corporate presentation september 2020 · corporate presentation september 2020 this presentation...

CORPORATE PRESENTATIONSEPTEMBER 2020

This presentation contains ‘‘forward-looking information’’ which may include, but is not limited to, statements with respect to the future financial or operating performance of Trigon Metals Inc. and its subsidiaries (collectively, the ‘‘Company’’) andits mineral projects; the future prices of metals; the anticipated results of exploration activities; the estimation of mineral resources and mineral reserves, the feasibility study, production, free cash flows, life of mine, IRR, NPV; the realization ofmineral resource estimates; capital, development, operating and exploration expenditures; the Company’s ability to restart the mine, the economic viability of mining, costs and timing of the development of the Company’s mineral properties; timingof future exploration; requirements for additional capital; government regulation of mining operations; anticipated results of economic and technical studies; environmental matters; reclamation expenses; title disputes or claims; limitations ofinsurance coverage and the timing and possible outcome of pending litigation and regulatory matters. Often, but not always, forward-looking information can be identified by the use of words and phrases such as ‘‘plans’’, ‘‘expects’’, ‘‘is expected’’,‘‘budget’’, ‘‘scheduled’’, ‘‘estimates’’, ‘‘forecasts’’, ‘‘intends’’, ‘‘anticipates’’, or ‘‘believes’’ or variations (including negative variations) of such words and phrases, or state that certain actions, events or results ‘‘may’’, ‘‘could’’, ‘‘would’’, ‘‘might’’ or‘‘will’’ be taken, occur or be achieved.

This presentation contains information with respect to certain Non-GAAP measures, including certain cash costs per pound and all-in sustaining costs. These measures are included because these statistics are key performance measures thatmanagement may use to monitor performance. Management may use these statistics in future to assess how the Company is performing to plan and to assess the overall effectiveness and efficiency of mining operations. These performance measuresdo not have a meaning within International Financial Reporting Standards ("IFRS") and, therefore, amounts presented may not be comparable to similar data presented by other mining companies. These performance measures should not beconsidered in isolation as a substitute for measures of performance in accordance with IFRS.

Forward-looking information is based on the opinions and estimates of management as of the date such statements are made and is based on information currently available to management and upon what management believes to be reasonableassumptions, including, among others, that general business, economic, competitive, political and social uncertainties remain favorable; that actual results of exploration activities justify further studies and development of the Company’s mineralprojects; that the future prices of metals, and copper in particular, remain at levels that justify the exploration and future development and operation of the Company’s mineral projects; that deposit quality and characteristics remain as anticipated;that there is no failure of plant, equipment or processes to operate as anticipated; that accidents, labour disputes and other risks of the mining industry do not occur; that the jurisdictions in which the Company operates remain politically stable; thatthere are no unanticipated delays in obtaining governmental approvals or financing or in the completion of future studies, development or construction activities; that the actual costs of exploration, and studies remain within budgeted amounts; thatregulatory and legal requirements required for exploration or development activities do not change in any adverse manner, as well as those factors discussed in the section entitled ‘‘Risks and Uncertainties’’ as may be identified in the Company’sMD&A and public disclosure from time to time, as filed under the Company’s profile on SEDAR at www.sedar.com.

Forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance orachievements expressed or implied by such forward-looking information. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in the forward-looking information, there may be other factors that cause such actions, events or results to differ from those anticipated, estimated or intended. Any inaccuracy in the assumptions identified above may also cause actual actions, events or results todiffer materially from those described in the forward-looking information.

Forward-looking information contained herein is made as of the date of this Presentation and the Company disclaims any obligation to update any forward-looking information, whether as a result of new information, future events or results, exceptas may be required by applicable securities laws. There can be no assurance that such forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information.Accordingly, potential investors should not place undue reliance on forward-looking information.

The technical information contained herein is derived from or is a summary of the NI 43-101 compliant technical report entitled “NI 43-101 Technical Report on the Kombat Copper Project, Namibia”, dated July 20, 2018 (the ”Technical Report”). Foradditional information, please see the Technical Report filed on www.sedar.com on July 20, 2018.

