trigonmetals

TORONTO, April 9, 2024 – Trigon Metals Inc. (TSX-V: TM) (“Trigon” or the “Company”) is pleased to announce that, at its annual and special meeting of Trigon shareholders that took place on April 9, 2024 (the “Meeting”), Trigon shareholders approved all matters put before them, including: (i) the proposed spinout of Trigon’s wholly-owned subsidiary, Safi Silver Corp. (“Spinco ”), which holds the Company’s Moroccan assets, namely the Silver Hill and Addana projects, pursuant to a plan of arrangement under section 192 of the Canada Business Corporations Act (the “Proposed Arrangement”); and (ii) the consolidation of Trigon common shares on the basis of one (1) post-consolidation Trigon common share for each five (5) pre-consolidation Trigon common shares (the “Share Consolidation”). The Proposed Arrangement and the Share Consolidation was approved by Trigon shareholders at the Meeting. 

The approved resolutions are as follows: 

1. Election of Board of Directors: Shareholders elected each of the seven management nominees as directors of the Company for the ensuing year. The elected directors are: • Mohammed Benharref 
   • Daye Kaba 
   • Gabriel Ollivier 
   • Jed Richardson 
   • David Shaw 
   • Grant Sboros 
   • Larissa Sprott 
   
2. Appointment of Auditor: Shareholders approved the appointment of the auditor. 
   
3. Stock Option Plan: The Company’s stock option plan (the “Option Plan”) was re-approved in accordance with the requirements of the TSX Venture Exchange (the “TSXV”). 
   
4. Share Consolidation: Shareholders endorsed the consolidation of Trigon common shares on the basis of one (1) post-consolidation Trigon common share for each five (5) pre-consolidation Trigon common shares. 
   
5. The Proposed Arrangement (Safi Silver Spinout): Shareholders gave their overwhelming support for the proposed spinout of Trigon’s wholly-owned subsidiary, Safi Silver Corp. (“Spinco”), which holds the Company’s Moroccan assets, namely the Silver Hill and Addana projects. The spinout is pursuant to a plan of arrangement under section 192 of the Canada Business Corporations Act (the “Proposed Arrangement”). 

Jed Richardson, CEO & Executive Chairman of Trigon Metals, commented, “We are pleased to have the recommendations of the board supported by the shareholders, with particular focus on the spinout of the Moroccan Assets into Safi Silver., to realize the currently unrecognized value in Trigon Metals. As the silver price breaks out and Morocco is showing itself to be a promising destination for silver exploration, we are excited about the timing. By creating a new vehicle for shareholders, we aim to preserve Trigon as a production growth investment focused on copper in a rising copper price environment.” 

The Proposed Arrangement, the Share Consolidation and the Option Plan are each subject to the final approval by the TSXV. Closing of the Proposed Arrangement is subject to satisfaction of all conditions precedent to its completion and is expected to occur in early Q3 2024. Trigon intends to seek a final order from the Ontario Superior Court of Justice (Commercial List) in respect of the Proposed Arrangement at a later date in advance of closing. 

For further details regarding the resolutions and matters discussed at the Meeting, please refer to Trigon’s management information circular dated March 11, 2024, available under the Company’s profile on www.sedarplus.ca. 

Trigon management extends sincere appreciation to shareholders for their participation and continued support. 

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 and Addana projects, highly prospective copper and silver exploration projects. 

Cautionary Notes 

This news release includes certain information that may constitute “forward-looking information” under applicable Canadian securities laws. Forward-looking information is often identified by terms such as “will”, “may”, “should”, “anticipates”, “expects” and similar expressions. All statements other than statements of historical fact, included in this news release are forward-looking statements that involve risks and uncertainties, including statements with respect to the Proposed Arrangement and the expected structure thereof; anticipated court and regulatory approvals of the Proposed Arrangement; benefits of the Proposed Arrangement; the listing of Spinco shares on a stock exchange and timing thereof; financing of Spinco; and the terms of the Share Consolidation. Such forward-looking statements reflect management’s current beliefs and are based on assumptions made by and information currently available to the Company and, as such, there can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company’s expectations include the availability and continuity of financing, potential delays in obtaining all requisite approvals and other risks detailed from time to time in the filings made by the Company with securities regulators. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and the Company does not assume any obligation to update or revise them to reflect new events or circumstances except as required under applicable securities legislation. This news release does not constitute an offer to sell securities and the Company is not soliciting an offer to buy securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. 

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

For further information, contact: 

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

Website: www.trigonmetals.com 

Trigon Metals Inc. (TSX-V: TM, OTCQB: PNZTF) (“Trigon” or the “Company”) is pleased to announce that it has filed on SEDAR+ an independent Technical Report (“the Technical Report”) 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”) for its Kombat mine in Namibia.

The Technical Report titled “Independent Technical Report for Kombat’s Asis West Mine, Namibia” is dated March 15, 2024 with an effective date of February 29, 2024, and supports the disclosure made by the Company in its press release dated March 4, 2024 announcing the positive feasibility study for its Kombat Asis West underground mine and updated mineral resources and reserves estimates. There are minor changes to the Pb grades published in the Mineral Resource tables in the March 4, 2024 press release.

