2024

TORONTO — December 16, 2024 –Trigon Metals Inc. (TSX-V: TM; OTCQB: PNTZF) (“Trigon” or the “Company”) announced today that it has signed a binding loan agreement (the “Loan Agreement”) with Horizon Corporation Ltd (“Horizon”) for a loan from Horizon of up to USD$5 million to Trigon. Pursuant to the Loan Agreement, Trigon has granted Horizon exclusivity rights to negotiate the purchase of Trigon’s interest in the Kombat Mine in Namibia (see press release dated December 3, 2024) (the “Proposed Transaction”). The Proposed Transaction contemplates a valuation for the Kombat mine of USD $30 million (C$0.97/share based on today’s fully-diluted share count — although the final valuation may be significantly higher depending on operational milestones), which will be subject to definitive agreements, shareholder approval, regulatory consent, and other closing conditions.

The Proposed Transaction reflects Trigon’s strategic focus on advancing its Addana, Silver Hill and Kalahari exploration projects, strengthening the Company’s financial position while ensuring operational continuity and promoting expansion for the Kombat Mine.

The Loan allows Horizon to begin investing in the Kombat Mine and provide capital to the project in advance of the completion of the sale. As outlined below should the Trigon and its shareholders elect to consummate the Proposed Transaction, the Loan will become equity contributed to the Kombat Mine, but if Trigon chooses not to complete the transaction the funds will become payable as loans to the Company plus associated break fees. The Loan is separate from the sale price consideration of USD $30 million and follow-up payments ranging from USD $10 million to USD $20 million.

Jed Richardson, CEO and Executive Chairman of Trigon Metals, commented: “This deal is a decisive win for the Company and shareholders. We had been committed to operating and growing the Kombat mine but this deal offers the Company and shareholders an opportunity to maximize growth for the Company as a whole. The Agreement allows us to realize significant value from the Kombat Mine in an expensive and uncertain funding market while ensuring stability and continuity for the workforce at site. The influx of capital will position Trigon to advance exploration and development at our Addana and Kalahari projects, accelerating our next phase of growth as a company. Since the Company will be in a strong financial position with negligible debt, we also propose to return a meaningful portion of the proceeds back to the market in the form of share buybacks, dividends or a combination of the two, once the various Agreement milestones are achieved.”

Transaction Overview:

Loan Financing

• USD $5 million, issued in three tranches, to provide interim development capital for the Kombat Mine, being as follows:
  • Tranche One: USD $500,000 within 7 working days of signing the Loan Agreement;
  • Tranche Two: USD $2 million within 7 working days of completing the security agreements and approvals relating to the Loan Agreement; and
  • Tranche Three: USD $2.5 million within 45 days of the Tranche Two payment.
• The Loan will have a grace period of 6 months from the date of Tranche Two drawdown and will be amortized over 18 equal payments from the end of the grace period to the end of the 2-year term bearing an annual interest rate of 15%.
• Horizon will be entitled to appoint a board observor to the Company on advance of Tranche Two of the Loan.
• Horizon will be granted exclusivity to negotiate and finalize the Proposed Transaction on advance of Tranche One of the Loan.

Terms for Proposed Acquisition of Kombat Mine

• Horizon will acquire up to 100% of a Canadian domiciled holding company, which indirectly owns 80% of the Kombat Mine for a price consideration of USD $30 million upon closing of all shareholder and regulatory approvals.
• Trigon will retain a 1% net revenue royalty on copper production when the Kombat mine achieves copper metal production of 1,000 tonnes for each of two consecutive calendar months. Thereafter a royalty of 1% will be payable on net copper revenue, when invoiced copper price on final invoicing is greater than USD $4.00 per pound, payable quarterly for 20 quarters.
• A break fee of USD $5 million applies if the Proposed Transaction is terminated due to non-approval or a superior bid.
• Follow-Up payment of ranging between USD $10 million to USD $20 million when underground production exceeds on average of 2,250 tpd over 90 days and also once the streaming copper royalty (“Sprott Trigger Date”) reduces as per the Sprott streaming agreement. Calculation of this payment is subject to the following matrix:

The Proposed Transaction ensures that the Kombat Mine’s obligations under existing agreements, including the Sprott streaming agreement, will be appropriately addressed as part of the closing of the Proposed Transaction.

