Trigon Metals Inc Stock Price, News & Analysis

Trigon Metals (TSX-V: TM, OTCQB: PNTZF) has provided an update on the previously announced sale of its Kombat Mine interest in Namibia to Horizon While the March 31, 2025 target for finalizing the binding share purchase agreement wasn't met, both parties remain committed to completing the transaction.

The key terms include:

• A USD$4,000,000 loan from Horizon to Trigon (in tranches) with an additional USD$2,000,000 loan option
• Purchase price of USD$24,000,000 for Trigon's Kombat Mine shares, payable in eight quarterly installments
• Trigon retains a 1% net revenue royalty for two consecutive calendar months
• Additional 1% royalty payable for 20 months on net copper revenue under specific conditions

The transaction completion remains subject to regulatory approvals, including TSX Venture Exchange approval, shareholder approval, and other customary closing conditions.

Trigon Metals (TSX-V: TM, OTCQB: PNTZF) has successfully completed the second and final tranche of its non-brokered private placement financing. The company issued 5,603,400 common shares at $0.25 per share, raising gross proceeds of $1,400,850 in this tranche.

Combined with the first tranche, Trigon has now issued a total of 9,993,400 shares, generating aggregate gross proceeds of $2,498,350. The company paid $5,640 in cash finder's fees and issued 22,560 finder's warrants, exercisable at $0.25 for 24 months.

Trigon, which operates in Namibia and Morocco, plans to use the net proceeds for working capital and general corporate purposes. In Namibia, the company holds an 80% interest in five mining licenses in the Otavi Mountainlands, focusing on exploration and re-development of the former Kombat Mine.

Trigon Metals (TSX-V: TM, OTCQB: PNTZF) reported Q3 2024 operational and financial results, with 2.19 million pounds of copper sold at a C1 cash cost of $3.21/lb and a realized price of $2.93/lb. The company also produced 32,949 ounces of silver.

The quarter resulted in a net loss of $14.24 million ($0.34 per share), primarily due to impairment charges related to surface mining suspension and subsequent flooding. Adjusted EBITDA was negative $968,447.

The company is advancing a $24M sale of Kombat Mine to Horizon , with revised terms including: $4M in staged loans, $500K private placement investment, and potential follow-on payments of $5.5M to $15M tied to copper prices and mine expansion. Mining operations were temporarily suspended in January 2025 for 6-9 months due to dewatering pump failures.

Trigon Metals (TSX-V: TM, OTCQB: PNTZF) has completed the first tranche of its non-brokered private placement, raising $1,097,500 through the issuance of 4,390,000 common shares at $0.25 per share. Due to strong investor demand, the company is increasing the total offering size from $1.7 million to $2,533,100, with a second tranche of $1,435,600 expected to close by February 28, 2025.

The company paid $51,200 in finder's fees and issued 15,000 finder's warrants, exercisable at $0.25 for 24 months. The proceeds will be used for working capital and general corporate purposes. Trigon operates copper and silver projects in Namibia and Morocco, including an 80% interest in five mining licenses in Namibia's Otavi Mountainlands, focusing on the Kombat Mine redevelopment.

Trigon Metals has revised the terms for selling its 80% stake in the Kombat Mine to Horizon The updated agreement reduces the loan amount from USD$5M to USD$4M and purchase consideration from USD$30M to USD$24M, payable in eight quarterly installments. Horizon will invest USD$500,000 in Trigon's private placement and provides an additional USD$2M loan option.

The deal includes follow-on payments linked to copper prices and mill expansion, potentially reaching up to USD$15M based on LME copper prices and production milestones. Trigon also announced a private placement of up to 6.8M shares at $0.25 per share to raise $1.7M for working capital.

The transaction requires shareholder approval and regulatory clearance, with closing expected around February 2025. The revised structure aims to enhance Trigon's financial flexibility while maintaining exposure to Kombat Mine's future potential.

Trigon Metals (TSX-V: TM; OTCQB: PNTZF) has announced a temporary suspension of operations at its Kombat Mine in Namibia due to the failure of both main submersible dewatering pumps. The suspension is expected to last 6-9 months, with operations projected to resume in Q3 2025.

The breakdown has resulted in water levels returning to 60 metres below service at Shaft 1 and 120 metres at Shaft 3, necessitating a pause in mining operations. Both pumps have been sent to a third-party engineering firm for analysis. As a consequence, the company will implement a temporary workforce reduction, offering severance packages, extended healthcare benefits, and job placement assistance to affected employees.

The company plans to use this period to implement comprehensive repairs and upgrades to ensure long-term operational resilience. Management remains optimistic about rehiring workers once operations resume.

Trigon Metals (TSX-V: TM, OTCQB: PNTZF) has announced significant drilling results from its Kombat mine in Namibia, revealing high-grade copper and silver intersections across multiple levels. Notable findings include 8 metres at 10.44% Cu and 35.34 g/t Ag at Level 1, and 3 metres at 6.81% Cu and 87.83 g/t Ag at Level 3.

The drilling program targeted orebodies adjacent to historic workings and near existing underground development at Shaft 1, with holes drilled at levels 1, 3, and 4. The results have extended known mineralization and mineable tonnes in the upper levels. The company also issued a correction regarding previous disclosure about the planned sale of its interest in the Kombat Mine to Horizon , clarifying that Trigon holds an 80% interest in five mining licenses in the Otavi Mountainlands.

Trigon Metals (TSX-V: TM, OTCQB:PNTZF) has secured a position in the €5 million EU-funded UNDERCOVER research project for its Kalahari Copper Project. The three-year program, starting January 1, 2025, aims to enhance deep mineral exploration technologies for critical raw materials.

The Kalahari Copper Project, a joint venture with Ongwe Minerals, spans 765,000 hectares in Namibia's Kalahari Copper Belt. Notable drilling results adjacent to the project's eastern border showed 83m at 0.7% Cu and 17g/t Ag.

Additionally, Trigon is advancing the sale of its Kombat Mine to Horizon , with initial capital already provided under their loan agreement. The company is also working with insurance adjustors regarding a business interruption and mechanical claim from January 16, 2025.

Trigon Metals (TSX-V: TM; OTCQB: PNTZF) has suspended underground mining operations at its Kombat mine in Namibia following the failure of both main dewatering pumps on January 16, 2025. The pump failure is expected to result in underground mine flooding over the coming days.

The company has evacuated all personnel from affected underground areas and is removing underground equipment. Despite this setback, the previously announced transaction with Horizon is expected to proceed, as Horizon has confirmed its commitment to complete the purchase of Trigon's interest in the Kombat mine.

Both companies are working together with Trigon's partners and stakeholders to determine the path forward. The company maintains operations in Namibia, where it holds a 100% interest in the Kalahari Copperbelt Project and an 80% interest in five mining licenses in the Otavi Mountainlands, as well as copper and silver exploration projects in Morocco.