2024

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

 Highlights 

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

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

Mining & Milling Operations 

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

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

Image 1: Kombat Open Pit 

Image 2: Kombat Underground 

Image 3: Inside the Mill at Kombat Mine 

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

MINING
OP Ore Mined (tonnes)	Three Months Ended June 30, 2024 29,715	Three Months Ended March 31, 2024 85,365
OP Copper Grade %	1.23%	0.98%
OP Silver Grade (g/t)	9.98	6.88
UG Ore Mined (tonnes)	57,070	12,160
UG Copper Grade	2.05%	2.36%
UG Silver Grade (g/t)	11.44	6.48
Total Ore Mined (tonnes)	86,785	97,525
MILLING
Ore Processed (tonnes)	70,483	69,354
Copper recovery (%)	88.3%	80.5%
Copper Concentrate Production (tonnes)	3,876	2,385
Concentrate Grade (Cu %)	27.1%	23.9%
Concentrate Grade (Ag g/t)	271	23.9%
Copper Product Produced (tonnes)	1,045	570
Copper Product Produced (lbs)	2,302,726	1,255,752
Silver Product Produced (oz)	33,399	14,653
SALES
Copper Concentrate Sold (dry metric tonnes)	4,596	2,095
Copper Concentrate Sold (lbs)	10,132,434	4,618,679
Copper Product Sold (tonnes)	968	424
Copper Product Sold (lbs)	2,134,072	934,759
Realized copper price (per lb)	$ 4.18	$4.12
C1 cash cost/lb (100% payability) (1)	$ 3.23	3.35
FINANCIAL HIGHLIGHTS  ($ in 000’s, except per share amounts)
Revenues	$10,032	$3,853
Gross Profit	$1,941	$ (153)
EBITDA	$654	$16,260
Adjusted EBITDA	$1,800	$168
Cash flow from operations	$70	$(740)
Net (loss) income	$(2,215)	$13,440

Net (loss) income attributable to shareholders of the Company	Three Months Ended June 30, 2024 $(2,108)	Three Months Ended March 31, 2024 $13,908
Per share (basic)	$(0.05)	$(0.07)
Per share (diluted)	$(0.05)	$(0.07)
Cash, cash equivalents and short-term investments	$1,173	$1,417

OP = Open Pit 
UG = Underground 
(1)EBITDA, net income (loss) attributable to owners of the Company, income (loss) per share attributable to owners of the Company, net (cash), working capital, C1 cash cost, copper production are non-IFRS measures. These measures do not have a standardized meaning prescribed by IFRS and might not be comparable to similar financial measures disclosed by other issuers. Please refer to the Company’s discussion of Non-IFRS measures in its Management Discussion and Analysis for the three months ended June 30, 2024. 

Exploration Update 

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

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

Drilling at Schlangental represents the first campaign testing mineralization outside of the main Kombat mining license on the Copper King Extension exploration prospect. Surface mineralization attracted Trigon geologists to the Schlangental area where reports of historic drilling indicated that mineralization continued at depth, but no drill core or detailed logs were available. Of the planned 36 holes totalling 4000m, only two holes have been drilled to date, with both holes intercepting mineralization at modest depths. 

Subsequent Events 

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

2025 Production and Cost Guidance 

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

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

Table 2: Financial Year 2025
Description	Unit	FY 2025 Guidance Floor	FY 2025 Guidance Ceiling
Underground Mining	Tonnes	250,000	280,000
Ore Grade	%	1.95%	2.30%
Processing	Tonnes	260,000	312,000
Copper Produced	Tonnes	5,500	6,100
Copper Produced	lbs	12,125,000	13,448,000
Cash Cost	$/lbs	3.15	2.80

Conference Call Details 

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

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

Pre-Register: 

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

Qualified Person 

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

Trigon Metals Inc. 

