2022

Trigon Announces US$27.5 Million Silver Streaming Term Sheet with Sprott Streaming

20 July 2022 by trigonmetals

TORONTO — Trigon Metals Inc. (TSX-V: TM) (“Trigon” or the “Company”) is pleased to announce that it has entered into a non-binding term sheet with Sprott Resource Streaming and Royalty Corp. (“Sprott Streaming”) and Sprott Mining Inc. (“Sprott Mining”, collectively the “Investors”) for a US$27.5 million silver and copper stream (the “Transaction”) for its Kombat Mine located in Grootfontein, Otjozondjupa Region of Namibia.

The Streaming Transaction

Pursuant to the Transaction, Trigon shall sell and deliver to Sprott 100% of silver produced from the Kombat Mine. The expansion of the Kombat Mine is projected to increase annual copper production and reduce forecasted operating costs. Proceeds will be used to complete ongoing works to dewater the mine, re-establish services, and continue exploration drill work, as well as to deliver a National Instrument 43-101 Compliant Feasibility Study for underground mining and for general corporate and working capital purposes.

The funds advanced as determined by Sprott Streaming include value for the open pit mine currently being operated from; the phase one underground development of the historic Kombat mine, and the phase two underground development of the Asis Far West mineralization. The phase two underground development takes advantage of a 750m, 2,000 tpd production shaft that is built and ready for operation. However, the Asis Far West area of mineralization has not been quantified into an NI43-101 Resource Estimate nor has an economic study been completed for this phase of the development. As part of the Transaction, Sprott Streaming will receive a 3.15% copper stream commencing when phase one underground mining begins that will terminate when mining phase two begins at Asis Far West.

The silver stream is for the life of mine, restricted to the Kombat Project and does not include the Silver Hill Project or any new project Trigon may acquire. At its election, the Company may buy back up to 50% of the Stream in a single payment by paying in cash to Sprott Streaming, the indicated multiple of the drawn advanced payment below on or before June 30 of the indicated year; after June 30, the buyback amount would refer to the following year. After June 30, 2027, the buyback right expires.

2024	1.37x	$18,837,500
2025	1.40x	$19,250,000
2026	1.43x	$19,662,500
2027	1.47x	$19,477,500

The US$27.5 million consists of US$25 million from Sprott Streaming, and US$2.5 million from Sprott Mining. The US$2.5 million (9.1% of the stream) from Sprott Mining shall set-off against the US$2.5 million loan from Sprott Mining announced on May 24, 2022 (please refer to the Company’s news release).

Subject to the approval of the TSX Venture Exchange (the “TSXV”), 2,500,000 warrants (the “Stream Warrants”) will be issued to Sprott Mining replacing the 2,500,000 warrants that were issued on May 24, 2022 to Sprott Mining (Please see the Company’s press release dated May 24, 2022). It is contemplated that each Stream Warrant will, if issued, have a strike price at a 35% premium to the 5-day VWAP share price for the 5 days prior to the execution of the definitive stream agreement (or such other exercise price as agreed to by the parties and as may be required by the TSXV) and will be exercisable for one common share of the Company for a term of three years (or such other term as required by the TSXV) and will otherwise have customary adjustment provisions. The Stream Warrants (and the underlying common shares, if the Stream Warrants are exercised within four months of their issuance), shall be subject to a four-month statutory hold period.

The Transaction is subject to certain customary closing conditions including the parties entering into definitive documentation, satisfactory completion of due diligence by Sprott Streaming and TSXV approval.

Jed Richardson, President and CEO of Trigon, said, “We are very pleased to be partnering again with Sprott Streaming and Sprott Mining. This deal is of singular importance because it accelerates and funds our feasibility study and development works at the Kombat Mine. It is a timely deal, as well, since our present operations have progressed to the point where we can now initiate expansion plans that will improve our strong position even more. The ability to repurchase 50% of the silver stream is an important feature of this agreement, and ultimately was the deciding factor in choosing to work with Sprott Streaming. We remain bullish on silver and further exploration success, and the repurchase rights give us an option to restore that exposure for our shareholders.”

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 Transaction, the production of the Kombat Mine and Asis Far West, the economic viability of the Kombat Mine,, 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) accept responsibility for the adequacy or accuracy of this release.

Contacts

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

Trigon Provides Operational Update at Kombat Mine in Namibia

7 July 2022 by trigonmetals

TORONTO – Trigon Metals Inc. (TSX-V: TM) (“Trigon” or the “Company”) provides the following operational update and review of mining performance, ore processing and copper concentrate shipments from its Kombat Mine in Namibia.