The Technical Report can be found under the Company’s profile on SEDAR+ ( www.sedarplus.ca ) and on the Company’s website ( www.trigonmetals.com ).

Mineral Resources and Mineral Reserve Estimates

Mineral Resources

The Mineral Resource estimate presented represents the third Mineral Resource estimate prepared for the Kombat Mine project in accordance with NI 43-101 by Minxcon (Pty) Ltd (an independent consulting company) commissioned by Trigon to undertake this work. The Mineral Resources have been independently reviewed by SRK and reported using updated techno-economic factors.

Mineral Resource estimates are shown in Tables 1 to 3 below. Mineral Resources are reported inclusive of any Mineral Reserves that may be derived from them.

Table 1: Open Pit Mineral Resource Statement for Kombat Mine as at 29 February 2024
Area	Mineral Resource Category	Tonnes (Mt)	Density (t/m 3 )	Grade			Content
				Cu (%)	Pb (%)	Ag (g/t)	Cu (t)	Pb (t)	Ag (kg)
Kombat East	Indicated	2.26	2.79	0.92	0.36	6.01	20 760	8 064	1 593
Kombat Central		0.87	2.78	1.07	0.13	9.32	9 294	1 167	148
Kombat West		0.01	2.98	1.95	4.69	17.43	268	645	10
Total Indicated		3.14	2.79	0.97	0.31	6.98	30 322	9 876	1 751
Gross Otavi	Inferred	0.54	2.85	0.74	2.27	1.15	3 943	12 186	615
Total Inferred		0.54	2.85	0.74	2.27	1.15	3 943	12 186	615

Notes:

1. A Mineral Resource is not a Mineral Reserve, and there is no guarantee that all or part of the Mineral Resource will be converted to a Mineral Reserve
2. The Mineral Resources have been depleted with historical mining pit shells and underground voids
3. The Mineral Resources are reported within an optimised pit shell, based on the techno-economic factors disclosed above
4. The Kombat Mineral Resources are reported above a 0.53% Cu cut-off, and the Gross Otavi Mineral Resources above a 0.60% CuEq cut-off
5. Mineral Resources are reported as total Mineral Resources and not attributable to Trigon
6. Mineral Resources are reported inclusive of any Mineral Reserves that may be derived from them
7. The Gross Otavi Mineral Resources include geological losses of 15%, depletion for unknown historical development of 1% and reduced by a porosity factor by 7.5%

Table 2: Underground Mineral Resource Statement for Kombat Mine at 29 February 2024
Area	Mineral Resource Category	Tonnes (Mt)	Density (t/m 3 )	Grade			Content
				Cu (%)	Pb (%)	Ag (g/t)	Cu (t)	Pb (t)	Ag (kg )
Kombat East	Indicated	0.36	2.81	1.44	1.23	9.23	5 219	4 443	3 346
Kombat Central		0.85	2.81	1.55	0.86	12.55	13 173	7 299	10 664
Kombat West		1.18	2.83	1.90	1.30	11.26	22 393	15 319	13 255
Asis West		7.53	2.82	2.38	0.80	18.02	179 213	60 603	135 707
Gap		0.50	2.79	1.89	0.16	9.90	9 529	822	4 990
Total Indicated		10.42	2.82	2.20	0.85	16.11	229 527	88 486	167 962
Kombat East	Inferred	0.00	2.83	1.45	1.79	13.64	0	0	0
Kombat Central		0.01	2.88	2.02	2.74	0.01	187	254	0
Kombat West		0.13	3.68	5.00	10.50	0.08	6 377	13 399	11
Asis West		0.12	2.82	2.49	0.71	13.74	2 946	846	1 628
Gap		0.01	2.79	1.64	0.17	32.79	229	24	458
Asis Far West		1.53	2.79	2.15	0.37	7.99	32 763	5 703	12 196
Total Inferred		1.80	2.84	2.37	1.13	7.96	42 503	20 226	14 293

Notes:

1. A Mineral Resource is not a Mineral Reserve, and there is no guarantee that all or part of the Mineral Resource will be converted to a Mineral Reserve
2. The Mineral Resources have been depleted with historical mining underground voids
3. The Mineral Resources are reported above a 1.2% CuEq cut-off
4. Mineral Resources are reported as total Mineral Resources and not attributable to Trigon
5. Mineral Resources are reported inclusive of any Mineral Reserves that may be derived from them
6. No geological losses are applied

Table 3: Total Mineral Resource statement for Kombat Mine as at 29 February 2024
Source	Mineral Resource Category	Tonnes (Mt)	Density (t/m 3 )	Grade			Content
				Cu (%)	Pb (%)	Ag (g/t)	Cu (t)	Pb (t)	Ag (kg)
Open Pit	Indicated	3.14	2.79	0.97	0.31	6.98	30 322	9 876	1 751
Underground		10.42	2.82	2.20	0.85	16.11	229 527	88 486	167 962
Total Indicated		13.56	2.81	1.92	0.73	14.00	259 849	98 362	169 713
Open Pit	Inferred	0.54	2.85	0.74	2.27	1.15	3 943	12 186	615
Underground		1.80	2.84	2.37	1.13	7.96	42 503	20 226	14 293
Total Inferred		2.33	2.85	1.99	1.39	6.39	46 446	32 412	14 908

