TSX-V: TM | FRA: TZU2 | OTCQB: PNTZF

Trigon Metals

Exploring Copper and Silver in Africa’s Best Jurisdictions

kombat mine

Trigon Provides Operational Update at Kombat Mine in Namibia

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TORONTO – Trigon Metals Inc. (TSX-V: TM) (“Trigon” or the “Company”) provides the following operational update and review of mining performance, ore processing and copper concentrate shipments from its Kombat Mine in Namibia.

The restart of the Kombat Mine has been a tremendous achievement for Trigon and its shareholders, as well as the Kombat community and country of Namibia. The mine employs 220 Namibians both directly and as contractors. An additional 80 women are employed on a part-time rotational basis as part of the Company’s community garden agricultural development project.

To date 1,103,312 tonnes of material have been mined including pre-stripping, 120,775 tonnes of ore have been mined at an average grade of 0.92% copper and 6.9 g/t silver.34,762 tonnes of ore grading 0.85% copper and 10.97 g/t silver have been fed into the mill and processed, producing 861.4 tonnes of concentrate grading 19.75% copper and 271.3 g/t silver. To date, 548 tonnes of concentrate have been shipped and revenue received.

Jed Richardson, President and CEO, commented, “The Kombat Mine is advancing towards achieving commercial production. During this process, a number of challenges arose that were addressed successfully. A new loan facility was arranged, the processing plant capacity was increased to 350 tonnes per day and a second open pit, which will soon be yielding higher grade sulphide ore, was developed.”

Working Capital Needs Addressed

The working capital issues that had previously hampered production were overcome with a refinancing and a US$2.5M advance on our planned silver stream from the Company’s largest shareholder, Eric Sprott. The mine is currently meeting its financial obligations from the sale of concentrates. Trigon is also in advanced discussions on the official sale of silver revenues in a streaming agreement that will bring in additional capital necessary to advance underground development. Kombat, through its 45-year operating history, has been an underground mine, and the planned return to underground mining will increase copper and silver grades and lower operating costs, boosting production and profitability.

Mill Flexibility

Through the start-up, the ore has been highly oxidized and the feed grade has been highly variable, resulting in the production of some low-quality concentrates. Through March and April, the processing plant team completed the final upgrade of the mill. The process included the installation of reagent dosing pumps to improve the accuracy of dosing as the reagent dosing had previously been erratic. Over this period, the plant also underwent a variety of upgrades with the aim of increasing plant capacity and reliability. Some of the key tasks completed include:

  • Changing the secondary crusher 2 from obsolete 2.4kV spares to 525V supply to ensure reliability.
  • Cleaning build-up from fines silos to increase available storage capacity
  • Improving ball mills feed chute distribution to ensure a stable flow
  • Changing the design of the bagging plant to ensure material of the correct consistency is bagged at the required rate to meet daily requirements

A key component of the upgrade was the installation of additional flotation cells, anticipated benefits of which include:

  • Increased flotation retention time.
  • Ability to float oxides and sulphides separately.
  • Ability to produce Cu and Pb concentrates.

At present, the processing plant has the capacity to produce in excess of 350 tonnes per week. Production is constrained by mine production.

Figure 1: Total Mined Tonnes vs. Ore Tonnes: To date 8.1 tonnes of waste have been moved for every tonne of ore. Over the life of mine the anticipated average is 1:6. The strip ratio was heavily impacted as stripping began on the Kavango pit in June. It is expected to level out as ore production begins in that area.
Figure 1: Total Mined Tonnes vs. Ore Tonnes: To date 8.1 tonnes of waste have been moved for every tonne of ore. Over the life of mine the anticipated average is 1:6. The strip ratio was heavily impacted as stripping began on the Kavango pit in June. It is expected to level out as ore production begins in that area.

 

Figure 2: Copper Production vs Head Grade: Head grades increased as sampling improved to control dilution. An error in sampling in May and additional stripping in June saw grades dip temporarily as new higher-grade ore is accessed from the Kavango pit.

