A DIVERSIFIED MINING ROYALTY AND STREAMING COMPANY - AIM: TRR - Trident Royalties PLC
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A DIVERSIFIED MINING ROYALTY AND
STREAMING COMPANY
AIM: TRR
FSX: 5KV WWW.TRIDENTROYALTIES.COM
DISCLAIMER The information contained in these slides and this presentation is being supplied to you by Trident Royalties plc (“the Company”) solely for your information and may not be reproduced or redistributed in whole or in part to any other person. Recipients of these slides and/or persons attending this presentation who are considering a purchase of ordinary shares in the Company are reminded that any such purchase must be made solely on the basis of the information that the Company has officially released into the public domain. Whilst all reasonable care has been taken to ensure that the facts stated in these slides and this presentation are accurate and the forecasts, opinions and expectations contained in these slides and this presentation are fair and reasonable, the information contained in this document has not been independently verified and accordingly no representation or warranty, express or implied, is made as to the accuracy, fairness or completeness of the information or opinions contained in these slides or this presentation and no reliance should be placed on the accuracy, fairness or completeness of the information contained in these slides and this presentation. None of the Company, its shareholders or any of their respective advisers, parents or subsidiaries nor any of their respective directors, officers or employees or agents (including those of their parents or subsidiaries) accepts any liability or responsibility for any loss howsoever arising, directly or indirectly, from any use of these slides or this presentation or their contents. These slides and this presentation do not purport to contain all information that a recipient may require and is subject to updating, revision and amendment in any way without notice or liability to any party. These slides and this presentation do not constitute a recommendation regarding the shares of the Company. Recipients of these slides and this presentation should conduct their own investigation, evaluation and analysis of the business, data and property described therein. If you are in any doubt about the information contained in these slides or this presentation, you should contact a person authorised by the Financial Conduct Authority who specialises in advising on securities of the kind described in these slides and presentation. Certain statements within this presentation constitute forward looking statements. Such forward looking statements involve risks and other factors which may cause the actual results, achievements or performance expressed or implied by such forward looking statements. Such risks and other factors include, but are not limited to, general economic and business conditions, changes in government regulations, currency fluctuations, commodity prices, competition, changes in development plans and other risks. In addition, the Company often has limited, if any access to non-public scientific and technical information in respect of the properties underlying its proposed acquisitions of royalties and investments. Such information is subject to confidentiality provisions. As such, in preparing this presentation, Trident has largely relied upon the public disclosures of the owners and operators of the properties underlying its proposed portfolio of royalties and streams, as available on the date of this presentation. There can be no assurance that the results and events contemplated by the forward-looking statements contained in this presentation will, in fact, occur. These forward-looking statements are correct or represent honestly held views only as at the date of delivery of this presentation. The Company will not undertake any obligation to release publicly any revisions to these forward-looking statements to reflect events, circumstances and unanticipated events occurring after the date of this presentation except as required by law or by regulatory authority. By accepting these slides and/or attending this presentation, you agree to be bound by the provisions and the limitations set out in them or imposed by them and to keep permanently confidential the information contained in these slides or this presentation or made available in connection with further enquiries to the extent such information is not made publicly available (otherwise through a breach by you of this provision). Some of the statements are the opinions of the Directors. This document has not been approved by a person authorised under the Financial Services and Markets Act 2000 (“FSMA‟) for the purposes of section 21 FSMA. In the United Kingdom, this presentation is exempt from the general restriction in section 21 FSMA on the communication of invitations or inducements to engage in investment activity pursuant to the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Financial Promotion Order") on the grounds that it is directed only at the following, being persons who the Company reasonably believes to be: (a) persons having professional experience relating to investments (being "Investment Professionals" within the meaning of articles 19(5) of the Financial Promotion Order); (b) persons who fall within article 49 of the Financial Promotion Order (high net worth companies, unincorporated associations or partnerships or the trustees of high value trusts), or (c) other persons who have