Qualified PersonsMr. D van Heerden (B Eng (Min.), MCom (Bus. Admin.), MMC, Pr.Eng. No. 20050318, FSAIMM, AMMSA), Mr. U Engelmann (BSc (Zoo. & Bot.), BSc Hons (Geol.), Pr.Sci.Nat., MGSSA), and Mr. NJ Odendaal (BSc (Geol.), BSc (Min. Econ.), MSc (Min. Eng.),Pr.Sci.Nat., FSAIMM, MGSSA) of Minxcon are all “qualified persons” as such term is defined in NI 43- 101 and CIM definition standards and have reviewed and approved the technical information and data included in this presentation. Mr. vanHeerden, Mr. Engelmann and Mr. Odendaal are considered independent of Trigon.

DISCLOSURE FORWARD LOOKING STATEMENTS

Trigon Metals – Exploring, developing and producing copper and silver in Africa’s best mining addresses. Corporate Presentation

| 2TSX.V: TM

TECHNICAL INFORMATION

http://www.sedar.com/

LARISA SPROTTDirector

Ms. Sprott currently serves as the President of Sprott

Money, an online retailer of gold, silver and platinum

bullion to investors and collectors, founded by her father,

celebrated resource investor Eric Sprott. Prior, she worked

as an investment advisor with Sprott Asset Management,

and her work history includes experience in Public Relations

with Toronto based firm DKPR. Amongst a list of charitable

work, she is on the Board of Directors for the Sprott

Foundation. Ms. Sprott holds a Master’s of Science in

Education.

BOARD OF DIRECTORS AND MANAGEMENT

Mr. Müller is a Professional Mining Engineer registered

with the Engineering Council of South Africa. Mr. Müller

has a wide range of commodity experience with a strong

focus on development to production stage assets. Mr.

Müller started his career in the production environment,

before also gaining experience in the technical and

management divisions of operating mines. Mr. Müller

gained experience on a variety of commodities as a

mining consultant before mainly focusing on operational

start-ups. In addition to a Mine Manager’s Certificate, Mr.

Müller holds a Bachelor of Engineering (Mining) and a

Masters of Engineering (Project Management) from the

University of Pretoria.

FANIE MÜLLER

VP Operations

Dr. David Shaw brings a wealth of expertise in public

companies and exploration geology. He has worked both in

the technical and financial communities within the resource

industry for nearly 40 years. He served as an in-house

structural consultant on both metal and hydrocarbon

exploration programs, then as a member of a hydrocarbon

project financial evaluation team with Chevron Resources in

Calgary and Vancouver. Throughout David's career he has

built strong relationships with European financial institutions

and the global mining community and gained valuable

experience in Africa. Dr. Shaw holds a PhD in Structural

Geology from Carleton University.

DAVID SHAWDirector

STEPHAN THERONDirector

Mr. Theron brings 17 years of extensive management,

capital project development and M&A experience within

the mining industry. Prior to joining Trigon Metals, Mr.

Theron was Managing Director at Liberty Metals & Mining,

a private equity group based in Boston, Massachusetts. Mr.

Theron was also a strategic member on the board of

directors of True Gold Mining.

DAYE KABADirector

Daye Kaba brings corporate governance experience and a

variety of necessary skills to the Trigon board. He is a

partner in the Global Metals & Mining group at McCarthy

Tétrault in Toronto. His practice focuses on mergers and

acquisitions, securities and commercial law matters, with a

focus on the mining sector in Africa. Mr. Kaba is a

member of various associations including the Canadian

Bar Association, the American Bar Association, the World

Association of Mining Lawyers (WAOML) and the

Prospector and Developers Association of Canada

(PDAC).

