Trigon Metals Inc. has confirmed that the sale of its ownership interest in the Kombat Mine in Namibia to Horizon Corporation Limited remains ongoing despite missing the initial internal target date of 31 March 2025 for signing a binding share purchase agreement (SPA).
The company reassured stakeholders that both parties are committed to finalising the transaction.
“Both Trigon and Horizon remain committed to completing the transaction and continue to make steady progress toward closing. While the initial internal target date of March 31, 2025, for entering into a binding share purchase agreement was not met, work is advancing on the final steps necessary to complete the transaction. The parties continue to collaborate on finalising the SPA, securing the required approvals and satisfying the closing conditions, and Trigon expects to consummate the transaction,” the company said.
Trigon Metals CEO and Executive Chairman, Jed Richardson, expressed satisfaction with the progress, despite delays.
“While we would have preferred a faster pace, we are working through the necessary steps to ensure a successful and seamless transition. Both Trigon and Horizon remain fully engaged in finalising the transaction, and we look forward to delivering a positive outcome for our shareholders,” he said.
As part of the deal, Trigon Metals has revised its agreement with Horizon Corporation, lowering the sale price of its 80% stake in the Kombat Mine from US$30 million to US$24 million. The payment will be made in eight equal quarterly instalments.
Subsequent payments, following the first instalment, will be contingent upon securing third-party debt financing of at least US$10 million for the mine’s development. If this financing is not secured within 18 months of the transaction’s approval, Horizon may either proceed with the payments or return 90% of its Kombat Mine shares to Trigon. In such a scenario, all capital contributed by Horizon will be converted into debt, with Trigon assuming responsibility for repayment.
Additionally, the principal loan amount from Horizon to Trigon has been reduced from US$5 million to US$4 million, disbursed in five structured tranches. Horizon has also committed to investing US$500,000 in Trigon’s private placement offering and has offered an additional US$2 million loan, providing Trigon with financial flexibility ahead of obtaining shareholder approval for the transaction.
Trigon Metals is a publicly traded Canadian exploration and development company focused on advancing copper and silver projects in Africa.
The company’s portfolio includes an 80% interest in five mining licences in Namibia’s Otavi Mountainlands, as well as the Kalahari Copper Project and the upcoming spinout of the Safi Silver Moroccan exploration projects, including Addana and Silver Hill.
