Mr. Jed Richardson reports

TRIGON SECURES USD$8.9M EQUIPMENT FINANCE FROM EPIROC FOR KOMBAT UNDERGROUND RESTART

Trigon Metals Inc. has placed an order with Epiroc South Africa Pty. Ltd. to purchase underground mining equipment to the value of $8,933,261 (U.S.). This equipment will comprise the majority of the underground mining fleet for the restart of mining from the Asis West shaft at the company's Kombat mine in Namibia, where production is scheduled to ramp up from April, 2024.

The purchase will be done through the company's Namibian subsidiary, Trigon Mining (Namibia) Pt.y Ltd., which has received approval from Epiroc Financial Solutions AB (EFS) for equipment finance for 85 per cent of the purchase consideration ($7,593,272.30 (U.S.)), with a 15-per-cent down payment ($1,339,988.70 (U.S.)) to be paid upfront.

The facility term is 60 months from the shipment date of each item of equipment, and interest will accrue at 10.95 per cent per annum. Repayments will be made in 55 monthly payments, commencing six months after the respective dates of shipment.

An arrangement fee of 0.75 per cent of the financed amount will be payable on signature of a supplier credit agreement.

The facility will be secured by the mining equipment and a guarantee from Trigon.

These terms are subject to the finalization of a supplier credit agreement between the parties and regulatory, board and other approvals as required.

Mining equipment is expected to be received on site at Kombat between October, 2023, and March, 2024.

Jed Richardson, president and chief executive officer, commented: "We are pleased to be working with Epiroc and thank them and the team members that worked to put this financing package in place in a timely fashion. This allows us to build out our underground fleet while we are just starting to generate cash flow at the open pit."

Operational update

At site, the work at the production plant has been completed on schedule. Crushers and mills have been started. The coarse ore bins are being filled and first concentrate was produced on Friday, Aug. 18, 2023, the details of which will be shared in a subsequent release. Approximately 25,000 tonnes of ore are now stockpiled on the run-of-mine pad.

About 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-per-cent 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 redevelopment of the previously producing Kombat mine. In Morocco, the company is the holder of the Silver Hill and Addana projects, both highly prospective copper and silver exploration projects.

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