TORONTO, July 30, 2024--(BUSINESS WIRE)--Trigon Metals Inc. (TSX-V: TM; OTCQB: PNTZF) ("Trigon" or the "Company") Trigon is pleased to report as of July 29, 2024, the Company has filed its financial statements for the year ended March 31, 2024 and details below the operational milestones for the quarter ending March 31, 2024.

Trigon reports a profit from continuing operations of USD $13,439,695 for the three months ended March 31, 2024 and a net loss of $1,474,523 for the twelve months ending March 31, 2024. Results were heavily skewed by the positive revaluation of the liability associated with the Sprott Streaming agreement, to align with the Company’s NI 43-101 SRK Feasibility Study (the Feasibility Study can be found under the Company’s profile at www.sedarplus.ca and on the Company’s website). However, improvements at the operational level where the beginnings of the impact of underground production had a dramatic impact on operating costs. The company reported C1 cash costs of $3.35/lb on 1,255,652 lbs of copper production in the quarter, a marked improvement over $3.96/lb reported in Q3 2024 (see filing dated February 27, 2024). The operating results were positively impacted by weakness in the Namibian dollar compared to the US dollar, the Company’s reporting currency, and higher ore tonnage with the contribution of the pre-commercial underground ore tonnes.

In the quarter, 85,365 tonnes of ore was mined from the open pit at 0.98% copper grade and 12,160 tonnes from the underground at 2.36% copper, totalling 97,525 of ore grading 1.15 %, besting the 90,000 tonnes of ore planned to be mined.

Commenting, Jed Richardson, CEO & Executive Chairman, "Fiscal 2024 was a momentous year for the Company, starting open pit mining, commissioning the mill and starting the underground mining operations at the tail end of the year. In a few short weeks, we will be reporting Q1 2025, completed June 30, 2024, we anticipate continuing our progress in demonstrating the profitability of the Kombat Mine and building Trigon Metals into a mid-tier copper mining company."

Qualified Person
The scientific and technical information in this release has been reviewed and approved by Dr. Andreas Rompel, Pr.Sci.Nat. (400274/04), FSAIMM, the Company’s "qualified person" as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects.

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.