Trigon Metals Kombat Mine Ships First Copper Concentrate

Trigon Metals Inc. (TSX-V: TM; OTCQB: PNTZF) (“Trigon” or the “Company”) is pleased to report that on Friday, September 29^th, 2023, the Company shipped its first copper concentrate product from the Kombat mine in Namibia. This milestone marks the beginning of cash flow from the operation.

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Figure 1: Copper concentrate produced at Kombat mill (Photo: Business Wire)

During the month of September, mining operations continued to perform well, providing a consistent plant feed averaging 1.2% copper in line with the mine plan.

The Kombat Mill operated 23 days in September at an average daily throughput of 718 tonnes per day, corresponding to 72% capacity. By the end of September production ramped up to strong with steady operation consistently above 95% capacity from September 16^thonwards. The Company is on track to declare commercial production in the second week of October.

Copper recoveries have averaged 80.5% for the month. As production settled into steady operation from mid-September, the mill has achieved recoveries of 84.8%, in line with projected recoveries of 85.0%.

A total of 470 tonnes of concentrate was produced in September with an average concentrate grade of 35.3% copper and 345 g/t of silver. To date, 101 tonnes have been shipped and shipments continue as finished concentrate at site has begun to overwhelm onsite storage facilities.

Jed Richardson, Trigon’s President and CEO, commented, “Another tremendous milestone for the team at Kombat, as cash flow begins. Mining and milling operations are performing optimally. All credit to the fantastic team onsite.”

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. In Morocco, the Company is the holder of the Silver Hill project, a highly prospective copper and silver exploration project.

Cautionary Notes

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.

This news release may contain forward-looking statements. These statements include statements regarding the Project, the mineralization of the Project, the Company’s exploration plans and results thereof, the prospectivity of the Project, the economic viability of the Project, the Company’s ability to restart operations and the Company’s future plans and objectives. These statements are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially because of factors discussed in the management discussion and analysis section of our interim and most recent annual financial statements or other reports and filings with the TSX Venture Exchange and applicable Canadian securities regulations. 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) accept responsibility for the adequacy or accuracy of this release.