Mining Throughput

High oxidation and variability of the ore in the open pit mining blocks has slowed mining output. In February, mining moved to mining smaller benches and requiring a higher volume of samples including blast hole sampling to get control of grade. This was effective in April, with head grades averaging 1.7% well above the 1.0% target, but it slowed down mining, falling below the mill capacity. The primary problem was the cycle time for confirmation sampling. In June, a mobile XRF sampling team was created and deployed to the mining pit giving the mining team instant feedback and allowing mining speeds to increase.

In addition, mining has begun in the Kavango pit a parallel structure to the Central pit where all of the ore has been sourced to date. The nature of the mineralization in the Kavango pit is more massive, larger higher grade mining blocks, that are expected to allow for higher mining output compared to stringy highly variable vein swarms mined in the Central pit. Currently, highly oxidized ore is being mined at Kavango as the team benches down to the sulphide ore. The mill should start receiving higher grade, high recovery ore from Kavango in the next two weeks.

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.

Cautionary Notes
This news release may contain forward-looking statements. These statements include statements regarding the commercial production, the proposed silver streaming agreement, 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:
Jed Richardson
+1 647 276 6002
jed.richardson@trigonmetals.com
Website: www.trigonmetals.com

High Grade Drill Results Define New Zone Beside Kombat Central Pit Including 17m at 4.4% Copper

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TORONTO – Trigon Metals Inc. (TSX-V: TM) (“Trigon” or the “Company”) announces the delineation of a new area of mineralization referred to as the Central Pit southwest extension, and results from recently drilled holes in the East 900 area. The drilling is part of 10,000m planned programme aimed at resource definition and new exploration for the central license area at the Kombat Mine.

Drilling Highlights

  • Central Pit SW Extension
    • C1DDT3-01 2 notable intercepts; [Azumith 359, Dip 55]
      • 4m @ 4.1% copper from 43m to 47m,
      • And 4m @ 6.9% copper from 58m to 62m
    • C1DDT3-03 2 notable intercepts; [Azumith 360, Dip 55]
      • 17m @ 4.4% copper from 60m to 77m,
      • And 3m @ 10.1% copper from 85m to 88m
  • East 900
    • E900-02 2 notable intercepts; [Azumith 80, Dip 27]
      • 8m @ 0.6% copper from surface to 8m,
      • And 3m @ 1.5% copper from 11m to 14m
    • E900-06 5 notable intercepts; [Azumith 257, Dip 45]
      • 2m @ 2.0% copper from 12m to 14m,
      • 2m @ 1.0% copper from 67m to 69m,
      • 1m @ 1.1% copper from 70m to 71m,
      • 2m @ 0.6% copper from 80m to 82m,
      • And 3m @ 2.1% copper from 85m to 88m

Drilling at the Central Pit SW extension has outlined newly discovered mineralization that is expected to be incorporated into a mining plan that will result in expansion of the planned central pit. The results illustrate continuity of the mineralization with a structure that runs the length of the central pit. It is notable that the resources of the central pit and extension do not sit above the old mined out areas but occur north of the underground mining cap and, as such, have properties distinct to those found underground.

East 900 is a highly prospective area with existing resources for open pit mining. Drilling continues in this area and to the east. Mineralization is very shallow and remains open in all directions. The exploration work is moving to the east on strike with main mine workings, as such this represents the greatest potential for an expansion of the current surface resource. East 900 is east of the historic mining at surface or underground and is on strike with the historic underground development, as such it appears to be very similar to the mineralized areas mined from underground.

Samples were prepared and analyzed using Inductively coupled plasma mass spectrometry by African Laboratory Services Namibia at Kombat Namibia.

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.

Cautionary Notes

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.

This news release may contain forward-looking statements. These statements include statements regarding the mineralization of the Company’s Namibian assets, the Company’s exploration program 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.

Contacts

For further information, contact:

Jed Richardson
+1 647 276 6002
jed.richardson@trigonmetals.com

Website: www.trigonmetals.com

Amended and Restated News Release: Trigon Metals enters into Institutional Funding Arrangements with The Lind Partners for C$5.5 million and Sprott Mining for US$2.5 million

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Trigon Metals Inc. (TSX.V:TM) (“ Trigon ” or the “ Company ”) is pleased to announce that it has entered into a convertible security funding agreement dated April 27, 2022 (the “ Agreement ”) with Lind Global Fund II, LP, an entity managed by The Lind Partners, LLC, a New York-based institutional fund manager (together, “ Lind ”). Under the terms of the Agreement, Trigon has agreed to issue to Lind a convertible security in the principal amount of C$5,500,000, with such proceeds being used for general working capital and to repay all outstanding amounts owing to IXM S.A. pursuant to the credit facility between IXM and the Company.

