Kombat Mineral Resource

Feasibility Study

Kombat Mine – Operating and Financial Metrics

Description	Unit	Total/average over LoM	Asis West underground	Open pit
Copper price	USD/lb	4.00
Silver price	USD/oz	25.00
Life of mine	Years	5.8	5.8	2.4
Run of mine	kt	2 385	1 635	750
RoM grade – Copper	%	2.46%	3.16%	0.93%
RoM grade – Silver	g/t	17.5	22.9	5.7
Processing recovery – Copper	%	92%	93%	88%
Processing recovery – Silver	%	85%	86%	76%
Concentrate production	kt	195	171	24
Recovered product – Copper	Mlb	120	106	14
Recovered product – Silver	kg	35 451	32 143	3 308
C1 cash cost/lb	USD/lb	2.19
AISC/lb	USD/lb	2.59
Project capex	USDm	40.6
NPV10% (pre tax) (100%)	USDm	116.0
IRR(pre tax)	%	285%
NPV10% (after tax) (100%)	USDm	77.8
IRR(after tax)	%	235%

Notes:
Run of mine excludes 13.0 kt at 0.83% Cu sitting in stockpile.
C1 cost: direct costs, which include costs incurred in mining and processing (labour, power, reagents, materials) plus local G&A, and freight, realization and selling costs, and mineral royalties.
ASIC: All In Sustaining Costs, including sustaining capital.
Certain project capital has already been incurred and this is included in the assessed loss/unredeemed capital reported by Trigon at February 2024.

Mineral Resources and Mineral Reserve Estimates

The Mineral Resource estimate presented represents the third Mineral Resource estimate prepared for the Kombat Mine project in accordance with NI 43-101 by Minxcon (Pty) Ltd (an independent consulting company) commissioned by Trigon to undertake this work. The Mineral Resources have been independently reviewed by SRK and reported using updated techno-economic factors.

Mineral Resource estimates are shown in Tables 1 to 3 below. Mineral Resources are reported inclusive of any Mineral Reserves that may be derived from them.

Table 1: Open Pit Mineral Resource Statement for Kombat Mine as at 29 February 2024
Area	Mineral Resource Category	Tonnes (Mt)	Density (t/m 3 )	Grade			Content
				Cu (%)	Pb (%)	Ag (g/t)	Cu (t)	Pb (t)	Ag (kg)
Kombat East	Indicated	2.26	2.79	0.92	0.36	6.01	20 760	8 064	1 593
Kombat Central		0.87	2.78	1.07	0.13	9.32	9 294	1 167	148
Kombat West		0.01	2.98	1.95	4.69	17.43	268	645	10
Total Indicated		3.14	2.79	0.97	0.31	6.98	30 322	9 876	1 751
Gross Otavi	Inferred	0.54	2.85	0.74	2.27	1.15	3 943	12 186	615
Total Inferred		0.54	2.85	0.74	2.27	1.15	3 943	12 186	615

Notes:

1. A Mineral Resource is not a Mineral Reserve, and there is no guarantee that all or part of the Mineral Resource will be converted to a Mineral Reserve
2. The Mineral Resources have been depleted with historical mining pit shells and underground voids
3. The Mineral Resources are reported within an optimised pit shell, based on the techno-economic factors disclosed above
4. The Kombat Mineral Resources are reported above a 0.53% Cu cut-off, and the Gross Otavi Mineral Resources above a 0.60% CuEq cut-off
5. Mineral Resources are reported as total Mineral Resources and not attributable to Trigon
6. Mineral Resources are reported inclusive of any Mineral Reserves that may be derived from them
7. The Gross Otavi Mineral Resources include geological losses of 15%, depletion for unknown historical development of 1% and reduced by a porosity factor by 7.5%
   

Table 2: Underground Mineral Resource Statement for Kombat Mine at 29 February 2024
Area	Mineral Resource Category	Tonnes (Mt)	Density (t/m 3 )	Grade			Content
				Cu (%)	Pb (%)	Ag (g/t)	Cu (t)	Pb (t)	Ag (kg )
Kombat East	Indicated	0.36	2.81	1.44	1.23	9.23	5 219	4 443	3 346
Kombat Central		0.85	2.81	1.55	0.86	12.55	13 173	7 299	10 664
Kombat West		1.18	2.83	1.90	1.30	11.26	22 393	15 319	13 255
Asis West		7.53	2.82	2.38	0.80	18.02	179 213	60 603	135 707
Gap		0.50	2.79	1.89	0.16	9.90	9 529	822	4 990
Total Indicated		10.42	2.82	2.20	0.85	16.11	229 527	88 486	167 962
Kombat East	Inferred	0.00	2.83	1.45	1.79	13.64	0	0	0
Kombat Central		0.01	2.88	2.02	2.74	0.01	187	254	0
Kombat West		0.13	3.68	5.00	10.50	0.08	6 377	13 399	11
Asis West		0.12	2.82	2.49	0.71	13.74	2 946	846	1 628
Gap		0.01	2.79	1.64	0.17	32.79	229	24	458
Asis Far West		1.53	2.79	2.15	0.37	7.99	32 763	5 703	12 196
Total Inferred		1.80	2.84	2.37	1.13	7.96	42 503	20 226	14 293