Notes:

1. A Mineral Resource is not a Mineral Reserve, and there is no guarantee that all or part of the Mineral Resource will be converted to a Mineral Reserve
2. The Mineral Resources have been depleted with historical mining underground voids
3. The underground Mineral Resources are reported above a 1.2% CuEq cut-off. The Kombat open Pit Mineral Resources (All indicated) are reported above a 0.53% Cu cut-off, and the Gross Otavi open Pit Mineral Resources (All Inferred) above a 0.60% CuEq cut-off
4. Mineral Resources are reported as total Mineral Resources and not attributable to Trigon
5. Mineral Resources are reported inclusive of any Mineral Reserves that may be derived from them
6. No geological losses are applied at Kombat. The Gross Otavi Mineral Resources include geological losses of 15%, depletion for unknown historical development of 1% and reduced by a porosity factor by 7.5%

Mineral Reserves

The open pit Mineral Reserves estimates as set out in Table 4 are limited to the Ore Capping open pits, which are situated in the Kombat East and Central areas. The LoM pit has been excluded due to interference with current underground infrastructure. The open pit Mineral Reserve estimate is declared at the RoM stockpile as a reference point.

Table 4: Open Pit Mineral Reserve Statement for Kombat Mine as at 29 February 2024
Area	Mineral Reserve Category	Tonnes (Mt)	Grade		Content
			Cu (%)	Ag (g/t)	Cu (t)	Ag (kg)
Kombat East	Probable	0.75	0.93%	5.7	6 953	4 299
Total Probable		0.75	0.93%	5.7	6 953	4 299

Notes:

1. The Mineral Reserves have been depleted with historical mining pit shells and underground voids.
2. The Mineral Reserves are reported within pit designs and scheduled.
3. The Kombat Mineral Reserves are reported above a 0.56% Cu cut off.
4. Mineral Reserves are reported as total Mineral Reserves and not attributable to Trigon.
5. The Mineral Reserve statement excludes 13.0 kt at 0.83% Cu sitting in stockpile.

The Mineral Reserves estimates for the underground mining schedule are set out in Table 5 below. The Mineral Reserves are reported at the point where the ore is fed into the processing plant. The Indicated Mineral Resources at No 3 shaft below the ore capping pit were not considered to be converted to Mineral Reserves at the time of the study. This was mainly due to higher Pb levels which were not considered to be marketable at the time and will be included in future study work.

Table 5: Kombat Asis West Underground Mineral Reserve as at 29 February 2024
Area	Mineral Reserve Category	Tonnes (Mt)	Grade		Content
			Cu	Ag	Cu	Ag
			(%)	(g/t)	(t)	(kg)
Asis West	Probable	1.64	3.16%	22.8	51 643	37 393
Total Probable		1.64	3.16%	22.8	51 643	37 393

Notes:

1. Applied a dilution factor 0.5 m envelope of ore below cut-off in the stopes.
2. Applied an overbreak of 5% in waste development.
3. Lashing or mucking loss of blasted material in the stopes at 2%.
4. Applied a cut-off of 1.5% Cu ore.
5. The Mineral Reserve estimates are declared at the shaft head.
6. Cu metallurgical recovery applied is 93%.

The combined Mineral Reserves estimates for the Kombat mine are set out in Table 6 below.

Table 6: Kombat Combined Mineral Reserve as at 29 February 2024
Area	Mineral Resource Category	Tonnes (Mt)	Grade		Content
			Cu	Ag	Cu	Ag
			(%)	(g/t)	(t)	(kg)
Asis West Underground	Probable	1.64	3.16%	22.8	51 643	37 393
Open pit	Probable	0.75	0.93%	5.7	6 953	4 299
Stockpile	Probable	0.01	0.83%	2.5	108	33
Total	Probable	2.40	2.40%	17.4	58 704	41 726

Qualified Person

The technical information presented in this press release has been reviewed and approved for disclosure by Andrew McDonald CEng MIMMM FSAIMM, SRK Principal Engineer and Competent Valuator, Jaco van Graan, Pr Eng MSAIMM, SRK Associate Partner and Principal Mining Engineer, Mark Wanless Pr.Sci.Nat FGSSA MGASA, SRK Partner and Principal Geologist and Joseph Mainama PrEng MSAIMM, SRK Partner and Principal Mining Engineer who are Qualified Persons 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.

