Trident Royalties Plc announcement on 30 March 2022 that it has successfully poured first gold at the Santa Luz Mine in Brazil ("Santa Luz"). Santa Luz is a brownfield gold asset with an expected mine life of 9.5 years, in addition to the potential for further underground production.2 Trident owns a gold offtake (the "Offtake") which entitles it to purchase 35% of all refined gold produced from three operating mines: Santa Luz, Fazenda, and RDM. The Offtake is subject to a cap of 658,333 ounces of refined gold, of which 465,437 ounces remained under the contract upon acquisition of the Offtake on 11 January 2022.

As detailed in the Trident announcement of 13 December 2021, the Company earns a margin equal to the difference between the sale price of the gold received under the Offtake and the lowest reference price during the Quotation Period.3 HIGHLIGHTS · First gold poured with material from the leach circuit at Santa Luz, with the mine expected to ramp up to commercial production over the next few months. Equinox noted that, "When operating at capacity, Santa Luz is expected to produce approximately 100,000 ounces of gold annually. During 2022, with a partial year of production, Santa Luz is expected to produce 70,000 to 90,000 ounces of gold." Following the first gold pour at Santa Luz, Trident now holds a total of 13 cash flowing assets.