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

Cautionary Notes 

This news release may contain forward-looking statements. These statements include statements regarding the Company’s mining operations, the timing and results of mining activities, the Company’s strategies and the Company’s abilities to execute such strategies, the Company’s expectations for the Kombat mine, the economic viability of the Kombat mine, the Company’s ability to expand or replace mineral resources and reserves, the projected costs and production at the Kombat mine, the agreement with IXM and the Company’s ability to repay IXM, the prices of copper and silver and the Company’s future plans and objectives. These statements are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially because of factors discussed in the management discussion and analysis section of our interim and most recent annual financial statements or other reports and filings with the TSX Venture Exchange and applicable Canadian securities regulations. We do not assume any obligation to update any forward-looking statements, except as required by applicable laws. 

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

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

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

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

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

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

Qualified Person
The scientific and technical information in this release has been reviewed and approved by Dr. Andreas Rompel, Pr.Sci.Nat. (400274/04), FSAIMM, the Company’s “qualified person” as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects.

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

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

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

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

Contacts

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

TORONTO, July 29, 2024 — Trigon Metals Inc.  (TSX-V: TM; OTCQB: PNTZF) (“Trigon” or the “Company”) has executed its plans to address a temporary setback in its underground pumping progress by replacing the failed dewatering pump at the Company’s Kombat mine in Namibia. Please refer to news release dated July 18, 2024 “Trigon Metals Stabilizes Water Levels and Maintains Uninterrupted Production from Underground at Kombat Mine, Namibia” .

The replacement pump body (known as the wet end) was installed on July 26, 2024 and started pumping water from the mine on July 27, 2024. The mine has been dewatered 25 metres from the shaft collar as at 7:00a.m. (GMT +2:00), down from the stabilized level of 227 metres reported on July 18, 2024.

The new pump body was ordered from Yantai Xinhai Industry & Trade Co., Ltd., and airfreighted from China on July 19, 2024. It arrived on site via road from South Africa on July 24, 2024. The pump was assembled, tested and lowered into position in three days.

The pump is functioning as designed and is currently dewatering at 2860 cubic metres per hour. Trigon has taken measures to ensure that the previous failure issue was addressed through the implementation of the modifications to the new pump body, such as the installation of deflector plates and enhanced meshing and guarding on suction inlets of the pump, which will prevent foreign objects entering the pump.

Rennie Morkel, COO of Trigon Metals, commented, “I’m proud of our team’s commitment and endurance during this period. The team banded together from the procurement and logistics, to the installation and recommissioning during this time. We expect to recover to our former levels quickly which is attested to by the water level reducing by 25m in less than two days. This reinforces what we have learned over the past ten months of dewatering, where we have seen quick gains after brief interruptions. Although the loss of the wet end caused a temporary setback to the operations, we have demonstrated resilience and the ability to absorb this setback, where we would have struggled 8 months ago. I thank everyone for their commitment and sacrifices over this period.”

Jed Richardson, CEO and Executive Chairman of Trigon Metals, commented, “The pump replacement was managed effectively by the team and our redundancy systems prevented a flood like the one in 2007. The team has done exceptionally well in returning dewatering activities to previous levels. Our next key milestone is the installation and commissioning of the 11 level permanent pumpstation which is one of four planned pump stations underground.”

Mining and processing have continued as normal from the underground operations throughout this period, with activities focused on mining above 120 metres from the shaft collar. The remaining original pump is being monitored continuously and does not show any sign of fatigue or potential failure.

The Company remains focused on underground production from the Asis West underground complex. The pumping setbacks are not expected to impact plans and projections previously outlined in the Company’s guidance (see press release issued June 13, 2024).

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.

Aidan Sullivan Steps Down as VP Investor Relations

Trigon Metals announces that Aidan Sullivan, Vice President of Investor Relations, will be stepping down from his position, effective August 1, 2024. We extend our heartfelt gratitude to Mr. Sullivan for his contributions and enthusiastic dedication to the Company. His efforts have positively contributed to our investor relations, and we wish him continued success in his future endeavors.