Cautionary Notes

This news release may contain forward-looking statements. These statements include statements regarding the Kombat Mine, the mineralization of the Kombat Mine, the timing and results of economic studies including the feasibility study, the economic viability of the Kombat Mine, mineral resources and mineral reserves estimates, ability to realize on projected economic estimates, timing of receipts of permits and approvals, future exploration and development plans and results 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, please contact:
Jed Richardson
+1 647 276 6002
jed.richardson@trigonmetals.com
Website: www.trigonmetals.com

Trigon Metals Inc. (TSX-V: TM; OTCQB: PNTZF) (“Trigon” or the “Company”) is pleased to announce that it has completed the acquisition of Base Metal Investments and Services (“Base Metal”), a private Mauritius domiciled company, that holds an option (the “Copperbelt Option”) to acquire up to a 70% stake in the Kalahari Copperbelt Project (the “Transaction”). The Copperbelt Option provides Trigon the right to attain up to 70% interest in Copperbelt Exploration (Pty) Ltd. (“Copperbelt”) which wholly owns the Kalahari Copperbelt Project (the “Project”). Please see the Company’s November 29, 2023 press release for further details.

Concurrently with the closing of the Transaction, Copperbelt has acquired a 25% equity interest in Copperbelt (the “Initial Acquisition”).

As consideration for the Transaction, Trigon has issued to Commodity Makers International (“Commodity Makers”), the sole shareholder of Base Metal, 13.6 million Trigon common shares and will issue 1.6 million Trigon common shares to Commodity Makers on each of the six, 12, 18 and 24 month anniversaries of today’s date, for an aggregate total number of 20 million Trigon common shares.

As consideration for the Initial Acquisition, Trigon, on behalf of Base Metal, has paid USD$60,000 to Ongwe Minerals (PTY) Ltd., the vendor of Copperbelt, and has committed to funding USD$1M in exploration expenditures on the Project over the next 24 months.

Each of the Transaction and Initial Acquisition is an arm’s length transaction under the policies of the TSX Venture Exchange (the “Exchange”). Mr. Rennie Morkel is a director and officer of Commodity Makers and Mr. Andreas Rompel and Mr. Grant Sboros have provided consulting services to Commodity Makers. Messrs Morkel and Rompel are now officers of Trigon and Mr. Sboros has joined Trigon’s board of directors.

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 appointments of new executives, the acquisition of the Project, the Transaction and the Initial Acquisition, the mineralization and prospectivity of the Project, the Company’s exploration plans, the Company’s ability to complete the Copperbelt Option 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.

For further information or inquiries, please contact:
Jed Richardson
Executive Chairman
Trigon Metals Inc.
Phone: +1 647 276 0002
Email: jed.richardson@trigonmetals.com
Website: www.trigonmetals.com

TORONTO — March 4, 2024 -Trigon Metals Inc. (TSX-V: TM, OTCQB: PNZTF) (“Trigon” or the “Company”) is pleased to announce the results of the feasibility study undertaken on its Kombat Asis West underground mine in Namibia (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”).

The Feasibility Study incorporates both the currently operational open pit mine at Kombat as well as the restart of the historic Asis West underground mine. Please note that all financial figures in this press release are in United States dollars, unless otherwise noted.

Highlights

• Significant Mineral Reserves and production,
• Strong financial metrics,
• Defined Project Capital requirement, and
• Derisked operational and production profile.

Jed Richardson, Chairman, commented “I am pleased with the efforts of our team and the collaboration with SRK on the completion of the study. The projected returns validate our efforts and expectations for the Kombat Mine. We look forward to even stronger valuations as we develop through the conversion of more of our Indicated Mineral Resources to Reserves, the development of Asis Far West and exploration of the Copper King Extension.”

A summary of operating and financial metrics from the Feasibility Study are presented in Table 1 below.

Table 1: Kombat Mine – Operating and Financial Metrics

Description	Unit	Total/average over LoM	Asis West underground	Open pit
Copper price	USD/lb	4.00
Silver price	USD/oz	25.00
Life of mine	Years	5.8	5.8	2.4
Run of mine	kt	2 385	1 635	750
RoM grade – Copper	%	2.46%	3.16%	0.93%
RoM grade – Silver	g/t	17.5	22.9	5.7
Processing recovery – Copper	%	92%	93%	88%
Processing recovery – Silver	%	85%	86%	76%
Concentrate production	kt	195	171	24
Recovered product – Copper	Mlb	120	106	14
Recovered product – Silver	kg	35 451	32 143	3 308
C1 cash cost/lb	USD/lb	2.19
AISC/lb	USD/lb	2.59
Project capex	USDm	40.6
NPV10% (pre tax) (100%)	USDm	116.0
IRR10%(pre tax)	%	285%
NPV10% (after tax) (100%)	USDm	77.8
IRR10%(after tax)	%	235%

Note
Run of mine excludes 13.0 kt at 0.83% Cu sitting in stockpile.
C1 cost: direct costs, which include costs incurred in mining and processing (labour, power, reagents, materials) plus local G&A, and freight, realization and selling costs, and mineral royalties.
ASIC: All In Sustaining Costs, including sustaining capital.
Certain project capital has already been incurred and this is included in the assessed loss/unredeemed capital reported by Trigon at February 2024.

Kombat Mine Overview

Trigon holds six active mineral licences related to the Kombat mine: the four mining licenses of Asis West, Asis Far West, Asis Ost and Gross Otavi and two exclusive prospecting licenses. The project areas are situated in the Otjozondjupa Region, Grootfontein Magisterial District of the Otjozondjupa Region, Namibia, between the towns of Otavi, 37 km to the west and Grootfontein, 45 km to the east.

