Result of Placing and Primary Bid Offer

Trident Royalties Plc (AIM:TRR, FSX:5KV), the growth-focused mining royalty and streaming company, announces that further to the announcements made yesterday regarding the proposed placing and subscriptions (the “Placing”), and retail offer (the “Retail Offer”) (together, the “Fundraising”), the Company has raised total gross proceeds of approximately £30.2 million (approximately US$40.0 million) from the issuance of 84,000,000 new ordinary shares at a price of 36 pence per share (the “Placing Price”).

The Fundraising is being conducted in two tranches:

• A firm placing allocation of 70,881,943 new ordinary shares in the Company at the Placing Price, conditional inter alia on their admission to trading on AIM (“Firm Placing Shares”).
• A conditional allocation of 13,118,057 new ordinary shares in the Company (“Conditional Placing Shares”) at the Placing Price, conditional upon, inter alia, shareholder approval at a general meeting of shareholders to be held on or around 10 January 2022 (the “General Meeting”) and their admission to trading on AIM (the “Conditional Placing”).

Tamesis Partners LLP, Ashanti Capital Pty Ltd and Stifel Nicolaus Europe Limited acted as Joint Bookrunners in relation to the Placing. The Retail Offer was conducted by the PrimaryBid platform.

All of the placees will receive Firm Placing Shares other than one placee who will receive Firm Placing Shares and Conditional Placing Shares and the Directors will only receive Conditional Placing Shares.

The Fundraising proceeds will part fund the acquisition of a portfolio of cash generative gold offtake contracts (the “Acquisition”) as announced yesterday, for a total consideration of US$69.75 million, while maintaining a strong balance sheet for the acquisition of further royalty and streaming assets.

Adam Davidson, Chief Executive Officer of Trident commented:

“I am thrilled with the support we have received from both institutional and retail investors, demonstrating strong support for our business model and the attractiveness of the Acquisition. Following strong demand we have increased the size of the Fundraising, which will provide additional capital for future royalty and stream acquisitions.

“The offering was well supported by both existing and new shareholders, seeing a number of leading institutional shareholders join our register.

“The funds raised will primarily be used for the acquisition of a portfolio of producing gold offtake streams from Orion Resource Partners, which is the most significant transaction we have completed to date and materially increases our scale and diversification, crucially providing immediate and significant cash flow to support our future growth and in due course and appropriate dividend policy. With our strong balance sheet, we look forward to updating shareholders on further pipeline opportunities.”

News in full

CEO Adam Davidson recently provided an update of the business and its strategy below