Toronto-listed Trigon Metals has reported a net income of US$18.1 million (approximately N$324 million) for the fourth quarter ended March 31, 2025, despite operational setbacks at its flagship Kombat Mine in Namibia.
The profit was largely attributed to the reversal of past impairments and gains from restructuring a streaming agreement, even as mining operations were suspended due to flooding in January.
During the quarter, the Kombat Mine produced 310,190 pounds of copper and 6,878 ounces of silver before operations were halted. Output sharply declined from the same period in 2024, when over 1.2 million pounds of copper and nearly 13,000 ounces of silver were produced.
The underground copper grade also fell to 1.62%, down from 2.36% year-on-year, while copper recovery dropped to 62.8%, compared to 80.5% in the previous year.
As a result, revenues fell to US$1.92 million (about N$34.4 million) for the quarter, and adjusted EBITDA came in at negative US$906,952 (approximately N$16.2 million).
Trigon’s C1 cash cost ballooned to US$7.50 per pound, more than double the previous year’s cost of US$3.35, reflecting the reduced production and high maintenance costs during the care-and-maintenance phase.
The company confirmed that the majority of Kombat’s on-site employees had been retrenched following the shutdown.
In a statement, Trigon CEO and Executive Chairman Jed Richardson said: “This quarter was shaped by both significant operational challenges and transformative corporate developments. While the flooding at Kombat required us to place operations on care and maintenance, the signing of the definitive agreement to sell Trigon’s interest in the mine saved the company. It strengthens our financial position and allows us to focus our energy and capital on high-potential exploration projects in Morocco and Namibia.”
On May 27, 2025, Trigon signed a definitive agreement to sell its interest in the Kombat Mine to Kamino Mineral Ltd., an affiliate of Horizon Corporation.
The US$24 million (roughly N$429.6 million) transaction will be paid in eight quarterly instalments and includes contingent payments based on copper prices and future expansion of the mill.
The sale is expected to provide near-term liquidity while giving Trigon residual exposure to Kombat’s upside.
Additionally, Trigon raised US$2.53 million (about N$45.3 million) through a private placement in the quarter, using the proceeds to fund corporate overheads and preserve the Kombat site during the transition.
Looking ahead, the company is shifting its strategic focus to exploration activities at its Silver Hill and Addana projects in Morocco.
These campaigns target high-grade, near-surface polymetallic vein systems, with the company citing strong geological potential.
The Kombat Mine has long been one of Namibia’s most historic copper sites. Its fate now hinges on Horizon’s investment and rehabilitation strategy, while Trigon realigns itself as an exploration-driven junior with cross-continental ambitions.
