Trigon Metals reports Q4 2024 financial results
Trigon Metals Inc. is pleased to report as of 29th July 2024, the Company has filed its financial statements for the year ended 31st March 2024, and details below the operational milestones for the quarter ending 31st March 2024.
Trigon reports a profit from continuing operations of US$13,439,695 for the three months ended March 31, 2024 and a net loss of US$1,474,523 for the twelve months ending March 31, 2024. Results were heavily skewed by the positive revaluation of the liability associated with the Sprott Streaming agreement, to align with the Company’s NI 43-101 SRK Feasibility Study. However, improvements at the operational level where the beginnings of the impact of underground production had a dramatic impact on operating costs. The company reported C1 cash costs of US$3.35/lb on 1,255,652 lbs of copper production in the quarter, a marked improvement over US$3.96/lb reported in Q3 2024. The operating results were positively impacted by weakness in the Namibian dollar compared to the US dollar, the Company’s reporting currency, and higher ore tonnage with the contribution of the pre-commercial underground ore tonnes.
In the quarter, 85,365 tonnes of ore was mined from the open pit at 0.98% copper grade and 12,160 tonnes from the underground at 2.36% copper, totalling 97,525 of ore grading 1.15 %, besting the 90,000 tonnes of ore planned to be mined.
Commenting, Jed Richardson, CEO & Executive Chairman, “Fiscal 2024 was a momentous year for the Company, starting open pit mining, commissioning the mill and starting the underground mining operations at the tail end of the year. In a few short weeks, we will be reporting Q1 2025, completed 30th June 2024, we anticipate continuing our progress in demonstrating the profitability of the Kombat Mine and building Trigon Metals into a mid-tier copper mining company.”