Lind Partners Facility

Pursuant to the Agreement, Lind has agreed to make an investment of C$5,500,000, less a commitment fee of C$165,000, in exchange for a convertible security (the “ Convertible Security ”) with a face value of C$6,600,000 (the “ Face Value ”), representing a principal amount of C$5,500,000 (the “ Principal Amount ”) and a pre-paid interest amount of C$1,100,000 (the “ Pre-Paid Interest ”). Commencing four months from closing, Trigon will begin repaying the Convertible Security in C$275,000 monthly installments. Lind will have the right to convert any portion of the Principal Amount (less the commitment fee) into common shares of Trigon (” Common Shares “) at a price per share of C$0.335 (the “ Conversion Price ”). Pre-Paid Interest will accrue over a period of 24 months from closing and be calculated at the end of each calendar month. Once accrued, Lind will have the option, once every 90 days, to convert accrued Pre-Paid Interest into Common Shares (” Common Shares “) at a price equal to 90% of the market closing price of the Common Shares on the TSX Venture Exchange (the “ Exchange ”) on the day immediately prior to conversion (the ” Interest Conversion Price “).

With mutual consent of Lind, Trigon has the option to buy back the remaining outstanding Convertible Security in cash at any time with no penalty. If Trigon exercises the buy-back option, Lind will have the option to convert (i) up to 33.3% of the outstanding Principal Amount at the Conversion Price into Common Shares, and (ii) up to 100% of the total Pre-Paid Interest at the Interest Conversion Price into Common Shares. Additionally, in the event of a change of control of the Company, Lind may convert 100% of the Pre-Paid Interest into Common Shares. Any issuance of securities to settle any Pre-Paid Interest, whether on a quarterly basis or pursuant to a buyback or change of control event, will require the prior approval of the Exchange prior to any such issuance.

The Convertible Security will rank senior, secured by all of Trigon’s assets (except the shares in Trigon’s Moroccan subsidiary), including a general security agreement, a guarantee from Trigon’s Barbados subsidiary and a share pledge of its Barbados subsidiary shares, and will contain no shorting language.

The issuance of the Convertible Security will be completed under the Exchange private placement rules. Exchange approval will be required prior to Trigon issuing any Common Shares to Lind that would cause it to become an “insider” under applicable securities laws or to hold greater than 9.99% of Trigon’s outstanding Common Shares and disinterested shareholder approval will be required prior to Trigon issuing any Common Shares to Lind that would cause it to become a “control person” under applicable securities laws or to hold greater than 19.99% of Trigon’s outstanding Common Shares.

In connection with the issuance of the Convertible Security, Trigon will issue Lind 15,925,373 Common Share purchase warrants exercisable for a term of 24 months at an exercise price of C$0.35 per Common Share.

Closing of the funding is expected to occur on or about May 3, 2022, subject to approval of the Exchange and other customary closing conditions.

Sprott Mining (Wholly Owned by Eric Sprott) Facility

Trigon has also entered into a financing commitment letter with Sprott Mining Inc. (“Sprott”) pursuant to which Sprott has agreed to provide Trigon with a US$2.5 million loan (the “Sprott Loan”). The Sprott Loan shall have a term of 180 days (the “Term”) and will accrue 1.0% interest per calendar month, payable in arrears. The Sprott Loan will be secured with a first ranking charge against Trigon’s Moroccan assets and will be subordinate to the Convertible Security on the remainder of Trigon’s assets.

Upon the end of the Term, or sooner if agreed by Sprott and Trigon, Sprott will have the right to direct or otherwise re-invest the principal amount of the Sprott Loan into a stream of silver deliveries equal to 8.25% of the silver produced from the Kombat Mine.

The proceeds of the Sprott Loan are to be used to fund the Company’s operations in Namibia. Closing of the Sprott Loan is subject to the parties entering into a credit agreement, approval of the Exchange and other customary closing conditions. The Sprott Loan is considered to be a non-arm’s length transaction given that Eric Sprott, through 2176423 Ontario Ltd., beneficially owns more than 10% of the common shares of Trigon.

