Antler Copper Royalty

Trident owns a 0.90% NSR royalty over the tenement package owned by New World at the time of the transaction, which covers the copper rich polymetallic Antler Project and five named exploration targets. Trident also holds a 0.45% NSR royalty over any ground subsequently acquired by New World within 5km of the boundary of the project area royalty.

The Antler Project is an advanced stage high-grade copper-zinc rich polymetallic deposit containing copper, zinc, lead, gold and silver. The project area is located in an attractive mining jurisdiction (Arizona, USA) with high-quality existing infrastructure links. In addition, mine development and surface infrastructure will be located on privately owned land, which is currently owned or controlled by New World, thereby streamlining the permitting process

A Pre-Feasibility Study on the project is expected in Q2 2024, with commencement of pre-construction development works targeted for Q1 2025. The PFS will build on a Scoping Study published in May 2023 contemplating a standalone underground mine and concentrator targeting average annual production of 32,700 tonnes copper equivalent over a 13-year mine life.

The royalty contains two buyback provisions which allow for cashflow to be pulled forward, whilst allowing Trident to retain meaningful ongoing exposure to the project and exploration success. Furthermore, Trident has been granted a Right of First Refusal providing Trident the right to match any new royalty or streaming transaction until 12 months after commercial production at Antler.