Latest news with #KombatMine
National Post
31-07-2025
- Business
- National Post
Trigon Metals Announces Horizon to Advance US$2 Million Payment and Provides Exploration Update
Article content Article content TORONTO — Trigon Metals Inc. (TSX-V: TM; OTCPK: PNZTF; FRA:TZU2) ('Trigon' or the 'Company') is pleased to announce that it has received the initial portion (US$1M) of the US$2M advance from Horizon Corporation Ltd. ('Horizon') ahead of August 4 th deadline and has notified the Company of its intention to advance the balance on or before August 4, 2025. Article content The accelerated payment follows the successful Trigon shareholder vote on July 4, 2025, and demonstrates Horizon's commitment to closing the transaction in a timely manner. Please see Trigon's press release dated May 29, 2025 for further details regarding the sale of Trigon's interest in the Kombat Mine to Horizon. Article content Strategic Shift to Exploration – Addana Drill Program Planned Article content With the Company's transition away from production at the Kombat Mine, Trigon is sharpening its focus on its exploration assets, particularly in Morocco. A drill program is planned at the Addana Project, located in the established mining region of Morocco. The program will target high-priority mineralized zones beneath existing underground workings and is designed to confirm and expand on known copper mineralization. Article content Initial drilling is budgeted at approximately US$350,000, and preparations are underway to mobilize field crews in the coming weeks. This marks the first phase of an exploration-driven strategy aimed at unlocking value from the Company's high-potential copper and silver assets. Article content Jed Richardson, CEO and Executive Chairman of Trigon Metals, commented, ' We are pleased to see Horizon moving proactively to advance the first payment ahead of schedule. This show of confidence in the transaction provides us with the immediate financial flexibility to begin work at Addana. As we shift our focus toward exploration, we're excited about the prospects in Morocco and look forward to delivering results that support long-term value creation for our shareholders. ' Article content Qualified Person Article content The scientific and technical information in this release has been reviewed and approved by Dr. Andreas Rompel, (400274/04), FSAIMM, the Company's 'qualified person' as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects. Article content About Trigon Metals Inc. Article content Trigon Metals Inc. is a publicly trading Canadian exploration and development company with a its core focus on copper and silver holdings in mining-friendly African jurisdictions. The Company holds the Kalahari Copperbelt Project in Namibia. In Morocco, the company is advancing two exploration projects; Addana, which hosts silver-bearing veins along with other metals, and Silver Hill, a sedimentary copper prospect that has already undergone drilling. Article content Cautionary Notes Article content This news release may contain forward-looking statements. These statements include statements regarding Horizon and the proposed sale of the Kombat Mine, the schedule of payments, the Company's strategies and the Company's abilities to execute such strategies, the Company's expectations for the Addana Project, the prospectivity and mineralization at the Addana Project, the Company's exploration plan 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. Article content Article content Article content Article content Article content
National Post
30-07-2025
- Business
- National Post
Trigon Metals Reports Fourth Quarter Operational and Financial Results
Article content Article content TORONTO — Trigon Metals Inc. (TSX-V: TM, OTCPK: PNTZF, FRA: TZU2) ('Trigon' or the 'Company') announces it has filed its financial statements for the year ended March 31, 2025 and details below the operational results for the quarter ending March 31, 2025. All amounts are expressed in U.S. dollars, unless otherwise stated. Article content Highlights Article content Copper Production of 310,190 pounds and silver production of 6,878 ounces in Q4 at the Kombat Mine, following operational suspension in January 2025. Net Income: $18.1 million for the quarter, or ($0.38) per share, largely due to reversal of impairments and stream restructuring gains. Adjusted EBITDA (1) was ($906,952), reflecting reduced output and continued care and maintenance of the Kombat Mine. Following the pause of mining operations announced on January 16, 2025, the Company has withdrawn all production, capex and exploration guidance. The Trigon management team is focused on completing the sale of its interests in the Kombat mine to Horizon, as set out below. Mining operations were suspended, with the majority of the onsite employees retrenched. Article content During the quarter ended March 31, 2025, Trigon produced 310,190 pounds of copper and 6,878 ounces of silver prior to halting operations at the Kombat mine due to flooding in January 2025. C1 cash cost was $7.50 per pound. The high cash cost per pound metric was due to the low copper production combined with low copper plant recovery. Revenue totaled $1.92 million, while adjusted EBITDA (1) was ($906,952). Net income was $18.1 million due to the reversal of prior impairments. Article content OP = Open Pit UG = Underground Article content (1)EBITDA, net income (loss) attributable to owners of the Company, income (loss) per share attributable to owners of the Company, net (cash), working capital, C1 cash cost, copper production are non-IFRS measures. These measures do not have a standardized meaning prescribed by IFRS and might not be comparable to similar financial measures disclosed by other issuers. Please refer to the Company's discussion of