trigonmetals

Trigon Metals Inc. (TSX-V: TM, OTCQB: PNTZF) (“Trigon” or the “Company”) is pleased to announce 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 (see Figure 1 and 2). 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.

Highlights – Level 3 (105 metres from surface)

• KWO-217: 5 metres at 11.21% Cu and 117.89 g/t Ag
• KWO-218: 8 metres at 2.55% Cu and 18.65 g/t Ag
• KWO-221: 9 metres at 3.93% Cu and 56.13 g/t Ag

Highlights – Level 5 (120 metres from surface)

• KWO-194: 2 metres at 4.36% Cu and 22.27 g/t Ag
• KWO-198: 4 metres at 2.83% Cu and 49.75 g/t Ag

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 (refer to Figure 3 and 4).

Jed Richardson, CEO and Executive Chairman of Trigon Metals, commented, “Even with 45 years of mining history at Kombat, the deposit continues to surprise us with new high-grade ore — even adjacent to old developments. There is tremendous value in this mine yet to be realized in our market capitalization.”

Dr. Andreas Rompel, Trigon’s VP Exploration, adds,“We are very excited about the grade we are intersecting in these holes as we forecast that the grade increases with depth, and these results are the confirmation of the prediction. Higher grade, together with the current high copper price make us very confident of a great future for the mine.”

Figure 1: Drill Core from KWO-217

Depiction of massive bornite with traces of chalcopyrite, occurring in a weak zone possible fault zone.

Figure 2: Drill Core from KWO-221

The drill core pictured in Figure 2 shows covellite, bornite and chalcopyrite occurring in highly calcified and fractured zone

Figure 3: Map of Drill Work Completed at Shaft One, Level Three of Kombat Mine

Figure 4: Map of Drilling Depicting High Grade Area on Hole KWO-198, Level Five of Kombat
Mine

Quality Assurance & Quality Control (QA/QC)

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).

Qualified Person

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.

Cautionary Notes

This news release may contain forward-looking statements. These statements include statements regarding the exploration drilling at the Kombat Mine, the prospectivity and mineralization at the Kombat Mine, the Company’s exploration and drilling program, 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 further information, contact Tom Panoulias, VP Corporate Development:
+1 (647) 276-6002 x 1127
tom.panoulias@trigonmetals.com
Website: www.trigonmetals.com

TORONTO — September 19, 2024 — Trigon Metals Inc. (TSX-V: TM, OTCQB: PNTZF)  (“Trigon” or the “Company”) announces 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 (see press release dated October 24, 2022). 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:

1. The successful recommissioning of the underground mine with commercial production declared on May 23, 2024,
2. Ability to mine 900 tonnes per day average over a 30 day period,
3. The significant grade differential and positive contribution of the underground mining operations when compared to the open pit operations, and
4. 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.

Jed Richardson, CEO and Executive Chairman of Trigon, commented, “This achievement not only reflects our ability to meet and surpass the feasibility study ramp-up targets but also de-risks the Sprott streaming agreement, ensuring that Trigon is not required to convert the principal advanced pursuant to the stream agreement into a loan. Exceeding the 900 tonnes per day average from the underground is a significant milestone for the Company and a testament to the team’s dedication to delivering on our commitments. We are grateful to Tulela Mining and Construction, our open pit mining contractor, for their exceptional support and partnership over the last four years.”

Rennie Morkel, President and COO of Trigon, commented, “We’ve faced significant challenges with the open pit, where stripping requirements have exceeded our forecasts. Pausing open pit operations will have an immediate positive impact on our operating costs, allowing us to focus on the higher-grade underground ore. This strategic shift enhances our ability to increase production while maintaining cost efficiency, ensuring a more sustainable and profitable operation moving forward.”

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.

Change of Transfer Agent

Trigon also announces the appointment of Odyssey Trust Company (“Odyssey”) as the Company’s registrar and transfer agent. Odyssey will now be responsible for all transfers of Trigon’s shares through their office in Toronto rather than TSX Trust Company of Canada, which has resigned at the Company’s request. Shareholders need not take action in respect of the change in transfer agent and register.

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 Sprott Financing agreement, operating costs, the Company’s strategies and the Company’s abilities to execute such strategies, the Company’s expectations for the Kombat mine, the operations at the Kombat mine, the economic viability of the Kombat mine, the Company’s expected production, the Company’s ability to comply with the terms of the stream agreement, the impact of pausing open-pit operations 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:
+1 (647) 276-6002 x 1127
tom.panoulias@trigonmetals.com
Website: www.trigonmetals.com

TORONTO — August 29, 2024 — Trigon Metals Inc. (TSX-V: TM, OTCQB: PNTZF) (“Trigon” or the “Company”) is pleased to announce 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 and are outlined below (see Figures 1 and 2). 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.