Trigon commenced with open pit mining in early 2023, and dewatering of the historic Asis West underground complex (which comprises two vertical shafts, No. 1 shaft and No. 3 shaft, and a decline ramp) in August 2023. In February 2024, Trigon announced the commencement of operational training for the commencement of underground mining.

Mineral Resources and Mineral Reserve Estimates

Mineral Resources

The Mineral Resource Statement presented represents the third Mineral Resource evaluation prepared for the Kombat Mine project in accordance with NI 43-101 by Minxcon (Pty) Ltd (an independent consulting company) commissioned by Trigon to undertake this work. The Mineral Resources have been independently reviewed by SRK and reported using updated techno-economic factors.

Mineral Resources are shown in Tables 2 to 4 below. Mineral Resources are reported inclusive of any Mineral Reserves that may be derived from them.

Table 2: Open Pit Mineral Resource Statement for Kombat Mine as at 29 February 2024

Area	Mineral Resource Category	Tonnes (Mt)	Density (t/m3)	Grade			Content
				Cu (%)	Pb (%)	Ag (g/t)	Cu (t)	Pb (t)	Ag (kg)
Kombat East	Indicated	2.26	2.79	0.92	0.36	6.01	20 760	8 064	1 593
Kombat Central		0.87	2.78	1.07	0.13	9.32	9 294	1 167	148
Kombat West		0.01	2.98	1.95	4.69	17.43	268	645	10
Total Indicated		3.14	2.79	0.97	0.31	6.98	30 322	9 876	1 751
Gross Otavi	Inferred	0.54	2.85	0.74	2.27	1.15	3 943	12 186	615
Total Inferred		0.54	2.85	0.74	2.27	1.15	3 943	12 186	615h

Notes:

1. A Mineral Resource is not a Mineral Reserve, and there is no guarantee that all or part of the Mineral Resource will be converted to a Mineral Reserve
2. The Mineral Resources have been depleted with historical mining pit shells and underground voids
3. The Mineral Resources are reported within an optimised pit shell, based on the techno-economic factors disclosed above
4. The Kombat Mineral Resources are reported above a 0.53% Cu cut-off, and the Gross Otavi Mineral Resources above a 0.60% CuEq cut-off
5. Mineral Resources are reported as total Mineral Resources and not attributable to Trigon
6. Mineral Resources are reported inclusive of any Mineral Reserves that may be derived from them
7. The Gross Otavi Mineral Resources include geological losses of 15%, depletion for unknown historical development of 1% and reduced by a porosity factor by 7.5%

Table 3: Underground Mineral Resource Statement for Kombat Mine at 29 February 2024

Area	Mineral Resource Category	Tonnes (Mt)	Density (t/m3)	Grade			Content
				Cu (%)	Pb (%)	Ag (g/t)	Cu (t)	Pb (t)	Ag (kg )
Kombat East	Indicated	0.36	2.81	1.44	1.23	9.23	5 219	4 443	3 346
Kombat Central		0.85	2.81	1.55	0.86	12.55	13 173	7 299	10 664
Kombat West		1.18	2.83	1.90	1.30	11.26	22 393	15 319	13 255
Asis West		7.53	2.82	2.38	0.80	18.02	179 213	60 603	135 707
Gap		0.50	2.79	1.89	0.16	9.90	9 529	822	4 990
Total Indicated		10.42	2.82	2.20	2.20	16.11	229 527	88 486	167 962
Kombat East	Inferred	0.00	2.83	1.45	1.79	13.64	0	0	0
Kombat Central		0.01	2.88	2.02	2.74	0.01	187	254	0
Kombat West		0.13	3.68	5.00	10.50	0.08	6 377	13 399	11
Asis West		0.12	2.82	2.49	0.71	13.74	2 946	846	1 628
Gap		0.01	2.79	1.64	0.17	32.79	229	24	458
Asis Far West		1.53	2.79	2.15	0.37	7.99	32 763	5 703	12 196
Total Inferred		1.80	2.84	2.37	1.13	7.96	42 503	20 226	14 293

Notes:

1. A Mineral Resource is not a Mineral Reserve, and there is no guarantee that all or part of the Mineral Resource will be converted to a Mineral Reserve
2. The Mineral Resources have been depleted with historical mining underground voids
3. The Mineral Resources are reported above a 1.2% CuEq cut-off
4. Mineral Resources are reported as total Mineral Resources and not attributable to Trigon
5. Mineral Resources are reported inclusive of any Mineral Reserves that may be derived from them
6. No geological losses are applied

Table 4: Total Mineral Resource statement for Kombat Mine as at 29 February 2024

Source	Mineral Resource Category	Tonnes (Mt)	Density (t/m3)	Grade			Content
				Cu (%)	Pb (%)	Ag (g/t)	Cu (t)	Pb (t)	Ag (kg)
Open Pit	Indicated	3.14	2.79	0.97	0.31	6.98	30 322	9 876	1 751
Underground		10.42	2.82	2.20	2.20	16.11	229 527	88 486	167 962
Total Indicated		13.56	2.81	1.92	1.76	14.00	259 849	98 362	169 713
Open Pit	Inferred	0.54	2.85	0.74	2.27	1.15	3 943	12 186	615
Underground		1.80	2.84	2.37	1.13	7.96	42 503	20 226	14 293
Total Inferred		2.33	2.85	1.99	1.39	6.39	46 446	32 412	14 908

