Trigon Metals has secured a N$46 million advance from its offtaker, IXM S.A., to be utilized for working capital for the Company’s Kombat mine in Namibia.
The advance payment will be drawn in two tranches of N$23 million each, the first tranche having already been drawn and the second tranche to be drawn between August 19 and August 30, 2024.
Interest will accrue and be paid monthly at a rate of 30-day SOFR average plus 2.5%.
Capital will be settled in equal monthly instalments over a 12-month period, by way of deliveries of copper concentrate, commencing October 2024.
Manuel Sternheimer of IXM, commented, “We are grateful for this opportunity to expand our cooperation with Trigon which allows us to further build on our strong relationship and our footprint in Namibia.”
Jed Richardson, CEO & Executive Chairman of Trigon Metals, commented “The advance payment from IXM reiterates our stakeholder’s commitment to the Kombat Project in Namibia, and is off the back of Kombat’s ability to consistently meet and exceed our projections and consistently dilver to IXM a high quality copper concentrate. We thank IXM for their continued support.”
Trigon is a publicly-traded Canadian exploration and development company with its core business focused on copper and silver holdings in mine-friendly African jurisdictions. Currently, the company has operations in Namibia and Morocco. In Namibia, the Company holds an 80% interest in five mining licences in the Otavi Mountainlands, an area of Namibia widely recognized for its high-grade copper deposits, where the Company is focused on exploration and re-development of the previously producing Kombat Mine.