Trigon Metals to Begin Drilling Campaign at Flagship Addana Project, Morocco

On October 22, 2025, Trigon Metals announced it will begin its inaugural drilling campaign at its new flagship Addana Project in Morocco. The program will consist of 12 diamond drill holes totaling 2,000 metres. The objective is to test the vertical and lateral continuity of known silver-lead polymetallic vein systems at depth, beneath existing historical workings. The company expects drilling to commence before the end of the month.

This news is a routine but positive step for Trigon Metals. It marks the first operational execution of the company's dramatic strategic pivot from a troubled copper producer in Namibia to a polymetallic explorer in Morocco.

The context is critical: - Operational Failure: In January 2025, Trigon's Kombat copper mine in Namibia suffered a catastrophic pump failure, leading to flooding and a complete suspension of operations. This followed a period of poor financial performance, high costs, and downwardly revised guidance. - Forced Asset Sale: The operational failure and dire financial state (negative working capital, significant equity deficiency) forced the company to sell its interest in the Kombat mine to Horizon Corp. for US$24 million, payable in installments over two years. This was a survival move. - Strategic Pivot: With the Kombat sale pending closure, Trigon has repositioned itself as an exploration company focused on its Moroccan assets, primarily Addana. This drill program is funded by initial loan advances from Horizon related to the sale.

The impact of this news is therefore: - Positive: It demonstrates management is actively pursuing its new strategy and putting capital to work as promised. It provides a clear catalyst for the market to watch. - Routine: Announcing a small, 2,000-metre drill program is a standard operational update for an exploration-stage company. It does not change the fundamental risk profile.

The company has successfully swapped the significant operational and financial risks of the Kombat mine for the high-risk, high-reward nature of grassroots exploration. While this news is a necessary step forward, its ultimate materiality is entirely dependent on the drill results, which are weeks or months away. The market has largely priced in this strategic shift, and this announcement simply confirms the timeline.

Trigon Metals is a Canadian mining company transitioning its strategic focus. It was previously an operator of the Kombat copper mine in Namibia. Following major operational setbacks and financial distress in early 2025, the company is in the final stages of selling its interest in Kombat.

The company's new flagship asset is the Addana Project in Morocco, a past-producing silver-lead-zinc-copper mine. Trigon is now focused on exploring the potential for high-grade polymetallic mineralization beneath the historic workings. The company also holds the Silver Hill project in Morocco and retains exploration ground in the Kalahari copper belt in Namibia.