Trident Royalties Plc noted significant asset-level progress by operators of several projects over which the Company holds royalties. Thacker Pass Lithium Royalty: In its first quarter results, the project operator Lithium Americas Corp. ("LAC") highlighted several key milestones at Thacker Pass, including: Results of a Feasibility Study targeting an initial 30,000-35,000 tonnes per annum lithium carbonate equivalent ("LCE") of capacity ("Phase 1") is expected by year end. Note that this is an increase on the 2018 Pre-Feasibility Study which originally contemplated up to 30,000 tonnes of Phase 1 LCE capacity. In addition, LAC is advancing engineering to consider a 20,000 tonnes per annum lithium hydroxide chemical conversion plant to have flexibility to meet potential customer and partner needs. Lithium hydroxide typically commands a price premium over lithium carbonate and is an increasingly prevalent component in rechargeable battery designs. LAC continues to expand the engineering and technical team at Thacker Pass, with over 30 professionals focusing on start of construction, expected to begin in early 2022. As of 31 March 2021, LAC had $514 million in cash and cash equivalents. Trident acquired a 60% interest in a Gross Revenue Royalty over the Thacker Pass Project for $28 million (with $13.2 million expected to be returned to Trident under an operator buy-back right) and, based on the Pre-Feasibility Study, would anticipate life-of-mine royalty revenues attributable to Trident over the 46-year mine life of $341.2 million (inclusive of the operator buy-back). Lake Rebecca Gold Royalty: Apollo Consolidated Ltd. ("Apollo"), the project operator, has announced further encouraging exploration, step-out and infill drilling results at the Lake Rebecca Gold Project ("Lake Rebecca"), providing the possibility for further royalty up-side when the project is put into production; Step-out drilling: Reverse circulation ("RC") drilling on a step-out traverse to the south of the Duchess deposit (195koz Au) pit shell boundary has shown a 15-20m true-width mineralised structure that remains open southwards. Two RC holes intersected the disseminated mineralisation in this structure: RCLR0747: 18m @ 1.39g/t Au from 79m; and RCLR0748: 23m @ 1.33g/t Au from 114m. The results demonstrate potential for resource growth around the margins of the Duchess deposit which has the potential for providing supplementary feed to a future Lake Rebecca mining operation. Infill drilling: RC drilling within the northern part of the Rebecca deposit (840koz Au) pit shell has added confidence to mineralised structures which provides scope for resource estimation updates and which provide important near-surface mineralisation for any future mine scheduling purposes. New RC drilling intercepts include: RCLR0755: 5m @ 6.33g/t Au from 15m; RCLR0756: 7m @ 4.29g/t Au from 55m; and RCLR0750: 12m @ 1.04g/t Au from 73m and 7m @ 2.55g/t Au from 93m. Exploration drilling: Further exploration focused RC drilling is ongoing in a number of locations within the royalty area with the assay results for 27 RC holes currently awaited. Exploration results reported include: New gold mineralised structure identified 1.3km northwest of the Duchess deposit by a RC hole on a auger sampling anomaly, RCLR0743 intersected 4m @ 1.60g/t Au from 46m. Drilling on east side of the Rebecca deposit has shown several locations where mineralised structures splay into the footwall geology. Work is ongoing with initial results including: RCLR0765: 5m @ 3.10g/t Au from 80m and RCLR0775: 9m @ 2.13g/t Au from 193m. Trident holds a 1.5% net smelter royalty over the entire Lake Rebecca Resource. Bullfinch Gold Royalty5: Torque Metals Limited, the project operator, has published a prospectus to underpin a listing on the Australian Stock Exchange and undertake a capital raise of between AUD 5,000,000 and AUD 7,000,000 with a proposed listing date of 20 May 20216. Torque owns the Paris Gold Project as well as the Bullfinch Gold Project, both located in Western Australia. Torque has proposed to allocate a portion of funds raised to progress the evaluation and exploration of the Bullfinch Gold Project. Trident retains a 1% net smelter royalty over the Bullfinch Gold Project which can be repurchased by the operator for AUD 1,700,000 once production of 5,000oz of gold from the tenements has been achieved. Trident acquired the royalty as part of a broader package alongside several other attractive gold royalties for AUD 800,000 (comprised of AUD 250,000 in cash and AUD 550,000 in Trident equity issued at 35.98p). Warrawoona Gold Project: Calidus Resources Ltd. ("Calidus"), the project operator, has provided a construction update for the Warrawoona Gold Project ("Warrawoona") in the East Pilbara of Western Australia. Construction is advancing in line with budget and timeline with 80 personnel working onsite. Warrawoona is now fully permitted with the receipt of Works Approval and Water Abstraction Licence. Mining is set to commence mid-year 2021 with processing plant commissioning scheduled within a year. Trident holds a 1.5% net smelter royalty which covers the eastward strike extensions of the main resource at Klondyke.