TRR.L Regulatory News (TRR)

27 October 2022

Trident Royalties Plc

("Trident" or the "Company")

Portfolio Update: Mimbula Copper Project

Trident Royalties Plc (AIM:TRR), the diversified mining royalty company, is pleased to note recent significant developments relating to its Mimbula Copper Royalty and the project operator, Moxico Resources Plc ("Moxico").

HIGHLIGHTS

· Moxico anticipates first copper cathode production near the end of October from the Mimbula copper project in Zambia ("Mimbula") via a standalone 10,000 copper tonne per annum ("tpa") heap leach and solvent extraction / electrowinning plant ("Phase 1").

· A Bankable Feasibility Study for a Phase 2 expansion of copper cathode production from 10,000tpa to 56,000tpa was completed in August 2022, alongside a JORC (2012) compliant Resources Report containing 98.6 million tonnes at 0.97% Total Copper ("TCu") at 0.3% TCu cut-off grade, with 90% of the Mineral Resource estimate classified as Measured and Indicated.1

· Based on JORC (2012) Reserves and production of 56,000tpa, Mimbula has a mine life of 13 years and a C1 cash cost of approximately US$2,300 per tonne (exclusive of biproduct credits).

· In the first half of 2022, Moxico raised gross proceeds of approximately US$85 million via a private equity placement. In October, Moxico secured an offtake arrangement with a Tier-one offtaker for up to US$150 million, with US$50 million immediately available.

· Mimbula has accumulated more than 13 million working hours with only a single lost time injury, and currently employs 800 individuals, over 98% of whom are Zambian nationals.

Adam Davidson, Chief Executive Officer of Trident commented:

"We are pleased to see such significant progress from a key asset within Trident's royalty portfolio. The near-term commencement of standalone copper production from Phase 1 is a substantial accomplishment, achieved during a challenging operating environment, while the Phase 2 expansion provides a future significant catalyst.

Moxico's recent successful financing underscores Trident's policy of acquiring royalties over quality assets with experienced management teams. The Mimbula Copper Royalty provides Trident's investors with long-life copper exposure - a key base and battery metal - from an asset with further upside potential located in a prolific copper district."

THE MIMBULA COPPER ROYALTY

The Mimbula Copper Royalty is a Gross Revenue Royalty ("GRR") which was acquired on 29 June 20202 for a total consideration of US$5 million. The GRR rate is 1.25%, decreasing to 0.3% upon US$5 million being paid on the royalty, with a subsequent decrease to 0.2% once the royalty has been paid on a total of 575,000 tonnes of copper.

In addition, the GRR is subject to a Minimum Payment Schedule in which the higher of the minimum amount, or the Gross Revenue Royalty amount, are due; specifically:

· Minimum payments of US$375,000 per quarter in 2021;

· Minimum payments of US$500,000 per quarter in 2022; and

· Minimum payments of US$750,000 in each of the first two quarters of 2023.

To date, Trident has received US$3,078,707 in royalty payments.

Reference Note

1 Source: Moxico Resources PLC, Bankable Feasibility Study dated August 2022 and Mineral Resource estimate dated July 2022 prepared in accordance with the 2012 Edition of the Joint Ore Reserves Committee ("JORC") Code

Mimbula Total In-Situ Mineral Resource Estimate (JORC 2012), dated July 2022

Stated at 0.3% total copper (TCu) cut-off grade

2 Source: Trident announcement dated 29 June 2020

( https://polaris.brighterir.com/public/trident/news/rns/story/r73y4gx )

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 battery, precious, and bulk metals.

Key highlights of Trident's strategy include:

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 often largely relies 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.