Trident Royalties: Sonora Lithium Royalty Update

Royalty Acquisition

- Trident has a 50/50 JV with Sonoroy Holdings Limited

- Sonoroy agreed to acquire a 3.0% GRR over Sonora Lithium Project in Mexico

- Trident to receive 1.5% GRR

Loan Repayment

- Trident has agreed to extend its loan repayment date

- Long stop date now extended to the earlier of

- 31 December 2026

- Completion of the transaction

Ongoing Litigation

- The Royalty is subject to litigation:

- Between the Estate of Colin Orr-Ewing and Bacanora

- To be adjudicated by the Court of King’s Bench of Alberta

- Trident may terminate the JV:

- litigation finds in favour of Bacanora

- Litigation remains unresolved by the long-stop date.

Funding Requirements

- Trident is not required to provide funding for Sonoroy to complete the acquisition

- If, at the time of funding, changes to Mexico’s regulatory regime materially affect Sonora

New Credit agreement completed

- New credit agreement completed with BMO Capital Markets

- The new US$40m RCF can be extended to US$60m

- Proceeds to retire existing US$40m secured debt from Macquarie bank

- Annual interest savings of up to US$1.3m, once fully drawn