Trigon Metals Reports Q4 2024 Financial Results, Operating Costs Fall to $3.35/lb Copper Produced at Kombat Mine, Namibia
Trigon Metals Reports Q4 2024 Financial Results, Operating Costs Fall to
$3.35/lb Copper Produced at Kombat Mine, Namibia
TORONTO--(BUSINESS WIRE)--July 30, 2024--Trigon Metals Inc. (TSX-V: TM; OTCQB:
PNTZF) (“Trigon” or the “Company”) Trigon is pleased to report as of July 29, 2024, the
Company has filed its financial statements for the year ended March 31, 2024 and details below
the operational milestones for the quarter ending March 31, 2024.
Trigon reports a profit from continuing operations of USD $13,439,695 for the three months
ended March 31, 2024 and a net loss of $1,474,523 for the twelve months ending March 31,
2024. Results were heavily skewed by the positive revaluation of the liability associated with the
Sprott Streaming agreement, to align with the Company’s NI 43-101 SRK Feasibility Study (the
Feasibility Study can be found under the Company’s profile at www.sedarplus.ca and on the
Company’s website). However, improvements at the operational level where the beginnings of
the impact of underground production had a dramatic impact on operating costs. The company
reported C1 cash costs of $3.35/lb on 1,255,652 lbs of copper production in the quarter, a marked
improvement over $3.96/lb reported in Q3 2024 (see filing dated February 27, 2024). The
operating results were positively impacted by weakness in the Namibian dollar compared to the
US dollar, the Company’s reporting currency, and higher ore tonnage with the contribution of the
pre-commercial underground ore tonnes.
In the quarter, 85,365 tonnes of ore was mined from the open pit at 0.98% copper grade and
12,160 tonnes from the underground at 2.36% copper, totalling 97,525 of ore grading 1.15 %,
besting the 90,000 tonnes of ore planned to be mined.
Commenting, Jed Richardson, CEO & Executive Chairman, “Fiscal 2024 was a momentous year
for the Company, starting open pit mining, commissioning the mill and starting the underground
mining operations at the tail end of the year. In a few short weeks, we will be reporting Q1 2025,
completed June 30, 2024, we anticipate continuing our progress in demonstrating the
profitability of the Kombat Mine and building Trigon Metals into a mid-tier copper mining
company.”
Qualified Person
The scientific and technical information in this release has been reviewed and approved by Dr.
Andreas Rompel, Pr.Sci.Nat. (400274/04), FSAIMM, the Company’s “qualified person” as
defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects.
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.
Non-IFRS Measures
C1 cost measure includes the cost of mining, milling, Namibian site level general and
administrative expenses, and royalties but excludes capital costs, exploration costs, and corporate
overheads. This measure primarily focuses on the direct costs of producing our copper
concentrate product on a 100% payability basis. The C1 cost metric does not include costs like
capital costs, exploration costs, corporate overheads, or any other costs not directly related to
production. Management thus believes C1 is a measure that best reflects the efficiency and
effectiveness of our Namibian mining operations. Please refer to our MD&A for the year-ended
March 31, 2024 for a reconciliation of C1 costs.
Cautionary Notes
This news release may contain forward-looking statements. These statements include statements
regarding the Company’s mining operations, the Company’s financial results, the timing of
mining activities, the economic viability of the Kombat Mine, financial currency exchange, 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 Investor Relations:
+1 647 276 6002
Website: www.trigonmetals.com