Trigon Metals and Horizon Corporation failed to close the Kombat Mine deal on March 31, 2025, as planned.
The parties say despite not meeting the target date, they remain committed to completing the transaction and continue to make steady progress toward closing.
Horizon Corporation wants to acquire Trigon Metals’ interest in the Kombat mine for US$24 million and advance structured loans in two tranches, US$4 million and an additional loan option of US$2 million for financing flexibility.
Trigon Metals will retain a 1% net revenue royalty for two consecutive calendar months, and a royalty of 1% will be payable for 20 months on net copper revenue when the invoiced copper price is on final invoicing when specified conditions are met.
There will also be a schedule of follow-up payments related to the start-up of the Asis Far West expansion.
Trigon Metals CEO Jed Richardson says while they would have preferred a faster pace, they are working through the necessary steps to ensure a successful and seamless transition.
Richardson says both Trigon and Horizon remain fully engaged in finalising the transaction and look forward to delivering a positive outcome for the shareholders.
The completion of the transaction remains subject to regulatory approvals, including TSX Venture Exchange approval, Trigon shareholder approval, third-party consents, and other customary closing conditions.
