Trigon Metals’ Kombat Copper Mine Sale to Deliver Up to US$42 Million

Trigon Metals has completed the sale of its flagship Kombat Copper Mine in Namibia to Horizon, in a transaction valued at up to US$42 million (N$773 million). This landmark deal signals a decisive strategic shift for the Canadian mining company as it exits Namibian operations to concentrate on expanding its exploration portfolio in Morocco. The sale, which received full approval from the Namibian government, clears the final regulatory barrier and sets the stage for a debt-free and well-capitalized Trigon Metals to pursue new growth opportunities.

Under the terms of the agreement, Trigon will receive an initial US$2 million loan advance, followed by US$24 million in staged payments beginning in April 2026, with US$3 million disbursed quarterly. Importantly, the transaction clears all outstanding debts owed to Horizon, leaving Trigon with a clean balance sheet and approximately US$2 million in cash reserves. In addition to the upfront and scheduled payments, the deal includes a five-year, 1% royalty on copper revenues when prices exceed US$4 per pound, potentially generating US$250,000 or more per quarter as production ramps up. A further US$13 million bonus could also be triggered if specific production and pricing milestones are met, bringing the total transaction value to roughly US$37 million plus royalties.

Meanwhile, Horizon has already begun reviving the Kombat Mine, initiating dewatering, refurbishment, and the installation of a lead circuit, actions expected to restore full operational capacity. The restart is anticipated to inject new life into the local economy through job creation, supply chain stimulation, and renewed investor confidence in Namibia’s mining sector. For Trigon, this divestment provides a foundation for future growth in North Africa, where it is rapidly advancing its Adanna silver-lead-copper project in Morocco. Located within a 120 km² exploration license area, Adanna hosts a 20-kilometer strike length of visible veins, suggesting strong potential for a significant discovery if mineralization continues at depth.

Trigon CEO Jed Richardson emphasized that the transaction grants the company “freedom to grow without returning to the market for financing,” marking a pivotal moment in its evolution. With no debt and new exploration funds in hand, Trigon is poised to strengthen its position as an emerging player in Morocco’s resource sector. The move reflects a broader trend among mid-tier miners shifting focus toward higher-margin exploration opportunities in politically stable jurisdictions. For Africa’s mining landscape, this transition underscores the increasing fluidity of capital and expertise between southern and northern regions, potentially fostering new networks of mineral development across the continent.

Mini-Glossary

• Dewatering: The process of removing water from a mine to allow safe and efficient operations.
• Royalty: A payment made to a mineral rights holder based on a percentage of revenue or profit from extracted resources.
• Strike length: The horizontal extent of a mineralized vein or ore body measured along its surface trace.
• Balance sheet: A financial statement summarizing a company’s assets, liabilities, and shareholder equity at a given time.
• Refurbishment: The process of repairing or upgrading mining infrastructure to restore or improve operational capability.