professional experience in matters relating to investments and to whom these slides and this presentation may otherwise be lawfully communicated (all such persons together being referred to as "Relevant Persons"). By attending this presentation, you represent and warrant that you are a Relevant Person. Any person who is not a Relevant Person should not rely upon or act upon these slides or this presentation. The distribution of these slides in other jurisdictions may be restricted by law and persons into whose possession these slides may come should inform themselves about, and observe, any such restrictions. Any failure to comply with these restrictions may constitute a violation of the laws of any such other jurisdiction. The slides are not for distribution outside the United Kingdom and, in particular, the slides or any copy of them should not be distributed, published, reproduced or otherwise made available in whole or in part by recipients to any other person, directly or indirectly, by any means (including electronic transmission) either to persons with addresses in Canada, Australia, Japan, the Republic of South Africa or to persons with an address in the United States, its territories or possessions or to any citizens, nationals or residents thereof, or to any corporation or partnership or other entity created or organised under the laws thereof. Any such distributions could result in a violation of Canadian, Australian, Japanese, South African or United States law. The information contained in presentation is for background purposes only and is subject to updating, completion, revision, amendment and verification, which may result in material changes. No reliance should be placed on the information and no representation or warranty (express or implied) is made by the Company, Tamesis, Ashanti or Azure or any of their respective, partners, members, directors or employees or any other person, and, save in respect to fraud, no liability whatsoever is accepted by any such person, in relation thereto. In particular, the reserves and resources information in this presentation are to the reserves and resources statements regarding the projects to which such statements refer and not to the reserves and resources that are the subject to any proposed acquisition of a royalty referred to in this presentation. These slides and this presentation do not constitute, or form part of, a prospectus relating to the Company nor do they constitute or contain any invitation or offer to any person to underwrite, subscribe for, otherwise acquire, or dispose of any shares in the Company or advise persons to do so in any jurisdiction, nor shall they, or any part of them, form the basis of or be relied on in any connection with any contract or commitment whatsoever. Q1 2021 Trident Royalties plc 2
A DIVERSIFIED ROYALTY AND STREAMING COMPANY
Trident has a portfolio of exploration, development & cash generative producing
royalties, providing investors with exposure to mining commodities
Trident continues to build a portfolio to Active deal sourcing – acquiring existing
broadly mirror the commodity exposure of assets from natural sellers and writing
the global mining sector, while competitors new royalties and streams to rapidly
are predominately precious metals focused build scale
Acquiring royalties and streams in resource- Targeting a blended, post-tax portfolio
friendly jurisdictions worldwide while return of >15% IRR¹, while maintaining a
competitors are very heavily weighted to North low-overhead model capable of scaling
and South America with the business
Cashflow positive & well-funded to execute Board and management with strong
on royalty strategy from balance sheet cash transactional experience across multiple
and ongoing royalty revenue. Signed debt commodities and jurisdictions, coupled
mandate for $10 million and listed equity which with advisor team with deep industry
allows Trident to use equity for transactions networks
¹ Current long-term target, subject to change and not
necessarily reflective of the present portfolio
Q1 2021 Trident Royalties plc 3
WHAT ARE ROYALTIES?
Royalties and streams provide investors with exposure to commodity prices as a
percentage of mining turnover, with multiple upside opportunities
Sources of Royalties Benefits of Royalties and Streams
• Royalties entitle the royalty holder to a percentage of • Royalties are high yielding investments that rank senior in the
revenue from the underlying asset(s). capital structure and often secured.
• Royalties provide direct exposure to commodity prices, acting as
• Royalties are created by: an inflation hedge, while not directly exposed to capital or
operating costs of the underlying assets.
1. Direct financing of mine developers & operators
• Base case return comes from royalty payments on life-of-mine
project revenues. Additional upside from:
• Expansion of Resources and Reserves to extend the life-of-
mine beyond original plan. Exploration success adds value
at no additional cost to the royalty holder.
• Project throughput expansions – ore being processed on a
larger scale than originally anticipated and / or more
quickly – pulling forward revenues at no additional cost to
the royalty holder.
• Royalty companies trade at attractive valuation multiples
relative to mining equities by aggregating individual assets to
2. From legacy corporate activities or transactions (such as diversify risk and grow scale, while maintaining exposure to
asset sales, M&A, joint venture arrangements, etc.) asset and commodity upside.