Next Steps

The completion of the Proposed Transaction is subject to the following milestones:

1. Definitive Agreements: A binding purchase agreement is being negotiated by the parties.
2. Shareholder Approval: A shareholder vote will be held to approve the transaction.
3. Regulatory Approvals: Including TSX Venture Exchange approval and Namibian regulatory consents.
4. Completion of Due Diligence: Horizon will complete its detailed review prior to closing.

Jed Richardson, CEO and Executive Chairman of Trigon Metals, commented: “We are pleased to make this step toward a successful transaction with Horizon. The Proposed Transaction is expected to realize significant value from the Kombat Mine in an expensive funding market while ensuring stability and continuity for the workforce at site. The influx of capital will position Trigon to advance exploration and development at our Addana and Kalahari projects, accelerating our next phase of growth as a Company. We also propose to return a meaningful portion of the proceeds from the Proposed Transaction back to the market in the form of share buybacks, dividends or a combination of the two, once the various transactional milestones are achieved.”

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 Loan Agreement, the Proposed Transaction, the Sprott Trigger Date, the Company’s strategies and the Company’s abilities to execute such strategies, the economic viability of the Kombat Mine, the Company’s ability to satisfy the conditions for the Proposed Transaction the Company’s expectations for the Kombat Mine, and the Company’s future plans and objectives. These statements are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially because of factors discussed in the management discussion and analysis section of our interim and most recent annual financial statements or other reports and filings with the TSX Venture Exchange and applicable Canadian securities regulations. We do not assume any obligation to update any forward-looking statements, except as required by applicable laws.

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

Contacts

Tom Panoulias, VP Corporate Development
+1 647 276 6002 x 1127
IR@trigonmetals.com
www.trigonmetals.com

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TORONTO, ONTARIO (December 3, 2024) – Trigon Metals Inc. (TSX-V: TM) (“Trigon” or the “Company”) announces it has received an indicative term sheet (the “Term Sheet”) from Horizon Corporation Limited (“Horizon”) for a proposed loan of USD$5 million to allow for the conclusion of the evaluation and due diligence for a sale of 100% of its ownership interest in the Kombat Mine in Namibia to Horizon. (the “Proposed Transaction”).

The Proposed Transaction remains subject to certain conditions including completion of satisfactory due diligence, the negotiation and execution of a definitive agreement between Trigon and Horizon, third party approvals, shareholder approval and regulatory approval, including, by the TSX Venture Exchange (“TSXV”). 

Key Highlights of the Proposed Transaction

• The Term Sheet includes a range of USD$30-50M in cash, and a limited royalty that would be paid to Trigon from the Kombat mines copper production.
• Horizon will loan Trigon USD$5 million (the “Loan”) as follows:
  • USD$500,000 within 7 days of entering into a binding loan agreement
  • USD$2 million in December 2024 subject to satisfying certain closing conditions including Horizon receiving satisfactory security for the Loan, entering into binding documentation for the Proposed Transaction and Horizon completing its preliminary due diligence of the Proposed Transaction (the “Tranche 2 Payment”); and
  • USD$2.5 million within 45 days of the Tranche 2 Payment.
• The Loan shall have a term of 24 months and interest rate per annum of 15%.
• Trigon will grant Horizon an exclusivity to finalize asset sale agreement in exchange for the advancement of the loan, with a break free proportional to the amount of the loan that has been advanced.

In addition to the proceeds of the Proposed Transaction, Trigon Metals will retain the Kalahari Copper Project in Namibia and will also benefit from the planned spinout of the Safi Silver Moroccan exploration projects, Silver Hill and Addana Silver Polymetallic project.  

