Trigon Metals sold 2,193,597 pounds of copper during the third quarter of 2024, generating a total revenue of approximately N$119.9 million (US$6.43 million) at a realized price of N$ 54.65 (US$2.93) per pound.
The company also produced 32,949 ounces of silver during the quarter.
In its financial results for Q3 2024, Trigon Metals reported a net loss of N$ 265 million (US$14.24 million) on both a basic and diluted basis.
According to the company, the increased loss compared to the previous period was primarily due to impairment charges resulting from the suspension of surface mining operations in September 2024 and subsequent flooding of the mine after December 2024.
The company also recorded an adjusted EBITDA of negative N$18,015,383 (US$968,447) for the period.
The realized price for copper was affected by high penalties, lower-than-expected final copper assays, and the pricing formula in the offtake agreement with IXM, which includes a lowest actual copper price look-back adjustment.
Trigon Metals further announced a pause in mining operations following the failure of both of its main submersible dewatering pumps in January 2025.
Consequently, the company withdrew all production, capital expenditure, and exploration guidance.
By January 31, 2025, mining operations had been temporarily suspended, with an expected downtime of six to nine months. The majority of onsite employees have been retrenched due to the halt.
Chief Executive Officer and Executive Chairman of Trigon, Jed Richardson, emphasized that despite the challenges, the company remains optimistic about its future.
“Our team remains committed to navigating the current challenges with a strategic focus on long-term value creation. While the temporary suspension of mining operations is a setback, the revised sale agreement with Horizon strengthens our financial position and preserves future upside potential at Kombat. We are confident that this transition will allow us to refocus on high-impact growth opportunities, including our Kalahari Copper and Safi Silver projects,” Richardson said.
The Trigon management team remains focused on finalizing the sale of its interest in the Kombat Mine to Horizon Corporation Limited under revised terms announced on February 11, 2025.
