Safi Silver Corp. (PNTZF) reports developments for a Canadian exploration and development company focused on copper and silver holdings in African jurisdictions. Recent updates center on the company’s transition from Trigon Metals to Safi Silver, including the short-form amalgamation with its Safi Silver subsidiary, the TSX Venture ticker change to SF, and an unchanged OTC Pink symbol.
Company news also covers the Moroccan exploration portfolio, including the Addana silver-bearing polymetallic vein project and the Silver Hill sedimentary copper prospect, along with the Kalahari Copperbelt Project in Namibia. Other recurring disclosures include shareholder meeting results, equity incentive plans, ownership changes, and funding tied to the completed divestiture of Kombat Mine interests.
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.
Trigon Metals has signed a binding loan agreement with Horizon for up to USD$5 million, granting Horizon exclusivity rights to negotiate the purchase of Trigon's interest in the Kombat Mine in Namibia. The proposed transaction values the mine at USD$30 million (C$0.97/share), with potential follow-up payments of USD$10-20 million based on production milestones.
The loan will be issued in three tranches: USD$500,000 within 7 working days, USD$2 million after security agreements, and USD$2.5 million within 45 days of the second tranche. The loan carries a 15% annual interest rate with a 6-month grace period. The transaction includes a 1% net revenue royalty on copper production and requires shareholder and regulatory approvals.
Trigon Metals reports Q2 2024 operational results with copper production of 2,137,159 pounds at C1 cash costs of $3.46/lb and silver production of 33,852 ounces. The company achieved a milestone by mining 980 tonnes of ore per day from underground operations, exceeding the required 900 tonnes target 13 months ahead of schedule. However, financial performance was impacted by operational challenges, resulting in negative Adjusted EBITDA of $1.4 million. The company has revised down its 2025 copper production guidance to 8,315,000-9,250,000 pounds from the previous 12,125,000-13,448,000 pounds.
Trigon Metals (TSXV: TM) (OTCQB: PNTZF) has announced its participation in the upcoming 121 Mining Investment Conference in Dubai, scheduled for November 19-20, 2024. CEO and Executive Chairman Jed Richardson will present the company's recent activities and future plans. The conference will feature over 40 mining companies and more than 150 sophisticated investors engaging in pre-arranged one-on-one meetings. The event will include expert commentary and market intelligence on industry developments. Investors interested in attending can register for a free pass through the provided link.
Trigon Metals announces the resignation of Dr. David Shaw from its Board of Directors, effective immediately. Shaw served on the board since 2019. The company has granted 125,000 stock options to an officer at an exercise price of $0.82 per option, valid for five years, subject to TSX Venture Exchange approval. Additionally, Trigon has amended its share exchange agreement with PNT Financeco Corp. and CMI, allowing unissued common shares to be issued immediately prior to any Change in Control transaction.
Trigon Metals Inc. (TSX-V: TM, OTCQB: PNTZF) has announced significant results from recent underground drilling at Shaft 1, levels 3 and 5, of the Kombat mine in Namibia. The drilling has expanded known mineralization zones and increased grades near existing development, allowing for potential near-term mining as the company focuses on underground operations.
Key highlights include:
- Level 3 (105m depth): 5m at 11.21% Cu and 117.89 g/t Ag
- Level 5 (120m depth): 4m at 2.83% Cu and 49.75 g/t Ag
The results have extended mineralization by 8-16m on Level 3 and 80-84m on Level 5 from previous historical intercepts. CEO Jed Richardson noted that these findings demonstrate significant unrealized value in the mine, while VP Exploration Dr. Andreas Rompel expressed confidence in increasing grades with depth.
Trigon Metals (TSX-V: TM; OTCQB: PNTZF) has achieved a key milestone at its Kombat mine in Namibia, mining an average of 980 tonnes of ore per day from underground operations over a 30-day period. This surpasses the 900 tonnes per day requirement set by Sprott Private Resource Streaming and Royalty, 13 months ahead of schedule.
The company will pause open pit operations at the end of September 2024, focusing on higher-grade underground ore. This decision is based on the successful recommissioning of the underground mine, the significant grade differential, and the current milling capacity constraint of 1,000 tonnes per day.
Trigon's CEO, Jed Richardson, stated that this achievement de-risks the Sprott streaming agreement and demonstrates the company's ability to meet and exceed feasibility study targets.
Trigon Metals Inc. (TSX-V: TM, OTCQB: PNTZF) has announced positive drilling results from a new zone near Shaft #3 of the Kombat mine in Namibia. The drilling program, which includes approximately 3,500 meters planned by year-end, has yielded several high-grade copper intersections outside the current proven and probable reserves. Notable results include 3.32% Cu over 7 meters and 2.65% Cu over 3 meters.
CEO Jed Richardson emphasized the importance of expanding reserves at Shaft #3 to increase extraction capacity beyond the current 1,000 tpd limit. The company plans to increase plant throughput to 2,000 tpd next year. Trigon will calculate volumes and tonnes based on drilling intersections and continue drilling to upgrade the mineral resource estimate category. The variability in grades suggests heterogeneous mineralization, which requires further understanding for accurate resource estimation and extraction planning.
Trigon Metals (OTCQB: PNTZF) reported its Q1 2024 financial results, highlighting significant milestones. Kombat mine achieved first full-quarter production, generating 2.3 million pounds of copper at $3.23/lb C1 cash costs. The mine also produced 33,399 ounces of silver. The company reported a positive adjusted EBITDA of $1.8 million and a net loss of $2.1 million ($0.05/share), down from a $2.95 million loss in the same period last year. Additionally, Trigon reaffirmed its 2025 fiscal guidance for production and costs. The exploration budget is set at $2.5 million to $3.5 million. The company secured a $2.5 million advance from IXM for Kombat mine's working capital needs, repayable from October 2024 through September 2025.