Ms. Roberts is a Chartered Accountant (South Africa) with

experience and expertise in the finance and mining

industry. Prior to joining the Company, Ms. Roberts was the

Chief Financial Officer at Buffalo Coal Corp. after having

spent nine years in the corporate finance industry where

she played a key role in initial public offerings, mergers and

acquisitions, restructurings and debt and equity offerings.

Ms. Roberts has experience across a range of commodities

and mining projects with a strong focus on Southern Africa.

SARAH ROBERTS

VP Finance Mergers

& Acquisitions

Trigon Metals is

uniquely positioned to

create shareholder

value in safe,

established districts for

mineral exploration

in Africa.

| 4TSX.V: TM

JED RICHARDSON

President and CEO

Director

Mr. Richardson is a qualified mine engineer with a

background that includes mine finance and resource

development over a 20-year career. As CEO of Great Quest,

a fertilizer resource development active in Mali, West Africa,

he gained valuable experience operating in Africa. He has

also held an executive position at Amazon Mining

developing resource assets in Brazil. Mr. Richardson spent a

large portion of his career in capital markets working as a

research analyst at Sprott Securities and RBC Capital

Markets. He also worked as a Mining Engineer for Alcan

Aluminum after graduating from the University of Toronto.

Mr. Richardson holds a B.A.Sc in Mineral and Geological

Engineering.

Trigon Metals – Exploring, developing and producing copper and silver in Africa’s best mining addresses.

SILVER IS NOW – A BRIGHT OUTLOOK

Price, like industrial production, has been

recovering from 2008 lows.

Silver bull markets typically trail those of gold,

which is experiencing a significant bull rally

considering the unstable global economies as

a result of COVID-19.

Silver Diversifies U.S. Dollar Risk and is also cheap

relative to gold. Silver is above $20 and will

eventually go higher.

Source: Macrotrends, Fxempire.com

Silver Hill: Opportunity for an immediate value

driver though high-grade silver discovery.

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ilver

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Silver Price vs Gold/Silver Ratio 1980 - 2020

Silver Price Gold/Silver Ratio


| 5TSX.V: TM

SILVER IS NOW – A BRIGHT OUTLOOK

Price, like industrial production, has been

recovering from 2008 lows.


TSX.V: TM

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IPI (

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World Industrial Production vs Copper Price

Copper OECD IPI

Excess concern over trade wars has hurt the price,

despite the global economy still being strong. Copper

will ultimately recover, and those who invest are

positioned benefit.

“One of the lasting lessons from this pandemic has been the reliance of the Western world on China

for its manufacturing. And the idea of getting Americans, Canadians and Europeans back to work will

be getting them back into manufacturing, and that’s going to require a lot of copper.”

Jed Richardson - President and CEO of Trigon Metals

| 6

Multi-levels SCD* Cu-Ag mineralized

sandstones (* Stratiform Copper Deposits)

Neoproterozoic III

Ordovician

Cambrian (KS2 ?

Cretaceous)

GITOLOGICAL INTERPRETATION

| 7TSX.V: TM

GEOLOGICAL MAP


| 8TSX.V: TM

Namibia: well known mining locale.Morocco: emerging mining

friendly destination.

SILVER HILL PROJECT – DRILL RESULTSSample ID Sampler Cu% Ag g/t

S1 Trigon 7.02% 453 g/t

S1LA1 Local 3.17% 230 g/t

S1LA2 Local 4.39 221 g/t


S1LB1 Local 8.05% 477 g/t



S1LC1 Local 10.16% 750 g/t

S1LC2 Local 5.22% 566 g/t

Structure 1 – Upper Mineralized Level

Sample ID Sampler Cu% Ag g/t

S2 Trigon 2.53% 26 g/t

S3 Trigon 5.74% -

S4 Trigon 3.57% -

S2LA1 Local 12.56% 270 g/t




Structure 2 – Middle Mineralized Level

Sample ID Sampler Cu% Ag g/t


Structure 3 – Lower Mineralized Area

250m

10,16%Cu&752g/tAg

5,22%Cu&566g/tAg

5,83%Cu&450g/tAg

8,05%Cu&476g/tAg

3,27%Cu&179g/tAg

6,29%Cu&445g/tAg

3,17%Cu&230g/tAg

4,39%Cu&221g/tAg

5,77%Cu&360g/tAg

1,09%Cu&251g/tAg

1,25%Cu&136g/tAg

6,22%Cu&24g/tAg

12,56%Cu&270g/tAg

2,97%Cu&16g/tAg


• S1 – Silver Hill Hole 1: intercepted 13.5 metres grading 71.5 g/t silver and 1.08% at 26.5 to 40

