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 Inc. (TSX-V: TM; OTCQB: PNTZF) has reported its financial results for Q4 2024 and the fiscal year ended March 31, 2024. Key highlights include:
- Profit from continuing operations of USD $13,439,695 for Q4 2024
- Net loss of $1,474,523 for the full fiscal year
- C1 cash costs reduced to $3.35/lb on 1,255,652 lbs of copper production in Q4
- Total ore mined: 97,525 tonnes grading 1.15% copper
- Open pit mining: 85,365 tonnes at 0.98% copper
- Underground mining: 12,160 tonnes at 2.36% copper
The company's results were positively impacted by the weakness in the Namibian dollar and higher ore tonnage from pre-commercial underground operations.
Trigon Metals Inc. (TSX-V: TM; OTCQB: PNTZF) has successfully replaced the failed dewatering pump at its Kombat mine in Namibia. The new pump body was installed on July 26, 2024, and began pumping water on July 27, 2024. As of July 29, the mine has been dewatered 25 meters from the shaft collar, down from 227 meters on July 18. The pump is currently dewatering at 2860 cubic meters per hour.
The company has implemented modifications to prevent future pump failures. Mining and processing have continued normally from underground operations above 120 meters. Trigon remains focused on production from the Asis West underground complex and maintains its previous guidance. The company also announced that Aidan Sullivan, VP of Investor Relations, will be stepping down effective August 1, 2024.
Trigon Metals Inc. (TSX-V: TM, OTCQB: PNTZF) has announced the appointment of Tom Panoulias as Vice President, Corporate Development, effective August 1, 2024. Panoulias brings over 15 years of experience in capital markets and mining, having raised over $1 billion for mining issuers and advised on numerous M&A transactions. His previous roles include positions at Echelon Wealth Partners, Fraser Mackenzie Merchant Capital, Dundee Capital Markets, Kinross Gold , and TVX Gold Inc.
Jed Richardson, Executive Chairman, expressed enthusiasm about Panoulias joining the team, highlighting his expertise in capital markets and investor relations. Trigon Metals, with operations in Namibia and Morocco, focuses on copper and silver holdings in African jurisdictions. The company holds an 80% interest in five mining licences in Namibia's Otavi Mountainlands and the Silver Hill project in Morocco.
Trigon Metals announced the achievement of commercial production from its underground operations at the Kombat Mine in Namibia as of April 30, 2024. This marks a significant milestone for Trigon, which aims to become a leading mid-tier copper producer. The milestone was reached by operating at 70% production capacity for 30 consecutive days. Trigon's underground production began ahead of schedule, with the first blast occurring on February 5, 2024. The company reported increased metal output due to higher-grade ore from underground, resulting in improved profitability and lower operating costs. The Kombat Mine, historically an underground mine, produced 774,696 lbs of copper in April 2024. Plans are underway to expand ore processing capacity to 60,000 tonnes per month. The company also granted 10,695,000 stock options to directors, officers, and consultants.
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