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Trigon Metals (OTCQB: PNTZF) reported its Q1 2024 financial results, highlighting significant milestones. Kombat mine achieved first full-quarter production, generating 2.3 million pounds of copper at $3.23/lb C1 cash costs. The mine also produced 33,399 ounces of silver. The company reported a positive adjusted EBITDA of $1.8 million and a net loss of $2.1 million ($0.05/share), down from a $2.95 million loss in the same period last year. Additionally, Trigon reaffirmed its 2025 fiscal guidance for production and costs. The exploration budget is set at $2.5 million to $3.5 million. The company secured a $2.5 million advance from IXM for Kombat mine’s working capital needs, repayable from October 2024 through September 2025.
Trigon Metals (OTCQB: PNTZF) ha riportato i risultati finanziari del Q1 2024, evidenziando importanti traguardi. La miniera di Kombat ha raggiunto la prima produzione completa nel trimestre, generando 2,3 milioni di libbre di rame a un costo di $3,23/lb C1. La miniera ha prodotto anche 33.399 once di argento. L’azienda ha registrato un EBITDA rettificato positivo di $1,8 milioni e una perdita netta di $2,1 milioni ($0,05/azione), in calo rispetto a una perdita di $2,95 milioni nello stesso periodo dell’anno scorso. Inoltre, Trigon ha riconfermato le sue previsioni fiscali per il 2025 riguardo produzione e costi. Il budget per l’esplorazione è fissato tra $2,5 milioni e $3,5 milioni. L’azienda ha ottenuto un anticipo di $2,5 milioni da IXM per le esigenze di capitale circolante della miniera di Kombat, rimborsabile da ottobre 2024 a settembre 2025.
Trigon Metals (OTCQB: PNTZF) reportó sus resultados financieros del Q1 2024, destacando hitos significativos. La mina Kombat alcanzó su primera producción completa en el trimestre, generando 2,3 millones de libras de cobre a un costo de $3,23/lb C1. La mina también produjo 33,399 onzas de plata. La compañía reportó un EBITDA ajustado positivo de $1,8 millones y una pérdida neta de $2,1 millones ($0,05/acción), disminuyendo respecto a una pérdida de $2,95 millones en el mismo período del año pasado. Además, Trigon reafirmó su guía fiscal para 2025 en producción y costos. El presupuesto de exploración se ha fijado entre $2,5 millones y $3,5 millones. La compañía aseguró un anticipo de $2,5 millones de IXM para las necesidades de capital de trabajo de la mina Kombat, que deberá ser reembolsado entre octubre de 2024 y septiembre de 2025.
Trigon Metals (OTCQB: PNTZF)는 2024년 1분기 재무 결과를 보고하며 중요한 이정표를 강조했습니다. 콤바트 광산은 첫 번째 완전 분기 생산을 달성하여 230만 파운드의 구리를 $3.23/lb C1 현금 비용으로 생산했습니다. 이 광산은 또한 33,399 온스의 은을 생산했습니다. 회사는 $1.8 백만의 조정 EBITDA와 $2.1 백만의 순손실 ($0.05/주)를 보고했으며, 이는 작년 같은 기간의 $2.95 백만 손실 대비 감소한 수치입니다. 또한, Trigon은 생산 및 비용에 대한 2025년 재정 가이드라인을 재확인했습니다. 탐사 예산은 $2.5 백만에서 $3.5 백만으로 설정되었습니다. 회사는 콤바트 광산의 운전 자본 수요를 위해 IXM으로부터 $2.5 백만의 선급금을 확보했으며, 이는 2024년 10월부터 2025년 9월까지 상환될 예정입니다.
Trigon Metals (OTCQB: PNTZF) a annoncé ses résultats financiers du Q1 2024, mettant en avant des jalons significatifs. La mine de Kombat a atteint sa première production pleine au cours du trimestre, générant 2,3 millions de livres de cuivre à 3,23 $/lb C1 en coûts de trésorerie. La mine a également produit 33 399 onces d’argent. La société a rapporté un EBITDA ajusté positif de 1,8 million de dollars et une perte nette de 2,1 millions de dollars (0,05 $/action), en diminution par rapport à une perte de 2,95 millions de dollars au cours de la même période l’année dernière. De plus, Trigon a réaffirmé ses prévisions fiscales pour 2025 concernant la production et les coûts. Le budget d’exploration est fixé entre 2,5 millions de dollars et 3,5 millions de dollars. L’entreprise a sécurisé un avance de 2,5 millions de dollars de IXM pour les besoins en fonds de roulement de la mine de Kombat, remboursable d’octobre 2024 à septembre 2025.
