Trigon Metals has signed a definitive share purchase agreement with Horizon Corporation Limited and Kamino Minerals Limited for the acquisition of the Kombat Project.
The agreement signed on Tuesday, May 27, 2025, follows the execution of a binding term sheet previously disclosed and the completion of due diligence by both parties.
The consideration for the transaction is US$24 million, all cash.
Kamino Minerals Limited, an affiliate of Horizon, will acquire 100% of the shares in Trigon Ontario, 100% of the shares in PNT Finance Corp., the holding company of Trigon’s Namibian assets; and the intercompany loan owing by PNT to Trigon.
Minmetals Securities Co., Ltd was engaged to provide market analysis to support the transaction.
Trigon Metals Executive Chairman and CEO Jed Richardson said the signing of the definitive agreement marks the final steps toward securing shareholder approval.
Richardson said upon a successful vote, US$2 million will be advanced to Trigon Metals, forming part of the US$24 million to be received ahead of the official closing process.
He also said subject to Namibian completion approvals, the balance will be paid in structured payments over nine months.
“In this case, we will begin receiving quarterly instalments of US$3 million, and the outstanding US$4 million loan will be forgiven.
“These proceeds, combined with the potential production bonus and ongoing royalty, provide a strong and flexible foundation for our continued growth at Silver Hill, Addana, and the Kalahari Copperbelt,” Richardson said.
Trigon Metals founding shareholder, Knowledge Katti, expressed strong support for the transaction.
“As a proud Namibian shareholder, I wholeheartedly support Horizon Corporation as the new investor in the Kombat Mine. Horizon’s proven experience in the mining sector positions them to successfully reopen the mine, creating much-needed jobs for our community.
“The people and children of the Kombat area urgently need this project to resume operations, as it will significantly boost living standards and bring economic hope to our region,” Katti said.
