmetals.com

Toronto, Ontario March 3, 2025 – Trigon Metals Inc. (TSX-V: TM, OTCQB: PNTZF) (“Trigon” or the “Company”) announces its operating milestones and financial results for the three months ended December 31, 2024. All amounts are expressed in U.S. dollars, unless otherwise stated.

Highlights

• Steady Copper Production : 2.19 million pounds of copper sold in Q3, despite operational challenges.
• Silver Output : 32,949 ounces of silver produced, reinforcing Trigon’s diversified metal portfolio.
• Strategic Asset Sale Progress : Advancing the $24M sale of Kombat Mine to Horizon Corporation Limited (“Horizon”), providing financial flexibility.
• Near-Term Capital Injection : Horizon has invested in Trigon’s private placement and provided structured loan advances.
• Long-Term Upside Potential : Follow-on payments by Horizon linked to copper price and mine expansion could add significant value.
• Operational Restructuring : Temporary mining suspension allows for strategic realignment and cost optimization.
• Focus on Core Projects : Shifting resources toward Kalahari Copper and Safi Silver, unlocking future growth.
• Experienced Leadership : Management remains committed to navigating challenges and maximizing shareholder value.

Summary of the Events of Financial Q3

During the third quarter of 2024, Trigon sold a total of 2,193,597 pounds of copper at a C1 cash cost of $3.21 per pound. The realized price for copper during the period was $2.93 per pound, impacted by high penalties, lower-than-expected final copper assays compared to provision assays, and the pricing formula in the offtake agreement with IXM, which includes a lowest actual copper price look-back adjustment. In addition to copper production, the Company produced 32,949 ounces of silver.

The quarter resulted in a net loss of $14,240,039, or $0.34 per share on both a basic and diluted basis. The increased net loss compared to the previous period was primarily due to impairment charges related to the suspension of surface mining operations in the quarter ended September 30, 2024, and subsequent flooding of the mine after December 31, 2024. Adjusted EBITDA for the period was negative $968,447.

On January 16, 2025, Trigon announced a pause in mining operations following the failure of both of its main submersible dewatering pumps. As a result, the Company has withdrawn all production, capital expenditure, and exploration guidance. By January 31, 2025, mining operations had been temporarily suspended, with an expected downtime of six to nine months. The majority of onsite employees have been retrenched. The Trigon management team remains focused on finalizing the sale of Trigon’s interest in the Kombat Mine to Horizon Corporation Limited under the revised terms announced on February 11, 2025.

Jed Richardson, CEO and Executive Chairman of Trigon, commented, “Our team remains committed to navigating the current challenges with a strategic focus on long-term value creation. While the temporary suspension of mining operations is a setback, the revised sale agreement with Horizon strengthens our financial position and preserves future upside potential at Kombat. We are confident that this transition will allow us to refocus on high-impact growth opportunities, including our Kalahari Copper and Safi Silver projects.”

Operating and Financial Highlights (Reported in USD)

		Three Months Ended			Three Months Ended
		December 31, 2024			September 30, 2024
MINING
OP Ore Mined (tonnes)			–			46,115
OP Copper Grade %			–			1.15%
OP Silver Grade (g/t)			–			2.83
UG Ore Mined (tonnes)			67,712			69,917
UG Copper Grade			1.82%			1.79%
UG Silver Grade (g/t)			16.14			20.29
Total Ore Mined (tonnes)			67,712			116,032
MILLING
Ore Processed (tonnes)			82,459			77,295
Copper recovery (%)			88.2%			92.1%
Copper Concentrate Production (tonnes)			4,863			4,214
Concentrate Grade (Cu %)			19.7%			21.2%
Concentrate Grade (Ag g/t)			211			260
Copper Product Produced (tonnes)			1001			969
Copper Product Produced (lbs)			2,215,202			2,137,159
Silver Product Produced (oz)			32,949			33,852
SALES
Copper Concentrate Sold (dry metric tonnes)			4,604			4,547
Copper Concentrate Sold (lbs)			10,150,070			10,024,407
Copper Product Sold (tonnes)			995			1,018
Copper Product Sold (lbs)			2,193,597			2,244,303
Realized copper price (per lb)		$	2.93		$	3.25
FINANCIAL HIGHLIGHTS($ in 000’s, except per share amounts)
Revenues		$	7,490		$	7,164
Gross (Loss) / Profit		$	(12,120)		$	(2,201)
EBITDA		$	(10,957)		$	(2,897)
Adjusted EBITDA		$	(968)		$	(1,601)
Net (loss) income		$	(14,240)		$	(7,068)
Per share(basic)		$	(0.34)		$	(0.16)
Per share (diluted)		$	(0.34)		$	(0.16)
C1 cash cost/lb (100% payability) (1)		$	3.21		$	3.46

OP = Open Pit

UG = Underground

(1)EBITDA, net income (loss) attributable to owners of the Company, income (loss) per share attributable to owners of the Company, net (cash), working capital, C1 cash cost, copper production are non-IFRS measures. These measures do not have a standardized meaning prescribed by IFRS and might not be comparable to similar financial measures disclosed by other issuers. Please refer to the Company’s discussion of Non-IFRS measures in its Management Discussion and Analysis for the three months ended June 30, 2024 .