metres down the hole, drill core ended in mineralization. Within the drill intercept was 2.5

metres grading 266.6 g/t silver and 3.87% copper.

• S3 – Silver Hill Hole 3: intercepted 7.0 metres grading 48.6 g/t silver and 0.75% copper at 25

to 32 metres down the hole, the hole ended at 35.5 metres. Within the drill intercept was 1.5

metres grading 122 g/t silver and 1.59% copper.

• S5 – Silver Hill Hole 5: intercepted 5.0 metres grading 18.9 g/t silver and 1.49% copper at

29 to 34 metres down the hole, drill core ended in mineralization.

Holes were drilled at a 70° angle and drill intercepts are presumed to represent true width of the

structure. Silver Hill Hole S2 did not reach the mineralized layer. The hole reached a maximum depth of 36 metres.

| 9TSX.V: TM

Namibia: well known mining locale.Morocco: emerging mining

friendly destination.

SILVER HILL PROJECT - RESULTS

Table 1 – Silver Hill Drill Results

Hole ID From (m) To (m) Intercept(m) Ag (g/t) Cu (%)

SH S1* 27.5 40.0 13.5 71.5 1.08

Including* 32.0 40.0 8.0 115.8 1.59

including 33.5 36.0 2.5 266.6 3.87

SH S3 25.0 32.0 7.0 48.6 0.75

including 30.0 31.5 1.5 122 1.59

SH S5* 29.0 34.0 5.0 18.9 1.49

*ended in mineralization

Figure 2 – Silver Hill Focused Area


| 10TSX.V: TM

• Potentially 3.5 km of mineralized strike length

• Identified in sampling and verified by old workings

POTENTIALLY 3 STRUCTURES IDENTIFIED

| 11TSX.V: TM

80% Interest in five Mining Licences in the Otavi Mountainlands

KOMBAT MINE

Formerly producing high-grade copper mine (Kombat) in Namibia

with some by-product credits.

Over US$ 100 million in useable infrastructure.

Infrastructure in place. Mine, mill and headframes are all in place awaiting

restart (1,100 tpd mill).

Historical production from Kombat of 12.46 million tonnes at 2.62%

copper, 1.55% lead and 18 g/t silver over an aggregate of 45 years.


| 20TSX.V: TM

Project revolutionized by incorporating old mine development drilling

BIGGER RESOURCE, STRONGER PROJECT

An additional 3,758 UG drill holes were incorporated into the

resource calculation. From historic mine development work, it was

validated against 2017 drilling to verify accuracy.

Volume of the resource shell increased by 152% (23.3 Mm3 to 58.7

Mm3). Entire database was digitized and modeled in 3 dimensions

for the first time

Global Resource expands from 7 Mt to 39 Mt, a much larger production

profile can immediately be considered, making Kombat a more robust

operation

The plan would include a greatly expanded open pit, reducing mining

cost and allowing for access to lenses previously cut off by limits in UG

development

| 12


| 13TSX.V: TM

SIGNIFICANT RESOURCE EXPANSION

New Open Pit Resource (0.6% copper equivalent cut-off)

