Trident Royalties Regulatory News (TRR)

14 January 2021

Trident Royalties Plc

("Trident" or the "Company")

Royalty Portfolio Update: Lake Rebecca Gold Project

LAKE REBECCA PROJECT DRILLING SHOWS POTENTIAL FOR INCREASED RESOURCES

Trident Royalties Plc (AIM:TRR, FSX:5KV), the growth-focused mining royalty and streaming company, is pleased to provide a technical update for the Lake Rebecca Gold Royalty (the "Royalty") over tenement E28/1610 which hosts the entirety of the million-ounce Lake Rebecca Gold Project ("Lake Rebecca" or the "Project"), currently owned and operated by ASX-listed Apollo Consolidated ("Apollo") in Western Australia.

Since the completion of the Royalty acquisition (announced 29 October 2020) Apollo has released technical and drilling updates for the Project including the constituent Rebecca, Duchess, Duke and Cleo deposits (all of which are covered by the Royalty). Project highlights are summarised below.

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

"We are delighted by the exploration progress Apollo has made at the 1Moz Lake Rebecca Gold Project, over which Trident holds a 1.5% Net Smelter Royalty.

"Since completing the royalty acquisition on 29 October 2020, Apollo has announced some very encouraging infill and exploratory drilling results which bode well for significant upgrades in the expected Q2 2021 Mineral Resource Estimate update, and which serve to further de-risk future technical studies on the project as Apollo seeks to fast track the project into mine construction.

"It is also encouraging to note that the royalty area shows prospectivity for the definition of further Resources as highlighted by developments at the emerging Cleo deposit. We look forward to following developments at the project as drilling continues and technical studies commence."

HIGHLIGHTS

Rebecca Deposit - Infill & Step-Out Drilling Results Considered Very Positive1, 2, 4, *

· High-density# infill drilling results help to de-risk future mining studies, improving geological confidence in the Rebecca deposit Resource modelling, especially around the margins of high-grade gold zones such as the Jennifer, Maddy and Laura structures.

· Strong gold drill intercepts have been returned in expected positions whilst additional intercepts have extended the Mineral Resource block model in places. Example down-hole intercepts include:

· Hole RCLR0729: 21m @ 2.45g/t Au from 209m, 7m @ 1.24g/t Au from 285m & 7m @ 2.09g/t Au from 301m.1

· Hole RCLR0727: 30m @ 1.16g/t Au from 143m (Laura structure), 33m @ 1.46g/t Au* from 217m & 15m 1.74g/t Au* from 255m (Maddy structure).2

· Hole RCLR0680: 13m @ 2.96g/t Au & 4m @ 2.97g/t Au from 270m 4; and

· Hole RCLR0681: 9m @ 3.81g/t Au from 255m. 4

· Significant new hanging-wall gold mineralisation identified to the west of the Jennifer structure; downhole examples include:

· Hole RCLR0731 with 7m @ 2.21g/t Au from 312m 1

· Hole RCLR0682 with 18m @ 1.79g/t Au from 168m 4; and

· Hole RCLR0681 with 15m @ 1.27g/t Au from 85m 4.

· New near-surface gold mineralisation identified; down-hole examples include:

· Hole RCLR0741 22m @ 1.31g/t Au from 120m.1

· Hole RCLR0722 10m @ 1.22g/t Au* from 30m, 8m@ 3.53g/t Au from 43m & 3m @ 8.22g/t Au from 85m.2

· Apollo has stated that drilling along the 1.7km long Rebecca deposit continues to demonstrate the strength of the mineralised system, confirming and building on the geological modelling and that the major mineralised structures remain open to depth and will be the focus of additional RC and diamond drilling during 2021.2

Duchess & Duke Deposits 2, 5, 6

· New drilling results from 12 holes at the Duchess deposit, located approximately 4km south of Rebecca, has increased the understanding of the mineralised system, confirming, widening and extending the known mineralisation within the 900m long and >400m wide deposit footprint; best new down-hole intercept: 20m @ 1.64g/t Au* from 110m in hole RCLR0700.2

· Results show exploration potential for the circa 1km of ground between the Duchess deposit (180koz Au Inferred Resource 5) and Duke deposit (80koz Au Inferred Resource 5). 6

Cleo Exploration Target 1, 3

· Early stage drilling shows good potential for future Mineral Resource definition.

· Infill and extensional reverse circulation ("RC") drilling focussing on a part of the Cleo target, 1.4km to the west of the Rebecca deposit, has returned encouraging results from shallow depths; example down-hole intersections include:

· Hole RCLR0683: 10m @ 1.0g/t Au from 110m.

· Hole RCLR0684: 10m @ 0.82g/t Au* from 20m, 5m @ 1.69g/t Au* from 35m, 5m @ 4.24g/t Au* from 80m & 5m 1.46g/t Au* from 95m.

