Trigon exceeds Q4 production targets in Namibia
Trigon Metals Inc. [TM-TSXV, PNTZF-OTCQB] said it beat its production targets in the fourth quarter ended March 31, 2020 by extracting 97,525 tonnes of ore grading 1.15% copper from its Kombat copper mine in Namibia. That was ahead of the planned 90,000 tonnes, and included 85,365 tonnes of ore from the open pit and 12,160 tonnes from the underground operation.
The company reported cash costs of US$3.35 a pound on production of 1.25 million pounds of copper in the fourth quarter, a marked improvement over US$3.96 a pound reported in the third quarter of 2024.
The company said operational results were positively impacted by weakness in the Namibian dollar compared with the U.S. dollar, the company’s reporting currency and higher ore tonnage with the contribution of the precommercial underground ore tonnes.
Trigon is a Canadian exploration and development company with a focus on copper and silver holdings in Africa. Currently the company has operations in Namibia and Morocco. Its portfolio includes an 80% interest in five mining licenses in the Otavi Mountainlands, an area of Namibia widely recognized for its high-grade copper deposits. In that area, Trigon is focused on the Kombat Mine.
Kombat recently released 2025 production targets for its Kombat copper mine after achieving commercial production from the underground operations as of April 30, 2024. This achievement marked a major step in Trigon’s path to becoming a leading mid-tier copper producer.
Trigon said it defines commercial production as operating at 70% of production capacity over 30 consecutive days. After restarting mining operations from the open pit in May, 2023, the company commenced production from underground ahead of schedule, having announced the underground training and first blast on February 5, 2024.
“Fiscal 2024 was a momentous year for the company, starting open pit mining, commissioning the mill and starting the underground mining operations at the tail end of the year,’’ said Trigon CEO and Executive Chairman. “In a few short weeks, we will be reporting Q1, 2025, completed June 30, 2024, we anticipate continuing our progress in demonstrating the profitability of the Kombat mine and building Trigon Metals into a mid-tier copper mining company,’’ he said.
Trigon reported a profit from continuing operations of US$13.4 million for Q4, 2024 and a net loss of $1.47 million for the 12 months ending March 31, 2024.
In November, 2022, the company signed a definitive agreement with Sprott Private Resource Streaming and Royalty Corp. and Sprott Mining Inc. for a US$37.5 million copper stream for its Kombat Mine in Namibia.
In its latest financial report, Trigon said results were heavily skewed by the positive revaluation of the liability associated with the Sprott streaming agreement, to align with the company’s feasibility study.
Trigon’s financial results were released after the close of trading on July 30, 2024, when the shares were priced at 98 cents. The currently trade in a 52-week range of $1.28 and 77.5 cents.