About Trigon

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.

About The Lind Partners, LLC

The Lind Partners manages institutional funds that are leaders in providing growth capital to small- and mid-cap companies publicly traded in the US, Canada, Australia and the UK. Lind’s funds make direct investments ranging from US$1 to US$30 million, invest in syndicated equity offerings and selectively buy on market. Having completed more than 100 direct investments totaling over US$1 Billion in transaction value, Lind’s funds have been flexible and supportive capital partners to investee companies since 2011.
For more information, please visit http://www.thelindpartners.com .

On behalf of the Board of Directors of Trigon Metals Inc.:

Jed Richardson, Director and Chief Executive Officer

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Neither the 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.

This news release may contain forward-looking statements. These statements include statements regarding the Convertible Security, the Sprott Loan, repayment of the IXM facility, the terms, timing, potential completion and the use of proceeds of the Convertible Security and the Sprott Loan as well as statements regarding Trigon’s future business 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.

Trigon Ships First Copper Concentrates from the Kombat Mine

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PLANT COMMISSIONING PROGRESS UPDATE

Toronto, Canada – February 28, 2022 –Trigon Metals Inc. (TSX-V:TM) (“Trigon” or the “Company”) announces the first shipments of copper concentrate. The first truck load was delivered from the mine to IXM warehouses in Walvis Bay, Namibia, late last week. The truckload contained 31 dry metric tonnes of concentrate, grading 20.41% copper and 265 g/t silver. The truckload is the first of 400 tonnes of concentrate now produced and stockpiled at the Kombat Mine. The balance of the concentrate will be moved to the IXM warehouse, and booked as sold this week.

Commenting, Jed Richardson, President & CEO stated: “Congratulations to the team, as they have achieved another tremendous milestone at Kombat. Overall, we have met our numerous goals in a fast moving process. Commissioning continues on all levels and, following the initial strong performance of the mill announced in January, we have been pushing the mill towards stronger recoveries and continuous operation. The mill is now hitting its stride, we are operating at a steady state 70% capacity, producing over 35 tonnes of concentrate per day. We are working our way to a declaration of commercial production.”

IXM will make provisional payment for tonnes of copper concentrate delivered to port. Provisional payment is 90% of the projected proceeds for the metal content determined by an independent laboratory on site at the mine, with the balance of payment adjusted on final assays by IXM. On May 6, 2021 Trigon announced it had begun the purchases needed to restart the Kombat Mine (See press release, “Copper production planned for 2021 year-end), ten months hence, the mine is generating its first revenues.

IXM is a global merchandizer of base and other non-ferrous metals, with expert teams on every continent. It is among the top copper, zinc, lead concentrate, and cobalt merchants internationally and is a leading trader of refined base metals. It is already active in Namibia, with a strong track record in that region. The company is fully owned by the international mining company, CMOC group, one of the leading suppliers of copper, cobalt, molybdenum, tungsten, niobium and phosphate fertilizer products, with operations across the world.

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 copper mining 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. The 80% owned Kombat Mine in Namibia is the flagship operation where production is forecast to grow to over 30 million pounds of copper produced annually using open pit and underground mining methods. The company controls 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 growing production at Kombat through development and further exploration. In Morocco, the Company is the holder of the Silver Hill project, a highly prospective copper and silver exploration project.

For further information, contact:

Jed Richardson
+1 647 276 6002
jed.richardson@trigonmetals.com
Website: www.trigonmetals.com

Cautionary Notes

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.

This news release may contain forward-looking statements. These statements include statements regarding the shipment of concentrates, forecast production of concentrates 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.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

 

Trigon Closes Books and First Tranche of Private Placement Financing

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NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES

TORONTO, ON – February 7, 2022 – Trigon Metals Inc. (TSXV:TM) (“Trigon” or the “Company”) has closed a non-brokered first tranche (the “First Tranche”) of its previously announced non-brokered private placement financing of units (the “Offering”). The Company issued 3,312,642 units (the “Units”) at a price of $0.35 per Unit for aggregate gross proceeds of $1,159,425. The books are now closed. A second tranche of confirmed orders totaling $ 863,029.15 is expected to close this week.

