Trident Royalties Plc (AIM:TRR)(OTCQB:TDTRF), the diversified mining royalty company, is pleased to note recent positive progress announced by Avino Silver and Gold Mines Ltd. ('Avino', TSX: ASM, NYSE AMERICAN: ASM) on its La Preciosa Silver Project ('La Preciosa').

On 15 May 2023, Trident announced the acquisition of royalty assets 1 comprising: 1.25% net smelter return royalty covering the Gloria and Abundancia veins at La Preciosa; 2.00% gross value return royalty covering all other areas of La Preciosa; US$8.75 million milestone payment, payable to Trident within 12 months of first silver production at La Preciosa.

LA PRECIOSA SILVER PROJECT

Avino recently reported that it has signed a long-term land-use agreement with a local community for the development of La Preciosa. La Preciosa hosts one of the largest undeveloped primary silver resources in Mexico and is located approximately 19 kilometres from the current Avino Mine operations, which has an operating 2,500 tonnes per day mill processing facility and all the necessary infrastructure to allow for mineral processing from La Preciosa.2

David Wolfin, Chief Executive Officer of Avino commented for the purpose of its announcement2: 'With this long-term land-use agreement in place, we can commence hauling of old surface stockpiles to our mill for processing. We are now able to begin the filing of our environmental permit for underground extraction. Pending regulatory approval, we can start developing the ramp down to our initial target of the high-grade Gloria vein. The La Preciosa mine represents a key pillar in our transformational growth strategy, as well as hosting a large endowment of silver and gold resources which we expect to process for years to come. We are delighted to work with our local community stakeholders to come to this amicable and cooperative result.' 2

Adam Davidson, Chief Executive Officer of Trident commented: '2024 is off to a great start at Trident with Avino's progress at La Preciosa. With the land-use agreement in place, Avino is moving to first production from its stockpiles while it obtains the requisite permits to commence underground production. We want to congratulate Avino on this milestone and look forward to continued growth at the broader Avino operation, with La Preciosa playing a key role moving forward.'

The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 which is part of UK law by virtue of the European Union (Withdrawal) Act 2018. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

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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:

Building upon a royalty and streaming portfolio which broadly mirrors the commodity exposure of the global mining sector (excluding fossil fuels) 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.

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