Copper Co. Reports High-Grade Drill Results
Research Report

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Disclosures for Atrium Research, Trigon Metals, August 30, 2024

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Atrium Research analysts Ben Pirie and Nicholas Cortellucci, in a research report published on August 30, 2024, provided an update on Trigon Metals Inc. (TM:TSX; PNTZF:OTCQB; TZU2:FRA) following the company's announcement of high-grade drill results from a new zone near Shaft #3 of the Kombat Mine. The analysts maintained their Buy rating and target price of CA$3.50 on the stock.

Trigon Metals reported several high-grade copper intersections from its drilling program at the new zone, including:

• 3.32% Copper (Cu) over 7 meters (m) (E600-017)
• 2.08% Cu over 4m (E600-018)
• 2.65% Cu over 3m (E600-044)
• 2.48% Cu over 3m (E600-045
• 2.14% Cu over 2m (E600-047)
• 2.61% Cu over 2m (E600-055)
• 2.06% Cu over 2m (E600-056)
• 2.21% Cu over 4m (E600-065)

The analysts noted the significance of these results, stating, "Today's release is important as it shows strong resource growth potential in the area around Shaft #3, which would open up more mining faces, reducing operational risk and allowing for future production growth."

Pirie and Cortellucci highlighted comments from Trigon's VP Exploration Andy Rompel, who indicated "potential for the deposit to expand in width further into the dolomites (not just along the dolomite phyllite contact), which could materially grow the resource."

The analysts expressed their positive view on the results, commenting, "We are pleased by the results reported yesterday as it shows substantial resource growth potential near already existing mine workings as well as highlight the existing infrastructure and strong grade at the company's next phase of production growth for the underground mining operations."

Trigon Metals' strategic plans include ramping up throughput from 1,000 tpd to 2,000 tpd next year, with Shaft #3 set to be a key mining area in this expansion. The company is continuing its underground drilling operations, with approximately 3,500m planned to be completed by year-end.

The analysts maintain their Buy rating and target price of CA$3.50 per share, implying a potential return of 393% from the share price at the time of the report of CA$0.71.

The analysts conclude by highlighting potential catalysts for Trigon Metals, including ongoing quarterly production and financial results, as well as continued drill results at Kombat and expansion drilling.