2025

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

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

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

Strategic Operational Update

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

Temporary Workforce Adjustment and Employee Support

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

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

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

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

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

Qualified Person

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

Trigon Metals Inc.

Trigon is a publicly-traded Canadian exploration and development company with its core business focused on copper and silver holdings in mine-friendly African jurisdictions. Currently, the company has operations in Namibia and Morocco. In Namibia, the Company holds a 100% interest in the Kalahari Copperbelt Project and an 80% interest in five mining licences in the Otavi Mountainlands where the Company operates the Kombat Mine. In Morocco, the Company is the holder of the Silver Hill and Addana projects, highly prospective copper and silver exploration projects.

Cautionary Notes

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

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

For further information, contact:
Tom Panoulias, VP Corporate Development
+1 647 276 6002 X 1127
IR@trigonmetals.com
Website: www.trigonmetals.com

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

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

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

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

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

Highlights – Level 4 (120 metres from surface)

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

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

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

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

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

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

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

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

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

Figure 5: Drilling at Shaft #1, Level 3

Figure 6: Drilling at Shaft #1, Level 3 

Figure 7: Drilling at Shaft #1, Level 4

Quality Assurance & Quality Control (QA/QC)

All sample assay results have been monitored through the Company’s quality assurance / quality control (QA / QC) program following E2941 − 21 Standard Practices for Extraction of Elements from Ores and Related Metallurgical Materials by 4 acid Digestion with ICPOES finish. Drill core was sent to an independent laboratory, African Laboratory Specialists Namibia (“ALS”), for analysis. ALS is an independent laboratory, located in Kombat, Namibia. Core samples were prepared using the ASTM procedures. Sample size: 3 kg, crushed split to 250g weighed sample (+/- 0.5000g).

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

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

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

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

Cautionary Notes

This news release may contain forward-looking statements. These statements include statements regarding the exploration drilling at the Kombat Mine, mineral resource estimate calculation, the Company’s ability to produce a NI 43-101 compliant mineral resource estimate, the prospectivity and mineralization at the Kombat Mine, the financial viability of Trigon, the Company’s ability to complete a sale of the Company’s interest in the Kombat mine, the Company’s strategies and the Company’s abilities to execute such strategies, the economic viability of the Kombat Mine, the Company’s expectations for the Kombat Mine, the potential transaction with Horizon, the Company’s ability to continue to obtain financing and the Company’s future plans and objectives. These statements are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially because of factors discussed in the management discussion and analysis section of our interim and most recent annual financial statements or other reports and filings with the TSX Venture Exchange and applicable Canadian securities regulations. We do not assume any obligation to update any forward-looking statements, except as required by applicable laws.

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

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

TORONTO – January 20, 2025 – Trigon Metals Inc. (TSX-V: TM, OTCQB:PNTZF) (“Trigon” or the “Company”) announces that its Kalahari Copper Project (the “Project”) has been awarded one of only three spots in the €5 million UNDERCOVER research project funded by the European Union (EU).

The UNDERCOVER ( U nified N ovel D eep E xplo R ation for C ritical O re disco VER y) research project aims to enhance the responsible supply of raw materials. The Project’s objectives include advancing deep mineral exploration technologies, stimulating research and development, and enabling their responsible exploitation by exploration and mining stakeholders within the EU.

Key Highlights of the Program

• The UNDERCOVER research project has been granted €5 million from the EU, with Trigon’s Kalahari Copper Project selected as one of three exploration projects included in the initiative.
• This research program will span three years starting January 1, 2025, focusing on developing innovative methods for successful exploration of Critical Raw Materials under cover.

The Kalahari Copper Project, a joint venture project between Trigon and Ongwe Minerals, covers 765,000 hectares within the highly prospective Kalahari Copper Belt in Namibia, the western extension of the highly prospective copper belt in Botswana. One drillhole adjacent to the eastern border of Trigon’s Kalahari Copper Project has intersected 83m at 0.7% Cu and 17g/t Ag. The widespread Kalahari sand cover across much of the Project area necessitates a strategic exploration approach, and advancements in exploration research achieved through the UNDERCOVER project will support these efforts.

Jed Richardson, CEO and Executive Chairman of Trigon Metals, commented, “It’s an honour to be selected to participate in such an innovative and potentially transformative project. We look forward to working with all parties to achieve the ambitious goals of UNDERCOVER.”

Proposed Strategic Sale of the Kombat Mine

Trigon’s management team continues to advance the sale of the Kombat Mine to Horizon Corporation Ltd. (“Horizon”). Trigon and Horizon have begun collaborating on mine planning and management, working towards completion of the definitive documentation.

Initial capital has been advanced in accordance with the terms of the loan agreement between Trigon and Horizon. The terms of the Proposed Transaction are available to view in the Company’s previous press release dated December 16, 2024.

Due to the recent mine interruption, Trigon’s management team is communicating with its insurance adjustors in Namibia on its business interruption and mechanical claim that occurred on January 16, 2025.

Further Details of The Research Project that Aims to Develop Deeper Critical Raw Material Exploration

The EU’s ambitious goals as outlined in the Critical Raw Materials Act (CRMA), NetZero Industry Act and the European Green Deal will lead to an increase in critical raw material (CRM) demand. To meet the demand, the utilization of the deposits deeper in the bedrock needs research and development. The Geological Survey of Finland (GTK) is coordinating the EU Horizon Europe project that is creating a paradigm shift in the exploration of deep critical raw materials.

The project aims to develop deep CRM exploration. This will be done by transforming the mineral systems concept into the first viable strategy for systematically exploring CRM deposits hidden deeper under cover or in the bedrock. The project will develop and integrate novel geophysical technologies and methods that are both cost-effective and environmentally friendly.

Strong Network of International and European Cooperation

The research project will run for three years and was launched on January 1, 2025. The 5-million-Euro project brings together 16 partners from Finland, France, Germany, Czech Republic, Portugal, Namibia, and Canada. The consortium includes geological surveys, universities, research institutes, exploration companies, industrial clusters, and Small and Medium Enterprises (SMEs), highlighting a strong network of international and European cooperation.

“This collaboration fosters the exchange of knowledge and expertise across borders, aiming at a comprehensive approach to deep mineral exploration. By leveraging the strengths of each partner, the project aims to achieve significant advancements in sustainable raw material exploration,” says Jochen Kamm, Research Professor, Geological Survey of Finland.

In addition to this, the project will cooperate with other EU projects dealing with deep exploration challenges.

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 redevelopment of the previously producing Kombat Mine.

Cautionary Notes

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

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

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