Non-IFRS measures in its Management Discussion and Analysis for the three months ended June 30, 2024. Jed Richardson, CEO and Executive Chairman of Trigon, commented, ' This quarter was shaped by both significant operational challenges and transformative corporate developments. While the flooding at Kombat required us to place operations on care and maintenance, the signing of the definitive agreement to sell Trigon's interest in the mine saved the Company. It strengthens our financial position and allows us to focus our energy and capital on high-potential exploration projects in Morocco and Namibia. We thank our team for navigating this period with resilience and remain optimistic about Trigon's next chapter.' Sale of Trigon's Interest in the Kombat Mine On May 27, 2025, the Company signed a definitive agreement to sell its interest in the Kombat Mine to Kamino Mineral Ltd., an affiliate of Horizon Corporation (the 'Transaction'). The $24 million sale, payable over eight quarterly instalments, includes additional contingent payments tied to copper prices and mill expansion milestones. The Transaction is expected to provide Trigon with near-term liquidity and exposure to future upside at Kombat while redirecting strategic focus to its exploration assets. Article content Private Placement Article content In Q4, Trigon completed a non-brokered private placement in two tranches, raising gross proceeds of $2.53 million. Proceeds were used to fund corporate expenses and maintain the Kombat site during care and maintenance. Article content Strategic Shift to Focus on Exploration Article content Trigon is progressing its exploration campaigns at the Silver Hill and Addana projects in Morocco. The Company's technical team continues to evaluate extensive polymetallic vein systems with potential for near-surface, high-grade mineralization. Article content Work continues at the Kalahari Copperbelt Project in Namibia, where Trigon holds an option to earn up to 70% of a highly prospective land package along strike from producing deposits. A total of $303,742 has been spent toward a $1 million exploration commitment. Article content Qualified Person Article content The technical information presented in this press release has been reviewed and approved for disclosure by Fanie Müller, VP Operations of Trigon, who is a Qualified Person as defined by NI 43-101. Article content Non IFRS Measures Article content The Company has included certain non-IFRS performance measures, namely working capital, C1 costs, EBITDA and Adjusted EBITDA throughout this document. In the mining industry, these are common non-IFRS performance measures but do not have a standardized meaning. As a result, these measures may not be comparable to similar measures presented by other companies. The Company believes that, in addition to conventional measures prepared in accordance with IFRS, we and certain investors use this information to evaluate the Company's performance and ability to generate cash, profits and meet financial commitments. Non-IFRS measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. As a result, these measures may not be comparable to similar measures presented by other companies. Article content Further details of the financial results, the Q4 and year end financial statement and management discussion and analysis ('MD&A') are available under the Company's profile on SEDAR+ at Article content Trigon Metals Inc. Article content Trigon Metals Inc. is a publicly trading Canadian exploration and development company with a its core focus on copper and silver holdings in mining-friendly African jurisdictions. The Company holds the Kalahari Copperbelt Project in Namibia. In Morocco, the company is advancing two exploration projects; Addana, which hosts silver-bearing veins along with other metals, and Silver Hill, a sedimentary copper prospect that has already undergone drilling. Article content Cautionary Notes Article content This news release may contain forward-looking statements. These statements include statements regarding the Company's mining operations, the financial results of the Company, the timing and results of mining activities, the Company's strategies and the Company's abilities to execute such strategies, the Company's expectations for the Kombat mine, the restarting of the Kombat mine, the economic viability of the Kombat mine, the Company's ability to obtain financing, the Transaction, the Company's ability to complete the Transaction, the Company's ability to expand or replace mineral resources and reserves, the projected costs and production at the Kombat mine, planned capital expenditures, the prices of copper and silver, foreign currency exchange rates, 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. Article content Article content Article content
National Post
23-07-2025
- Business
- National Post
Trigon Metals Announces Advance of Additional Loan Tranches Under Horizon Agreement