The restart of the Kombat Mine has been a tremendous achievement for Trigon and its shareholders, as well as the Kombat community and country of Namibia. The mine employs 220 Namibians both directly and as contractors. An additional 80 women are employed on a part-time rotational basis as part of the Company’s community garden agricultural development project.

To date 1,103,312 tonnes of material have been mined including pre-stripping, 120,775 tonnes of ore have been mined at an average grade of 0.92% copper and 6.9 g/t silver.34,762 tonnes of ore grading 0.85% copper and 10.97 g/t silver have been fed into the mill and processed, producing 861.4 tonnes of concentrate grading 19.75% copper and 271.3 g/t silver. To date, 548 tonnes of concentrate have been shipped and revenue received.

Jed Richardson, President and CEO, commented, “The Kombat Mine is advancing towards achieving commercial production. During this process, a number of challenges arose that were addressed successfully. A new loan facility was arranged, the processing plant capacity was increased to 350 tonnes per day and a second open pit, which will soon be yielding higher grade sulphide ore, was developed.”

Working Capital Needs Addressed

The working capital issues that had previously hampered production were overcome with a refinancing and a US$2.5M advance on our planned silver stream from the Company’s largest shareholder, Eric Sprott. The mine is currently meeting its financial obligations from the sale of concentrates. Trigon is also in advanced discussions on the official sale of silver revenues in a streaming agreement that will bring in additional capital necessary to advance underground development. Kombat, through its 45-year operating history, has been an underground mine, and the planned return to underground mining will increase copper and silver grades and lower operating costs, boosting production and profitability.

Mill Flexibility

Through the start-up, the ore has been highly oxidized and the feed grade has been highly variable, resulting in the production of some low-quality concentrates. Through March and April, the processing plant team completed the final upgrade of the mill. The process included the installation of reagent dosing pumps to improve the accuracy of dosing as the reagent dosing had previously been erratic. Over this period, the plant also underwent a variety of upgrades with the aim of increasing plant capacity and reliability. Some of the key tasks completed include:

Changing the secondary crusher 2 from obsolete 2.4kV spares to 525V supply to ensure reliability.
Cleaning build-up from fines silos to increase available storage capacity
Improving ball mills feed chute distribution to ensure a stable flow
Changing the design of the bagging plant to ensure material of the correct consistency is bagged at the required rate to meet daily requirements

A key component of the upgrade was the installation of additional flotation cells, anticipated benefits of which include:

Increased flotation retention time.
Ability to float oxides and sulphides separately.
Ability to produce Cu and Pb concentrates.

At present, the processing plant has the capacity to produce in excess of 350 tonnes per week. Production is constrained by mine production.

Figure 1: Total Mined Tonnes vs. Ore Tonnes: To date 8.1 tonnes of waste have been moved for every tonne of ore. Over the life of mine the anticipated average is 1:6. The strip ratio was heavily impacted as stripping began on the Kavango pit in June. It is expected to level out as ore production begins in that area.

Figure 2: Copper Production vs Head Grade: Head grades increased as sampling improved to control dilution. An error in sampling in May and additional stripping in June saw grades dip temporarily as new higher-grade ore is accessed from the Kavango pit.

Mining Throughput

High oxidation and variability of the ore in the open pit mining blocks has slowed mining output. In February, mining moved to mining smaller benches and requiring a higher volume of samples including blast hole sampling to get control of grade. This was effective in April, with head grades averaging 1.7% well above the 1.0% target, but it slowed down mining, falling below the mill capacity. The primary problem was the cycle time for confirmation sampling. In June, a mobile XRF sampling team was created and deployed to the mining pit giving the mining team instant feedback and allowing mining speeds to increase.

In addition, mining has begun in the Kavango pit a parallel structure to the Central pit where all of the ore has been sourced to date. The nature of the mineralization in the Kavango pit is more massive, larger higher grade mining blocks, that are expected to allow for higher mining output compared to stringy highly variable vein swarms mined in the Central pit. Currently, highly oxidized ore is being mined at Kavango as the team benches down to the sulphide ore. The mill should start receiving higher grade, high recovery ore from Kavango in the next two weeks.

Qualified Person

The technical information presented in this press release has been reviewed and approved for disclosure by Fanie Müller, P.Eng, VP Operations of Trigon, who is a Qualified Person as defined by NI 43-101.

