Trigon Metals Inc. posted a profit of N$247.7 million (US$13,5 million) for three months ending March 31, 2024.
The company also posted a net loss of N$27 million (US$1,47 million) for the 12 months ending March 31, 2024.
In the quarter, 85,365 ore was mined from the open pit at 0.98% copper grade and 12,160 tonnes from the underground at 2.36% copper.
This totalled 97,525 ore grading 1.15 %, besting the 90,000 tonnes of ore planned to be mined.
The company also reported C1 cash costs of $3.35/lb on 1,255,652 lbs of copper production in the quarter, a marked improvement over $3.96/lb reported in Q3 2024.
Trigon says the 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, Trigon Metals said improvements at the operational level were the beginning of the impact of underground production, which had a dramatic effect on operating costs.
“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 tons,” Trigon Metals said.
Trigon Metals CEO Jed Richardson said 2024 was a momentous year for the company, starting open pit mining, commissioning the mill and underground mining operations at the tail end of the year.
Richardson added that in a few short weeks, the company will be reporting Q1 2025, completed June 30, 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,” he said.
