Trigon Metals Delivers Operational Insights and Financial Highlights for the Quarter Ending December 31, 2023

Trigon Metals Inc. (TSX-V: TM, OTCQB: PNZTF) ("Trigon" or the "Company") Trigon Metals is pleased to report as of February 27, 2024, the Company has filed its Q3 financials and details below the operational milestones for the quarter ending December 31, 2023.

Management is pleased to announce an operating profit of $581,518 for the three months and $474,722 for the nine months ending December 31, 2023. The net losses for the three months of $8,095,812 and $14,914,218 for the nine months ending December 31, 2023 were primarily as a result of the non-cash accretion of the Sprott stream advances and depreciation of property plant and equipment of $7,656,790 for the three months and $12,406,984 for the nine months ending December 31, 2023. Reduced net operational cash outflows of $2,554,215 for the nine months vs. $5,553,687 for the nine months ending December 31, 2022 attests to management’s emphasis on operational cost control measures implemented pre-production and during the commissioning process.

Trigon Metals has filed its comprehensive financial and operational results for its Financial Q3, the quarter ending on December 31, 2023. Following the declaration of commercial production in October, the initial month showcased robust performance in both tonnage and ore grade extracted from Kombat's open pit operations. However, challenges in contractor equipment availability affected production in November, subsequently resolved in December. Efforts to recover lost production exposed weaknesses in our grade control protocol, resulting in lower grades mined in both November and December. For the quarter, 81,479 tonnes of ore were processed at an average grade of 0.95% copper, falling short of the planned 87,000 tonnes at 1.2% copper.

While direct mining and processing costs were well managed, C1 unit cash costs were higher than forecast at $3.96/lb of total copper lbs produced, compared to the planned $3.37/lb in cash operating costs. C1 costs is a non-IFRS measure that includes the cost of mining, milling, site level general and administrative expenses, and royalties but excludes capital costs, exploration costs, and corporate overheads. Trigon expects that as it ramps up production, its C1 cost per pound copper produced will be reduced due to the allocation of relatively fixed site general and administrative expenses over more production.