Area Resource Class Tonnes Cu Pb Ag

Mt % % g/t

Kombat East Indicated 5.27 0.86 0.98 0.49

Kombat Central 2.08 1.04 0.63 0.80

Total Indicated 7.35 0.91 0.88 0.58

Kombat East Inferred 4.26 0.85 1.33 0.55

Kombat Central 3.08 1.23 1.40 0.25

Kombat West 3.42 1.22 1.47 0.48

Total Inferred Kombat 10.76 1.08 1.40 0.44

Otavi Inferred 0.64 0.93 2.50 0.85

Total Inferred 11.40 1.07 1.46 0.46

Area Resource Class Tonnes Cu Pb Ag

Mt % % g/t

Kombat East Inferred 0.01 1.68 2.77 0.88

Kombat Central 0.48 2.20 2.02 2.53

Kombat West 0.22 2.13 2.48 3.17

Asis West Inferred 18.13 2.85 1.29 6.02

Asis Gap 1.04 2.75 0.44 3.53

Asis Far West 0.47 3.64 0.20 44.1

Total Inferred 20.36 2.84 1.26 6.64

Mine Area Resource ClassTonnes

Mt

Cu

%

Pb

%

Ag

ppm

Kombat (U/G) Inferred 1.145 1.84 1.68 3.04

Otavi Inferred 0.643 0.93 2.50 0.85

Asis (Gap, West, Far

West)

Inferred 3.723 3.79 0.89 32.86

Total (Underground) Inferred 5.511 3.05 1.25 22.93

Mine Area Resource ClassTonnes

Mt

Cu

%

Pb

%

Ag

ppm

Kombat (Open Pit) Indicated 1.53 1.14 0.72 2.88

Formerly…

New Underground Resource (1.8% copper equivalent cut-off)

Formerly…


| 14TSX.V: TM

RESOURCES

Scale

2 500 m

Cu %

5) Surface

project area

2) 1.6 km blue sky

potential -

0.9 km of the 1.6

km strike is within

the current Kombat

permit area

1) Surface dril lhole –Proven

mineralization

(13.3 m @ 1.92% Cu)

3) 4.2 km mined strike length

along the Kombat Cu trend

4) Kombat Cu

model (undepleted)


| 14

| 15TSX.V: TM

OTAVI VALLEYGEOLOGY, BASE METAL DEPOSITS AND MINERAL

LICENSES


| 16TSX.V: TM

REGIONAL LAND POSITION


| 16

CAPITAL STRUCTURE AND MARKET INFORMATION*


Summary Stats

Common Shares90.4 Million

Warrants ($0.25 - $1.30)45.2 Million

Options ($0.20 - $1.30)4.6 Million

Fully Diluted140.3 Million

Share Structure

Market CapC$35.3 Million

52 Week RangeC$0.05 – C$ 0.55

Average Volume188,117

CashC$ 1.7 Million

DebtC$ 300 Thousand

Enterprise ValueC$ 33.9 Million

TSXV: TM FRA: TZU2

TSX.V: TM

Management & Directors

8%

Sprott

20%

Silvercorp

7%

Aberdeen

7%

Institutional

27%

Other

31%

Share Ownership*

| 3TSX.V: TM * As of September 2nd, 2020, source: StockCharts.com

Share PriceC$ 0.39

Jed Richardson – President and [email protected]

+1 416 566 [email protected]

www.trigonmetals.com130 Queens Quay East, Suite 1224

Toronto, ON – M5A 0P6

Why Trigon Metals has

found Morocco to be more

than a tourist mecca

How Trigon Metals is

creating investor value in

Namibia and Morocco

Learn more about Trigon Metals:

Contact

Can copper be the metal of

the future with large deficits?

https://www.trigonmetals.com/

https://www.bnnbloomberg.ca/why-trigon-metals-has-found-morocco-to-be-more-than-a-tourist-mecca-1.1465799

https://www.youtube.com/watch?v=-IJ6ZFgEJJk&feature=youtu.be

https://financialpost.com/business-trends/can-copper-be-the-metal-of-the-future-with-large-deficits

https://www.facebook.com/trigonmetals/

https://www.linkedin.com/company/trigonmetals

https://www.instagram.com/trigonmetals/

https://twitter.com/trigonmetals

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