Q3 2023 Activities Update

Trident Royalties Plc (AIM: TRR, OTC: TDTRF), the diversified mining royalty company, is pleased to provide an update on its activities during the quarter ended 30 September 2023.

HIGHLIGHTS

• Quarterly receipts of US$1.94 million from exposure to gold, copper, and iron ore.
• Excluding the Mimbula copper royalty, where a minimum payment schedule concluded in Q2 2023 following full recovery of capital, receipts increased by 18% quarter-on-quarter. Trident retains a perpetual gross revenue royalty over Mimbula.
• Several key undertakings during a very active quarter for the Company, including:
  • The acquisition of an advanced stage lithium royalty in the U.S., which immediately benefited from a 45% increase in Mineral Resource estimate announced shortly after acquisition;
  • The acquisition of a major gold exploration royalty in Mali operated by industry leader B2Gold, the royalty covers a significant exploration tenure which hosts an existing gold resource and is within trucking distance of B2Gold’s operating Fekola mine, which produced almost 600koz of gold in 2022;
  • Significant advancements within the existing portfolio, set out in more detail below, which includes significant ramp-up activities at the Mimbula Copper Project, the release of the second tranche of funding by General Motors toward construction at the Thacker Pass Lithium Project, and continued development across the gold offtake portfolio which has steadily increased in year-over-year production and revenue.
• Trident held cash of circa US$25.6 million as of 3 November 2023, providing a strong platform for further acquisitions.

Adam Davidson, Chief Executive Officer of Trident commented:

“This has been another solid quarter for Trident, with two new transactions, good progress within our existing portfolio, and solid revenue generation. In the uncertain geopolitical environment, our diversified exposure has demonstrated its value, with our gold offtake revenue benefiting from higher gold prices and volatility. Our gold exposure will benefit further during the first half of 2024, with first gold expected at Equinox’s Greenstone Project, alongside ramping of production at other assets.

“We continued to build our portfolio during the quarter with the acquisition of new royalties over the Paradox Lithium Project and the Dandoko Gold Project. Both projects have the potential to become significant contributors to revenue over the short to medium-term. With the conclusion of the minimum payment schedule at Mimbula, Trident now has direct exposure to the project which is maintaining its positive ramp-up towards becoming a mid-tier copper producer. The Thacker Pass Lithium Project continues to reaffirm its status as a Tier 1 operation following the separation of Thacker into its own business unit, providing a rationalised structure for potential U.S. government transition material funding.

“Against the backdrop of weak equity markets and higher interest rates, we continue to see good levels of potential deal flow across a range of commodities and jurisdictions. With three material transactions since May, 2023 is shaping up to be another year of solid delivery for Trident. With cash in hand, and a maturing portfolio of high-quality assets, Trident is well positioned to continue to build into the diversified royalty company of choice.”