Trigon Metals Inc. has received the first US$3 million payment from the sale of its interest in Namibia’s Kombat Mine, marking the initial instalment under a structured agreement with Kamino Minerals Limited and Horizon Corporation Limited.
The payment, received ahead of the 4 April 2026 deadline, forms part of an eight-installment schedule under which Trigon will receive US$3 million every quarter, providing a steady, non-dilutive funding stream.
In addition to the fixed payments, the company is set to receive performance-based bonuses and royalties linked to the restart of operations at the mine, now referred to as the New Horizon Mine.
Under the agreement, Trigon will earn a 1% net smelter return royalty on copper production for 20 quarters once production resumes. Additional contingent payments of between US$3.5 million and US$13 million may also be triggered, depending on copper prices and operational milestones.
Further upside is tied to production targets, including a bonus payment linked to the processing of ore containing 4,500 tonnes of copper over a 90-day period, as well as potential payments tied to mill expansion.
Trigon President and Chief Executive Officer Jed Richardson said the transaction provides a reliable source of capital to support the company’s exploration strategy.
“The steady stream of capital from the sale of our interest in the Kombat Mine provides non-dilutive financing for our Moroccan exploration,” he said.
The company has shifted focus towards its Addana silver-polymetallic project in Morocco, where drilling is set to begin following the completion of site preparation and mobilisation of equipment.
Trigon said the Addana project lies within a geologically prospective region known for hosting silver, copper and associated metals, with the current drilling programme targeting priority areas identified through historical data and recent fieldwork.
The company added that it remains focused on disciplined capital allocation and advancing its exploration portfolio.
Trigon Metals is a Canadian-listed exploration and development company with copper and silver assets across Africa, including projects in Morocco and Namibia’s Kalahari Copperbelt.