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 dewatering of the Kombat Mine, the installation of the water pump and maintenance of equipment, 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 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

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

TORONTO, July 25, 2024 — Trigon Metals Inc. (TSX-V: TM, OTCQB: PNTZF) (“Trigon” or the “Company”) is pleased to announce the appointment of Tom Panoulias as Vice President, Corporate Development, effective August 1, 2024.

Tom Panoulias is a widely respected global mining executive with more than 15 years’ experience as a capital markets professional. He has previously worked at Echelon Wealth Partners, Fraser Mackenzie Merchant Capital, and Dundee Capital Markets, raising over one billion dollars for issuers in the mining sector and advising senior management teams on numerous merger and acquisition transactions. Before entering capital markets, Mr. Panoulias held senior roles at Kinross Gold Corporation and TVX Gold Inc. in corporate development.

Jed Richardson, Executive Chairman, commented: “We are delighted to welcome Mr. Panoulias to the Trigon team. His vast expertise and capabilities in capital markets, and investor relations will provide an immense boost to the company. Tom brings stability and leadership to an already strong executive management team and is proactive with respect to shareholder engagement. With his addition, Trigon is well-positioned to achieve its strategic objectives and drive future growth.”

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

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

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

TORONTO, July 23, 2024—Trigon Metals Inc. (TSX-V: TM; OTCQB: PNTZD) (“Trigon” or the “Company”) is pleased to announce that it has secured a USD$2.5 million advance from its offtaker, IXM S.A., to be utilized for working capital for the Company’s Kombat mine in Namibia.

The advance payment will be drawn in two tranches of USD$1.25 million each, the first tranche having already been drawn and the second tranche to be drawn between August 19 and August 30, 2024.

Interest will accrue and be paid monthly at a rate of 30 day SOFR average plus 2.5%.

Capital will be settled in equal monthly instalments over a 12 month period, by way of deliveries of copper concentrate, commencing October 2024.

Manuel Sternheimer of IXM, commented, “We are grateful for this opportunity to expand our cooperation with Trigon which allows us to further build on our strong relationship and our footprint in Namibia.”

Jed Richardson, CEO & Executive Chairman of Trigon Metals, commented “The advance payment from IXM reiterates our stakeholders commitment to the Kombat Project in Namibia, and is off the back of Kombat’s ability to consistently meet and exceed our projections and consistently dilver to IXM a high quality copper concentrate. We thank IXM for their continued support.”

Trigon Metals Inc.

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

Cautionary Notes

This news release may contain forward-looking statements. These statements include statements regarding the Kombat Mine, the offtake agreement with IXM S.A., the expected production from 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) accepts responsibility for the adequacy or accuracy of this release.

For further information, contact:
Aidan Sulivan
+1 647 276 6002
IR@trigonmetals.com
Website: www.trigonmetals.com

TORONTO, July 18, 2024—Trigon Metals Inc. (TSX-V: TM; OTCQB: PNTZD) (“Trigon” or the “Company”) has executed a plan to address a temporary setback in underground pumping progress due to the failure of one of its two main dewatering pumps on the evening of June 14, 2024 at the Company’s Kombat mine in Namibia.

The mine had been dewatered down to 331 metres from the shaft collar at the time of the pump failure and the water has since risen to 227 metres below surface and has remained at that level for the last 2 weeks.

A new pump body has been ordered from the supplier and is currently scheduled to arrive in neighbouring South Africa by air on July 21, 2024. The pump will then be transported by road to Kombat for installation. Installation and repositioning of the completed pumping unit is estimated to be completed by July 28, 2024.

The failure is localized to the pump body (known as the wet end) and does not extend to the pump motor and the installed variable speed drive. The causes of the failure have been identified and are being investigated further with the original manufacturer and supplier of the pump, Yantai Xinhai Industry & Trade Co., Ltd.

