Trigon Metals to hold AGM March 5, plans name change

Executive Summary

• Trigon Metals Inc. is proposing a name change to Safi Silver Corp. to reflect its strategic pivot to focused silver and base metal exploration in Morocco, following the divestiture of its Kombat mine assets in Namibia.
• The company announced significant management changes, including Jed Richardson resuming the role of President and Dr. Andreas Rompel being promoted to Chief Exploration Officer, while outgoing executives Rennie Morkel and Fanie Muller depart.
• Trigon intends to reprice 2.5 million warrants from an exercise price of $1.50 to $0.50 and has adopted a new Restricted Share Unit (RSU) and Deferred Share Unit (DSU) plan reserving 5.5 million shares.

Key Details

• Name Change: Proposed change from Trigon Metals Inc. to Safi Silver Corp., subject to shareholder approval at the AGM and TSX Venture Exchange approval.
• AGM Details: The Annual General Meeting is scheduled for March 5, 2026, at 10 a.m. ET.
• Strategic Shift: Transition from copper (Kombat mine) to polymetallic silver exploration in Morocco (Addana and Silver Hill projects).
• Financial Impact of Divestiture: The sale of the Kombat mine generated an inflow of $24 million (U.S.), with potential for an additional $13 million (U.S.) in bonuses and royalties.
• Warrant Repricing:
  • Volume: 2.5 million common share purchase warrants.
  • Original Terms: Issued July 12, 2023; exercisable at $1.50 until July 12, 2026.
  • New Terms: Exercise price reduced to $0.50; all other terms remain unchanged.
  • Status: Subject to TSX Venture Exchange approval.
• Management Changes:
  • Jed Richardson: Resumed role as President; previously instrumental in advancing silver companies and has 15 years of experience assessing Moroccan projects.
  • Dr. Andreas Rompel: Promoted from Vice-President, Exploration, to Chief Exploration Officer; brings 35+ years of international exploration experience.
  • Rennie Morkel: Departs as President to continue with Horizon Corp.
  • Fanie Muller: Departs as Vice-President, Operations.
• Equity Incentive Plan: Adoption of a Restricted Share Unit (RSU) and Deferred Share Unit (DSU) plan reserving an aggregate of 5.5 million Trigon common shares for issuance.

Notable Quotes

• "The name Safi can be translated from Arabic as clear, pure or unblemished, a fitting name change given our new focus on Morocco, and shift from copper to silver. Following the sale of the Kombat mine, this marked transition brings an inflow of $24-million (U.S.) from the sale of the mine, plus a potential $13-million (U.S.) in bonuses and more in royalties." — Jed Richardson, Executive Chairman