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TM: Strong Results Continue at Kombat; Drilling at Silver Hill

What you need to know:
• Trigon announced drill results from Kombat at the East 400 area, with a highlight of 4.2% Cu over 13m.
• TM provided an operational update on the mill which is running at 95% capacity while producing higher than expected concentrate grades and recoveries of 30% and >80%, respectively.
• A 2,000m drill program is nearing completion at the Silver Hill Project in Morocco. Assays are expected shortly after completion.

This morning, Trigon Metals Inc. (TM:TSXV) announced confirmation drill results at the Kombat Mine in Namibia. The results reported today were from the East 400 area located 250m east of the Kavango Pit where mining began in May 2023. East 400 is the smallest and shallowest of the planned pits but yields some of the best intercepts to date. The highlight intercept reported in this release was 4.2% Cu over 13.0m which compares well with a highlight intercept released in July of 7.89% Cu over 9.0m, which is discussed in our note here. These results are impressive for a shallow open-pit and will ultimately yield low-costs per pound of copper mined in this area. The Company also provided an operational update which indicates positive mill performance as operations proceed towards commercial production. We are maintaining our BUY rating and C$0.60/share target price on Trigon Metals Inc.

The drill results reported today have extended the known mineralization and mineable tonnage in the East 400 area (Figure 1). Highlights include:

Hole E400FLW-006: 1.3% Cu and 13.1 g/t Ag over 5.4m, from surface,
and 6.6% Cu and 75.4 g/t Au over 4.0m, from 27.0m.

Hole E400FLW-007: 4.2% Cu and 10.1 g/t Ag over 13.0m, from 34.0m,
and 1.9% Cu and 7.0 g/t Ag over 7.0m, from 59.9m,
and 0.9% Cu and 4.1 g/t Ag over 4.0m, from 78.0m.