Jed Richardson, CEO and Executive Chairman of Trigon Metals, commented, “Agreeing to a sale of the Kombat Mine, is a very difficult decision. We are pleased that Horizon has come forward with a competitive offer for the Kombat Project, with a commitment to make the future investments to fully realize the growth and potential of the project. The Proposed Transaction would cap dilution and offers shareholders risk free benefit from the future success of the asset.  We look forward to working closely with Horizon to settle final terms, reach definitive agreements and complete the Proposed Transaction.”

Bradley Rawson, Executive Chairman of Horizon Corporation, “We are currently active in both sub-Saharan Africa as a mining region and copper production as a business, so we view this transaction as a good opportunity to add to our portfolio of assets and to extend our working history in Namibia. Our group is looking forward to growing the Kombat Mine by working with the local team and the Namibian authorities to ensure a positive outlook for our stakeholders, Trigon shareholders and the local community.”

The Proposed Transaction is an Arm’s Length Transaction for purposes of the rules 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  

The Term Sheet is non-binding and does not constitute a definitive agreement, and no assurances can be given that the Proposed Transaction will be completed as outlined or at all.

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

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

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.

TORONTO — November 15, 2024 – Trigon Metals Inc. (TSXV: TM) (OTCQB: PNTZF) is pleased to announce the company is participating in the upcoming 121 Mining Investment Conference in Dubai. Jed Richardson, CEO and Executive Chairman of Trigon Metals Inc. will be presenting about the Company’s recent and future planned activities.

121 Mining Investment Dubai will be hosting over 40 mining companies and more than 150 sophisticated investors for two days of pre-arranged, targeted 1-2-1 meetings.

Alongside the curated schedule of pre-booked meetings matching investors with appropriate projects, the conference programme will provide expert commentary and the latest market intelligence on key industry developments.

This year’s event is being held on November 19-20.

Any investors who would like to attend 121 Mining Investment Dubai can register for a free pass here.

About 121 Mining Investment

The 121 Mining Investment global event series connects portfolio managers and analysts from institutional funds, private equity groups and family offices with mining company management teams for 1-2-1, private in-person meetings.

121 Mining Investment has an ever-expanding global portfolio, currently covering London, New York, Cape Town, Dubai and Singapore, as well as online editions throughout the year.

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.

For additional information, please contact:

Trigon Metals Inc.
Tom Panoulias
VP Corporate Development
+1 (647) 276-6002 x 1127
IR@trigonmetals.com
www.trigonmetals.com

TORONTO — November 14, 2024 — Trigon Metals Inc. (TSX-V: TM, OTCQB: PNTZF) (“Trigon” or the “Company”) announces the resignation of Dr. David Shaw from the Company’s Board of Directors, effective immediately.

Dr. Shaw has faithfully served on the Board of Directors since 2019. The Company wishes to thank him for his contributions and dedicated service to Trigon over the past five years, and wish him much success in his future endeavors.

Jed Richardson, CEO and Executive Chairman of Trigon, commented, “We wish to thank David for his valuable insights and oversight as a director and wish him a very happy retirement.”

Stock Option Grant

The Company has granted a total of 125,000 stock options to an officer pursuant to its stock option plan. The options may be exercised at a price of $0.82 per option for a period of five years from the date of grant. The grant of options remains subject to the approval of the TSX Venture Exchange.

The Company has amended the share exchange agreement between the Company, PNT Financeco Corp. (formerly Base Metal Investment Services) and Commodity Makers International (“CMI”) dated November 29, 2023 (the “SEA”) to permit any unissued Trigon common shares issuable to CMI pursuant to the SEA to be issued immediately prior to any transaction which results in Change in Control (as defined in the SEA, as amended) of Trigon.

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 stock option grants, the amendments to the SEA, changes to the Company’s board of directors, the Company’s strategies and the Company’s abilities to execute such strategies, the Company’s expectations for the Kombat Mine, and the Company’s future plans and objectives. These statements are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially because of factors discussed in the management discussion and analysis section of our interim and most recent annual financial statements or other reports and filings with the TSX Venture Exchange and applicable Canadian securities regulations. We do not assume any obligation to update any forward-looking statements, except as required by applicable laws.

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

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