Fanie Muller, VP Operations, “Despite the initial loss of progress in our dewatering, we expect to recover to our former levels quickly. Throughout the past ten months of dewatering, we have seen various brief interruptions in pumping. During those periods, we tend to experience an initial rapid increase in water levels that falls far more quickly than the initial drawdown when pumping is restored.”

Jed Richardson, CEO and Executive Chairman of Trigon Metals, commented “The pump failure was managed effectively by our redundancy and backup systems, preventing a flood like the one in 2007. The original design and contingency planning have been effectively implemented to ensure continuous and sustainable mine operations at Kombat mine.”

Mining activities continue as normal from the underground operations with mining activities focused on mining above 120 metres from the shaft collar. The remaining pump is being monitored continuously and does not show any sign of fatigue or potential failure at this juncture.

The Company remains focused on underground production from the Asis West underground complex. The pumping setbacks are not expected to impact plans and projections previously outlined in the Company’s guidance (see press release issued June 13, 2024).

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 dewatering of the Kombat Mine, the installation of the water pump and maintenance of equipment, 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 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.

For further information:
Aidan Sulivan
+1 647 276 6002
IR@trigonmetals.com
Website: www.trigonmetals.com

All amounts in US dollars, unless otherwise noted

TORONTO — June 13, 2024 —Trigon Metals Inc. (TSX-V: TM, OTCQB: PNZTF) (“Trigon” or the “Company”) is pleased to announce highlights of its May 2024 underground production at Kombat and provides production guidance for the remainder of its 2025 financial year (“FY2025”).

May 2024 Production Update

At the Kombat mine, May 2024 was marked by several record-breaking underground mining days, leading to a production average of 12.1 tonnes of copper per day. Underground ore mined for the month totalled 19,664 tonnes at an average grade of 2.16%, leading to the production of 386 tonnes of copper. The Company wishes to acknowledge its dedicated Namibian team for this outstanding achievement.

Further to the announcement of Commercial Production from the underground mine (see press release dated May 23, 2024), the Company is pleased to report that the underground mine has continued to perform and exceed the production targets defined in its feasibility study (the “Feasibility Study”). The Feasibility Study was prepared by SRK Consulting South Africa (Pty) Ltd (“SRK”) in accordance with Canadian Securities Administrators’ National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”).

Financial Year 2025 Guidance

The Company’s focus for FY2025 remains on underground production from the Asis West underground complex. Underground production is expected to amount to between 250,000 and 280,000 ore tonnes mined for the year, at an average grade between 1.95% and 2.3% copper. From the ore mined, Trigon projects its copper metal production to range between 5,500 tonnes (12.1 M lbs) and 6,100 tonnes (13.4 M lbs) for the year.

Cash costs are expected to be an average of US$2.80/lb to US$3.15/lb for the full year, reducing on a quarter-by-quarter basis as production is ramped up to steady state.

		Q1 Guidance		FY 2025 Guidance
Description	Unit	Floor	Ceiling	Floor	Ceiling
Underground Mining	tonnes	52,000	55,000	250,000	280,000
Ore Grade	%	1.90%	2.15%	1.95%	2.30%
Processing	tonnes	67,000	71,000	260,000	312,000
Copper Produced	tonnes	1,000	1,150	5,500	6,100
Copper Produced	lbs	2,205,000	2,535,000	12,125,000	13,448,000
C1 Cash Cost	$/lbs	3.35	2.75	3.15	2.80

Rennie Morkel, Trigon President and Chief Operating Officer, commented, “We are exceptionally pleased with the accelerated ramp-up of the underground mine and thank our Namibian team for their hard work and ongoing efforts at Kombat. Our strategy for the upcoming financial year is focused on maximizing underground production from the current mining areas as well as to ensure that we are establishing ourselves for the next phases of our growth trajectory, both at Asis West and in terms of the planned restart of Asis Far West.”