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

Cautionary Notes
This news release may contain forward-looking statements. These statements include statements regarding the commercial production, the proposed silver streaming agreement, 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:
Jed Richardson
+1 647 276 6002
jed.richardson@trigonmetals.com
Website: www.trigonmetals.com

Trigon Metals Completes Credit Agreement with Sprott Mining

24 May 2022 by trigonmetals

Trigon Metals Inc. (TSX.V:TM) (“ Trigon ” or the “ Company ”) has entered into a credit agreement dated May 24, 2022 with Sprott Mining Inc. (“ Sprott ”) and the Company’s wholly owned subsidiary, Trigon (Morocco) Holding Corp. (“ Trigon Morocco ”), pursuant to which Sprott has lent to the Company US$2.5 million (the “ Sprott Loan ”).

The Sprott Loan has a term of 180 days (the “ Term ”) and will accrue interest at the rate of 12.0% per annum, payable in arrears. The Sprott Loan is secured by security interest over all present and after acquired property of Trigon and Trigon Morocco, with a first ranking charge against Trigon’s Moroccan assets including a guarantee from Trigon Morocco and a share pledge of its Trigon Morocco shares.

Pursuant to the Sprott Loan, upon closing of the Sprott Loan Trigon has issued 2,500,000 common share purchase warrants (the “ Initial Warrants ”) each exercisable for one common share of Trigon at a price of C$0.47 per common share for a period of one year from the date of their issuance, subject to customary adjustment provisions. In the event that Trigon and Sprott enter into an agreement for stream of silver deliveries equal to 8.25% of the silver produce from the Kombat Mine as contemplated in the credit agreement, the Initial Warrants will be cancelled and, subject to the approval of the TSX Venture Exchange (the “ TSXV ”), 2,500,000 warrants (the “ Stream Warrants ” and interchangeably with the Initial Warrants, the “ Warrants ”) will be issued. It is contemplated that each Stream Warrant will, if issued, have a strike price at a 35% premium to the 5-day VWAP share price for the 5 days prior to the execution of a stream agreement (or such other exercise price as agreed to by the parties and as may be required by the TSXV) and will be exercisable for one common share of the Company for a term of three years (or such other term as required by the TSXV) and will otherwise have customary adjustment provisions. The Warrants (and the underlying common shares, if the Warrants are exercised within four months of their issuance), shall be subject to a four month statutory hold period.

The proceeds of the Sprott Loan are to be used to fund the Company’s operations in Namibia and for working capital purposes. The Sprott Loan is considered to be a non-arm’s length transaction under the policies of the TSXV and a related party transaction under Multilateral Instrument 61-101 Protection of Minority Securityholders in Special Transactions (” MI 61-101 “) given that Mr. Eric Sprott, a principal of Sprott, through 2176423 Ontario Ltd., beneficially owns 31,048,332 common shares of Trigon (or approximately 18.3% of the outstanding Trigon common shares) and 7,524,166 warrants . The Loan has been determined to be exempt from the requirements to obtain a formal valuation or minority shareholder approval pursuant to section 5.5(a) and 5.7(a) of MI 61-101.

About Trigon

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

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

Jed Richardson, Director and Chief Executive Officer

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

Certain statements contained in this news release constitute forward-looking information under applicable Canadian, United States and other applicable securities laws, rules and regulations, including, without limitation, statements with respect to the Sprott Loan, including the Warrants and the anticipated use of the proceeds of the Sprott Loan, the entering into any Stream Agreement and Trigon’s future business plans. These statements relate to future events or future performance. These statements relate to future events or future performance. The use of any of the words “could”, “intend”, “expect”, “believe”, “will”, “projected”, “estimated” and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on Trigon’s current belief or assumptions as to the outcome and timing of such future events. There can be no assurance that such statements will prove to be accurate, as the Company’s actual results and future events could differ materially from those anticipated in these forward-looking statements as a result of the factors discussed in the “Risks and Uncertainties” section in the Company’s management discussion & analysis for the three and nine months ended December 31, 2021 and the financial year ended March 31, 2021, available under the Company’s profile at www.sedar.com . Actual future results may differ materially. Various assumptions or factors are typically applied in drawing conclusions or making the forecasts or projections set out in forward-looking information. Those assumptions and factors are based on information currently available to Trigon. The forward-looking information contained in this release is made as of the date hereof and Trigon undertakes no obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein.

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

High Grade Drill Results Define New Zone Beside Kombat Central Pit Including 17m at 4.4% Copper

17 May 2022 by trigonmetals

TORONTO – Trigon Metals Inc. (TSX-V: TM) (“Trigon” or the “Company”) announces the delineation of a new area of mineralization referred to as the Central Pit southwest extension, and results from recently drilled holes in the East 900 area. The drilling is part of 10,000m planned programme aimed at resource definition and new exploration for the central license area at the Kombat Mine.

