Trigon Metals’ sale of the Kombat Copper Mine to Horizon will deliver up to US$42 million (about N$773 million) in total consideration, marking a decisive shift for the Canadian company as it exits Namibia’s mine operations and repositions itself as a well-funded explorer focused on Morocco.
Speaking on Trigon Talk, a new investor video series, Trigon CEO Jed Richardson said the transaction, which recently received full competition approval from the Namibian government, clears the final regulatory hurdle for completion.
Richardson said under the agreement, Trigon will receive an initial US$2 million loan advance, already disbursed, and a further US$24 million in staged payments beginning in April 2026, with US$3 million to be paid every three months.
Once the deal closes, all outstanding debts owed by Trigon to Horizon will be cleared, leaving the company debt-free and holding approximately US$2 million in cash.
Additional consideration will come from a 5-year, 1% royalty on copper revenues, triggered when copper prices remain above US$4 per pound.
With copper currently trading near US$4.80 per pound, Trigon expects quarterly royalty income of around US$250,000, which could double if Horizon ramps up production.
Should copper prices and output levels reach expansion thresholds, the agreement provides for a bonus payment of US$13 million, taking the total deal value to US$37 million plus royalties.
“Starting next year, we’ll have a regular inflow of capital that gives us freedom to grow without returning to the market for financing. This deal sets us up for a new phase of disciplined growth and exploration,” said Richardson.
Horizon has already begun preparations to restart operations at Kombat, including dewatering, plant refurbishment, and the installation of a lead recovery circuit.
Richardson said Horizon’s plan to expand output will also benefit Namibia and the town of Kombat through new investment and job creation.
“It’s a good transaction for everyone involved. Horizon will bring fresh energy and capital into the mine, and Kombat will return to being a productive, larger-scale operation,” he said.
For Trigon, the focus now turns northward to Morocco, where drilling is set to begin within weeks at the Adanna silver-lead-copper project—a 120-square-kilometre, 100 per cent-owned exploration licence. Richardson described Adanna as one of Trigon’s most exciting prospects to date.
“You can literally see the veins from satellite imagery. They run for about 20 kilometres of strike, and some are up to 40 centimetres thick at surface. If they widen at depth, we could be looking at a major discovery,” he said.
Trigon has been active in Morocco since 2019, initially at the Silver Hill project, and is now positioning Adanna as its flagship venture.
“We’ve been through a long process, but this approval marks the beginning of a stronger Trigon—debt-free, well-financed, and focused on discovery,” Richardson said.
With regular inflows from the Horizon transaction and a promising asset base in Morocco, Trigon’s next chapter is defined by exploration and growth.
“We have capital coming in, exposure to rising copper and silver prices, and a new frontier to explore. This is the foundation for the company’s future,” Richardson said.
