December 23, 2025 — Leads & Copy —
Trigon Metals Inc. has finalized the sale of its interest in the Kombat Mine and associated assets to Kamino Minerals Limited, according to a press release. The transaction, completed with Horizon Corporation Limited, an affiliate of Kamino Minerals, follows a share purchase agreement dated May 27, 2025.
Jed Richardson, CEO and Executive Chairman of Trigon, said the transaction marks a new chapter for Trigon. He said that by completing the sale of the Kombat Mine, the company is fully funded to focus on the Addana Project. Richardson also thanked all parties involved and wished former Trigon employees continued success under Horizon’s management.
The transaction involved the acquisition of 100% of the shares in Kombat Streamco Corp. and PNT Financeco Corp., along with an intercompany loan of $57,560,875.
Kamino Minerals will pay Trigon US$24,000,000 in cash for the transaction, subject to adjustments for liabilities. The cash consideration will be settled in eight equal installments, starting on April 4, 2026, with subsequent payments every three months. The final installment will be reduced by a portion of the Remaining Horizon Loan.
An additional cash payment, the Production Payment, will be made to Trigon thirty days after the Kombat Mine achieves ore production and processing of ore containing 4,500t of contained copper over a 90-day period. The payment will range from US$3,500,000 to US$13,000,000, depending on the price of copper.
Trigon was also granted a royalty on the Project of 1.0% of copper net smelter returns if the invoiced copper price is greater than $4.00 per pound for up to 20 quarters with eight allowable deferrals.
The amount payable by Trigon to Horizon pursuant to a loan agreement has been reduced by US$3,975,494.
Under the Share Purchase Agreement, if the Purchaser defaults on any payment to the Company, following a specified cure period, the Company shall have the right to reacquire the shares of Trigon Ontario and PNT for nominal consideration, and the Purchaser is required to pay to the Company US$300,000 in penalties.
Prior to closing, Trigon completed steps including transferring its rights and obligations under the Sprott Stream agreement to Trigon Ontario. PNT also transferred its interest in Copperbelt Mineral Exploration (Pty) Ltd to Trigon.
Horizon advanced loans to Trigon in an aggregate amount of US$10,066,999 (inclusive of interest) pursuant to the Horizon Loan. The amount payable by Trigon to Horizon under the Horizon Loan has been reduced to US$2,436,769 (inclusive of accrued interest as of the closing date) (the “Remaining Horizon Loan”).
The Non-Project Loan Amount matures on December 23, 2026, provided that, if a Production Payment becomes payable by Horizon to the Company pursuant to the SPA prior to such maturity date, the outstanding Non-Project Loan Amount as of such date shall be applied and settled against the Production Payment. The Additional Loan Amount shall mature on the date of payment of the eighth instalment of the Cash Consideration and shall be applied and settled against such instalment payment.
Brightmind Ventures Limited will receive a cash fee of approximately US$720,000 for identifying parties interested in equity financings of the company, paid in five installments starting April 4, 2026.
Trigon Metals Inc. is focused on copper and silver holdings in African jurisdictions. The company holds the Kalahari Copperbelt Project in Namibia and is advancing the Addana and Silver Hill exploration projects in Morocco.
Source: Trigon Metals Inc.