Notes:

1. A Mineral Resource is not a Mineral Reserve, and there is no guarantee that all or part of the Mineral Resource will be converted to a Mineral Reserve
2. The Mineral Resources have been depleted with historical mining underground voids
3. The Mineral Resources are reported above a 1.2% CuEq cut-off
4. Mineral Resources are reported as total Mineral Resources and not attributable to Trigon
5. Mineral Resources are reported inclusive of any Mineral Reserves that may be derived from them
6. No geological losses are applied
   

Table 3: Total Mineral Resource statement for Kombat Mine as at 29 February 2024
Source	Mineral Resource Category	Tonnes (Mt)	Density (t/m 3 )	Grade			Content
				Cu (%)	Pb (%)	Ag (g/t)	Cu (t)	Pb (t)	Ag (kg)
Open Pit	Indicated	3.14	2.79	0.97	0.31	6.98	30 322	9 876	1 751
Underground		10.42	2.82	2.20	0.85	16.11	229 527	88 486	167 962
Total Indicated		13.56	2.81	1.92	0.73	14.00	259 849	98 362	169 713
Open Pit	Inferred	0.54	2.85	0.74	2.27	1.15	3 943	12 186	615
Underground		1.80	2.84	2.37	1.13	7.96	42 503	20 226	14 293
Total Inferred		2.33	2.85	1.99	1.39	6.39	46 446	32 412	14 908

Notes:

1. A Mineral Resource is not a Mineral Reserve, and there is no guarantee that all or part of the Mineral Resource will be converted to a Mineral Reserve
2. The Mineral Resources have been depleted with historical mining underground voids
3. The underground Mineral Resources are reported above a 1.2% CuEq cut-off. The Kombat open Pit Mineral Resources (All indicated) are reported above a 0.53% Cu cut-off, and the Gross Otavi open Pit Mineral Resources (All Inferred) above a 0.60% CuEq cut-off
4. Mineral Resources are reported as total Mineral Resources and not attributable to Trigon
5. Mineral Resources are reported inclusive of any Mineral Reserves that may be derived from them
6. No geological losses are applied at Kombat. The Gross Otavi Mineral Resources include geological losses of 15%, depletion for unknown historical development of 1% and reduced by a porosity factor by 7.5%

Mineral Reserves

The open pit Mineral Reserves estimates as set out in Table 4 are limited to the Ore Capping open pits, which are situated in the Kombat East and Central areas. The LoM pit has been excluded due to interference with current underground infrastructure. The open pit Mineral Reserve estimate is declared at the RoM stockpile as a reference point.

Table 4: Open Pit Mineral Reserve Statement for Kombat Mine as at 29 February 2024
Area	Mineral Reserve Category	Tonnes (Mt)	Grade		Content
			Cu (%)	Ag (g/t)	Cu (t)	Ag (kg)
Kombat East	Probable	0.75	0.93%	5.7	6 953	4 299
Total Probable		0.75	0.93%	5.7	6 953	4 299

Notes:

1. The Mineral Reserves have been depleted with historical mining pit shells and underground voids.
2. The Mineral Reserves are reported within pit designs and scheduled.
3. The Kombat Mineral Reserves are reported above a 0.56% Cu cut off.
4. Mineral Reserves are reported as total Mineral Reserves and not attributable to Trigon.
5. The Mineral Reserve statement excludes 13.0 kt at 0.83% Cu sitting in stockpile.

The Mineral Reserves estimates for the underground mining schedule are set out in Table 5 below. The Mineral Reserves are reported at the point where the ore is fed into the processing plant. The Indicated Mineral Resources at No 3 shaft below the ore capping pit were not considered to be converted to Mineral Reserves at the time of the study. This was mainly due to higher Pb levels which were not considered to be marketable at the time and will be included in future study work.

Table 5: Kombat Asis West Underground Mineral Reserve as at 29 February 2024
Area	Mineral Reserve Category	Tonnes (Mt)	Grade		Content
			Cu	Ag	Cu	Ag
			(%)	(g/t)	(t)	(kg)
Asis West	Probable	1.64	3.16%	22.8	51 643	37 393
Total Probable		1.64	3.16%	22.8	51 643	37 393

Notes:

1. Applied a dilution factor 0.5 m envelope of ore below cut-off in the stopes.
2. Applied an overbreak of 5% in waste development.
3. Lashing or mucking loss of blasted material in the stopes at 2%.
4. Applied a cut-off of 1.5% Cu ore.
5. The Mineral Reserve estimates are declared at the shaft head.
6. Cu metallurgical recovery applied is 93%.

The combined Mineral Reserves estimates for the Kombat mine are set out in Table 6 below.

Table 6: Kombat Combined Mineral Reserve as at 29 February 2024
Area	Mineral Resource Category	Tonnes (Mt)	Grade		Content
			Cu	Ag	Cu	Ag
			(%)	(g/t)	(t)	(kg)
Asis West Underground	Probable	1.64	3.16%	22.8	51 643	37 393
Open pit	Probable	0.75	0.93%	5.7	6 953	4 299
Stockpile	Probable	0.01	0.83%	2.5	108	33
Total	Probable	2.40	2.40%	17.4	58 704	41 726