Trigon Metals Announces Receipt of First Horizon Payment
From Struggling Operator to Flush Explorer: Trigon Cashes Out of Kombat to Hunt Moroccan Silver
The most recent news (March 31, 2026) confirms that Trigon Metals has received the first US$3M quarterly installment from the sale of its interest in the Kombat Mine to Kamino Minerals and Horizon Corporation. This is the first of eight scheduled payments totaling US$24M. Additionally, the company has officially mobilized its drilling campaign at the Addana Project in Morocco, with camp setup complete and the first rig active. This follows shareholder approval (March 5, 2026) to change the company name to Safi Silver Corp. (Ticker: SF), reflecting a strategic shift from copper production in Namibia to silver exploration in Morocco.
The impact is Material - Positive for three primary reasons: - Liquidity without Dilution: The receipt of US$3M is the start of a US$24M non-dilutive cash stream. For a company with only $748k in cash as of Dec 31, 2025, this inflow is transformative, removing the immediate "going concern" risk that typically plagues junior explorers. - De-risking the Balance Sheet: The Kombat Mine was a liability-heavy asset (flooding issues, high care-and-maintenance costs). By divesting, Trigon has shifted the operational and financial burden to Horizon while retaining a 1% NSR royalty and up to US$13M in performance bonuses. - Operational Pivot: The company is now fully funded for its 2,100m inaugural drill program at Addana. This allows management to focus entirely on exploration upside rather than managing a struggling production asset.
Trigon Metals is transitioning from a copper producer to a silver-focused explorer. - Flagship Project: Addana Project, Morocco (112 km²). It is a silver-lead polymetallic district with high-grade surface samples (up to 564 g/t Ag). - Secondary Projects: Silver Hill (Morocco) and the Kalahari Copperbelt (Namibia), where the company retains a 25% interest with an option to earn up to 70%.