Trident Royalties Regulatory News (TRR)

1 December 2021

Trident Royalties Plc

("Trident" or the "Company")

Royalty Portfolio Update: Lincoln Gold Royalty

Trident Royalties Plc (AIM:TRR, FSX:5KV), the growth-focused mining royalty and streaming company, is pleased to note that it has been advised by the management of Seduli Sutter Operations Corporations ("Seduli") that commissioning and pre-production activities at the Lincoln Gold Mine ("Lincoln" or the "Project") are proceeding as planned with first gold remaining on schedule for Q4 2021.

As announced on 31 August 2021, Trident acquired a Net Smelter Return ("NSR") royalty (the "Royalty") over production from the Lincoln Gold Mine, located in California, USA. Seduli is currently finalising the restart of Stage 1 production at the Lincoln underground gold mine targeting 220 tonnes-per-day, with the aim of producing approximately 20,000+ ounces of gold per year1. The Project is permitted for Stage 2 production of up to 1,000 tonnes-per-day (approximately 80,000oz gold per year).

Adam Davidson, Chief Executive Officer of Trident commented:

"We are pleased to see the positive progress being undertaken at Lincoln Gold Mine. The Project is situated in one of the most historically prolific gold regions globally with Seduli uniquely positioned as the owner of the only constructed and permitted processing facility on the Californian Mother Lode. Seduli has a host of attractive exploration prospects within its existing tenement package and is well positioned to consolidate other exploration targets on the lode. Trident's royalty retains full upside to both avenues of growth via the 5-mile area of interest provision in the royalty.

"Trident looks forward to further positive progress at Lincoln over the coming weeks, including first gold pour ahead of inaugural royalty revenues in 2022"

Project Update

Seduli has provided Trident with the following update:

· Pre-production activities at Lincoln have proceeded in a safe manner with no incidents recorded to date

· On-boarding has continued with key engineering, operational and management roles being successfully filled

· Majority of key mining equipment has been delivered to site with remaining equipment in the final stages of refurbishment before being transported to site

· Majority of key processing infrastructure is in place with dry commissioning of individual pieces of equipment currently underway

· Wet commissioning/hydraulic testing to commence in the coming weeks

Royalty Structure

The NSR royalty rate is 1.50%, decreasing to 0.75% upon US$3 million being paid on the Royalty.

The Royalty has senior ranking security over all key assets of the Project. The security package falls away upon the earlier of 1) US$3 million received by Trident in royalty payments, or 2) confirmation of bona fide Stage 2 funding to Trident's satisfaction.

About the Lincoln Mine

The Royalty is applicable to production from the Lincoln Gold Mine located in California, USA, comprising 100% of production from 47 mining claims totalling 863 acres of leased or owned mineral rights. In addition, the Royalty will be applicable to any production from any future acquired mining claims within 5 miles of the outer boundaries of the current Seduli claims.

The Project has a NI 43-101 and 2014 CIM Definition Standards2 compliant Mineral Resource Estimate as set out in Table 1 below.

Table 1: Mineral Resource Estimate for Lincoln Mine Project 3

The resource is open at depth, indicating strong exploration potential. Seduli has a highly experienced board and management team led by Toby Davis, who has extensive experience in multi commodity mining and exploration and holds a PhD in structural geology.

Notes & References

1 Source: Seduli Holdings website

https://seduli.com.au/ 

2 Canadian Institute of Mining Metallurgy and Petroleum ("CIM") Definition Standards for Mineral Resources and Mineral Reserves. The CIM Definition Standards on Mineral Resources and Reserves ("CIM Definition Standards") establish definitions and guidance on the definitions for mineral resources, mineral reserves, and mining studies used in Canada. The Mineral Resource, Mineral Reserve, and Mining Study definitions are incorporated, by reference, into Canadian National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-10"1). https://mrmr.cim.org/en/standards/canadian-mineral-resource-and-mineral-reserve-definitions/  

3 Mineral Resource Estimate table in imperial units as stated in the Updated Technical Report on the Lincoln Mine Project, Amador County, California dated July 2nd, 2015 prepared for Sutter Gold Mining Inc. and available on www.sedar.com.

# Lincoln-Comet Mineral Resource Estimate dated 14 December 2010 based on 15 February 2010 data

* Keystone Mineral Resource Estimate dated 22 June 2015 based on 15 June 2010 drill data.

Units: oz Au/ton defined as troy ounces of gold per short ton. 1 short ton = 0.90719 tonnes

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:

· Expanding on a royalty and streaming portfolio which broadly mirrors 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 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.