Q1 2021 Trident Royalties plc 4
ROYALTY COMPANY PERFORMANCE VS. EQUITIES
Royalty companies have outperformed mining companies, with a lower risk profile
Franco-Nevada Corporation Wheaton Precious Metals Corp Royal Gold, Inc. VanEck Vectors Gold Miners ETF
1,000
800
600
400
200
-
31/12/2007 31/12/2008 31/12/2009 31/12/2010 31/12/2011 31/12/2012 31/12/2013 31/12/2014 31/12/2015 31/12/2016 31/12/2017 31/12/2018 31/12/2019
Source: FactSet; relative performance since 2008
Q1 2021 Trident Royalties plc 5
GAPS EXIST IN CURRENT ROYALTY UNIVERSE
Royalty & streaming space dominated by majors and precious metal specialists
Opportunities currently overlooked by the sector
$24,012m $19,207m $7,061m $2,131m $1,665m $1,396m
• Trident portfolio mix is reflective of the global mining
$766m
sector, providing diversified exposure
• Global mining sector is approx. 1/3rd precious metals, while
the remaining 2/3rds is largely unrepresented by royalty
companies
• All but one of the listed royalty companies with TSX as
primary exchange, with heavy focus on the Americas
• Large players often ignore smaller, attractive assets
$456m $450m
$435m
Primary commodity focus:
Bulks / Diversified
$309m Precious
$265m
$255m
$90m $87m
$73m
$57m $55m
Franco Wheaton Royal Gold Osisko Labrador Sandstorm Maverix Nomad Altius Metalla Anglo EMX Abitibi Ely Elemental Vox Trident Sailfish
Pacific
Source: FactSet
Q1 2021 Trident Royalties plc 6
STRATEGIC APPROACH
A scalable and repeatable business model to create value
Q1 2021 Trident Royalties plc 7
DIVERSIFIED MODEL ENHANCES RETURNS
Acquire on terms reflective of single asset, single project risk
Aggregating into a diversified portfolio reduces risk and increases valuation
Individual Royalty & Stream Valuation Methodology Target Return Considerations
Valued utilising discounted cashflow considering: • Commodity & jurisdiction
• Commodity price assumptions • Underlying project asset quality, including position on cost curve
• Mine production profile • Operator track record
• Target return (discount rate), discount to NPV • Project stage of development
• Negotiate on known reserves, retaining resource upside • Counterparty and other risk factors
Value of Royalty Co
Royalty Company valuation vs individual royalty
valuation:
Acquisition & consolidation of
individual royalties – targeting a • Diversification of single asset risk
blended, post-tax portfolio return of • Diversification of commodity price exposure
Sum of the parts
>15% IRR¹
• As scale increases, valuation multiples increase
(on top of portfolio return profile)
• Ability to leverage with lower cost debt financing
¹ Current long-term target, subject to change & not
necessarily reflective of the present portfolio
Q1 2021 Trident Royalties plc 8
CRITICAL MASS LEADING TO RAPID GROWTH PHASE
Recent precedents in precious metals show pathway to rapid growth & value creation
4.5 30
Metalla Royalty and Streaming Limited
Ely Gold Royalties Inc.
Trident establishing “critical mass”: Maverix Metals Inc.
4
• Accelerated growth relative to peers at a 25
Normalised Market Cap - Metalla + Ely (Base = 1)
similar stage in their life cycles
Normalised Market Cap - Maverix (Base = 1)
3.5
• A total of 11 royalties acquired to-date
3 20
• Material free cashflow from recently acquired
royalties
2.5
• Robust pipeline of potential additional
15
acquisitions
2
• Increasing investor awareness
1.5 10
Critical mass is typically followed by rapid growth:
• Improved access to capital (international 1
shareholder register and access to low-cost 5
debt for acquisition finance) 0.5
Establishing Critical Mass
• Material revenue growth with fixed overheads
0 0
• Growth and diversification of portfolio 0 200 400 600 800 1,000 1,200 1,400
Source: S&P Days Since Inception of Royalty Strategy
Q1 2021 Trident Royalties plc 9
TRIDENT RAPIDLY ESTABLISHING ‘CRITICAL MASS’
Building scale since AIM listing – current portfolio of 11 royalties
Royalty transactions in bulk commodities, base & precious metals assets
45 4,000,000
First day of