Trigon Metals (OTCQB: PNTZF) hat seine finanziellen Ergebnisse für das Q1 2024 veröffentlicht und dabei bedeutende Meilensteine hervorgehoben. Die Kombat Mine erzielte die erste vollständige Produktionsperiode und generierte 2,3 Millionen Pfund Kupfer zu $3,23/lb C1 Bargeldkosten. Die Mine produzierte außerdem 33.399 Unzen Silber. Das Unternehmen berichtete von einem positiven bereinigten EBITDA von $1,8 Millionen und einem Nettoverlust von $2,1 Millionen ($0,05/Aktie), was einem Rückgang von einem $2,95 Millionen Verlust im gleichen Zeitraum des Vorjahres entspricht. Zudem bestätigte Trigon seine Finanzprognose für 2025 hinsichtlich Produktion und Kosten. Das Erkundungsbudget ist auf $2,5 Millionen bis $3,5 Millionen festgelegt. Das Unternehmen sicherte sich einen Vorschuss von $2,5 Millionen von IXM für die Betriebskapitalbedürfnisse der Kombat Mine, der von Oktober 2024 bis September 2025 zurückgezahlt werden soll.
Positive
- First full-quarter production at Kombat mine.
- Copper production of 2.3 million pounds.
- $3.23 per pound C1 cash costs.
- 33,399 ounces of silver produced.
- Positive adjusted EBITDA of $1.8 million.
- Reduced net loss of $2.1 million from $2.95 million in previous year.
- Reaffirmed 2025 production and cost guidance.
- Exploration budget of $2.5 million to $3.5 million.
Negative
- Net loss of $2.1 million.
TORONTO–(BUSINESS WIRE)– Trigon Metals Inc. (TSX-V: TM, OTCQB: PNTZF) (“Trigon” or the “Company”) is pleased to announce its operating and financial results for the three months ended June 30, 2024. Shareholders and interested parties are invited to join a conference call hosted by Trigon management, tomorrow, Thursday, August 22, 2024, at 11:00 a.m. Eastern time to discuss the results. Dial-in details for the call can be found near the end of this press release. All amounts are expressed in U.S. dollars, unless otherwise stated.
Image 1: Kombat Open Pit (Photo: Business Wire)
Highlights
- The Kombat mine achieved first full quarter production with underground contribution in Q1 for fiscal year end in 2025, marking a major inflection point for the Company
- First quarter copper production was 2,302,726 pounds at C1 cash costs(1) of $3.23 per pound of copper produced.
- Silver production during the quarter was 33,399 ounces
- Positive Adjusted EBITDA (1) contribution of $1.8 million
- Net loss attributable to the shareholders of the Company of $2.1 million, or $0.05 per share on a basic and diluted basis compared to a net loss of $2.95 million, or $0.02 per share in the three months ended June 30, 2023 on a basic and diluted basis.
- Following excellent operating performance at the Kombat mine during the quarter, the Company is reaffirming all other 2025 fiscal year-end production, and C1 cash cost guidance ranges
Jed Richardson, CEO and Executive Chairman of Trigon, commented, “Grade is king at Kombat, our first full quarter of contribution from our high grade underground is demonstrating the profitability at the mine. Achieving solid copper and silver production driven by favourable grade reconciliations have continued into the second quarter. This trend has allowed us to maintain our full-year copper and silver production guidance, which we expect will translate to achieving the lower end of our fiscal year 2025 cash cost guidance.”
Mining & Milling Operations
At the Kombat mine, the first quarter was marked by several record-breaking underground mining days. Underground ore tonnes mined for the quarter totalled 57,070 tonnes at an average grade of 2.05%, and open pit production of 29,715 tonnes at an average grade of 1.23%. A total of 70,483 tonnes were milled during the quarter at a 1.67% average grade resulting in the production of 1,045 tonnes of copper.
The Company announced Commercial Production from the underground mine on April 30, 2024, and is pleased to report that the underground mine has continued to perform and exceed the mining targets defined in its feasibility study (the “Feasibility Study”). The Feasibility Study was prepared by SRK Consulting South Africa (Pty) Ltd (“SRK”) in accordance with Canadian Securities Administrators’ National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”).