Each Unit is comprised of one common share of Trigon (a “Share”) and one-half of one common share purchase warrant (each whole warrant, a “Warrant”). Each Warrant entitles the holder thereof to acquire one Share at a price of $0.50 for a period of 24 months following the date hereof, subject to an acceleration provision whereby in the event that at any time after the expiry of the statutory hold period, the Shares trade at $0.75 or higher on the TSX Venture Exchange for a period of 30 consecutive days, the Company shall have the right to accelerate the expiry date of the Warrants to the date that is 30 days after the Company issues a news release announcing that it has elected to exercise the acceleration right.

In connection with the First Tranche, the Company paid cash finder’s fees of $52,846 and issued 149,560 finder’s warrants (the “Finder Warrants”) to eligible finders. Each Finder Warrant will entitle the holder thereof to acquire one Share at a price of $0.35 for a period of 24 months following the date hereof. The First Tranche remains subject to the final approval of the TSX Venture Exchange.

All securities issued in connection with the First Tranche are subject to a statutory hold period of four-months and one-day. The Company intends to use the net proceeds from the First Tranche for the recommencement of mining at the Kombat mine and for working capital and general corporate purposes.

Update

Ramp up continues at the mine, ore delivery to the mill is steadily improving, head grades are meeting expectations and dilution appears to be minimal. The mill has transitioned from batch processing to more continuous operation, with commercial production expected to be reached in March 2022.

Options

In recognition of the tremendous work completed in the start-up of the Kombat Mine has granted 4.41 million stock options to mine site management, senior management directors and contractors.

In addition, Trigon is granting 1.65 million options to contractors. The options are exercisable at 34 cents per share. The term of the options is for a period 5 years from the date of grant. The option grants are 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. In Morocco, the Company is the holder of the Silver Hill project, a highly prospective copper and silver exploration project.

For further information, contact:

Jed Richardson
+1 647 276 6002
jed.richardson@trigonmetals.com

Website: www.trigonmetals.com

Cautionary Notes

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.

This news release may contain forward-looking statements. These statements include statements regarding the Offering, the expected timing and size of future tranches of the Offering, the expected use of proceeds of the Offering 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.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

SOURCE: Trigon Metals, Inc.

Trigon Amends Private Placement Financing

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NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES

TORONTO, Jan. 28, 2022  — Trigon Metals Inc. (TSX-V: TM) (“Trigon” or the “Company”) is amending the pricing of its previously announced non-brokered private placement financing to a price of $0.35 per unit. The offering will now consist of up to 8,571,428 units (the “Units”) for gross proceeds of up to $3,000,000 (the “Offering”).

Volatile market conditions and weakness in speculative markets have prompted the repricing of the Offering. The net proceeds of the Offering will be used to satisfy working capital needs as the Company awaits the beginning of copper concentrate sales and payment. Copper concentrate is currently being produced and stockpiled preparing for the first shipment, expected early in February.

Each Unit is comprised of one common share of Trigon (a “Share”) and one-half of one common share purchase warrant (each whole warrant, a “Warrant”).  Each Warrant will entitle the holder thereof to acquire one Share at a price of $0.50 for a period of 24 months following the date hereof, subject to an acceleration provision whereby in the event that at any time after the expiry of the statutory hold period, the Shares trade at $0.75 or higher on the TSX Venture Exchange for a period of 30 consecutive days, the Company shall have the right to accelerate the expiry date of the Warrants to the date that is 30 days after the Company issues a news release announcing that it has elected to exercise the acceleration right.

Closing of the Offering is expected to occur on or about February 4, 2022 and remains subject to a number of conditions, including receipt of all necessary regulatory approvals, including the approval of the TSX Venture Exchange. In connection with the Offering, a finder’s fee may be payable in line with the policies of the TSX Venture Exchange.

All securities issued in connection with the Offering will be subject to a statutory hold period of four-months and one-day.

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.

