Trigon Metals Inc. agreed to Spin-Off Safi Silver Corp. on February 14, 2024. The Trigon Shareholders will receive one New Trigon Share and 0.5 Silver Hill project Common Shares in exchange for each Trigon Share held immediately prior to completion of the Proposed Arrangement.

The Proposed Arrangement remains conditional on the approval of the Trigon Shareholders at the annual general and special meeting, the TSX Venture Exchange and the Ontario Superior Court of Justice. Additionally, completion of the Proposed Arrangement is conditional upon, among other things, completion of a concurrent financing of Spinco and conditional approval for listing the Spinco Common Shares on a recognized Canadian stock exchange. As of February 26, 2024, Trigon Metals has received an interim order from the Ontario Superior Court of Justice and has scheduled its annual general and special meeting of shareholders to be held on April 9, 2024.

TSX Trust Company acted as a transfer agent in the transaction.