· Hole RCLR0685: 5m @ 3.76g/t Au from 55m, 15m @ 0.52g/t Au* from 80m, 28m @ 0.63g/t Au* from 105m & 10m @ 0.92g/t Au* from 140m.

· These encouraging intercepts lie within a 150m wide surface footprint and feature broad down-hole anomalous zones of gold anomalism, for example 115m @ 0.51g/t Au from 40m in RCLR0685 (calculated at nominal >0.1g/t Au & 2g/t Au top-cut). 3

· Preliminary geological interpretation for Cleo suggests near surface vertically orientated gold mineralisation which remains open in strike and to depth. 3

· Follow-up drilling is planned to expand the mineralised footprint and increase geological understanding along the current approximately 1km long gold mineralisation strike. 1, 3

Project Next Steps 1, 4

· Mineral Resource Estimate update scheduled for completion in Q2 2021 (Trident expects an increase in contained ounces based on the positive infill and extensional drilling results since the February 2020 maiden Mineral Resource Estimate of Total Indicated & Inferred 27.1Mt @ 1.2g/t Au for 1.035Moz Au).

· Exploration drilling continues to test under-explored structural targets lying between the Cleo, Duchess and Rebecca deposits.

· Geotechnical testwork is in progress.

· High resolution photographic and topographic surveys flown to support future technical and project evaluation studies.

· Apollo well-funded to continue the work programme (A$18.6M in consolidated cash as of 11 January 2021).1

Trident announced the completion of the Lake Rebecca Gold Royalty Acquisition (as defined below) on 29 October 2020.

On 24 September 2020, the Company announced that it had entered into a binding agreement to acquire an existing 1.5% Net Smelter Return ("NSR") gold royalty over tenement E28/1610 (the "Lake Rebecca Gold Royalty Acquisition"), which hosts the entirety of the million-ounce Lake Rebecca Gold Project, currently owned and operated by ASX-listed Apollo Consolidated in Western Australia. The Royalty was acquired for a total consideration of A$7,000,000 in cash (approx. US$5,000,000 at the time of completion) and A$1,000,000 to be satisfied by the issue of 1,862,556 new ordinary shares of 1p each in Trident ("Consideration Shares") at 29.39p per Ordinary Share. Trident announced the completion of the Lake Rebecca Gold Royalty Acquisition on 29 October 2020.

The royalty is payable on production from exploration licence E28/1610 which is currently pending conversion to a mining licence (M28/400, application date 2 December 2019), and covers the entirety of the Cleo, Duke, Duchess and Rebecca deposits which are collectively referred to as the "Lake Rebecca Gold Project." Apollo is aggressively pursuing the development of Lake Rebecca following the publication of a conservative open-pit shell constrained 1.035 million ounce gold JORC (2012) compliant maiden Mineral Resource Estimate¹ in February 2020 (Indicated + Inferred resource of 27.1Mt @ 1.2g/t Au for 1.035Moz Au, with 0.5g/t Au cut-off & A$2,250/oz gold price). Trident considers Lake Rebecca to be a key cornerstone asset for the company and is expected to underpin the precious metals' allocation in Trident's royalty portfolio.

Notes & References

All of the technical information has been extracted from the publicly available source documents identified below, the reader is advised that the appropriate JORC tables and Competent Persons Statements may be found in these documents.

# High density infill drilling conducted on average 25m x 40m drill fences.

* Denotes intercept comprises one or more composite samples which will now be resamples at 1m intervals.

1 Source: Apollo Consolidated ASX announcement 12 January 2021

( https://asx.api.markitdigital.com/asx-research/1.0/file/2924-02329849-6A1015243?access_token=83ff96335c2d45a094df02a206a39ff4 )

2 Source: Apollo Consolidated ASX announcement 7 December 2020

( https://asx.api.markitdigital.com/asx-research/1.0/file/2924-02318817-6A1011129?access_token=83ff96335c2d45a094df02a206a39ff4 )

3 Source: Apollo Consolidated ASX announcement 9 November 2020

( https://asx.api.markitdigital.com/asx-research/1.0/file/2924-02306075-6A1006206?access_token=83ff96335c2d45a094df02a206a39ff4 )

4 Source: Apollo Consolidated ASX announcement 3 November 2020

( https://asx.api.markitdigital.com/asx-research/1.0/file/2924-02303938-6A1005443?access_token=83ff96335c2d45a094df02a206a39ff4 )

5 - Apollo Consolidated ASX announcement 10 February 2020 

(https://www.asx.com.au/asxpdf/20200210/pdf/44dyphpx3pl45r.pdf)

6 - Apollo Corporate Presentation dated 5 November 2020

( https://asx.api.markitdigital.com/asx-research/1.0/file/2924-02305357-6A1005898?access_token=83ff96335c2d45a094df02a206a39ff4 )

** Ends **

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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.

Glossary of Technical Terms