Further to its announcement of 24 September 2020, Trident is pleased to announce that all pre-conditions to the Lake Rebecca Gold Royalty Acquisition (as defined below) have now been satisfied and that completion will occur automatically on Admission (as defined below).

On 24 September 2020, the Company announced that it had entered into a binding agreement to acquire an existing 1.5% Net Smelter Return (“NSR”) gold royalty over tenement E28/1610 (the “Lake Rebecca Gold Royalty Acquisition”), which hosts the entirety of the million-ounce Lake Rebecca Gold Project (“Lake Rebecca”), currently owned and operated by ASX-listed Apollo Consolidated (“Apollo”) in Western Australia. The Royalty was acquired for a total consideration of A$7,000,000 in cash (approx. US$5,000,000) and A$1,000,000 to be satisfied by the issue of 1,862,556 new ordinary shares of 1p each in Trident (“Consideration Shares”) at 29.39p per Ordinary Share.

The royalty is payable on production from exploration licence E28/1610 which is currently pending conversion to a mining licence (M28/400, application date 2 December 2019), and covers the entirety of the Cleo, Duke, Duchess and Rebecca deposits which are collectively referred to as the “Lake Rebecca Gold Project.” Apollo is aggressively pursuing the development of Lake Rebecca following the publication of a conservative open-pit shell constrained 1.035 million ounce JORC (2012) compliant maiden Mineral Resource Estimate¹ in February 2020 (Indicated + Inferred resource of 27.1Mt @ 1.2g/t Au, with 0.5g/t Au cut-off & A$2,250/oz gold price). Nick Castleden, the MD of Apollo, recently stated that “construction is expected to commence in 18-24 months.” Trident internal estimates indicate a long-life, substantial gold operation – providing a key cornerstone asset to underpin the precious metals’ allocation in Trident’s portfolio.

Settlement and Dealings

Application has been made to the AIM Market of the London Stock Exchange Plc (“AIM”) for admission to trading of the 1,862,556 new Consideration Shares, which rank pari passu with the Company’s existing issued Ordinary Shares. Dealings on AIM are expected to commence at 8:00am on or around 30 October 2020 (“Admission”).

Total Voting Rights

For the purposes of the Financial Conduct Authority’s Disclosure Guidance and Transparency Rules (“DTRs”), following Admission Trident will have 105,362,556 ordinary Shares of 1p each in the capital of the Company in issue with voting rights attached. Trident does not hold any shares in treasury. This figure of 105,362,556 may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in the Company, under the DTRs.

1 – Apollo Consolidated ASX announcement 10th Feb 2020

(https://www.asx.com.au/asxpdf/20200210/pdf/44dyphpx3pl45r.pdf)

Adam Davidson, Chief Executive Office of Trident commented:

“We are delighted to complete the acquisition of the Lake Rebecca Gold Royalty which will provide our shareholders with precious metals exposure from a significant and growing asset in the world’s top mining jurisdiction. At this early stage, Trident believes that Lake Rebecca is on track to support a circa 100koz/yr operation, located in a desirable jurisdiction being supported by gold prices at close to all-time highs. Acquiring attractive development stage royalties with a clear pathway to production has been proven to deliver value to investors, with many major and mid-tier royalty companies built on acquisitions such as this.”