Drilling Results Overview

• E600-017 : 3.32% Cu over 7 meters
• E600-018 : 2.08% Cu over 4 meters
• E600-044 : 2.65% Cu over 3 meters
• E600-045 : 2.48% Cu over 3 meters
• E600-047 : 2.14% Cu over 5 meters
• E600-055 : 2.61% Cu over 2 meters
• E600-056 : 2.06% Cu over 2 meters
• E600-065 : 2.21% Cu over 4 meters

Jed Richardson, CEO and Executive Chairman of Trigon, commented , “ Expanding our reserves and mine plan at Shaft #3 is crucial because it opens up more working faces in an area with untapped extraction capacity. Right now, all our ore is being extracted from the decline ramp adjacent to Shaft #1, which limits us to 1,000 tpd. With the second unused decline at Shaft #3, bringing in new ore from this area will enable us to ramp up extraction. This is especially important as we plan to increase plant throughput from 1,000 tpd to 2,000 tpd next year. ”

Dr. Andy Rompel, VP Exploration, adds, “Our drilling program to confirm resources, convert resources to reserves and identify new areas of higher grades continues underground. We believe there is potential for the deposit to expand in width further into the dolomites, not only along the dolomite phyllite contact. Soon, we will add exploration drilling to the resource drilling to develop a better understanding of the mineralization processes and consequently the predictability of the deposit.”

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.

Figure 1: Underground drilling at #3 shaft 

Figure 2: North-looking section showing the location of the diamond drilling (pink) 

Qualified Person

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.

Cautionary Notes

This news release may contain forward-looking statements. These statements include statements regarding the exploration drilling at the Kombat Mine, mineral resource estimate calculation, the Company’s ability to produce a NI 43-101 compliant mineral resource estimate, the prospectivity and mineralization at 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, VP Corporate Development:
+1 (647) 276-6002 x 1127
tom.panoulias@trigonmetals.com
Website: www.trigonmetals.com

TORONTO — August 21, 2024 — Trigon Metals Inc. (TSX-V: TM, OTCQB: PNTZF) (“Trigon” or the “Company”) is pleased to announce its operating and financial results for the three months ended June 30, 2024. Shareholders and interested parties are invited to join a conference call hosted by Trigon management, tomorrow, Thursday, August 22, 2024, at 11:00 a.m. Eastern time to discuss the results. Dial-in details for the call can be found near the end of this press release. All amounts are expressed in U.S. dollars, unless otherwise stated. 

 Highlights 

• The Kombat mine achieved first full quarter production with underground contribution in Q1 for fiscal year end in 2025, marking a major inflection point for the Company 
• First quarter copper production was 2,302,726 pounds at C1 cash costs(1) of $3.23 per pound of copper produced. 
• Silver production during the quarter was 33,399 ounces 
• Positive Adjusted EBITDA (1) contribution of $1.8 million 
• Net loss attributable to the shareholders of the Company of $2.1 million, or $0.05 per share on a basic and diluted basis compared to a net loss of $2.95 million, or $0.02 per share in the three months ended June 30, 2023 on a basic and diluted basis. 
• Following excellent operating performance at the Kombat mine during the quarter, the Company is reaffirming all other 2025 fiscal year-end production, and C1 cash cost guidance ranges 

Jed Richardson, CEO and Executive Chairman of Trigon, commented, “Grade is king at Kombat, our first full quarter of contribution from our high grade underground is demonstrating the profitability at the mine. Achieving solid copper and silver production driven by favourable grade reconciliations have continued into the second quarter. This trend has allowed us to maintain our full-year copper and silver production guidance, which we expect will translate to achieving the lower end of our fiscal year 2025 cash cost guidance.” 

Mining & Milling Operations 

At the Kombat mine, the first quarter was marked by several record-breaking underground mining days. Underground ore tonnes mined for the quarter totalled 57,070 tonnes at an average grade of 2.05%, and open pit production of 29,715 tonnes at an average grade of 1.23%. A total of 70,483 tonnes were milled during the quarter at a 1.67% average grade resulting in the production of 1,045 tonnes of copper. 

The Company announced Commercial Production from the underground mine on April 30, 2024, and is pleased to report that the underground mine has continued to perform and exceed the mining targets defined in its feasibility study (the “Feasibility Study”). The Feasibility Study was prepared by SRK Consulting South Africa (Pty) Ltd (“SRK”) in accordance with Canadian Securities Administrators’ National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”). 

Image 1: Kombat Open Pit 

Image 2: Kombat Underground 

Image 3: Inside the Mill at Kombat Mine 

Table 1: Operating and Financial Highlights (Reported in USD) 

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. 

Exploration Update 

Trigon is allocating $2.5 million to $3.5 million to exploration programs for mineral reserve and resource replacement and on other exploration prospects in and around Kombat’s existing infrastructure and landholdings in the Kombat valley. 

On April 18, 2024, the Company released the highlights of its exploration campaign at Schlangental, a key prospect within the wider Kombat property, situated approximately 15km east of the active mining licence ML73B. This announcement followed the Company finalizing its comprehensive exploration plan for the expansive Kombat property, spanning nearly 35 km from Gross Otavi in the west and Schlangental to the east. 