Article content Article content TORONTO — Trigon Metals Inc. (TSXV: TM; OTC: PNTZF) ('Trigon' or the 'Company') announces that it has entered into an amendment (the 'Annexure') to the existing loan agreement (the 'Loan Agreement') with Horizon Corporation Limited ('Horizon' or the 'Lender'), originally dated December 12, 2024, and as amended on February 11, 2025. Article content The Annexure provides for the advance of additional loan tranches of up to USD$7.2 million (the 'Additional Tranches') to support ongoing operations at the Kombat Mine in Namibia. These advances are expected to occur monthly in tranches of approximately USD$255,000 per month, beginning no later than July 31, 2025, and will continue until the closing of the proposed sale by Trigon of its interest in the Kombat mine to Horizon (the 'Transaction') (please see the Company's press release dated May 29, 2025 for further details regarding the Transaction). Article content The Additional Tranches are on the same terms as the US$4,000,000 loan previously advanced by Horizon under the existing Loan Agreement (please see the Company's press release dated May 29, 2025 for further details regarding the Loan Agreement). All obligations related to the Additional Tranches will be acquired by Horizon in connection with the closing of the Transaction, releasing Trigon from the debt. Article content 'This loan amendment ensures continuity of funding at the Kombat Mine during the transition period with Horizon. The additional support allows the team in Namibia to maintain operational momentum and support our workforce while we work towards closing the transaction.' Article content All other terms of the Loan Agreement remain unchanged. Article content About Trigon Metals Inc. Article content Trigon Metals Inc. is a publicly trading Canadian exploration and development company with a its core focus on copper and silver holdings in mining-friendly African jurisdictions. The Company holds the Kalahari Copperbelt Project in Namibia. In Morocco, the company is advancing two exploration projects; Addana, which hosts silver-bearing veins along with other metals, and Silver Hill, a sedimentary copper prospect that has already undergone drilling. Article content Cautionary Notes Article content This news release may contain forward-looking statements. These statements include statements regarding the Loan Agreement, the Annexure, the operations at the Kombat Mine, the Transaction, the Company's ability to close the Transaction and the timing thereof, the Company's expectations with respect to the advancement of funds and use of proceeds, the timing and completion of the proposed transaction, the Company's strategies and the Company's abilities to execute such strategies, the Company's expectations for the Kombat Mine, and the Company's future plans and objectives. These statements are based on current expectations and assumptions that are subject to risks and uncertainties. We do not assume any obligation to update any forward-looking statements, except as required by applicable laws. Article content Article content Article content Article content Article content
Yahoo
05-04-2025
- Business
- Yahoo
Trigon Metals advances Kombat Mine interest sale to Horizon
Trigon Metals is progressing towards the previously announced sale of its 80% ownership interest in the Kombat Mine in Namibia to Horizon Corporation. In February 2025, Trigon Metals amended the agreement with Horizon, adjusting the financial structure of the proposed transaction. The principal loan amount was reduced from $5m to $4m, with Horizon investing $500,000 in Trigon's private placement offering. Despite missing the initial target date for a binding share purchase agreement, the companies are finalising the transaction terms, with Trigon expecting successful completion. The sale terms include a $4m structured loan from Horizon to Trigon, with a $2m additional loan option. Trigon's shares in the Kombat Mine are priced at $24m, payable in eight quarterly instalments, while Trigon retains a 1% net revenue royalty under specific conditions. The revised terms provide Trigon with enhanced financial flexibility and continued exposure to the Kombat Mine's potential. The agreement allows Trigon to secure near-term capital while minimising shareholder dilution and enables Horizon to spearhead the mine's development. Furthermore, this strategic move allows Trigon to focus on other core projects such as the Kalahari Copper Project and the Safi Silver spinout. Trigon Metals CEO and executive chairman Jed Richardson said: 'We are pleased with the progress we have made toward closing the sale of Trigon's interest in the Kombat Mine to Horizon. While we would have preferred a faster pace, we are working through the necessary steps to ensure a successful and seamless transition. 'Both Trigon and Horizon remain fully engaged in finalising the transaction, and we look forward to delivering a positive outcome for our shareholders.' Completion of the transaction is subject to regulatory approvals including TSX Venture Exchange approval, Trigon shareholder approval, third-party consents and other customary closing conditions. In January 2025, Trigon Metals suspended operations at the Kombat Mine for six to nine months to address unexpected failures of its main dewatering pumps. "Trigon Metals advances Kombat Mine interest sale to Horizon" was originally created and published by Mining Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Yahoo
11-02-2025
- Business
- Yahoo
Trigon Metals Announces Revised Terms for Sale of its Interest in the Kombat Mine and Private Placement
TORONTO, February 11, 2025--(BUSINESS WIRE)--Trigon Metals Inc. (TSX-V: TM, OTCQB: PNTZF) ("Trigon" or the "Company") announces that it has entered into an amended agreement (the "Agreement") with Horizon Corporation Limited ("Horizon") regarding the sale of its 80% ownership interest in the Kombat Mine in Namibia (the "Proposed Transaction"). The revised terms reflect a mutually agreed-upon adjustment to the financial structure of the Proposed Transaction while maintaining the strategic benefits for Trigon shareholders. Key Amendments to the Proposed Transaction: The principal amount of the loan from Horizon to Trigon has been reduced from USD$5,000,000 to USD$4,000,000, with structured advances over five tranches. Horizon will invest USD$500,000 in Trigon's private placement offering. An additional loan option of USD$2,000,000 has been introduced, providing flexibility for further financing prior to Trigon obtaining shareholder approval for the Proposed Transaction. The purchase consideration for Kombat Mine has been