Trigon Metals Inc. has reported a net profit of approximately N$324 million (US$18.1 million) for the quarter ending 31 March 2025, despite suspending operations at its Kombat Mine in Namibia due to flooding earlier this year.
The profit was largely attributed to the reversal of earlier impairments and gains from stream restructuring, following the company’s January 2025 decision to place the Kombat Mine on care and maintenance.
Production guidance was withdrawn, and most employees at the site were retrenched.
“While the flooding at Kombat required us to place operations on care and maintenance, the signing of the definitive agreement to sell Trigon’s interest in the mine saved the company,” said CEO Jed Richardson.
Before halting operations, the mine produced 310,190 pounds of copper and 6,878 ounces of silver during the quarter.
Revenue stood at N$34.3 million, but adjusted EBITDA reflected a loss of N$16.2 million, driven by reduced output and high operating costs, including a cash cost of N$134.10 per pound of copper.
Trigon has since signed a definitive agreement to sell its interest in the Kombat Mine to Kamino Mineral Ltd., an affiliate of Horizon Corporation. The N$429 million (US$24 million) transaction will be paid over eight quarterly instalments, with additional contingent payments linked to copper prices and mill expansion milestones.
“This quarter was shaped by both significant operational challenges and transformative corporate developments,” Richardson added.
Meanwhile, Trigon is prioritising exploration at its Silver Hill and Addana projects in Morocco, as well as its Kalahari Copperbelt Project in Namibia, where it holds an option to acquire up to 70% of a prospective land package.
To date, the company has invested over N$5.4 million towards its N$17.9 million (US$1 million) exploration commitment in Namibia.
During the same quarter, Trigon also completed a N$45.2 million (US$2.53 million) private placement to support corporate expenses and maintenance at the Kombat site.
“It strengthens our financial position and allows us to focus our energy and capital on high-potential exploration projects in Morocco and Namibia. We thank our team for navigating this period with resilience and remain optimistic about Trigon’s next chapter,” Richardson said.