Notes:

1. A Mineral Resource is not a Mineral Reserve, and there is no guarantee that all or part of the Mineral Resource will be converted to a Mineral Reserve
2. The Mineral Resources have been depleted with historical mining underground voids
3. The underground Mineral Resources are reported above a 1.2% CuEq cut-off. The Kombat open Pit Mineral Resources (All indicated) are reported above a 0.53% Cu cut-off, and the Gross Otavi open Pit Mineral Resources (All Inferred) above a 0.60% CuEq cut-off
4. Mineral Resources are reported as total Mineral Resources and not attributable to Trigon
5. Mineral Resources are reported inclusive of any Mineral Reserves that may be derived from them
6. No geological losses are applied at Kombat. The Gross Otavi Mineral Resources include geological losses of 15%, depletion for unknown historical development of 1% and reduced by a porosity factor by 7.5%

Mineral Reserves

The open pit Mineral Reserves as set out in Table 5 are limited to the Ore Capping open pits, which are situated in the Kombat East and Central areas. The LoM pit has been excluded due to interference with current underground infrastructure. The open pit Mineral Reserve is declared at the RoM stockpile as a reference point.

Table 5: Open Pit Mineral Reserve Statement for Kombat Mine as at 29 February 2024

Area	MineralReserveCategory	Tonnes(Mt)	Grade		Content
			Cu(%)	Ag(g/t)	Cu(t)	Ag(kg)
Kombat East	Probable	0.75	0.93%	5.7	6 953	4 299
Total Probable		0.75	0.93%	5.7	6 953	4 299

Notes:

1. The Mineral Reserves have been depleted with historical mining pit shells and underground voids.
2. The Mineral Reserves are reported within pit designs and scheduled.
3. The Kombat Mineral Reserves are reported above a 0.56% Cu cut off.
4. Mineral Reserves are reported as total Mineral Reserves and not attributable to Trigon.
5. The Mineral Reserve statement excludes 13.0 kt at 0.83% Cu sitting in stockpile.

The Mineral Reserves for the underground mining schedule are set out in Table 6 below. The Mineral Reserves are reported at the point where the ore is fed into the processing plant.

Table 6: Kombat Asis West Underground Mineral Reserve as at 29 February 2024

Area	MineralReserveCategory	Tonnes(Mt)	Grade		Content
			Cu	Ag	Cu	Ag
			(%)	(g/t)	(t)	(kg)
Asis West	Probable	1.64	3.16%	22.8	51 643	37 393
Total Probable		1.64	3.16%	22.8	51 643	37 393

Notes:

1. Applied a dilution factor 0.5 m envelope of ore below cut-off in the stopes.
2. Applied an overbreak of 5% in waste development.
3. Lashing or mucking loss of blasted material in the stopes at 2%.
4. Applied a cut-off of 1.5% Cu ore.
5. The Mineral Reserve estimates are declared at the shaft head.
6. Cu metallurgical recovery applied is 93%.
7. The declaration is according to CIM Standards.

The combined Mineral Reserves for the Kombat mine are set out in Table 7 below.

Table 7: Kombat Combined Mineral Reserve as at 29 February 2024

Area	MineralResourceCategory	Tonnes(Mt)	Grade		Content
			Cu	Ag	Cu	Ag
			(%)	(g/t)	(t)	(kg)
Asis West Underground	Probable	1.64	3.16%	22.8	51 643	37 393
Open pit	Probable	0.75	0.93%	5.7	6 953	4 299
Stockpile	Probable	0.01	0.83%	2.5	108	33
Total	Probable	2.40	2.40%	17.4	58 704	41 726

Open Pit Mining Notes:

1. The Mineral Reserves have been depleted with historical mining pit shells and underground voids.
2. The Mineral Reserves are reported within pit designs and scheduled.
3. The Kombat Mineral Reserves are reported above a 0.56% Cu cut-off.
4. Mineral Reserves are reported as total Mineral Reserves and not attributable to Trigon

Underground Notes:

1. Applied a dilution factor 0.5m envelope of ore below cut-off in the stopes.
2. Applied an overbreak of 5% in waste development.
3. Lashing or mucking loss of blasted material in the stopes at 2%.
4. Applied a cut-off of 1.5% Cu ore.
5. The Mineral Reserve estimates are declared at the point where the ore if fed into the plant.
6. Cu metallurgical recovery applied is 93%.
7. The declaration is according to CIM Standards.
8. Mineral Reserves are reported as total Mineral Reserves and not attributable to Trigon

Qualified Person

The technical information presented in this press release has been reviewed and approved for disclosure by [Andrew McDonald CEng MIMMM FSAIMM, SRK Principal Engineer and Competent Valuator, Jaco van Graan, Pr Eng MSAIMM, SRK Associate Partner and Principal Mining Engineer, Mark Wanless Pr.Sci.Nat FGSSA MGASA, SRK Partner and Principal Geologist and Joseph Mainama PrEng MSAIMM, SRK Partner and Principal Mining Engineer] who are Qualified Persons 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.