revised from USD$30,000,000 to USD$24,000,000, payable in eight equal quarterly instalments. Payments after the first instalment will be contingent on the parties having secured third-party debt financing of at least USD$10,000,000 for the Kombat Mine's development. If this third-party debt financing is not approved with 18 months of approval of the Proposed Transaction, then Horizon can elect to commence with the instalments, or to return 90% of the shares it holds in the Kombat Mine, with all capital it has contributed being converted to debt repayable by Trigon. Adjustments to payment terms related to outstanding liabilities to IXM S.A. and Sprott Private Resource Streaming and Royalty (B) Corp. ("Sprott") have been incorporated. A follow-on payment structure has been introduced, linking additional payments to the London Metal Exchange (LME) copper price and future mill expansion at Kombat Mine. Follow up payments related to the start-up of the Asis Far West expansion are as outlined in the table below: The Sprott trigger date is the date on which underground operations achieve average production of 2,250tpd for a 90 day period. LME 3-month Cu price (USD/Tonne) at the close on the LME on the date preceding the Sprott trigger date <9,000 9,000<10,000 >10,000 >15,000 * Payment to the Company on the Sprott trigger date USD5,500,000 USD8,000,000 USD13,000,000 N/A Payment to the Company on the 1st anniversary of Sprott trigger date 0 USD2,000,000 USD2,000,000 N/AD Payment to the Company on mill expansion to 1,500 tpd (expedited scenario*) 0 0 0 USD8,000,000 Payment to the Company on 1st anniversary of mill expansion to 1,500 tpd (expedited scenario*) 0 0 0 USD7,000,000 * Expedited option is not additional to other follow-on payments, nor is it subject to Sprott trigger date condition. The average LME Cu closing price for a period of 30 consecutive calendar days must be greater than USD$15,000. Strategic Rationale The revised terms of the Proposed Transaction enhance Trigon's financial flexibility while ensuring continued exposure to the Kombat Mine's upside potential. By restructuring the deal, Trigon secures near-term capital while minimizing dilution for existing shareholders. The Agreement also strengthens the Company's ability to focus on advancing its other core projects, particularly the Kalahari Copper Project and the Safi Silver spinout, while allowing Horizon to lead the next phase of development at Kombat Mine. This strategic alignment optimizes Trigon's asset portfolio and supports long-term value creation for shareholders. Jed Richardson, CEO and Executive Chairman of Trigon, commented, "The revised terms of the sale of Trigon's interest in the Kombat Mine ensure that Trigon's shareholders continue to benefit from the future success of the asset while reducing dilution and securing essential financing for our ongoing projects. We appreciate Horizon's commitment to investing in the Kombat Mine and the Namibian mining sector, and we look forward to completing the transaction." Bradley Rawson, Executive Chairman of Horizon, commented, "We remain excited about the opportunity to build on the Kombat Mine's legacy. These revisions allow us to move forward in a structured manner while ensuring that our financing plan supports the mine's development and community engagement in Namibia." Knowledge Katti, Namibian businessman and partner of Trigon Metals, commented, "This deal is not just a win for the mine and its investors—it's a transformative moment for Kombat and the communities surrounding the Kombat Mine. By prioritizing sustainable development and local employment, this partnership could create lasting opportunities for generations. The revised terms align economic growth with social responsibility, reinforcing our pride in supporting a project that strengthens both the country's mining sector and its people." The Proposed Transaction remains subject to shareholder approval, third-party approvals, and regulatory clearance, including TSX Venture Exchange approval. Further updates will be provided as the Proposed Transaction progresses. Private Placement Trigon intends to complete a non-brokered private placement of up to 6,800,000 common shares (the "Shares") at a price of $0.25 per Share for gross proceeds of up to $1,700,000 (the "Offering"). Closing of the Offering is expected to occur on or about February 20, 2025 and remains subject to a number of conditions, including receipt of all necessary regulatory approvals, including the approval of the TSX Venture Exchange. In connection with the Offering, a finder's fee may be payable in line with the policies of the TSX Venture Exchange. All securities issued in connection with the Offering will be subject to a statutory hold period of four-months and one-day. The Company intends to use the net proceeds from the Offering for working capital and general corporate 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. Cautionary Notes The Term Sheet is non-binding and does not constitute a definitive agreement, and no assurances can be given that the Proposed Transaction will be completed as outlined. This news release may contain forward-looking statements. These statements include statements regarding the Offering, the use of proceeds of the Offering, the Proposed Transaction, the Company's ability to obtain the requisite approvals for the Offering, the economic viability of the Kombat Mine and the Company, the Company's ability to obtain adequate financing, the Company's strategies and the Company's abilities to execute such strategies, the Company's expectations for the Kombat Mine, 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. View source version on Contacts For further information, contact Tom Panoulias, VP Corporate Development: +1 (647) 276-6002 x 1127IR@ Website:
