Trident Royalties Plc announced it has entered into a binding royalty purchase agreement with New World Resources Limited to acquire a net smelter return royalty on all metal production from New World's flagship Antler Copper Project, a copper-zinc polymetallic deposit located in Arizona, USA. Antler Copper-Zinc Rich Polymetallic Project: Antler is an advanced Scoping Study stage, copper-zinc polymetallic (copper, zinc, lead, gold, silver) volcanic massive sulphide deposit located in the mining friendly U.S. state of Arizona. Arizona was recently ranked as the 7th most attractive mining investment jurisdiction in the world.

The Project is located 15km east of the town of Yucca and 40km to the south of Kingman. New World acquired 100% of the Project in March 2020. Scoping Study Delivers Strong Returns with Pre-Feasibility Study Nearing Completion In May 2023, New World published an Enhanced Scoping Study with significantly improved project economics relative to a 2022 Scoping Study.

The mine life was increased to an initial 13-years, with total production of 381,400 tonnes of copper equivalent metal. The pre-tax NPV@7% and pre-tax IRR are estimated to be USD 835 million and 40.2%, respectively. The Project is based on a modest capital cost expenditure of USD 252 million (including USD 44.2 Million contingency).

Mine development and the location of all surface infrastructure will be constrained to privately-owned land which New World already owns/controls, which is expected to streamline the permitting process. A comprehensive development programme has been created by New World which is currently progressing a Pre-Feasibility Study due for completion in fourth quarter 2023, before progressing to a Definitive Feasibility Study, with pre-construction development (commencement of decline) targeted for first quarter 2025. Forward Work Programme - Antler Copper Project Attractive Exploration Upside with Drilling Recently Restarted Exploration drilling resumed in mid-October 2023 with drilling at the Project to date limited to just 600m of strike at the Antler deposit itself.

Mineralisation remains completely open at depth at the Antler deposit (deepest hole intersected 21.3m @ 5.3% Cu-equivalent). As yet undrilled shallower exploration targets include the Antler Offset Target, Rattlesnake Ridge, Copper Knob, Insulator and West World prospects. With exploration success at some or all of these targets, New World could potentially expand the existing Mineral Resource and evaluate a staged expansion of the processing facility it intends constructing at the Project and/or extending the life of the proposed operation.

Buyback Provisions The Royalty includes a Right of First Refusal providing Trident the right to match any royalty or streaming transaction associated with the Project, until 12 months following the declaration of commercial production at Antler. The Royalty also contains two separate buyback provisions: The Project Area Royalty can be reduced from 0.90% to 0.60% following the payment of AUD 9 million at any time within 3 months of New World obtaining at least 75% of the funding required for the development and construction of Antler. The AOI Royalty can be reduced from 0.45% to 0.30% following the payment of AUD 4 million at any time within 3 months of New World obtaining at least 75% of the funding required for the development and construction of Antler.