Sale of Trigon’s Interest in the Kombat Mine

On December 3, 2024, the Company announced that it had received an indicative term sheet from Horizon to sell its 80% ownership interest in the Kombat Mine in Namibia (“the Proposed Horizon Transaction”) . On February 11, 2025, the Company announced revised terms for the sale of its interest in the Kombat Mine as follows:

• Horizon will loan to Trigon $4M, to be disbursed in five stages, of which $1.35M has already been advanced.
• Trigon now has an option for an additional $2M loan, providing more financial flexibility before shareholders vote on the Proposed Horizon Transaction.
• Horizon has invested $500K in Trigon’s recent private placement.
• The sale price for Kombat Mine has been adjusted from $30M to $24M, payable over eight quarterly installments.
• After the first payment, further installments depend on securing at least $10M in third-party financing for Kombat Mine’s development. If not secured within 18 months, Horizon can either proceed with payments or return 90% of its shares in the mine, with its investment converted into debt owed by Trigon.
• Payment terms have been adjusted to account for Trigon’s outstanding debts to IXM S.A. and Sprott.
• Additional payments of $5.5M to $15M to Trigon will be tied to future copper prices and the planned expansion of the Kombat Mine’s processing capacity.

Follow up payments related to the start-up of the Asis Far West expansion are as outlined in the table below:

LME 3-month Cu price (USD/Tonne) at the close on the LME on the date preceding the Sprott trigger date	<9,000	9,000<10,000	>10,000	>15,000 *
Payment to the Company on the Sprott trigger date	$5,500,000	$8,000,000	$13,000,000	N/A
Payment to the Company on the 1st anniversary of Sprott trigger date	0	$2,000,000	$2,000,000	N/A
Payment to the Company on mill expansion to 1,500 tpd (expedited scenario*)	0	0	0	$8,000,000
Payment to the Company on 1st anniversary of mill expansion to 1,500 tpd (expedited scenario*)	0	0	0	$7,000,000

*Expedited option is not additional to other follow-on payments, nor is it subject to Sprott trigger date condition. The average LME Cu closing price for a period of 30 consecutive calendar days must be greater than $15,000.

The Sprott trigger date is the date on which underground operations achieve average production of 2,250tpd for a 90 day period.

Strategic Rationale

The revised terms of the Proposed Horizon Transaction enhance Trigon’s financial flexibility while ensuring continued exposure to the Kombat Mine’s upside potential. By restructuring the deal, Trigon secures near-term capital while minimizing dilution for existing shareholders. The Agreement also strengthens the Company’s ability to focus on advancing its other core projects, particularly the Kalahari Copper Project, the Addana Project and the Silver Hill Project while allowing Horizon to lead the next phase of development at Kombat Mine. This strategic alignment optimizes Trigon’s asset portfolio and supports long-term value creation for shareholders.

Non IFRS Measures

The Company has included certain non-IFRS performance measures, namely working capital, C1 costs, EBITDA and Adjusted EBITDA throughout this document. In the mining industry, these are common non-IFRS performance measures but do not have a standardized meaning. As a result, these measures may not be comparable to similar measures presented by other companies. The Company believes that, in addition to conventional measures prepared in accordance with IFRS, we and certain investors use this information to evaluate the Company’s performance and ability to generate cash, profits and meet financial commitments. Non-IFRS measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. As a result, these measures may not be comparable to similar measures presented by other companies. For a reconciliation of these measures to the most directly comparable financial information presented in the Financial Statements in accordance with IFRS, see the tables below.

		Three Months EndedDecember 31, 2024		Three Months EndedSeptember 30, 2024
C1 Cost Reconciliation
Copper (lbs)		$2,215,202		$2,137,159
Cost of sales		$6,729,097		$6,999,511
Namibian administrative costs		$488,389		$478,427
By-product revenue offset		$(105,367)		$(84,568)
Total C1 cash costs		$7,112,119		$7,393,370
C1 cost / lb (100% payability		$ 3.21		$3.46

		Three Months EndedDecember 31, 2024		Three Months EndedSeptember 30, 2024
Adjusted EBITDA Reconciliation:
Net loss and comprehensive loss		$(14,240,398)		$(7,068,243)
Depreciation		$1,500,174		$2,365,551
Interest & accretion expense		$1,783,379		$1,805,316
EBITDA		$(10,956,845)		$(2,897,376)
Change in FV of warrant liability		$(526,879)		$(423,512)
Change in FV of buy back option		–		–
Impairment		$11,380,616		$ 2,350,280
Share based compensation		–		–
Foreign exchange loss / (gain)		$(865,339)		$(630,491)
Adjusted EBITDA		$(968,447)		$(1,601,099)

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.

Cautionary Notes

This news release may contain forward-looking statements. These statements include statements regarding the Company’s mining operations, the financial results of the Company, the timing and results of mining activities, the Company’s strategies and the Company’s abilities to execute such strategies, the Company’s expectations for the Kombat mine, the economic viability of the Kombat mine, the Company’s ability to obtain financing, the Proposed Horizon Transaction, the Company’s ability to complete the Proposed Horizon Transaction, the Company’s ability to expand or replace mineral resources and reserves, the projected costs and production at the Kombat mine, planned capital expenditures, the prices of copper and silver, foreign currency exchange rates, 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.

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.

For further information, contact Tom Panoulias, VP Corporate Development:

+1 647 276 6002
IR@trigonmetals.com
Website: www.trigonmetals.com