Trigon Metals Inc. entered into a definitive agreement expand its land holding in Namibia, through the acquisition of exclusive prospecting licence 8529 The Licence surrounds Trigon's Kombat and Gross Otavi projects in the Otavi Mountainland, a region associated with high grade copper and silver mineralization. From a geological perspective, the Licence represents a potential strike extension of the Kombat project, with various known mineral occurrences on the property. Trigon management has extensive knowledge of the area and plans to implement an exploration program in conjunction with its ongoing exploration work on the Kombat project areas.

EPL 8529 is currently held by Namibian company, Otjiwa Mining and Prospecting CC (‘Otjiwa') and is valid for a period of three years from November 9, 2022 to November 8, 2025. On January 30, 2023, Trigon, together with its Namibian subsidiary, Trigon Mining (Namibia) (Pty) Ltd. (‘Trigon Namibia') entered into an agreement with Otjiwa for the acquisition of EPL 8529 (the ‘Agreement'). The purchase consideration for the Licence comprises a cash price of N$1,750,000 (approximately C$135,449) and N$250,000 (C$19,350) to be settled by the issuance of 84,129 Trigon shares.

The Agreement is subject to customary closing conditions, including approval from the Minister of Mines and Energy in Namibia for the transfer of the Licence from Otjiwa to Trigon Mining and the approval of the TSX Venture Exchange. The Acquisition is an arm's length transaction.