Drilling Highlights

Central Pit SW Extension
- C1DDT3-01 2 notable intercepts; [Azumith 359, Dip 55]
  - 4m @ 4.1% copper from 43m to 47m,
  - And 4m @ 6.9% copper from 58m to 62m
- C1DDT3-03 2 notable intercepts; [Azumith 360, Dip 55]
  - 17m @ 4.4% copper from 60m to 77m,
  - And 3m @ 10.1% copper from 85m to 88m
East 900
- E900-02 2 notable intercepts; [Azumith 80, Dip 27]
  - 8m @ 0.6% copper from surface to 8m,
  - And 3m @ 1.5% copper from 11m to 14m
- E900-06 5 notable intercepts; [Azumith 257, Dip 45]
  - 2m @ 2.0% copper from 12m to 14m,
  - 2m @ 1.0% copper from 67m to 69m,
  - 1m @ 1.1% copper from 70m to 71m,
  - 2m @ 0.6% copper from 80m to 82m,
  - And 3m @ 2.1% copper from 85m to 88m

Drilling at the Central Pit SW extension has outlined newly discovered mineralization that is expected to be incorporated into a mining plan that will result in expansion of the planned central pit. The results illustrate continuity of the mineralization with a structure that runs the length of the central pit. It is notable that the resources of the central pit and extension do not sit above the old mined out areas but occur north of the underground mining cap and, as such, have properties distinct to those found underground.

East 900 is a highly prospective area with existing resources for open pit mining. Drilling continues in this area and to the east. Mineralization is very shallow and remains open in all directions. The exploration work is moving to the east on strike with main mine workings, as such this represents the greatest potential for an expansion of the current surface resource. East 900 is east of the historic mining at surface or underground and is on strike with the historic underground development, as such it appears to be very similar to the mineralized areas mined from underground.

Samples were prepared and analyzed using Inductively coupled plasma mass spectrometry by African Laboratory Services Namibia at Kombat Namibia.

Qualified Person

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 mineralization of the Company’s Namibian assets, the Company’s exploration program 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.

Contacts

For further information, contact:

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

Website: www.trigonmetals.com

Trigon Metals Closes on C$5.5 million funding from The Lind Partners

5 May 2022 by trigonmetals

TORONTO, May 04, 2022 — Trigon Metals Inc. (TSX.V:TM) (“ Trigon ” or the “ Company ”) is pleased to announce that it has closed on the funding of C$5,500,000 pursuant to its previously announced convertible security funding agreement (the “ Agreement ”) with Lind Global Fund II, LP, an entity managed by The Lind Partners, LLC, a New York-based institutional fund manager (together, “ Lind ”) (see the Company’s press release dated April 28, 2022 for further details).

Pursuant to the Agreement, Lind has made an investment of C$5,500,000, less a commitment fee of C$165,000, in exchange for a convertible security (the “ Convertible Security ”) with a face value of C$6,600,000 (the “ Face Value ”), representing a principal amount of C$5,500,000 (the “ Principal Amount ”) and a pre-paid interest amount of C$1,100,000 (the “ Pre-Paid Interest ”). Commencing four months from today’s date, Trigon will begin repaying the Convertible Security in C$275,000 monthly installments. Lind will have the right to convert any portion of the Principal Amount (less the commitment fee) into common shares of Trigon (” Common Shares “) at a price per share of C$0.335. Pre-Paid Interest will accrue over a period of 24 months from closing and be calculated at the end of each calendar month. Once accrued, Lind will have the option, once every 90 days, to convert accrued Pre-Paid Interest into Common Shares at a price equal to 90% of the market closing price of the Common Shares on the TSX Venture Exchange (the “Exchange”) on the day immediately prior to conversion. The Agreement also contains strict no shorting provisions.

The Convertible Security ranks senior, secured by all of Trigon’s assets (except the shares in Trigon’s Moroccan subsidiary), including a general security agreement, a guarantee from Trigon’s Barbados subsidiary and a share pledge of its Barbados subsidiary shares.

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

The Agreement and the issuance of securities thereunder were conditionally approved by the Exchange on April 28, 2022. The transactions described herein are subject to final approval of the Exchange.

About Trigon

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

About The Lind Partners, LLC

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

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

Jed Richardson, Director and Chief Executive Officer

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

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

For further information, contact:

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

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

28 April 2022 by trigonmetals

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

Lind Partners Facility

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

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

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

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

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

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

Sprott Mining (Wholly Owned by Eric Sprott) Facility

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

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

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

About Trigon

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

About The Lind Partners, LLC

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

Jed Richardson, Director and Chief Executive Officer

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

2022

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