trading on AIM. Talga gold royalty
£16m equity raise portfolio acquisition
Spring Hill completion 3,500,000
at 20p
40
Completion of
Koolyanobbing
3,000,000
iron ore royalty
35
2,500,000
Share Price (GBP/share)
Spring Hill gold
Volume Traded
royalty acquisition
30 2,000,000
Pukaqaqa copper 1,500,000
25 royalty acquisition
Mimbula copper
royalty acquisition Lake Rebecca gold
royalty acquisition 1,000,000
20
500,000
15 0
Jul - 20
Aug - 20
Dec - 20
Jan - 21
Jun - 20
Sep - 20
Oct - 20
Nov - 20
Q1 2021 Trident Royalties plc 10TRIDENT ROYALTY PORTFOLIO
6 deals agreed in 7 months since AIM listing – Cash on hand, debt capacity
and listed equity available for further deals
Trident Royalty Portfolio Trident Portfolio by Commodity²
Primary
Commodity Status Asset¹ Operator Country Base Precious Bulks, Battery, Industrial
Koolyanobbing Mineral
Iron Ore Producing Australia
(Deception Pit) Resources
Koolyanobbing
Moxico Mimbula
Copper Producing Mimbula Zambia
Resources
Pukaqaqa
Nexa 25%
Copper Advanced Pukaqaqa Peru
Resources
Advanced / Calidus 40%
Gold Warrawoona Australia
In Construction Resources
Apollo
Gold Advanced Lake Rebecca Australia
Consolidated
Gold Advanced Spring Hill PC Gold Australia
35%
Novo
Gold Advanced Talga Talga Australia
Resources
Lake Rebecca
Nimble Spring Hill
Gold Exploration Mosquito Creek Australia
Resources Warrawoona
Talga Talga
Gold Exploration Bullfinch Torque Metals Australia Mosquito Creek
Bullfinch
¹ Note that not all royalties cover the entirety of the operator project areas. The specific royalty tenements
are noted on the individual asset slides 11
² Based on total royalty acquisition purchase prices (USD:AUD FX of $0.70)KEY ASSETS: KOOLYANOBBING IRON ORE ROYALTY
1.5% FOB Revenue Royalty over production from Koolyanobbing (Deception Pit)
Project: Koolyanobbing (Deception Pit) • Paying royalty covering the M77/1259 tenement - part of the
Deception Pit, highest Fe grade pit of theYilgarn Reserves
Commodity Iron Ore
• Operated by Mineral Resources, recognised for its innovative
Location Western Australia approach to mining and well positioned to maximize value from
Stage Production Koolyanobbing
Operator Mineral Resources (ASX: MIN) • Recently announced regional strategy to underpin a long-life, high-
value iron ore export business in the Southern part of WA
Mining method Open pit, Direct Ship Ore
• A total of over A$2.4m paid in 2020, on a A$6.65m acquisition.
Production rate (all pits) 12-12.7Mtpa (expansion underway)
Expected to continue to increase with regional expansion
Reserves & Resources (Deception Pit)
Total Reserves 9.3Mt @ 59.9% Fe
Total Resources 19.5Mt @ 59.9% Fe
Reserves & Resources (Yilgarn)
Total Reserves 40.8Mt @ 58.2% Fe
Total Resources 108.6Mt @ 56.8% Fe
Source: Mineral Resources 20 November 2019 ASX Announcement
Q1 2021 Trident Royalties plc Photo Credit: Mineral Resources 12KEY ASSETS: MIMBULA COPPER ROYALTY
1.25% Gross Revenue Royalty over copper production from the Mimbula Mine
• Paying royalty over the Mimbula Mine, currently ramping up
Project: Mimbula
production of LME Grade A (99.99% purity) copper cathode
Commodity Copper
• Minimum payment schedule commences in 2021 which ensures,
Location Zambia at a minimum, Trident to be paid US$5M by mid-2023, after
Stage Production
which the royalty rate reverts to 0.3% GRR.
Operator Moxico Resources Plc (private)
• Mimbula Resource underpins a long-life, high-value mid-tier
copper producer led by an experienced team targeting steady
Mining method Open pit state copper production to exceed that required for the
minimum payment schedule
Mimbula and Zuka Resources (JORC 2012)*
• Copper market is widely reported to enter into a supply deficit
Measured 51.7Mt @ 1.0% TCu
Indicated 25.4Mt @ 0.91% TCu
Inferred 16.7M @ 0.95%TCu
Total 93.7Mt @ 0.97%TCu
Mimbula Reserve (JORC 2012)
Proven and Probable 67.5Mt @ 0.92% Tcu
Source: Moxico Resources Plc (August 2019)
* Mimbula Resources are JORC (2012) compliant, While Zuka Resource is non-compliant. See
announcement dated 29 June 2020 for Resource breakdown.
