Horizon Corporation Limited entered into an indicative term sheet to acquire Kombat Mine (Pty) Inc. from Trigon Metals Inc. (TSXV:TM) for $50 million on December 3, 2024. The Term Sheet includes a range of $30-50 million in cash, and a limited royalty that would be paid to Trigon from the Kombat mines copper production. As part of the transaction, Horizon will loan Trigon $5 million as follows: $500,000 within 7 days of entering into a binding loan agreement $2 million in December 2024 subject to satisfying certain closing conditions including Horizon receiving satisfactory security for the Loan, entering into binding documentation for the Proposed Transaction and Horizon completing its preliminary due diligence of the Proposed Transaction; and USD$2.5 million within 45 days of the Tranche 2 Payment. The Loan shall have a term of 24 months and interest rate per annum of 15%. Trigon will grant Horizon an exclusivity to finalize asset sale agreement in exchange for the advancement of the loan, with a break free proportional to the amount of the loan that has been advanced.

The Proposed Transaction remains subject to certain conditions including completion of satisfactory due diligence, the negotiation and execution of a definitive agreements between Trigon and Horizon, third party approvals, shareholder approval and regulatory approval, including, by the TSX Venture Exchange. In addition to the proceeds of the Proposed Transaction, Trigon Metals will retain the Kalahari Copper Project in Namibia and will also benefit from the planned spinout of the Safi Silver Moroccan exploration projects, Silver Hill and Addana Silver Polymetallic project.

As of December 16, 2024, Trigon Metals Inc. announced that it has signed a binding loan agreement with Horizon Corporation Ltd for a loan from Horizon of up to USD$5 million to Trigon. Pursuant to the Loan Agreement, Trigon has granted Horizon exclusivity rights to negotiate the purchase of Trigon?s interest in the Kombat Mine in Namibia.