Trigon Metals Announces Closing of Sale of Kombat Mine Interest to Horizon Corporation Limited

Core Viewpoint - Trigon Metals Inc. has successfully completed the sale of its interest in the Kombat Mine to Kamino Minerals Limited, which will now manage the asset, allowing Trigon to focus on its Addana Project in Morocco and enhancing its financial position [1][2][3]. Transaction Details - The transaction involved the sale of 100% of shares in Kombat Streamco Corp. and PNT Financeco Corp., along with an intercompany loan of $57,560,875 [5]. - The total cash consideration for the transaction is US$24,000,000, structured as US$1.00 for Trigon Ontario shares and US$23,999,999 for PNT shares and the PNT Loan, with payments made in eight equal installments starting April 4, 2026 [6]. - An additional cash payment, termed the Production Payment, will be made once the Kombat Mine achieves specific production milestones, ranging from US$3,500,000 to US$13,000,000 based on copper prices [7]. Financial Implications - The completion of the sale significantly strengthens Trigon's balance sheet, providing full funding for an aggressive exploration program at the Addana Project, which is expected to unlock its copper potential [3]. - Trigon will receive a royalty of 1.0% on copper net smelter returns, payable if the invoiced copper price exceeds $4.00 per pound, for up to 20 quarters [8]. - The amount payable to Horizon under a loan agreement will be reduced by US$3,975,494 as part of the transaction [9]. Conditions and Approvals - The transaction was finalized after obtaining necessary regulatory and shareholder approvals, including consent from the Namibian Competition Commission and conditional approval from the TSX Venture Exchange [13]. - The company has satisfied all conditions precedent to closing, ensuring a smooth transition of ownership [13]. Company Overview - Trigon Metals Inc. is a publicly-traded Canadian exploration and development company focused on copper and silver in mining-friendly African jurisdictions, with projects in Namibia and Morocco [16].