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• Trigon announced its Q1/25 financial results, reporting strong numbers with Q1 being the first full quarter of underground production.
• TM more than doubled its revenues from the previous quarter ($10M vs. $3.9M) and reported its first positive operating cash flow since starting production.
• The Company reported an improved adjusted EBITDA of $1.8M and a further decreasing C1 cash cost of $3.23/lb.
Yesterday after market close, Trigon Metals Inc. (TM:TSXV) reported its Q1/25 financial statements for the three months ending June 30th, 2024 as well as operational milestones for the quarter. The Company reported a breakout quarter with revenue of $10.0M (vs. $3.9M in Q4/24), adjusted EBITDA of $1.8M (vs. $168K in Q4/24), and a C1 cash cost of $3.23/lb which continues to trend downward. CEO Jed Richardson stated that the Company is on track to meet its FY25 guidance and is trending to the lower end of the range for its cash cost guidance. We are excited and impressed by this first quarter with full underground production and look forward to future quarters as the Company optimizes, brings more mining fronts online, and continues to scale up production. We are maintaining our BUY rating and target price of C$3.50/share on TM.
Operationally, the Company exceeded expectations with underground mined tonnes beating guidance, grade within range, and processed tonnes on the upper end of guidance for the quarter (Figure 1). Copper produced and C1 cash costs were within guidance with the company producing 2.3Mlbs of Cu at a C1 cash cost of $3.23/lb. Note, these metrics do not include the open pit mine which continues to perform well and is proving to be an important backstop to Trigon’s mining operation (see commentary on page two).
TM: Q1 Financials: Positive OCF & EBITDA
What you need to know:• Trigon announced its Q1/25 financial results, reporting strong numbers with Q1 being the first full quarter of underground production.
• TM more than doubled its revenues from the previous quarter ($10M vs. $3.9M) and reported its first positive operating cash flow since starting production.
• The Company reported an improved adjusted EBITDA of $1.8M and a further decreasing C1 cash cost of $3.23/lb.
Yesterday after market close, Trigon Metals Inc. (TM:TSXV) reported its Q1/25 financial statements for the three months ending June 30th, 2024 as well as operational milestones for the quarter. The Company reported a breakout quarter with revenue of $10.0M (vs. $3.9M in Q4/24), adjusted EBITDA of $1.8M (vs. $168K in Q4/24), and a C1 cash cost of $3.23/lb which continues to trend downward. CEO Jed Richardson stated that the Company is on track to meet its FY25 guidance and is trending to the lower end of the range for its cash cost guidance. We are excited and impressed by this first quarter with full underground production and look forward to future quarters as the Company optimizes, brings more mining fronts online, and continues to scale up production. We are maintaining our BUY rating and target price of C$3.50/share on TM.
Operationally, the Company exceeded expectations with underground mined tonnes beating guidance, grade within range, and processed tonnes on the upper end of guidance for the quarter (Figure 1). Copper produced and C1 cash costs were within guidance with the company producing 2.3Mlbs of Cu at a C1 cash cost of $3.23/lb. Note, these metrics do not include the open pit mine which continues to perform well and is proving to be an important backstop to Trigon’s mining operation (see commentary on page two).
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TRIGON METALS INC.
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Ben Pirie
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