Trigon Metals Announces Advance of Additional Loan Tranches Under Horizon Agreement

TORONTO--(BUSINESS WIRE)--Trigon Metals Inc. (TSXV: TM; OTC: PNTZF) (“Trigon” or the “Company”) announces that it has entered into an amendment (the “Annexure”) to the existing loan agreement (the “Loan Agreement”) with Horizon Corporation Limited (“Horizon” or the “Lender”), originally dated December 12, 2024, and as amended on February 11, 2025.

The Annexure provides for the advance of additional loan tranches of up to USD$7.2 million (the “Additional Tranches”) to support ongoing operations at the Kombat Mine in Namibia. These advances are expected to occur monthly in tranches of approximately USD$255,000 per month, beginning no later than July 31, 2025, and will continue until the closing of the proposed sale by Trigon of its interest in the Kombat mine to Horizon (the “Transaction”) (please see the Company’s press release dated May 29, 2025 for further details regarding the Transaction).

The Additional Tranches are on the same terms as the US$4,000,000 loan previously advanced by Horizon under the existing Loan Agreement (please see the Company’s press release dated May 29, 2025 for further details regarding the Loan Agreement). All obligations related to the Additional Tranches will be acquired by Horizon in connection with the closing of the Transaction, releasing Trigon from the debt.

Jed Richardson, CEO and Executive Chairman of Trigon Metals, commented, “This loan amendment ensures continuity of funding at the Kombat Mine during the transition period with Horizon. The additional support allows the team in Namibia to maintain operational momentum and support our workforce while we work towards closing the transaction.”

All other terms of the Loan Agreement remain unchanged.

About Trigon Metals Inc.

Trigon Metals Inc. is a publicly trading Canadian exploration and development company with a its core focus on copper and silver holdings in mining-friendly African jurisdictions. The Company holds the Kalahari Copperbelt Project in Namibia. In Morocco, the company is advancing two exploration projects; Addana, which hosts silver-bearing veins along with other metals, and Silver Hill, a sedimentary copper prospect that has already undergone drilling.

Cautionary Notes

This news release may contain forward-looking statements. These statements include statements regarding the Loan Agreement, the Annexure, the operations at the Kombat Mine, the Transaction, the Company’s ability to close the Transaction and the timing thereof, the Company’s expectations with respect to the advancement of funds and use of proceeds, the timing and completion of the proposed transaction, the Company’s strategies and the Company’s abilities to execute such strategies, the Company’s expectations for the Kombat Mine, and the Company’s future plans and objectives. These statements are based on current expectations and assumptions that are subject to risks and uncertainties. We do not assume any obligation to update any forward-looking statements, except as required by applicable laws.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.