The complete NI 43-101 technical report associated with the Feasibility Study and updated mineral resources and reserves estimates (the “Technical Report”) will be available on SEDAR+ at www.sedarplus.ca under the Company’s issuer profile, as well as the Company’s website at www.trigonmetals.com within 45 calendar days.

Cautionary Notes

This news release may contain forward-looking statements. These statements include statements regarding the Kombat Mine, the mineralization of the Kombat Mine, the timing and results of economic studies including the Feasibility Study, the economic viability of the Kombat Mine, mineral resources and mineral reserves estimates, ability to realize on projected economic estimates, timing of receipts of permits and approvals, future exploration and development plans and results 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.

Non-IFRS measures

The Company has included certain non-IFRS measures in this press release. The Company believes that these measures provide investors an improved ability to evaluate the underlying performance of the Company’s projects. The 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. These measures do not have any standardized meaning prescribed under IFRS, and therefore may not be comparable to other issuers.

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

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

Trigon Metals Inc. (TSX-V: TM, OTCQB: PNZTF) (“Trigon” or the “Company”) Trigon Metals is pleased to report as of February 27, 2024, the Company has filed its Q3 financials and details below the operational milestones for the quarter ending December 31, 2023.

Management is pleased to announce an operating profit of $581,518 for the three months and $474,722 for the nine months ending December 31, 2023. The net losses for the three months of $8,095,812 and $14,914,218 for the nine months ending December 31, 2023 were primarily as a result of the non-cash accretion of the Sprott stream advances and depreciation of property plant and equipment of $7,656,790 for the three months and $12,406,984 for the nine months ending December 31, 2023. Reduced net operational cash outflows of $2,554,215 for the nine months vs. $5,553,687 for the nine months ending December 31, 2022 attests to management’s emphasis on operational cost control measures implemented pre-production and during the commissioning process.

Trigon Metals has filed its comprehensive financial and operational results for its Financial Q3, the quarter ending on December 31, 2023. Following the declaration of commercial production in October, the initial month showcased robust performance in both tonnage and ore grade extracted from Kombat’s open pit operations. However, challenges in contractor equipment availability affected production in November, subsequently resolved in December. Efforts to recover lost production exposed weaknesses in our grade control protocol, resulting in lower grades mined in both November and December. For the quarter, 81,479 tonnes of ore were processed at an average grade of 0.95% copper, falling short of the planned 87,000 tonnes at 1.2% copper.

While direct mining and processing costs were well managed, C1 unit cash costs were higher than forecast at $3.96/lb of total copper lbs produced, compared to the planned $3.37/lb in cash operating costs. C1 costs is a non-IFRS measure that includes the cost of mining, milling, site level general and administrative expenses, and royalties but excludes capital costs, exploration costs, and corporate overheads. Trigon expects that as it ramps up production, its C1 cost per pound copper produced will be reduced due to the allocation of relatively fixed site general and administrative expenses over more production.

Mining has moved to the long-lived ore capping pit, increasing access to higher-grade portions of the deposit. Additional high-grade ore is now being provided with the commencement of underground mining. Mining training for underground operations commenced in January 2024, with production results expected in Q4 2024.

The upcoming twelve months mark a pivotal period as Kombat’s underground operations resume after a 17-year hiatus in care and maintenance. To manage restart risks and ensure a high-grade product for the plant, Trigon has reviewed its strategy, mine planning, and capital for both open pit and underground operations.

Progress in dewatering the Asis West mine’s two shafts is substantial, with the first planned mining shaft currently dewatered down to 250 meters from the collar to the 8th level. Accelerated underground mining will access higher-grade ore, with production ramping up to 15 thousand tonnes per month (“ktpm”) of high-grade ore in Q1 2025. This shift displaces 15ktpm of lower-grade open pit ore, maintaining an aggregate ore production of 30ktpm, enhancing overall production quality and thus margin and cash flow.

Given these developments, Trigon has decided to postpone the expansion of its processing plant capacity from 30ktpm to 60ktpm, originally planned for 2024, to 2025. This delay allows the underground operations to establish a performance track record and be ramped up to a steady state of 30ktpm, ensuring a prudent and informed expansion timeline.

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

This news release may contain forward-looking statements. These statements include statements regarding the Kombat Mine, the mineralization of the Kombat Mine, the Company’s exploration plans and results thereof, the prospectivity of the Company’s projects, the economic viability of the Kombat Mine, the Company’s ability to restart underground 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.

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

Not for Distribution to United States Newswire Services or for Dissemination in the United States

TORONTO — February 26, 2024 — Trigon Metals Inc. (TSX-V: TM) (the “ Company ” or “ Trigon ”) provides an update regarding its previously-announced plans to spin out its wholly-owned subsidiary, Safi Silver Corp. (“ Spinco ”), which holds the Company’s Moroccan assets, namely the Silver Hill and Addana projects, pursuant to a plan of arrangement under section 192 of the Canada Business Corporations Act (the “ Proposed Arrangement ”). The Company is pleased to announce that it has received an interim order from the Ontario Superior Court of Justice (Commercial List) in respect of the Proposed Arrangement and has scheduled its annual general and special meeting of shareholders to be held on April 9, 2024 (the “ Meeting ”). At the Meeting, Trigon shareholders will be asked to approve, among other things, the Proposed Arrangement and the Share Consolidation (as defined below). Spinco Shares (as defined below) shall be listed on a recognized Canadian stock exchange.

