Northwire Canada EditionFriday, November 13, 2026
Sign inSubscribe
Northwire
⌕
Gold 3,885.30 −2.9% Silver 50.06 −3.7% Copper 6.19 −1.5% Oil 88.70 +2.5% Palladium 992.00 −5.2% SEA 35.00 −3.2% GLO 0.300 −6.2% WM 1.42 −2.1% MFG 3.25 −4.7% RAGE 0.295 +0.0% DPM 50.56 −4.2% ARIS 21.08 −4.7% AUEN 0.170 +6.2% FCI 0.540 −1.8% SLI 1.98 −5.3% COCO 0.350 −4.1% BCU 0.060 +0.0% BGF 0.025 +0.0% TDG 0.710 +44.9% PRU 6.04 −4.1% NGEX 21.01 −5.2% Gold 3,885.30 −2.9% Silver 50.06 −3.7% Copper 6.19 −1.5% Oil 88.70 +2.5% Palladium 992.00 −5.2% SEA 35.00 −3.2% GLO 0.300 −6.2% WM 1.42 −2.1% MFG 3.25 −4.7% RAGE 0.295 +0.0% DPM 50.56 −4.2% ARIS 21.08 −4.7% AUEN 0.170 +6.2% FCI 0.540 −1.8% SLI 1.98 −5.3% COCO 0.350 −4.1% BCU 0.060 +0.0% BGF 0.025 +0.0% TDG 0.710 +44.9% PRU 6.04 −4.1% NGEX 21.01 −5.2%
M&A / Property

Trigon Metals Announces Closing of Sale of Kombat Mine Interest to Horizon Corporation Limited

Trigon sheds flooding-plagued Kombat asset in $24M rescue deal to pivot toward Moroccan silver-copper exploration.

By The Northwire Desk — AI Analysis Dec 23, 2025 · 11:43 TM · 0.27 Trigon Metals Inc.
Executive Summary

The most recent news (December 23, 2025) confirms the successful closing of the sale of Trigon’s 80% interest in the Kombat Mine in Namibia to Horizon Corporation Limited. Key terms include: - Cash consideration of US$24,000,000 payable in eight equal quarterly instalments, with the first payment beginning April 4, 2026. - A reduction of US$3,975,494 in debt owed by Trigon to Horizon. - Contingent production payments ranging from US$3.5M to US$13M based on copper prices once specific production milestones are met. - A 1.0% Net Smelter Return (NSR) royalty on copper if prices exceed US$4.00/lb. - The assumption of an intercompany loan of approximately $57.5M by the purchaser.

Material Impact

This transaction is a fundamental "reset" for the company. Historically, Trigon was a producer, but the January 2025 flooding at Kombat (pump failures) forced a suspension of operations and massive retrenchments, pushing the company to the brink of insolvency. - Financial Survival: The Q2 2025 financials (period ending Sept 30) showed a total deficiency of $12.6M and only $1.38M in cash. This deal removes the massive liabilities associated with Kombat and provides a non-dilutive path to funding. - Strategic Pivot: Trigon is now effectively an exploration company focused on the Addana and Silver Hill projects in Morocco. - Timing Risk: A critical detail is that the first US$3M installment does not arrive until April 2026. The company must survive on its current limited cash or further bridge loans for the next three months. - Valuation Change: The market is currently valuing the company at a discount to the US$24M (approx. $33M CAD) face value of the cash payments, reflecting skepticism regarding the 2-year payment schedule and counterparty risk.

TM · Price
Company Overview
  • Company: Trigon Metals Inc. is a Canadian-based exploration and development company.
  • Former Flagship: The Kombat Mine (Namibia), now sold.
  • New Flagship: The Addana Project (Morocco). It is an exploration-stage silver-lead polymetallic project. The company also holds the Silver Hill project in Morocco and the Kalahari Copperbelt project in Namibia.
  • Stage: Transitioning from a distressed producer back to an exploration-focused company.
Read the original news release →

More from Trigon Metals Inc.

Mar 31, 2026 · 20:38

Trigon Metals receives first payment for Kombat sale

M&A / Property Mar 31, 2026 · 16:01

From Struggling Operator to Flush Explorer: Trigon Cashes Out of Kombat to Hunt Moroccan Silver

Financings Mar 03, 2026 · 16:07

Trigon Metals begins initial drill program at Addana

Drill Results Mar 03, 2026 · 07:30

Morocco-focused explorer gains incremental drilling momentum as Kombat proceeds with sale proceeds funding

Drill Results Jan 22, 2026 · 17:18

Trigon Metals to hold AGM March 5, plans name change

Financings Jan 22, 2026 · 07:41

Trigon pivots to 'Safi Silver' branding and exploration focus, executing warrant repricing to salvage capital structure following Kombat Mine exit.

Financings