Drilling at Schlangental represents 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 drill core or detailed logs were available. Of the planned 36 holes totalling 4000m, only two holes have been drilled to date, with both holes intercepting mineralization at modest depths. 

Subsequent Events 

To support the commencement of production and associated working capital needs at the Kombat mine, the Company entered into an agreement with IXM whereby IXM agreed to advance USD$2.5 million in two tranches of USD$1.25 million each, with tranche one immediately drawn down and the second tranche being available for drawdown between August 19, 2024 and August 30, 2024. The advance will be repaid in principal portions of USD$208,334 per month commencing in October 2024 through September 2025 repayable in deliveries of copper concentrate. Interest will be charged at the 30-day secured overnight financing rate average plus 2.5% and paid in cash. 

2025 Production and Cost Guidance 

Following record operating performance at the Kombat mine during the quarter, the Company is reaffirming its 2025 copper production guidance of 12,125,000 to 13,448,000 pounds of copper. The Company expects mined and processed copper grades to remain in line with guidance for 2025. 

The Company’s updated cost guidance for 2024 assumes a foreign exchange rate of 18.40 NAD per USD and a silver price of $25 per ounce. 

Conference Call Details 

The Company will hold a conference call to discuss these results on Thursday, August 22, 2024 at 11:00 a.m. EST (8:00 a.m. PST). Please pre-register at the link provided below. 

Date: Thursday, August 22, 2024 
Time: 11:00 a.m. EST/8:00 a.m. PST 
Dial in: Canada/USA: 1-800-990-4333 
Toronto: 1-289 514-5000 
New York: 1-646-769-9600 
please dial in 5-10 minutes prior and ask to join the call 

Pre-Register: 

Registration link: https://emportal.ink/3ApVh5v 
Replay: Canada/USA toll-free: 1-888-660-6264 
Replay Passcode: 75661# 

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 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 expand or replace mineral resources and reserves, the projected costs and production at the Kombat mine, the agreement with IXM and the Company’s ability to repay IXM, the prices of copper and silver 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 Investor Relations: 
+1 647 276 6002 
IR@trigonmetals.com 
Website: www.trigonmetals.com 

TORONTO — July 30, 2024 — Trigon Metals Inc. (TSX-V: TM; OTCQB: PNTZF) (“Trigon” or the “Company”) Trigon is pleased to report as of July 29, 2024, the Company has filed its financial statements for the year ended March 31, 2024 and details below the operational milestones for the quarter ending March 31, 2024.

Trigon reports a profit from continuing operations of USD $13,439,695 for the three months ended March 31, 2024 and a net loss of $1,474,523 for the twelve months ending March 31, 2024. Results were heavily skewed by the positive revaluation of the liability associated with the Sprott Streaming agreement, to align with the Company’s NI 43-101 SRK Feasibility Study (the Feasibility Study can be found under the Company’s profile at www.sedarplus.ca and on the Company’s website). However, improvements at the operational level where the beginnings of the impact of underground production had a dramatic impact on operating costs. The company reported C1 cash costs of $3.35/lb on 1,255,652 lbs of copper production in the quarter, a marked improvement over $3.96/lb reported in Q3 2024 (see filing dated February 27, 2024). The operating results were positively impacted by weakness in the Namibian dollar compared to the US dollar, the Company’s reporting currency, and higher ore tonnage with the contribution of the pre-commercial underground ore tonnes.

In the quarter, 85,365 tonnes of ore was mined from the open pit at 0.98% copper grade and 12,160 tonnes from the underground at 2.36% copper, totalling 97,525 of ore grading 1.15 %, besting the 90,000 tonnes of ore planned to be mined.

Commenting, Jed Richardson, CEO & Executive Chairman, “Fiscal 2024 was a momentous year for the Company, starting open pit mining, commissioning the mill and starting the underground mining operations at the tail end of the year. In a few short weeks, we will be reporting Q1 2025, completed June 30, 2024, we anticipate continuing our progress in demonstrating the profitability of the Kombat Mine and building Trigon Metals into a mid-tier copper mining company.”

Qualified Person
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.

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.

Non-IFRS Measures
C1 cost measure includes the cost of mining, milling, Namibian site level general and administrative expenses, and royalties but excludes capital costs, exploration costs, and corporate overheads. This measure primarily focuses on the direct costs of producing our copper concentrate product on a 100% payability basis. The C1 cost metric does not include costs like capital costs, exploration costs, corporate overheads, or any other costs not directly related to production. Management thus believes C1 is a measure that best reflects the efficiency and effectiveness of our Namibian mining operations. Please refer to our MD&A for the year-ended March 31, 2024 for a reconciliation of C1 costs.

Cautionary Notes
This news release may contain forward-looking statements. These statements include statements regarding the Company’s mining operations, the Company’s financial results, the timing of mining activities, the economic viability of the Kombat Mine, financial currency exchange, the Company’s strategies and the Company’s abilities to execute such strategies, the Company’s expectations for the Kombat 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.

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 further information, contact Investor Relations:
+1 647 276 6002
IR@trigonmetals.com
Website: www.trigonmetals.com