Portfolio Update: Mimbula Copper Project

Trident Royalties Plc (AIM:TRR), the diversified mining royalty company, is pleased to note recent significant developments relating to its Mimbula Copper Royalty and the project operator, Moxico Resources Plc (“Moxico”).

HIGHLIGHTS

• Moxico anticipates first copper cathode production near the end of October from the Mimbula copper project in Zambia (“Mimbula”) via a standalone 10,000 copper tonne per annum (“tpa”) heap leach and solvent extraction / electrowinning plant (“Phase 1”).
• A Bankable Feasibility Study for a Phase 2 expansion of copper cathode production from 10,000tpa to 56,000tpa was completed in August 2022, alongside a JORC (2012) compliant Resources Report containing 98.6 million tonnes at 0.97% Total Copper (“TCu”) at 0.3% TCu cut-off grade, with 90% of the Mineral Resource estimate classified as Measured and Indicated.
• Based on JORC (2012) Reserves and production of 56,000tpa, Mimbula has a mine life of 13 years and a C1 cash cost of approximately US$2,300 per tonne (exclusive of biproduct credits).
• In the first half of 2022, Moxico raised gross proceeds of approximately US$85 million via a private equity placement. In October, Moxico secured an offtake arrangement with a Tier-one offtaker for up to US$150 million, with US$50 million immediately available.
• Mimbula has accumulated more than 13 million working hours with only a single lost time injury, and currently employs 800 individuals, over 98% of whom are Zambian nationals.

Adam Davidson, Chief Executive Officer of Trident commented:

“We are pleased to see such significant progress from a key asset within Trident’s royalty portfolio. The near-term commencement of standalone copper production from Phase 1 is a substantial accomplishment, achieved during a challenging operating environment, while the Phase 2 expansion provides a future significant catalyst.

Moxico’s recent successful financing underscores Trident’s policy of acquiring royalties over quality assets with experienced management teams. The Mimbula Copper Royalty provides Trident’s investors with long-life copper exposure – a key base and battery metal – from an asset with further upside potential located in a prolific copper district.”

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