Table 1: Operating and Financial Highlights (Reported in USD)
|
|
|
Three Months Ended |
Three Months Ended |
|
|
|
June 30, 2024 |
March 31, 2024 |
|
|
MINING |
|
|
|
|
OP Ore Mined (tonnes) |
29,715 |
85,365 |
|
|
OP Copper Grade % |
1.23% |
0.98% |
|
|
OP Silver Grade (g/t) |
9.98 |
6.88 |
|
|
UG Ore Mined (tonnes) |
57,070 |
12,160 |
|
|
UG Copper Grade |
2.05% |
2.36% |
|
|
UG Silver Grade (g/t) |
11.44 |
6.48 |
|
|
Total Ore Mined (tonnes) |
86,785 |
97,525 |
|
|
|
|
|
|
|
MILLING |
|
|
|
|
Ore Processed (tonnes) |
70,483 |
69,354 |
|
|
Copper recovery (%) |
88.3% |
80.5% |
|
|
Copper Concentrate Production (tonnes) |
3,876 |
2,385 |
|
|
Concentrate Grade (Cu %) |
27.1% |
23.9% |
|
|
Concentrate Grade (Ag g/t) |
271 |
23.9% |
|
|
Copper Product Produced (tonnes) |
1,045 |
570 |
|
|
Copper Product Produced (lbs) |
2,302,726 |
1,255,752 |
|
|
Silver Product Produced (oz) |
33,399 |
14,653 |
|
|
|
|
|
|
|
SALES |
|
|
|
|
Copper Concentrate Sold (dry metric tonnes) |
4,596 |
2,095 |
|
|
Copper Concentrate Sold (lbs) |
10,132,434 |
4,618,679 |
|
|
Copper Product Sold (tonnes) |
968 |
424 |
|
|
Copper Product Sold (lbs) |
2,134,072 |
934,759 |
|
|
Realized copper price (per lb) |
$4.18 |
$4.12 |
|
|
C1 cash cost/lb (100% payability) (1) |
$3.23 |
3.35 |
|
|
|
|
|
|
|
FINANCIAL HIGHLIGHTS ($ in 000’s, except per share amounts) |
|
|
|
|
Revenues |
$10,032 |
$3,853 |
|
|
Gross Profit |
$1,941 |
$ (153) |
|
|
EBITDA |
$654 |
$16,260 |
|
|
Adjusted EBITDA |
$1,800 |
$168 |
|
|
Cash flow from operations |
$70 |
$(740) |
|
|
Net (loss) income |
$(2,215) |
$13,440 |
|
|
|
|
|
|
|
Three Months Ended |
Three Months Ended |
|
|
|
June 30, 2024 |
March 31, 2024 |
|
|
Net (loss) income attributable to shareholders of the Company |
$(2,108) |
$13,908 |
|
|
Per share (basic) |
$(0.05) |
$(0.07) |
|
|
Per share (diluted) |
$(0.05) |
$(0.07) |
|
|
Cash, cash equivalents and short-term investments |
$1,173 |
$1,417 |
|
|
OP = Open Pit |
|||
|
UG = Underground |
|||
|
(1)EBITDA, net income (loss) attributable to owners of the Company, income (loss) per share attributable to owners of the Company, net (cash), working capital, C1 cash cost, copper production are non-IFRS measures. These measures do not have a standardized meaning prescribed by IFRS and might not be comparable to similar financial measures disclosed by other issuers. Please refer to the Company’s discussion of Non-IFRS measures in its Management Discussion and Analysis for the three months ended June 30, 2024. |
|||
Exploration Update
Trigon is allocating $2.5 million to $3.5 million to exploration programs for mineral reserve and resource replacement and on other exploration prospects in and around Kombat’s existing infrastructure and landholdings in the Kombat valley.
On April 18, 2024, the Company released the highlights of its exploration campaign at Schlangental, a key prospect within the wider Kombat property, situated approximately 15km east of the active mining licence ML73B. This announcement followed the Company finalizing its comprehensive exploration plan for the expansive Kombat property, spanning nearly 35 km from Gross Otavi in the west and Schlangental to the east.
Drilling at Schlangental represents the first campaign testing mineralization outside of the main Kombat mining license on the Copper King Extension exploration prospect. Surface mineralization attracted Trigon geologists to the Schlangental area where reports of historic drilling indicated that mineralization continued at depth, but no drill core or detailed logs were available. Of the planned 36 holes totalling 4000m, only two holes have been drilled to date, with both holes intercepting mineralization at modest depths.