Jed Richardson, Chief Executive Officer of the Company, commented: “The proposed spin-out of Trigon’s Moroccan assets will allow Trigon to focus on the Kombat Mine in Namibia while providing shareholders enhanced value through ownership of Safi Silver as a standalone company that is focused on the exploration of the Silver Hill and the Addana projects in Morocco. We believe the spin-out will maximize the long-term value of each business and provides our shareholders with two distinct investment opportunities.”

Pursuant to the Proposed Arrangement and the Share Consolidation, each Trigon shareholder will receive, for each five (5) common shares of Trigon currently held, one (1) new Trigon common shares and 0.5 common shares of Spinco (“ Spinco Shares ”). Following the Proposed Arrangement, Trigon shareholders will retain their percentage ownership of Trigon common shares without dilution and will hold the same percentage ownership of Spinco Shares subject to the issuance of Spinco Shares pursuant to the Spinco Financing (as defined below) and Spinco Shares for Debt Transaction (as defined below). In addition, holders of warrants of the Company will have their warrants adjusted in accordance with their terms as a result of the Proposed Arrangement.

Spinco is expected to be financed pursuant to a concurrent equity financing of Spinco (the “ Spinco Financing ”) that will be completed prior to, and as a condition of, closing of the Proposed Arrangement for minimum gross proceeds of $2 million and maximum gross proceeds of $5 million. Additional details in respect of the Spinco Financing will be provided in a subsequent press release once the terms have been determined in the context of the market.

Completion of the Proposed Arrangement is subject to a number of conditions, including: (a) closing of the Spinco Financing; (b) conditional approval for listing of the Spinco Shares on a recognized Canadian stock exchange; (c) the affirmative vote of two-thirds of Trigon shareholders in attendance of the Meeting; and (d) approval of the TSX Venture Exchange.

Prior to completion of the Proposed Arrangement, it is anticipated that Trigon will consolidate its issued and outstanding common shares (the “ Share Consolidation ”), on the basis of one (1) post-consolidation Trigon common share for each five (5) pre-consolidation Trigon common shares, for the purposes of attracting greater investor interest and increasing institutional investor participation, among other things. The number of Trigon common shares issued and outstanding will be reduced from 204,273,600 (as of the date hereof) to approximately 40,854,720, subject to rounding down of fractional shares. Each Trigon shareholder’s percentage ownership in the Company and proportional voting power in Trigon will remain unchanged, except for minor adjustments resulting from the treatment of fractional shares. The Company’s name will not change. The Share Consolidation is subject to the receipt of all necessary approvals including the approval of the TSX Venture Exchange and the Trigon shareholders at the Meeting.

Concurrently with the Proposed Arrangement, Spinco intends to issue Spinco Shares (at the issue price under the Spinco Financing) in full satisfaction of certain historic debts in the amount of $662,500 related to the acquisition of the Silver Hill Project and the Addana Project (the “ Spinco Shares for Debt Transaction ”).

Additional details in respect of the Proposed Arrangement will be provided in a management information circular to be mailed to Trigon shareholders in the coming weeks in connection with the Meeting.

About 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 and Addana projects, highly prospective copper and silver exploration projects.

Cautionary Notes

The securities to be issued pursuant to the Spinco Financing 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 exercised, offered or sold, as applicable, in the United States or to, or for the account or benefit of, a person in the United States or a U.S. Person (as defined in Regulation S under the U.S. Securities Act) absent registration or an applicable exemption from the registration requirements.

This news release includes certain information that may constitute “forward-looking information” under applicable Canadian securities laws. Forward-looking information is often identified by terms such as “will”, “may”, “should”, “anticipates”, “expects” and similar expressions. All statements other than statements of historical fact, included in this news release are forward-looking statements that involve risks and uncertainties, including statements with respect to the Proposed Arrangement and the expected structure thereof; anticipated shareholder, court and regulatory approvals; benefits of the Proposed Arrangement; the listing of Spinco Shares on a stock exchange and timing thereof; terms and completion of the Spinco Financing, financing of Spinco, and terms of the Share Consolidation. Such forward-looking statements reflect management’s current beliefs and are based on assumptions made by and information currently available to the Company and, as such, there can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company’s expectations include the availability and continuity of financing, potential delays in obtaining all requisite approvals and other risks detailed from time to time in the filings made by the Company with securities regulators. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and the Company does not assume any obligation to update or revise them to reflect new events or circumstances except as required under applicable securities legislation. This news release does not constitute an offer to sell securities and the Company is not soliciting an offer to buy securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.

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. No securities regulatory authority has reviewed nor accepts responsibility for the adequacy or accuracy of the content of this news release.