Trident Royalties Regulatory News (TRR)

1 February 2021

Trident Royalties Plc

("Trident" or the "Company")

Royalty Portfolio Update: Calidus Consolidates Key Warrawoona Tenements

Trident Royalties Plc (AIM:TRR, FSX:5KV), the growth-focused mining royalty and streaming company, is pleased to note the announcement on 1 February 2021 by ASX-listed Calidus Resources Limited ("Calidus")1 that it has successfully consolidated key exploration and infrastructure tenements2 as part of the broader Warrawoona Gold Project ("Warrawoona" or the "Project"). Calidus previously owned the tenements in a joint venture arrangement with TSX-listed Novo Resources Corp ("Novo") and is now moving to 100% ownership.

Trident has a binding agreement to acquire a 1.5% Net Smelter Royalty over the eastern part of the planned Warrawoona mine through tenement E45/3381 (which is pending conversion to Mining Lease M45/12903). The acquisition is expected to complete in Q1 2021. Trident announced the Warrawoona Royalty acquisition on 28 August 2020.

Calidus Resources Managing Director Dave Reeves said: "The purchase of the 30% interest in these tenements not only consolidates ownership in these key exploration and infrastructure tenements but also assists greatly in funding and operational administration by reducing cross ownership and guarantee structures. We are well on track to start main construction activities at Warrawoona this quarter, with final operating approvals expected shortly."

Adam Davidson, Chief Executive Officer and Executive Director of Trident commented:

"We are pleased to note Calidus' continued positive momentum as it progresses the 1.5Moz Warrawoona Gold Project, over part of which Trident holds a 1.5% Net Smelter Royalty. Calidus has achieved a number of important financing and development milestones at Warrawoona subsequent to Trident announcing the acquisition of the royalty as part of a portfolio of four gold royalties on 28 August 2020.

"The consolidation, which does not fundamentally impact the royalty, is another meaningful step by Calidus toward operation and further de-risks Trident's investment. We look forward to following developments at the project as main construction commences in Q1 2021."

References

1 Source: Calidus Resources press release dated 1 February 2021 (https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02336194-6A1018144?access_token=83ff96335c2d45a094df02a206a39ff4)

2 Source: General Purpose Leases are for mine infrastructure purposes such as operating machinery, depositing or treating mining tailings, etc. and are valid for a period of 21 years (renewable). The royalty tenement E45/3381 footprint includes General Purpose mine infrastructure leases G45/345 and G45/349.

3 Source: Government of Western Australia Mineral Titles Online search result. Search date 1 February 2021 (https://emits.dmp.wa.gov.au/emits/enquiry/home2.xhtml ,and Tengraph system https://tgw.dmp.wa.gov.au/tgw/# )

Competent Person's Statement

The technical information contained in this disclosure has been read and approved by Mr Nick O'Reilly (MSc, DIC, MAusIMM, MIMMM, FGS), who is a qualified geologist and acts as the Competent Person under the AIM Rules - Note for Mining and Oil & Gas Companies. Mr O'Reilly is a Principal consultant working for Mining Analyst Consulting Ltd which has been retained by Trident to provide technical support.

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About Trident

Trident is a growth-focused, diversified mining royalty and streaming company, providing investors with exposure to a mix of base and precious metals, bulk materials (excluding thermal coal) and battery metals.

Key highlights of Trident's strategy include:

· Building a royalty and streaming portfolio to broadly mirror the commodity exposure of the global mining sector (excluding thermal coal) with a bias towards production or near-production assets, differentiating Trident from the majority of peers which are exclusively, or heavily weighted, to precious metals;

· Acquiring royalties and streams in resource-friendly jurisdictions worldwide, while most competitors have portfolios focused on North and South America;

· Targeting attractive small-to-mid size transactions which are often ignored in a sector dominated by large players;

· Active deal-sourcing which, in addition to writing new royalties and streams, will focus on the acquisition of assets held by natural sellers, such as: closed-end funds, prospect generators, junior and mid-tier miners holding royalties as non-core assets, and counterparties seeking to monetise packages of royalties and streams which are otherwise undervalued by the market;

· Maintaining a low-overhead model which is capable of supporting a larger scale business without a commensurate increase in operating costs; and

· Leveraging the experience of management, the board of directors, and Trident's adviser team, all of whom have deep industry connections and strong transactional experience across multiple commodities and jurisdictions.

The acquisition and aggregation of individual royalties and streams is expected to deliver strong returns for shareholders as assets are acquired on terms reflective of single asset risk compared with the lower risk profile of a diversified, larger scale portfolio. Further value is expected to be delivered by the introduction of conservative levels of leverage through debt. Once scale has been achieved, strong cash generation is expected to support an attractive dividend policy, providing investors with a desirable mix of inflation protection, growth and income.

Forward-looking Statements

This news release contains forward‐looking information. The statements are based on reasonable assumptions and expectations of management and Trident provides no assurance that actual events will meet management's expectations. In certain cases, forward‐looking information may be identified by such terms as "anticipates", "believes", "could", "estimates", "expects", "may", "shall", "will", or "would". Although Trident believes the expectations expressed in such forward‐looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those projected. Mining exploration and development is an inherently risky business. In addition, factors that could cause actual events to differ materially from the forward-looking information stated herein include any factors which affect decisions to pursue mineral exploration on the relevant property and the ultimate exercise of option rights, which may include changes in market conditions, changes in metal prices, general economic and political conditions, environmental risks, and community and non-governmental actions. Such factors will also affect whether Trident will ultimately receive the benefits anticipated pursuant to relevant agreements. This list is not exhaustive of the factors that may affect any of the forward‐looking statements. These and other factors should be considered carefully and readers should not place undue reliance on forward-looking information.

Third Party Information

As a royalty and streaming company, Trident often has limited, if any, access to non-public scientific and technical information in respect of the properties underlying its portfolio of royalties and investments, or such information is subject to confidentiality provisions. As such, in preparing this announcement, the Company has relied upon information provided by or the public disclosures of the owners and operators of the properties underlying its portfolio of royalties, as available at the date of this announcement.