Subsequent Events
To support the commencement of production and associated working capital needs at the Kombat mine, the Company entered into an agreement with IXM whereby IXM agreed to advance USD$2.5 million in two tranches of USD$1.25 million each, with tranche one immediately drawn down and the second tranche being available for drawdown between August 19, 2024 and August 30, 2024. The advance will be repaid in principal portions of USD$208,334 per month commencing in October 2024 through September 2025 repayable in deliveries of copper concentrate. Interest will be charged at the 30-day secured overnight financing rate average plus 2.5% and paid in cash.
2025 Production and Cost Guidance
Following record operating performance at the Kombat mine during the quarter, the Company is reaffirming its 2025 copper production guidance of 12,125,000 to 13,448,000 pounds of copper. The Company expects mined and processed copper grades to remain in line with guidance for 2025.
The Company’s updated cost guidance for 2024 assumes a foreign exchange rate of 18.40 NAD per USD and a silver price of $25 per ounce.
Table 2: Financial Year 2025 Guidance
|
|
|
FY 2025 Guidance |
|
|
Description |
Unit |
Floor |
Ceiling |
|
Underground Mining |
Tonnes |
250,000 |
280,000 |
|
Ore Grade |
% |
1.95% |
2.30% |
|
Processing |
Tonnes |
260,000 |
312,000 |
|
Copper Produced |
Tonnes |
5,500 |
6,100 |
|
Copper Produced |
lbs |
12,125,000 |
13,448,000 |
|
Cash Cost |
$/lbs |
3.15 |
2.80 |
Conference Call Details
The Company will hold a conference call to discuss these results on Thursday, August 22, 2024 at 11:00 a.m. EST (8:00 a.m. PST). Please pre-register at the link provided below.
Date: Thursday, August 22, 2024
Time: 11:00 a.m. EST/8:00 a.m. PST
Dial in: Canada/USA: 1-800-990-4333
Toronto: 1-289 514-5000
New York: 1-646-769-9600
please dial in 5-10 minutes prior and ask to join the call
Pre-Register:
Registration link: https://emportal.ink/3ApVh5v
Replay: Canada/USA toll-free: 1-888-660-6264
Replay Passcode: 75661#
Qualified Person
The technical information presented in this press release has been reviewed and approved for disclosure by Fanie Müller, P.Eng, VP Operations of Trigon, who is a Qualified Person as defined by NI 43-101.
Trigon Metals Inc.
Trigon is a publicly-traded Canadian exploration and development company with its core business focused on copper and silver holdings in mine-friendly African jurisdictions. Currently, the company has operations in Namibia and Morocco. In Namibia, the Company holds an 80% interest in five mining licences in the Otavi Mountainlands, an area of Namibia widely recognized for its high-grade copper deposits, where the Company is focused on exploration and re-development of the previously producing Kombat Mine.
Cautionary Notes
This news release may contain forward-looking statements. These statements include statements regarding the Company’s mining operations, the timing and results of mining activities, the Company’s strategies and the Company’s abilities to execute such strategies, the Company’s expectations for the Kombat mine, the economic viability of the Kombat mine, the Company’s ability to expand or replace mineral resources and reserves, the projected costs and production at the Kombat mine, the agreement with IXM and the Company’s ability to repay IXM, the prices of copper and silver and the Company’s future plans and objectives. These statements are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially because of factors discussed in the management discussion and analysis section of our interim and most recent annual financial statements or other reports and filings with the TSX Venture Exchange and applicable Canadian securities regulations. We do not assume any obligation to update any forward-looking statements, except as required by applicable laws.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240821552971/en/
For further information, contact Investor Relations:
+1 647 276 6002
Website: www.trigonmetals.com
Source: Trigon Metals Inc.
FAQ
What were Trigon Metal’s copper production results for Q1 2024?
Trigon Metals reported copper production of 2.3 million pounds for Q1 2024.
What was the C1 cash cost for Trigon Metal’s copper production in Q1 2024?
The C1 cash cost for copper production in Q1 2024 was $3.23 per pound.
How much silver did Trigon Metals produce in Q1 2024?
Trigon Metals produced 33,399 ounces of silver in Q1 2024.
What was Trigon Metal’s net loss for Q1 2024?
The net loss for Q1 2024 was $2.1 million, or $0.05 per share.
What is the 2025 production guidance for Trigon Metals?
The 2025 production guidance for Trigon Metals is 12.125 to 13.448 million pounds of copper.
What is the exploration budget for Trigon Metals in 2024?
The exploration budget for Trigon Metals in 2024 is $2.5 million to $3.5 million.
How will Trigon Metals repay the $2.5 million advance from IXM?
The $2.5 million advance will be repaid from October 2024 through September 2025 in copper concentrate deliveries.
