Trigon Metals Announces Receipt of First Horizon Payment

Trigon Metals has successfully received the first US$3 million quarterly payment from Horizon Corporation and Kamino Minerals Limited as part of the structured consideration for the sale of its Kombat Mine interest. This milestone payment arrived ahead of the April 4, 2026 deadline and represents the initial installment in an eight-quarter payment schedule totaling US$24 million in fixed payments. The transaction structure also includes significant upside potential through production-based bonuses ranging from US$3.5 million to US$13 million, dependent on copper prices and operational milestones, plus a 1% copper net smelter return royalty for 20 quarters following production restart.

The receipt of this non-dilutive funding enables Trigon to pivot its strategic focus toward its Moroccan silver portfolio, particularly the district-scale Addana Project. The company has completed camp setup and site access preparation, with Geosond drilling contractor now on-site to commence the exploration campaign. This drilling program will test priority targets within the geologically prospective polymetallic mineralization zone, which hosts silver, copper, and associated metals.

The transaction demonstrates effective capital allocation strategy, providing Trigon with predictable quarterly cash flows while maintaining exposure to the upside potential of the former Kombat Mine through performance-based payments. The company's transformation from "Trigon Metals" to "Safi Silver" reflects its strategic repositioning toward silver-focused exploration in mining-friendly African jurisdictions. This corporate evolution positions Trigon to capitalize on both the steady income stream from the Kombat Mine divestiture and the exploration potential of its Moroccan silver assets.