Research from Atrium Research, Atrium Research Corporation

Atrium Research

Research from Atrium Research

Atrium Research Corporation

Atrium Research provides institutional quality issuer paid research on public equities in North America. Our investment philosophy takes a 3-5 year view on equities currently being overlooked by the market. Our research process emphasizes understanding the key performance metrics for each specific company, trustworthy management teams, unit economics, and an in-depth valuation analysis. 

Our research product includes in-depth initiation reports, research notes, thematic research pieces, and company fact sheets.

Equity Bottom-Up

<ul>
<li>Trigon announced that its two underground pumps failed at its Kombat Mine, halting operations.</li>
<li>All personnel and mining equipment have been removed from the underground mine.</li>
<li>The Company stated that despite the issues, Horizon still plans to proceed with its commitment to purchase TM’s interest in Kombat.</li>
</ul>


Trigon announced that its two underground pumps failed at its Kombat Mine, halting operations.
All personnel and mining equipment have been removed from the underground mine.
The Company stated that despite the issues, Horizon still plans to proceed with its commitment to purchase TM’s interest in Kombat.


<ul><li>What you need to know: • Trigon provided an update on the previously proposed acquisition of the Kombat Mine by Horizon Corporation.</li><li>• Subject to final negotiation and approvals, the acquisition will consist of $30M plus between $10-20M in additional payments based on specific operational milestones.</li><li> • TM also announced it has signed a binding loan agreement with Horizon for up to $5M to allow for the project to continue to advance.</li></ul>

What you need to know: • Trigon provided an update on the previously proposed acquisition of the Kombat Mine by Horizon Corporation.• Subject to final negotiation and approvals, the acquisition will consist of $30M plus between $10-20M in additional payments based on specific operational milestones. • TM also announced it has signed a binding loan agreement with Horizon for up to $5M to allow for the project to continue to advance.

<ul>
<li>TM received a term sheet for the purchase of its ownership of the Kombat Mine for a consideration in the range of US$30-50M.</li>
<li>The all-cash transaction is at the asset level, therefore removing a significant portion of TM’s debt, allowing them to realize the entire consideration.</li>
<li>Trigon also announced its Q2/25 operating and financial results, reporting weaker than expected financials compared to Q1, returning to a negative EBITDA position.</li>
</ul>


TM received a term sheet for the purchase of its ownership of the Kombat Mine for a consideration in the range of US$30-50M.
The all-cash transaction is at the asset level, therefore removing a significant portion of TM’s debt, allowing them to realize the entire consideration.
Trigon also announced its Q2/25 operating and financial results, reporting weaker than expected financials compared to Q1, returning to a negative EBITDA position.


TM: Kombat Mine to Be Acquired in All-Cash Transaction

<ul>
<li>TM announced several high-grade copper and silver intercepts near shaft 1 at its Kombat mine in Namibia.</li>
<li>The holes reported today lie close to existing workings and planned developments, allowing for easy integration into the mine plan.</li>
<li>The highlight hole was hole KWO-217 which intersected 11.21% Cu and 117.9 g/t Ag over 5m.</li>
</ul>


TM announced several high-grade copper and silver intercepts near shaft 1 at its Kombat mine in Namibia.
The holes reported today lie close to existing workings and planned developments, allowing for easy integration into the mine plan.
The highlight hole was hole KWO-217 which intersected 11.21% Cu and 117.9 g/t Ag over 5m.


TM: High-Grade Underground Drilling Continues at Kombat

<ul>
<li>TM announced a key production milestone, having mined 980tpd over a 30-day period, surpassing a threshold in the Sprott streaming agreement.</li>
<li>This news de-risks the project as Trigon is no longer required to convert the principal advance into a loan (more detail below).</li>
<li>As a result of the highly successful underground mining operations, the Company has decided to pause the open pit and only process high-grade underground ore.</li>
</ul>


TM announced a key production milestone, having mined 980tpd over a 30-day period, surpassing a threshold in the Sprott streaming agreement.
This news de-risks the project as Trigon is no longer required to convert the principal advance into a loan (more detail below).
As a result of the highly successful underground mining operations, the Company has decided to pause the open pit and only process high-grade underground ore.


TM: Underground Mining Outperforms – Open Pit Pauses

Canada

Trigon Metals Inc. provides mining services. The Company develops mineral properties, as well as offers investment solutions. Trigon Metals serves customers in Canada.

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Trigon Metals (TM CN)

TM: Operations Halted; Valuation Stands

Trigon announced that its two underground pumps failed at its Kombat Mine, halting operations. All personnel and mining equipment have been removed...

Atrium Research

TM: Kombat Mine Acquisition Update

What you need to know: • Trigon provided an update on the previously proposed acquisition of the Kombat Mine by Horizon Corporation. • Subject to...

Atrium Research

TM: Kombat Mine to Be Acquired in All-Cash Transaction

TM received a term sheet for the purchase of its ownership of the Kombat Mine for a consideration in the range of US$30-50M.

Atrium Research

TM: High-Grade Underground Drilling Continues at Kombat

The holes reported today lie close to existing workings and planned developments, allowing for easy integration into the mine plan.

Atrium Research

TM: Underground Mining Outperforms – Open Pit Pauses

TM announced a key production milestone, having mined 980tpd over a 30-day period, surpassing a threshold in the Sprott streaming agreement.

Atrium Research

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