Q1 2021 Trident Royalties plc Photo Credit: Moxico Resources 13KEY ASSETS: LAKE REBECCA GOLD ROYALTY
1.5% Net Smelter Revenue over production from the Lake Rebecca Gold Project
• 1.5% royalty over the entire Lake Rebecca Gold Project
Project: Lake Rebecca
• Maiden Resource announced in Feb 2020 containing +1Moz
Commodity Gold
with significant prospects for tonnage and classification upgrades
Location Australia from updated Resource expected in Q2-2021
• Located in an attractive jurisdiction, proximal to multiple
Stage Development
existing mines and operators
Operator Apollo Consolidated (ASX:AOP) • Being aggressively advanced by a well-funded operator
Mining method Open pit • Production anticipated to begin in 2023, providing Trident with
significant and long-life cashflow
Resources (JORC 2012)
Indicated 11.7Mt @ 1.5g/t for 550koz
Inferred 15.4Mt @ 1.0g/t for 485koz
Total 27.1Mt @ 1.2g/t for 1.035Moz
Royalty Tenements
E28/1610 (currently being
Tenement
converted to M 28/400)
Source: Apollo Consolidated announcement titled “1.0 Million Ounce Maiden Gold Mineral
Resources Lake Rebecca” dated 10th February 2020
Photo Credit: Apollo Consolidated
Q1 2021 Trident Royalties plc 14PUKAQAQA COPPER ROYALTIES
3 NSR royalties over production from the Pukaqaqa Copper Project
Project: Pukaqaqa Copper Project
• Agreement to acquire three royalties over a district-scale copper
project for which the latest technical report envisages an operation
Commodity Copper, Molybdenum to feed a 30,000 tpd plant over a 19-year mine life
Location Peru • The project operator, Nexa Resources, is a mid-tier mining
company with 5 operating mines, 3 smelters, and deep roots in Peru
Stage Development
• Pukaqaqa is a key asset in Nexa´s development pipeline with a
Operator Nexa Resources (TSX:NEXA) total of US$16m allocated to its advancement over the last 3 years,
Mining method Open pit a significant sum relative to commensurate junior-led projects
• Trident´s first all-share consideration deal builds the portfolio
while bringing to the shareholder roster Orion Resource Partners, a
Resources (NI 43-101)*
renowned royalty investor
Measured 107.3Mt @ 0.43% Cu for 459kt Cu
Indicated 201.7Mt @ 0.39% Cu for 796kt Cu
Inferred 40.1Mt @ 0.34% Cu for 137kt Cu
Total 349.1Mt @ 0.40% Cu for 1,392kt Cu
*CIM definitions were followed for Mineral Resources. Mineral Resources were reported
inside a preliminary Whittle pit using a 0.20% Cu block cut-off grade. Mineral Resources are
estimated using a copper price of US$2.59/lb and an exchange rate of US$0.80 to C$1.00.
Numbers may not add due to rounding.
Q1 2021 Trident Royalties plc 15
Photo Credit: Nexa ResourcesDEEP OPPORTUNITY PIPELINE
Multiple opportunities being assessed across a broad range of commodities
Opportunity Pipeline Breadth of commodities & jurisdictions¹
• Trident has set a fast pace in building its portfolio,
supported by a robust pipeline
• Large opportunity set across multiple commodities, Base
including:
Precious
• Base and precious metals, bulk commodities and Bulks, Battery,
battery / industrial minerals Industrial
• Unlike precious-focused peers, Trident has the flexibility to
pivot between commodities to find the best value
• Opportunities primarily focused on Tier 1 mining
jurisdictions and lower-risk EMs
Americas
• Includes a mix of existing royalties and new royalty Australasia
opportunities, with potential “package / portfolio” deals Africa
• Well-funded to execute via cash-on-hand, use of equity,
and progressing of $10 million debt mandate
Q1 2021 Trident Royalties plc ¹Breakdownby no. of active NDAs as Q4 2020 Activities Update 16
announcement dated 1 February 2021LOW OVERHEAD MODEL
Royalty model allows for significant growth with minimal expansion of cost base
Low Overhead Model WPM, Franco & Royal Gold
• Royalty model scales very efficiently, minimal additional 2,500
SG&A required to manage expanding business
Revenue EBITDA SG&A
• Low overhead model – unlike miners, royalty companies
2,000
do not operate mines and can therefore maintain much
lower headcount
US$ millions
• Royalty and stream exposure vs. direct operation / 1,500 Major
expansion of
development of mining assets facilitates: revenue/
EBITDA with
minimal
• Cost control by eliminating exposure to operating 1,000 additional
overheads
and capital costs and resultant risk of margin
erosion
500
• However, royalties and streams still provide Trident
with exploration and expansion upside
0
• Wheaton Precious Metals, Franco Nevada and Royal
2004
2005
2008
2012
2006
2007
2009
2017
2010
2011
2013
2014
2015
2018
2019
2016
Gold have expanded revenue by US$2.1 billion over the
last 15 years whilst SG&A expenses only increased by
US$94 million Source: FactSet; aggregate of each 2004-2019
Q1 2021 Trident Royalties plc 17MANAGEMENT
Over 10 years’ experience in the natural Over 10 years’ experience in the natural
resources sector resources sector
Extensive mining capital markets experience Metallurgical Engineer with significant
experience in financial markets having held
Previously with Resource Capital Funds,
various roles with Resource Capital Funds,
BMO Capital Markets, and Orica Mining
Sandfire Resources, and Newmont Goldcorp
Graduate of the Australian Institute of
Graduate of the Australian Institute of
Company Directors and previously served as
Company Directors and CFA Charterholder
a Non-Executive Director of private gold
Adam Davidson producer, RG Gold Tyron Rees, CFA
Chief Executive Officer Vice-President,
Executive Director Corporate Development
Martin Page has over 10 years’ experience in Julien Bosché has over a decade of experience
the natural resources sector in the natural resources sector across
Extensive experience developing and leading commodities, jurisdictions, project stage, and
finance functions in both the capital and investment types.
