Mr. Jed Richardson reports

TRIGON METALS DELIVERS OPERATIONAL INSIGHTS AND FINANCIAL HIGHLIGHTS FOR THE QUARTER ENDING DECEMBER 31, 2023

As of Feb. 27, 2024, Trigon Metals Inc. has filed its third quarter financials and details below the operational milestones for the quarter ending Dec. 31, 2023.

Management is pleased to announce an operating profit of $581,518 for the three months and $474,722 for the nine months ending Dec. 31, 2023. The net losses for the three months of $8,095,812 and $14,914,218 for the nine months ending Dec. 31, 2023, were primarily as a result of the non-cash accretion of the Sprott stream advances and depreciation of property plant and equipment of $7,656,790 for the three months and $12,406,984 for the nine months ending Dec. 31, 2023. Reduced net operational cash outflows of $2,554,215 for the nine months versus $5,553,687 for the nine months ending Dec. 31, 2022,attest to management's emphasis on operational cost control measures implemented preproduction and during the commissioning process.

Trigon Metals has filed its comprehensive financial and operational results for its financial Q3, the quarter ending on Dec. 31, 2023. Following the declaration of commercial production in October, the initial month showcased robust performance in both tonnage and ore grade extracted from Kombat's open-pit operations. However, challenges in contractor equipment availability affected production in November, subsequently resolved in December. Efforts to recover lost production exposed weaknesses in the company's grade control protocol, resulting in lower grades mined in both November and December. For the quarter, 81,479 tonnes of ore were processed at an average grade of 0.95 per cent copper, falling short of the planned 87,000 tonnes at 1.2 per cent copper.

While direct mining and processing costs were well managed, C1 unit cash costs were higher than forecast at $3.96/pound of total copper lb produced, compared with the planned $3.37/lb in cash operating costs. C1 costs is a non-IFRS (international financial reporting standards) measure that includes the cost of mining, milling, site-level general and administrative expenses, and royalties, but excludes capital costs, exploration costs and corporate overheads. Trigon expects that as it ramps up production, its C1 cost per pound copper produced will be reduced due to the allocation of relatively fixed site general and administrative expenses over more production.

Mining has moved to the long-lived ore capping pit, increasing access to higher-grade portions of the deposit. Additional high-grade ore is now being provided with the commencement of underground mining. Mining training for underground operations commenced in January, 2024, with production results expected in Q4 2024.

The coming 12 months mark a pivotal period as Kombat's underground operations resume after a 17-year hiatus in care and maintenance. To manage restart risks and ensure a high-grade product for the plant, Trigon has reviewed its strategy, mine planning and capital for both open-pit and underground operations.

Progress in dewatering the Asis West mine's two shafts is substantial, with the first planned mining shaft currently dewatered down to 250 metres from the collar to the eighth level. Accelerated underground mining will access higher-grade ore, with production ramping up to 15,000 tonnes per month (tpm) of high-grade ore in Q1 2025. This shift displaces 15,000 tpm of lower-grade open-pit ore, maintaining an aggregate ore production of 30,000 tpm, enhancing overall production quality and thus margin and cash flow.

Given these developments, Trigon has decided to postpone the expansion of its processing plant capacity from 30,000 tpm to 60,000 tpm, originally planned for 2024, to 2025. This delay allows the underground operations to establish a performance record and be ramped up to a steady state of 30,000 tpm, ensuring a prudent and informed expansion timeline.

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 project, a highly prospective copper and silver exploration project.

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