Trigon Closes Second Tranche Pursuant to Silver Streaming Deal
Trigon Closes Second Tranche Pursuant to Silver Streaming Deal
TORONTO--(BUSINESS WIRE)--December 7, 2022--Trigon Metals Inc. (TSX-V: TM)
(“Trigon” or the “Company”) is pleased to announce that it has received the remaining
US$21,800,000 pursuant to the terms of the definitive agreement (the “Stream Agreement”) with
Sprott Private Resource Streaming and Royalty (B) Corp. and Sprott Mining Inc. (the
“Transaction”). Please see the Company’s press release dated October 24, 2022 for further
details regarding the Stream Agreement and the Transaction.
The proceeds from the Transaction will primarily be used to expand the plant capacity at the
Kombat Mine located in Grootfontein, Otjozondjupa Region of Namibia to 60,000 tonnes per
month and complete ongoing works to dewater the mine, develop the Asis West underground
mine, and for general corporate and working capital purposes.
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
Except for statements of historical fact, certain information contained herein constitutes
forward-looking statements under Canadian securities legislation. Forward-looking statements
are often, but not always, identified by the use of words such as “seek”, “anticipate”, “plan”,
“budget”, “forecast”, “schedule”, “continue”, “estimate”, ”expect”, “project”, “predict”,
“potential”, “target”, “intend”, “believe” or variations of such words and phrases or
statements that certain actions, events or results “may”, “could”, “would”, “should”, “might”
or “will be taken”, “occur” or “be achieved”. Such statements and assumptions include those
relating to expected benefits of the Transaction; use of proceeds; timing of the issuance of the
Pre-Paid Interest Shares; expectations with respect to the second tranche of the advance under
the Stream Agreement; expected expansion of the Kombat mine and the benefits thereof;
expected plant capacity; expectations with respect to funding the Company’s capital needs;
expectations with respect to accelerating the feasibility study and development work;
expectations with respect to the performance of our copper mine; silver prices expectations;
exploration potential; strategy; development potential and timetable for the Company’s
properties; the timing, success and amount of future exploration and development.
Forward-looking statements are based on the opinions and estimates of management and certain
qualified persons as of the date such statements are made. Estimates regarding the anticipated
timing, amount and cost of future exploration at the Company’s projects are based on
management expectations considering previous industry experience, exploration done to date
and recommended programs, historic expenditures incurred and other factors that are set out in
the technical reports referred to. By their nature, forward-looking statements are subject to
numerous known and unknown risks and uncertainties that could significantly affect anticipated
results or the level of activity, performance or achievement in the future and, accordingly, actual
results may differ materially from those expressed or implied by such forward-looking
statements. The Company is exposed to numerous operational, technical, financial and
regulatory risks and uncertainties, many of which are beyond its control, that may significantly
affect anticipated future results, including but not limited to, risks related to: there being no
certainty that the Company will meet all conditions required for the receipt of the second tranche
of the advance under the Stream Agreement; risks of recession; risks relating to COVID 19 and
other potential pandemics; general geopolitical uncertainties affecting the economy and
commodity prices; uncertainties inherent to economic studies, which rely on various
assumptions; unexpected events and delays during construction and start-up; variations in
mineral grade and recovery rates; uncertainties inherent in estimating Mineral Resources and
Mineral Reserves; lack of revenues; revocation of government approvals; corruption and
uncertainty with court systems and the rule of law and other foreign country risks inherent to the
jurisdictions where the Company operates; availability of external financing on acceptable
terms; exchange rates; ability to finalize required agreements for operations; actual results of
current exploration activities; changes in project parameters as plans continue to be refined;
future mineral prices; failure of equipment or processes to operate as anticipated; accidents,
labour or community disputes; other risk factors, including without limitation the risk factors
described in our other continuous disclosure documents filed on SEDAR. Although management
has attempted to identify important factors that could cause actual results to differ materially
from those contained in forward-looking statements, there may be other factors that cause
results not to be as anticipated, estimated or intended. There can be no assurance that such
statements will prove to be accurate, and actual results and future events could differ materially
from those anticipated in such statements. Readers are cautioned that the assumptions used in
the preparation of such information, although considered reasonable at the time of preparation,
may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking
statements. The Company does not undertake any obligation to update publicly or to revise any
of the included forward-looking statements, whether as a result of new information, future events
or otherwise, except as may be required by applicable securities laws.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is
defined in the policies of the TSX Venture Exchange) accept responsibility for the
adequacy or accuracy of this release.
Contacts
For further information:
Jed Richardson
+1 647 276 6002
Website: www.trigonmetals.com