Trigon Metals Inc - PNTZF STOCK NEWS

Trigon Metals has revised the terms for selling its 80% stake in the Kombat Mine to Horizon The updated agreement reduces the loan amount from USD$5M to USD$4M and purchase consideration from USD$30M to USD$24M, payable in eight quarterly installments. Horizon will invest USD$500,000 in Trigon's private placement and provides an additional USD$2M loan option.

The deal includes follow-on payments linked to copper prices and mill expansion, potentially reaching up to USD$15M based on LME copper prices and production milestones. Trigon also announced a private placement of up to 6.8M shares at $0.25 per share to raise $1.7M for working capital.

The transaction requires shareholder approval and regulatory clearance, with closing expected around February 2025. The revised structure aims to enhance Trigon's financial flexibility while maintaining exposure to Kombat Mine's future potential.

Trigon Metals (TSX-V: TM; OTCQB: PNTZF) has announced a temporary suspension of operations at its Kombat Mine in Namibia due to the failure of both main submersible dewatering pumps. The suspension is expected to last 6-9 months, with operations projected to resume in Q3 2025.

The breakdown has resulted in water levels returning to 60 metres below service at Shaft 1 and 120 metres at Shaft 3, necessitating a pause in mining operations. Both pumps have been sent to a third-party engineering firm for analysis. As a consequence, the company will implement a temporary workforce reduction, offering severance packages, extended healthcare benefits, and job placement assistance to affected employees.

The company plans to use this period to implement comprehensive repairs and upgrades to ensure long-term operational resilience. Management remains optimistic about rehiring workers once operations resume.

Trigon Metals (TSX-V: TM, OTCQB: PNTZF) has announced significant drilling results from its Kombat mine in Namibia, revealing high-grade copper and silver intersections across multiple levels. Notable findings include 8 metres at 10.44% Cu and 35.34 g/t Ag at Level 1, and 3 metres at 6.81% Cu and 87.83 g/t Ag at Level 3.

The drilling program targeted orebodies adjacent to historic workings and near existing underground development at Shaft 1, with holes drilled at levels 1, 3, and 4. The results have extended known mineralization and mineable tonnes in the upper levels. The company also issued a correction regarding previous disclosure about the planned sale of its interest in the Kombat Mine to Horizon , clarifying that Trigon holds an 80% interest in five mining licenses in the Otavi Mountainlands.

Trigon Metals (TSX-V: TM, OTCQB:PNTZF) has secured a position in the €5 million EU-funded UNDERCOVER research project for its Kalahari Copper Project. The three-year program, starting January 1, 2025, aims to enhance deep mineral exploration technologies for critical raw materials.

The Kalahari Copper Project, a joint venture with Ongwe Minerals, spans 765,000 hectares in Namibia's Kalahari Copper Belt. Notable drilling results adjacent to the project's eastern border showed 83m at 0.7% Cu and 17g/t Ag.

Additionally, Trigon is advancing the sale of its Kombat Mine to Horizon , with initial capital already provided under their loan agreement. The company is also working with insurance adjustors regarding a business interruption and mechanical claim from January 16, 2025.

Trigon Metals (TSX-V: TM; OTCQB: PNTZF) has suspended underground mining operations at its Kombat mine in Namibia following the failure of both main dewatering pumps on January 16, 2025. The pump failure is expected to result in underground mine flooding over the coming days.

The company has evacuated all personnel from affected underground areas and is removing underground equipment. Despite this setback, the previously announced transaction with Horizon is expected to proceed, as Horizon has confirmed its commitment to complete the purchase of Trigon's interest in the Kombat mine.

Both companies are working together with Trigon's partners and stakeholders to determine the path forward. The company maintains operations in Namibia, where it holds a 100% interest in the Kalahari Copperbelt Project and an 80% interest in five mining licenses in the Otavi Mountainlands, as well as copper and silver exploration projects in Morocco.

Trigon Metals has signed a binding loan agreement with Horizon for up to USD$5 million, granting Horizon exclusivity rights to negotiate the purchase of Trigon's interest in the Kombat Mine in Namibia. The proposed transaction values the mine at USD$30 million (C$0.97/share), with potential follow-up payments of USD$10-20 million based on production milestones.

The loan will be issued in three tranches: USD$500,000 within 7 working days, USD$2 million after security agreements, and USD$2.5 million within 45 days of the second tranche. The loan carries a 15% annual interest rate with a 6-month grace period. The transaction includes a 1% net revenue royalty on copper production and requires shareholder and regulatory approvals.

Trigon Metals reports Q2 2024 operational results with copper production of 2,137,159 pounds at C1 cash costs of $3.46/lb and silver production of 33,852 ounces. The company achieved a milestone by mining 980 tonnes of ore per day from underground operations, exceeding the required 900 tonnes target 13 months ahead of schedule. However, financial performance was impacted by operational challenges, resulting in negative Adjusted EBITDA of $1.4 million. The company has revised down its 2025 copper production guidance to 8,315,000-9,250,000 pounds from the previous 12,125,000-13,448,000 pounds.

Trigon Metals (TSXV: TM) (OTCQB: PNTZF) has announced its participation in the upcoming 121 Mining Investment Conference in Dubai, scheduled for November 19-20, 2024. CEO and Executive Chairman Jed Richardson will present the company's recent activities and future plans. The conference will feature over 40 mining companies and more than 150 sophisticated investors engaging in pre-arranged one-on-one meetings. The event will include expert commentary and market intelligence on industry developments. Investors interested in attending can register for a free pass through the provided link.

Trigon Metals announces the resignation of Dr. David Shaw from its Board of Directors, effective immediately. Shaw served on the board since 2019. The company has granted 125,000 stock options to an officer at an exercise price of $0.82 per option, valid for five years, subject to TSX Venture Exchange approval. Additionally, Trigon has amended its share exchange agreement with PNT Financeco Corp. and CMI, allowing unissued common shares to be issued immediately prior to any Change in Control transaction.