Upcoming Investor Webinar

The Company is also pleased to announce that Executive Chairman, Jed Richardson and President & COO Rennie Morkel will be presenting our Q1 2024 Production Highlights, along with FY 2025 Guidance, in a live webinar taking place on Thursday June 20th at 3:00p.m. ET /12:00p.m. PT.

To register for the event please click the link below.
Registration: https://event.webinarjam.com/register/314/nvnpwsv5

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.

The complete NI 43-101 technical report associated with the Feasibility Study and updated mineral resources and reserves estimates is available on SEDAR+ at www.sedarplus.ca under the Company’s issuer profile, as well as the Company’s website at www.trigonmetals.com .

Cautionary Notes

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

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

For further information, please contact:
Aidan Sullivan
+1 647 276 6002
IR@trigonmetals.com
Website: www.trigonmetals.com

TORONTO — May 29, 2024 — Trigon Metals Inc. (TSX-V: TM) (“Trigon” or the “Company”) announces that it will consolidate its common shares (the “Common Shares”) on the basis of one new Common Share for every existing five Common Shares outstanding effective on or about June 4, 2024 (the “Consolidation”). The Company also has engaged ICP Securities Inc. (“ICP”) to provide automated market-making services as of May 27, 2024.

Trigon currently has 217,873,600 Common Shares issued and outstanding and, following the Consolidation, will have approximately 43,574,720 Common Shares outstanding. The change in the number of issued and outstanding Common Shares that will result from the Consolidation will not materially affect any shareholder’s percentage ownership in Trigon, although such ownership would be represented by a smaller number of Common Shares. A letter of transmittal will be sent by mail to shareholders advising that the Consolidation has taken effect and instructing shareholders to surrender the certificates evidencing their Common Shares for replacement certificates representing the number of Common Shares to which they are entitled as a result of the Consolidation. Until surrendered, each certificate will be deemed for all purposes to represent the number of Common Shares to which the holder thereof is entitled as a result of the Consolidation.

The Consolidation was approved by the shareholders of Trigon at the annual and special meeting held on April 9, 2024. Further details regarding the Consolidation are contained in the Company’s information circular dated March 11, 2024, which has been filed under the Company’s profile on SEDAR+ at www.sedarplus.ca .

The Consolidation remains subject to the final approval of the TSX Venture Exchange.

Engagement of ICP Securities Inc.

The Company has engaged the services of ICP Securities Inc. (“ICP”) to provide automated market-making services, including use of its proprietary algorithm, ICP Premium™, in compliance with the policies and guidelines of the TSX Venture Exchange and other applicable legislation. ICP will receive a fee of C$7,500 plus applicable taxes per month, payable monthly in advance. The agreement between the Company and ICP is for an Initial Term of four (4) months and shall be automatically renewed for subsequent one (1) month terms (each month called an ” Additional Term “) unless either party provides at least thirty (30) days written notice prior to the end of the Initial Term or an Additional Term, as applicable. There are no performance factors contained in the agreement and no stock options or other compensation are being granted in connection with the engagement. ICP and its clients may acquire an interest in the securities of the Company in the future.

ICP is an arm’s length party to the Company. ICP’s market-making activity will be primarily to correct temporary imbalances in the supply and demand of the Company’s shares. ICP will be responsible for the costs it incurs in buying and selling the Company’s shares, and no third party will be providing funds or securities for the market-making activities.

ICP Securities Inc.

ICP Securities Inc. (ICP) is a Toronto-based CIRO dealer-member that specializes in automated market-making and liquidity provision, as well as having a proprietary market-making algorithm, ICP Premium™, that enhances liquidity and quote health. Established in 2023, with a focus on market structure, execution, and trading, ICP has leveraged its own proprietary technology to deliver high-quality liquidity provision and execution services to a broad array of public issuers and institutional investors.

Trigon Metals Inc.

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

Cautionary Notes

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

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

For further information:
Aidan Sullivan
+1 647 276 6002 x 1123
IR@trigonmetals.com
Website: www.trigonmetals.com