Trigon Metals Inc. (TSX-V: TM, OTCQB: PNTZF) has released its financial and operational results for the quarter ending September 30, 2024. The company will host a conference call tomorrow, December 3, 2024, at 11:00 a.m. Eastern time to discuss the results and outline future plans.

During the quarter, Trigon achieved a significant milestone at the Kombat Mine by mining an average of 980 tonnes of ore per day over 30 consecutive days. This milestone surpasses the contractual target of 900 tonnes per day, which the company achieved 13 months earlier than required. Copper production for the quarter reached 2,137,159 pounds, while silver production totaled 33,852 ounces. Operational challenges, including pump failures and lower ore grades, led to a negative adjusted EBITDA of $1.4 million.

Open-pit ore contributed to production during the period, but the lower-grade material affected the overall quality of output. In response, Trigon paused open-pit mining to focus on higher-grade underground ore, which significantly improved the copper recovery rate to 92.1%. However, milling capacity constraints limited throughput to 1,000 tonnes per day, prompting the company to prioritize underground ore while supplementing production with lower-grade stockpiles.

Revenues for the quarter were $7.16 million, down from $10.03 million in the previous quarter, reflecting reduced production levels and lower realized copper prices. The company reported a net loss of $6.9 million, compared to a $2.2 million loss in the prior quarter. The lower copper price was attributed to penalties from higher lead content in the ore, a challenge Trigon addressed by moving operations to areas with lower lead levels.

Trigon is investing $2.5 million to $3.5 million in exploration programs aimed at reserve and resource replacement around the Kombat Mine. Drilling efforts near Shaft #3 have delivered promising results, with further underground drilling planned to define new mineral resource estimates.

CEO Jed Richardson reaffirmed confidence in the Kombat Mine’s potential, noting the company’s efforts to optimize underground operations and plan for mill expansion. Richardson stated that Trigon is exploring strategic options to capitalize its operations while minimizing shareholder dilution.

The company remains focused on overcoming operational hurdles and unlocking the full value of its assets. Shareholders and interested parties are encouraged to join the upcoming conference call to gain further insights into Trigon’s progress and strategic direction.