News

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

TORONTO — May 23, 2024 — Trigon Metals Inc. (TSX-V: TM; OTCQB: PNTZF) (“Trigon” or the “Company”) is pleased to announce a significant milestone having achieved commercial production from the underground operations at its Kombat Mine in Namibia, as of April 30, 2024. This achievement marks a major step forward in Trigon’s path to becoming a leading mid-tier copper producer.

Trigon defines commercial production status as operating at 70% of production capacity over 30 consecutive days. After restarting mining operations from the open pit in May 2023, the Company commenced production from underground ahead of schedule, having announced underground training and the first blast on February 5, 2024. The build-up to commercial production levels has gone smoothly and exceeded Trigon management’s expectations.

Rennie Morkel, President and Chief Operating Officer, commented, “Congratulations to our homegrown owner operated underground mining teams. Re-asserting Kombat as an underground copper producing mine is a tremendous achievement for the operation, the company and our community. Going forward we will look for opportunities to grow production from underground, which in turn should increase our copper production and our profitability. My sincerest appreciation to the entire Kombat team, under the guidance of our VP Operations Fanie Muller, for their tireless efforts in achieving this important milestone for the future of Kombat.”

Commenting, Jed Richardson, CEO & Executive Chairman, said, “Increased grade from underground has profoundly impacted our metal production, making each tonne more profitable. It has improved recovery in the mill and increased the grade of the concentrate. The Kombat mine has been primarily an underground mine through its 45-year history. Our experience is now showing us why.”

Underground production has resulted in an increase in the Company’s metal output, owing to the higher grade of ore retrieved from the underground. As more high-grade ore tonnes from underground displace lower-grade open pit ore, copper production increases which is expected to translate into lower operating costs.

Table 1: Kombat Mine Production Data (January – April 2024)

Description	January	February	March	April
Open Pit Ore Mined
Tonnes	29,995	33,810	21,560	12,250
Grade (% Cu)	0.94	1.00	1.00	1.09
Underground Ore Mined
Tonnes	–	5,536	6,624	16,570
Grade (% Cu)	–	2.20	2.51	2.11
Plant Feed
Tonnes	23,707	19,861	25,786	23,107
Grade (% Cu)	0.80	1.10	1.10	1.80
Copper Production lbs	372,798	404,324	478,619	774,696

The total copper production was calculated by adding open pit ore mined and underground ore mined to ore retrieved from the stockpile.

The Company has benefited from the expertise of many experienced miners who have remained in the vicinity of Kombat, dating back to 2007 when the Kombat Mine was last in operation. The operation targeted 500 tonnes per day (“tpd”) underground and 500 tpd open pit production in April to fill the mill’s 1,000 tpd throughput capacity. In April 2024, production from the underground averaged 552 tpd and has continued to exceed expectations, producing more than 1,000 tpd on four occasions in the month of May.

Ore processing occurs at the refurbished Kombat plant, with a current operating capacity of 30,000 tonnes per month (30ktpm). Plans are underway to increase the capacity to 60,000 tonnes per month (60ktpm) to accommodate ore from both underground and surface sources.

Dewatering continues at the Kombat mine, where water is being pumped at a rate of 2,800 m ³ /hour, well above the in-flow rate of 1200 m ³ /hour. The mine is now dewatered to 315m below shaft collar. Backup power capacity is in place to ensure an uninterrupted power supply for underground pump systems.

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.

Stock Option Grants

The company has granted a total of 10,695,000 stock options to various directors, officers and consultants pursuant to its stock option plan. The options may be exercised at a price of $0.19 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.

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 restart of the Kombat Mine, the Company’s strategies and the Company’s abilities to execute such strategies, the Company’s expectations for the Kombat Project, the open-pit and underground mining operations, the economic viability of the Kombat mine, the dewatering of the Kombat mine, the expected production, stock option grants and costs of the Company’s operations, 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