For further information, contact:

Jed Richardson
+1 647 276 6002
jed.richardson@trigonmetals.com

Website: www.trigonmetals.com

Trigon Metals Announces First Concentrate Production at Kombat Mine, Namibia

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TORONTO, ON, January 5, 2022 – Trigon Metals Inc. (TSXV:TM) (“Trigon” or the “Company”) is pleased to announce the first copper concentrates were produced at the Kombat Mine in Namibia on Thursday, December 30, 2021. Teams worked through the Christmas period to complete the install of filter presses and run ore through the full production process to achieve this milestone, meeting management’s forecasted goal.

The concentrate produced exceeded the expectations of management, demonstrating that the combination of new equipment from Xinhai and refurbished equipment from the historic operation are operating well. The feed material for this initial production was sub optimal lower grade ore, while grind size, residence times and reagent use are being optimized, but satisfactory copper grades were achieved approaching 20% copper and over 600 g/t silver, well ahead of expectation at this stage of start-up. Production continues, building up to first concentrate shipments toward the end of this month, January 2022. A declaration of full commercial production is forecast for March 2022, as the mine production ramps up and systems are optimized.

Jed Richardson, President and CEO of Trigon, commented, “This first production is a tremendous milestone for the Company, the Kombat community and our shareholders. Successful concentration of copper represents a major de-risking of the mine. A functioning mill is the primary technical hurdle in a mine’s operation, and that hurdle has been overcome at Kombat. I cannot overstate how proud I am of our team in reaching this goal; battling through shipping challenges, COVID-19 and working through the Christmas holidays.”

About Kombat Mine

The Kombat Copper Project is the flagship project of Trigon Metals Inc., with the Company’s mining and prospecting licence areas covering an area of more than 7,500 ha in the Otavi Mountainlands in Namibia. The Kombat Project is comprised of three mining licences, which produced approximately 12.46 million tonnes of Copper between 1962 and 2008, at a grade of 2.62%. The other two mining licences are within close proximity to Kombat at Gross Otavi and Harasib, which are believed to be highly prospective for lead and zinc. In addition, the Company also holds an interest in two exclusive prospecting licences, which represent a potential strike extension of Kombat.

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 restart of the Kombat Mine, the timing of commercial production and ramp up at 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:
Jed Richardson
+1 647 276 6002
jed.richardson@trigonmetals.com
Website: www.trigonmetals.com

 

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Trigon Metals Announces Appointment of Paul Bozoki as Chief Financial Officer

by

TORONTO, ON – December 29, 2021 – Trigon Metals Inc. (TSXV:TM) (“Trigon” or the “Company”) today announces that it has appointed Paul Bozoki as Chief Financial Officer, effective immediately.

Mr. Bozoki is a Chartered Accountant and holds an MBA from the Richard Ivey School of Business with over 25 years of accounting, tax and corporate finance experience working with development stage companies and has been involved with projects in Zimbabwe, Mali, Mozambique and the Democratic Republic of Congo. From 2007 through September 2010, he was the Chief Financial Officer of CD Capital Partners, a privately held real estate development firm focused on developing mixed use retail and office real estate in Russia, Ukraine and Romania. Mr. Bozoki is experienced in matters of international taxation and foreign capital markets and began his career at Ernst & Young LLP where he spent six years auditing clients in mining and other industries in Canada, Australia and Hungary.

Paul Bozoki is a former CFO and CEO of Kombat Copper, having served as Company President and on its Board of Directors. Mr. Bozoki brings a wealth of financial and negotiating experience to the Company, which will greatly assist as the Kombat Mine moves forward to full production within the next year.

Jed Richardson, President, CEO and Director of Trigon Metals, commented: “The Board and Management of Trigon Metals are pleased to welcome Paul as our new CFO. Paul’s track record of responsible financial management of junior companies, coupled with his extensive experience in project funding and M&A will play a key role in our continued progress toward becoming a full-scale copper producer and explorer in mine-friendly African jurisdictions.”

Mr. Bozoki replaces Ms. Deborah Battiston, the former Chief Financial Officer of the Company. The management and board of directors of the Company would like to thank Ms. Battiston for her past service and her continued support of the Company.

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.

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:
Jed Richardson
+1 647 276 0002
jed.richardson@trigonmetals.com
Website: www.trigonmetals.com

Cautionary Notes

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.

This news release may contain forward-looking statements. These statements include statements regarding the appointment of a new CFO 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.