TORONTO, March 31, 2026–(BUSINESS WIRE)–Trigon Metals Inc. (TSX-V: TM; OTCPK: PNTZF) (“Trigon” or the “Company”) is pleased to announce that it has received the first scheduled quarterly payment pursuant to the sale of its interest in the Kombat Mine and associated assets to Kamino Minerals Limited and Horizon Corporation Limited (the “Transaction”)in advance of the April 4, 2026 deadline. This payment marks the initial installment under the structured consideration framework outlined in prior Company disclosures (see press release dated December 23, 2025).
Under the terms of the Transaction, Trigon is to receive a series of eight quarterly payments over the agreed schedule, providing the Company with a steady, non-dilutive source of funding. In addition to these fixed payments, Trigon is expected to receive performance-based royalties and bonuses upon the successful restart of production at the Kombat Mine, further aligning long-term value creation with operational milestones.
Horizon Payment Schedule
|
Milestone/Installment |
Expected Timing |
Payment Amount |
|
First Installment |
April 4, 2026 |
US$3M (1/8 of total) |
|
Installments 2-8 |
Every 3 months thereafter |
US$3M each (Total: 8 installments) |
|
Additional Payments* |
Dependent on copper price/mill expansion |
US$3.5M – US$13M (Contingent) |
|
Royalty Payments |
Once production resumes |
1% Cu Net Smelter Return royalty for 20 quarters following restart |
*An additional follow-on bonus payment is required to be made by Horizon when underground production at the New Horizon Mine (formerly the Kombat Mine) achieves ore production and processing of ore containing 4,500t of contained copper over a 90-day period. The Production Payment amount will be between US$3,500,000 and US$13,000,000 and will be dependent on the price of copper.
|
LME 3-month Cu price (USD/Tonne) at the close on the LME on the date preceding the Sprott trigger date |
<9000 ($4.08/lb) |
9,000<10,000 ($4.08/lb-$4.54/lb) |
>10,000 ($4.54/lb) |
>15,000 ($6.80/lb) |
|
Payment to the Company on the Copper Stream Step-Down Date |
US$3,5 M |
US$8M |
US$13M |
N/A |
|
Payment to the Company on mill expansion to 1,500 tpd |
0 |
0 |
0 |
US$8M |
|
Payment to the Company on 1st anniversary of mill expansion to 1,500 tpd (expedited scenario) |
0 |
0 |
0 |
US$5M |
Jed Richardson, President and CEO of Trigon Metals, commented:
“The steady stream of capital from the sale of our interest in the Kombat Mine, provides non-dilutive financing for our Moroccan exploration. We are looking forward to the first results out of our district-scale silver-polymetallic Addana Project. We have completed camp set up and access is cleared to drilling sites at Addana. Geosond is on site with a drill rig, and we are excited to begin unlocking the potential of our highly prospective land package, as we pivot from Trigon Metals to Safi Silver.”
