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TORONTO, February 21, 2025 – Trigon Metals Inc. (TSX-V: TM, OTCQB: PNTZF) (“Trigon” or the “Company”) has closed a non-brokered first tranche (the “First Tranche”) of its previously announced non-brokered private placement financing of common shares (the “Offering”). The Company issued 4,390,000 common shares (the “Shares”) at a price of $0.25 per Share for aggregate gross proceeds of $1,097,500 in the First Tranche. Due to strong investor demand, the Company is increasing the size of the Offering from total gross proceeds of $1.7 million to $2,533,100 with a second tranche of confirmed orders totaling $1,435,600 expected to close on or before February 28, 2025.

In connection with the First Tranche, the Company paid cash finder’s fees of $51,200 and issued 15,000 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 First Tranche remains subject to the final approval of the TSX Venture Exchange.

All securities issued in connection with the First Tranche are subject to a statutory hold period of four-months and one-day. The Company intends to use the net proceeds from the First Tranche for working capital and general corporate purposes. The Offering is subject to the approval of the TSX Venture Exchange.

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 quantum and timing of the second tranche, 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, January 31, 2025 — Trigon Metals Inc. (TSX-V: TM; OTCQB: PNTZF) (“Trigon” or the “Company”) announces a proactive operational adjustment at its Kombat Mine in Namibia to address unplanned maintenance requirements for its dewatering systems. The Company has temporarily suspended its operations for an anticipated period of six to nine months due to the failure of both of its two main submersible dewatering pumps. Please refer to news release dated January 16, 2025 for additional details.

The submersible pumps are crucial to the Company’s operations at the Kombat Mine, and the unexpected breakdowns have left Trigon with no immediate solution for full restoration of its systems. Both pumps have been hoisted out of the shafts and sent to a third party engineering firm for independent verification of the root causes for the failures.

Unfortunately, due to water levels returning to their normal levels of 60 metres below service at Shaft 1 and 120 metres at Shaft 3, mining operations will be paused until dewatering activities have recommenced. The Company anticipates that dewatering will restart in Q3 of 2025, once the pumps have been repaired and the risk of reoccurrence has successfully been mitigated.

Strategic Operational Update

The Company is implementing a comprehensive recovery plan including advanced repairs and upgrades to critical equipment, to ensure long-term operational resilience and efficiency. Trigon has initiated a phased recovery strategy following the identification of maintenance needs in two key submersible pumps at the Kombat Mine. Both pumps have been safely retrieved and are undergoing rigorous analysis by a leading third-party engineering firm to optimize their performance and durability . While dewatering activities will pause during this period, the Company has a clear pathway to resume operations in Q3/Q4 2025, with enhanced systems designed to mitigate future risks.

Temporary Workforce Adjustment and Employee Support

As a result of this operational setback, the Company also announces the retrenchment of the majority of its onsite employees. To align with this short-term operational adjustment, Trigon will implement a temporary workforce reduction at the mine site. This decision, while necessary under the current circumstances, is one of great regret, as the Company values its team and recognizes the impact this will have on its employees and their families.

The Company deeply values its employees and is committed to supporting all affected team members through this transition. This includes generous severance packages, extended healthcare benefits, and dedicated job placement assistance in collaboration with local partners. Trigon remains optimistic about rehiring and re-engaging its workforce once operations resume.

Jed Richardson, CEO and Executive Chairman of Trigon Metals, commented, “ While this temporary pause is not the outcome we envisioned, it is a critical step to strengthen Kombat’s infrastructure for sustained success. Our team is already advancing solutions to modernize our systems, ensuring we return to operations with greater reliability and efficiency. We extend our deepest gratitude to our employees and contractors, whose dedication has been instrumental in our progress to date, and to our stakeholders for their unwavering trust. Trigon is committed to emerging from this phase as a more resilient company, poised to deliver value for years to come .”

Knowledge Katti, Namibian Businessman and local partner of Trigon Metals, commented, “We acknowledge the valid concerns of the Kombat community and all Trigon Mining employees during this challenging period. While this temporary pause is a setback, it is also an opportunity to strengthen our foundation for the future. Our commitment to Kombat remains unwavering—we are dedicated to ensuring that operations resume more sustainable than before. We will continue working to support our workforce and the broader community through this transition. Together, we will come back stronger.”

The Company also reassures its stakeholders that it is exploring all viable options to restore operations as quickly as possible and minimize disruption to services. Trigon is actively engaging with technical experts and partners to accelerate repairs and explore innovative dewatering solutions. The Company reaffirms its confidence in the Kombat Mine’s long-term potential and is prioritizing investments in equipment upgrades and process improvements. Regular updates on recovery milestones will be shared with stakeholders, including progress toward the Q3 2025 restart target.

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 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 operations at the Kombat mine, the Company’s ability to restart the operations at the Kombat mine, the impact of the flooding at the Kombat mine, the financial viability of Trigon, the timing for the repair or replacement of equipment, the Company’s ability to complete a sale of the Kombat mine, the Company’s strategies and the Company’s abilities to execute such strategies, the economic viability of the Kombat Mine, 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
IR@trigonmetals.com
Website: www.trigonmetals.com

TORONTO – January 23, 2025 – Trigon Metals Inc. (TSX-V: TM, OTCQB: PNTZF) (“Trigon” or the “Company”) announces the results of the recent underground drilling at Shaft 1, at levels 1, 3 and 4 at the Kombat mine. The Company also wishes to address a correction to language used in its previous press release dated January 20, 2025. These confirmation holes were targeting orebodies adjacent to historic workings and close to existing underground development. True intercept width is unknown. The holes listed below have extended the known mineralization and mineable tonnes in the upper levels at Shaft 1 (see Figure 1, 2 and 3).

Highlights – Level 1 sub 1 (45 metres from surface)

• KWO-238 : 12 metres at 2.27% Cu and 30.41 g/t Ag
• KWO-239 : 8 metres at 10.44% Cu and 35.34 g/t Ag

Highlights – Level 3 sub 1 (105 metres from surface)

• KWO-242: 3 metres at 6.81% Cu and 87.83 g/t Ag
• KWO-256 : 5 metres at 1.40% Cu and 21.89 g/t Ag
• KWO-257: 6 metres at 1.40% Cu and 13.95 g/t Ag

Highlights – Level 4 (120 metres from surface)

• KWO04L-319 : 6 metres at 2.15% Cu and 41.20 g/t Ag
• KWO04L-323: 5 metres at 3.08% Cu
• KWO04L-324: 9 metres at 1.94% Cu and 21.73 g/t Ag

Drillholes KWO-238 and KWO-239 were drilled on the eastern margin of the Sublevel 1.1 of the mined out orebody, about 45 metres from surface. These two holes intersected significant grade approximately 24 metres from the closest historical drillhole results known as OMEG orebodies (refer to Figure 4). These orebodies are conformed with the regional strike-length of the Kombat trend (E-W).

Drillhole KWO-242 was drilled southwards, defining the orebody thickness which is extending to the East of level 3 sub-1. This area is about 105 metres from surface and the intersections were 5m long (refer to Figure 5). Similarly, drillholes KWO-256 and KWO-257 were drilled at angles of 15 ^ᵒ to 30 ^ᵒ to outline vertical continuity of the orebody. These holes also intersected mineralization between 23 and 25 metres, defining a clear zone of mineralisation (refer to Figure 6).

Drillhole KWO04L-319 was drilled towards the western margin of the existing development on level 4, about 155 metres from surface. This drill hole was aimed at defining the vertical extend as a follow up to the closest historical intercepts. Similarly, drillholes KWO04L-323 and KWO04L-324 were drilled on the western margin of the Level 4, where multiple intercepts were drilled between 4 and 20 metres from their nearest historical intercepts (refer to Figure 7).

Jed Richardson, CEO and Executive Chairman of Trigon, commented, “ This follow up drilling is very encouraging in grade and intersection width and further increases our confidence in our mineral resource and reserve models as we continue to open up new stopes with high grade copper ore.”

Figure 1 : Shaft #1 Drill Core from Level 1 Sub-level 1 – KWO-239 — Figure 1 shows massive bornite adjacent to a stope at the end of hole (KWO239).

Figure 2: Shaft #1 Drill Core from Level 3 Sub-level 1 – KWO-256 — Figure 2 shows bornite and chalcopyrite occurring in highly calcified and fractured zone

Figure 3: Shaft #1 Drill Core from Level 4 – KWO04L-319 — Figure 3 shows massive bornite with some galena in a calcitic zone.

Figure 4: Drilling at Shaft #1, Level 1 Sub 1 

Figure 5: Drilling at Shaft #1, Level 3

Figure 6: Drilling at Shaft #1, Level 3 

Figure 7: Drilling at Shaft #1, Level 4

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 .

Correction Notice
The Company wishes to clarify disclosure in its press release dated January 20, 2025, regarding the planned transaction between Trigon and Horizon Corporation Ltd. (“Horizon”). The section previously titled “Proposed Strategic Sale of the Kombat Mine” has been revised to “Planned Strategic Sale of Trigon’s Interest in the Kombat Mine.”

Additionally, the statement “Trigon’s management team continues to advance the sale of the Kombat Mine to Horizon Corporation Ltd.” has been corrected to “Trigon’s management team continues to advance the sale of the Company’s interest in the Kombat Mine to Horizon Corporation Ltd. (‘Horizon’).”

Trigon currently holds an 80% interest in five mining licences in the Otavi Mountainlands in Namibia. These licences form part of the Kombat Mine property.

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 financial viability of Trigon, the Company’s ability to complete a sale of the Company’s interest in the Kombat mine, the Company’s strategies and the Company’s abilities to execute such strategies, the economic viability of the Kombat Mine, the Company’s expectations for the Kombat Mine, the potential transaction with Horizon, the Company’s ability to continue to obtain financing 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 – January 16, 2025 — Trigon Metals Inc. (TSX-V: TM; OTCQB: PNTZF) (“Trigon” or the “Company”) experienced a setback in underground pumping due to the failure of both of its two main dewatering pumps on the morning of January 16, 2025 at the Company’s Kombat mine in Namibia. As a result, the Company has suspended underground mining as it anticipates that the pump failure will ultimately result in the underground mine flooding over the coming days.

All precautions are being taken to ensure safety at the Kombat site. All personnel have exited the affected areas of the underground operations and underground equipment is currently being removed.

The Company intends to complete the previously announced transaction with Horizon Corporation Ltd. (“Horizon”). Horizon is aware of the situation and has notified the Company that it is standing by its commitment to complete the purchase of Trigon’s interest in the Kombat mine. Both parties continue to work on the way forward, in conjunction with Trigon’s other partners and stakeholders.

Jed Richardson, CEO and Executive Chairman of Trigon Metals, commented, “Today’s pump failure is an untimely challenge that we are working to overcome. We applaud the team at site for acting quickly to prioritize the safety of all mine workers. Initial discussions with Horizon indicate that a transaction will go ahead with the hope of restoring operations and getting back to business in a timely manner.”

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 operations at the Kombat mine, the impact of the flooding at the Kombat mine, the financial viability of Trigon, the Company’s ability to complete a sale of the Kombat mine to Horizon, the Company’s strategies and the Company’s abilities to execute such strategies, the economic viability of the Kombat Mine, the Company’s expectations for the Kombat Mine, the potential transaction with Horizon 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:
Tom Panoulias, VP Corporate Development
+1 647 276 6002 X 1127
IR@trigonmetals.com
Website: www.trigonmetals.com

Toronto, Ontario (December 2, 2024) – Trigon Metals Inc. (TSX-V: TM, OTCQB: PNTZF) (“Trigon” or the “Company”) announces its operating and financial results for the three months ended September 30, 2024. Shareholders and interested parties are invited to join a conference call hosted by Trigon management, tomorrow, Tuesday, December 3, 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

• Achieved a key milestone at the Kombat Mine having mined an average of 980 tonnes of ore per day from underground operations over 30 days.   The Company’s streaming agreement with Sprott Private Resource Streaming and Royalty (B) Corp. and Sprott Mining Inc. includes a term requiring the Company to achieve average production of 900 tonnes per day from underground operations over 30 consecutive days by October 31, 2025. Trigon achieved this target 13 months earlier than contractually required.
• Second quarter copper production was 2,137,159 pounds at C1 cash costs⁽¹⁾ of $3.46 per pound of copper produced.
• Silver production during the quarter was 33,852 ounces
• Negative Adjusted EBITDA ⁽¹⁾ of $1.4 million.   EBITDA was negatively impacted by pump failure during the quarter, lower grades and higher lead content.

Rennie Morkel, President and COO of Trigon, commented, “While this quarter presented some operational challenges, we are proud to have achieved a critical milestone by reaching our underground production target of 900 tonnes per day at the Kombat Mine, well ahead of schedule. This accomplishment de-risks the project and protects our balance sheet, positioning us for stronger performance moving forward.”

Jed Richardson, CEO and Executive Chairman of Trigon, commented, “As we optimize underground operations and plan for mill expansion, we remain confident in our ability to unlock the full potential of the Kombat Mine and deliver value. The Company is exploring strategic options to sufficiently capitalize the operation and limit dilution for shareholders.”

Mining & Milling Operations

Open pit ore contributed significantly to production in Q2, lowering the overall grade going into the mill. This was compounded by delays in accessing higher-grade portions in the mine as dewatering was slowed.

The Company’s decision to pause its open pit mining activities (see press release dated September 19, 2024) came into effect at the beginning of Q2, allowing Trigon to focus on mining and milling higher grades from underground, owing to the following factors:

1. The successful recommissioning of the underground mine with commercial production declared on April 30, 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

Current constraints on milling capacity at the Kombat Mine limit plant throughput to 1,000 tonnes per day, which leads to the preferential feeding of higher-grade underground ore. The Company can fill any production shortfall by feeding existing lower-grade stockpiles until underground production reaches full steady state.

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

		Three Months Ended	Three Months Ended
		September 30, 2024	June 30,2024
	MINING
	OP Ore Mined (tonnes)	46,115	29,715
	OP Copper Grade %	1.15%	1.23%
	OP Silver Grade (g/t)	2.83	9.98
	UG Ore Mined (tonnes)	69,917	57,070
	UG Copper Grade	1.79%	2.05%
	UG Silver Grade (g/t)	20.29	11.44
	Total Ore Mined (tonnes)	116,032	86,785
	MILLING
	Ore Processed (tonnes)	77,295	70,483
	Copper recovery (%)	92.1%	88.3%
	Copper Concentrate Production (tonnes)	4,214	3,876
	Concentrate Grade (Cu %)	21.2%	27.1%
	Concentrate Grade (Ag g/t)	260	271
	Copper Product Produced (tonnes)	969	1,045
	Copper Product Produced (lbs)	2,137,159	2,302,726
	Silver Product Produced (oz)	33,852	33,399
	SALES
	Copper Concentrate Sold (dry metric tonnes)	4,547	4,596
	Copper Concentrate Sold (lbs)	10,024,407	10,132,434
	Copper Product Sold (tonnes)	961	968
	Copper Product Sold (lbs)	2,118,640	2,134,072
	Realized copper price (per lb)	$       3.25	$4.18
	C1 cash cost/lb (100% payability) (1)	$       3.46	3.23
	FINANCIAL HIGHLIGHTS ($ in 000’s, except per share amounts)
	Revenues	$7,164	$10,032
	Gross Profit	$(2,201)	$ 1,941
	EBITDA	$(2,732)	$654
	Adjusted EBITDA	$(1,436)	$1,800
	Cash flow from operations	$1,986	$70
	Net (loss) income	$(6,903)	$(2,215)
		Three Months Ended	Three Months Ended
		September 30, 2024	September 30, 2024
Net (loss) income attributable to shareholders of the Company		$(6,242)	$(2,108)
Per share (basic)		$(0.16)	$(0.05)
Per share (diluted)		$(0.16)	$(0.05)
Cash, cash equivalents and short-term investments		$909	$1,173

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.

Lead Penalties

The lower than expected realized copper price was the result of high lead penalties on the shipped concentrate. Changes to the mine plan to compensate for pumping delays led to mining ore with higher lead in the upper portions of the mine. The high lead content in much of the shipped copper concentrates resulted in high penalties, which are deducted from the net smelter revenue and reflected in the lower than expected realized price. Towards the end of the quarter, an extra flotation capacity was used to float off some of the lead in what is best described as a rougher concentrate with high lead and some copper. This has yet to be separated into a saleable product and is collecting in the lead circuit thickeners. Fortunately, mining has moved deeper in the mine and away from the high lead areas, and lead penalties are not expected to be a problem going forward.

Exploration Update

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

On August 29, 2024, Trigon announced the results of drilling from the new zone identified in the vicinity of Shaft #3 of the Kombat Mine. These areas are outside the proven and probable mine reserves estimates 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. 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 metres
• E600-018: 2.08% Cu over 4 metres
• E600-044: 2.65% Cu over 3 metres
• E600-045: 2.48% Cu over 3 metres
• E600-047: 2.14% Cu over 5 metres
• E600-055: 2.61% Cu over 2 metres
• E600-056: 2.06% Cu over 2 metres
• E600-065: 2.21% Cu over 4 metres

The Company is focused on expanding its reserves and mine plan at Shaft #3  at the Kombat Mine as it opens up more working faces in an area with untapped extraction capacity.   Currently, all ore is being extracted from the decline ramp adjacent to Shaft #1, which limits the Company to 1,000 tpd. Bringing in new ore from the second unused decline at Shaft #3 is expected to enable Trigon to ramp up extraction to support plant throughput moving from 1,000 tpd to 2,000 tpd next year.

Furthermore, the Trigon exploration team is working to better understand and subsequently better predict the mineralization in the footwall/dolomites. Apart from the well-understood mineralization along the steep contact between the phyllites and the dolomites, the geology team encounters high-grade mineralization in the dolomites only, and away from the contact where most resources and reserves occur. Once better understood, the exploration and mining geology team aims to better predict these areas and find additional mineralization underground.

Plant Expansion

Full-year capital expenditures for the fiscal year ended March 31, 2025 are funding dependent and are projected to range from $10 million to $11 million. The capital expenditure guidance assumes an exchange rate of 18 NAD per 1 USD.  

Trigon plans to expand the mill’s throughput from 30,000 tonnes per month to 60,000 tonnes per month to cater for additional material from the underground operations.   Management believes the additional tonnage from the underground operations will lower operating costs and amplify profitability.

2025 Production and Cost Guidance

Following second quarter operating performance at the Kombat Mine, the Company is revising down its 2025 copper production guidance from 12,125,000 to 13,448,000 pounds of copper to 8,315,000 to 9,250,000. The Company has also reduced its expected mined and processed copper grades to between 1.52% to 1.79%.

The Company’s updated cost guidance for 2024 assumes a foreign exchange rate of 18 NAD per USD silver price of $30 per ounce and a copper price of $4.33 per pound.

Table 2: Financial Year 2025 Guidance

		FY 2025 Guidance
Description	Unit	Floor	Ceiling
Underground Mining	Tonnes	250,000	280,000
Ore Grade	%	1.52%	1.79%
Processing	Tonnes	260,000	312,000
Copper Produced	Tonnes	3,770	4,200
Copper Produced	lbs	8,315,000	9,250,000
Cash Cost	$/lbs	3.45	3.15

Conference Call Details

The Company will hold a conference call to discuss these results on Tuesday, December 3, 2024 at 11:00 a.m. EST (8:00 a.m. PST). Please pre-register at the link provided below.

Date: Tuesday, December 3, 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/3B4LXEX

Replay: Canada/USA toll-free: 1-888-660-6264

Replay Passcode: 99483#

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 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.