private markets.
Previously with Pala Investments a leading
Most recently CFO of Toro Gold Limited, a metals and mining focused investment firm.
West African gold producer, that was sold to Prior to Pala, International Finance
Resolute Mining for US$300m. Prior to Toro,
Corporation´s mining division in Washington,
he was CFO at Curzon Resources, a natural
D.C. and the M&A group in Citigroup´s
resources investment firm and before that as
Martin Page Julien Bosché investment banking division in New York.
Head of Finance at Amara Mining plc; a West
Chief Financial African gold operator. Vice-President,
Officer Investments
Chartered Accountant with over 15 years
post qualification experience.
Q1 2021 Trident Royalties plc 18BOARD OF DIRECTORS
Over 19 years’ experience in the natural Over 10 years’ experience in the natural
resources sector resources sector
Extensive experience in corporate finance, Extensive mining capital markets experience
strategy and capital allocation
Previously with Resource Capital Funds, BMO
Previously a senior member of the Xstrata Capital Markets, and Orica Mining
plc group business development team.
Graduate of the Australian Institute of
Following the merger with Glencore plc,
Company Directors and previously served as a
was part of the team which founded
James Kelly Non-Executive Director of private gold
Greenstone Resources LP Adam Davidson
Non-Executive Chief Executive Officer producer, RG Gold
Chairman Held roles as Non-Executive & Executive Executive Director
Director of Cradle Resources Ltd
Over 14 years’ experience in Over 20 years’ experience in the Over 30 years’ experience in
natural resources sector natural resources sector natural resources sector
Currently Managing Partner of Currently serves as a director of
Currently serves as the Chief
Fasken Martineau, an international
Investment Officer of Metal Tiger Pan Iberia Ltd and Panex
law firm specialised in finance and
plc and is the Founder and a asset transactions in the natural Resources Pty Ltd
Partner of Sita Capital Partners resource industry Formerly Director of Pangea
LLP
Previously a director of several Exploration Pty Ltd, a company
Formerly Director and CIO of TSX, TSX-V and AIM listed mining affiliated with Denham Capital
Mark Potter Al Gourley
Anglo Pacific Group plc and exploration companies Helen Pein where she was part of the team
Non-Executive Non-Executive
Member of the Solicitors Non-Executive directly responsible for the
Director Previously founding member and Director
Regulatory Authority (England and Director discovery of a number of world-
Investment Principal for Audley
Wales), The Ontario Law Society class gold and mineral sands
Capital Advisors LLP
and Chairman of the Board of the deposit across Africa.
World Association of Mining
Helen is a recipient of the Gencor
Lawyers (WAOML)
Geology Award
Q1 2021 Trident Royalties plc 19CORPORATE OVERVIEW & SUMMARY
Clean capital structure, strong shareholder register, well-funded for continued growth
Highlights Selected Significant Shareholders
• Listed in 2020 on the AIM Market of the London Stock
Exchange (Ticker: TRR) with secondary Frankfurt listing
• Current portfolio of two cash generative royalties & nine
advanced / exploration stage royalties
• Well-funded to continue to execute on strategy of building
critical mass in Trident’s royalty portfolio
Capital Structure
• Mandate letter signed with Tribeca Global Resources Credit
Share Price 35.5p (31 Jan)
to potentially provide additional $10 million in debt
Shares Outstanding 105,362,556*
• Strong share price appreciation since IPOing at 20p/ share
Options¹ 4,725,000
• Royalty payments of over A$2.4m from Koolyanobbing
Management Ownership (fully diluted) 4.3%*
Royalty in 2020. First revenue from Mimbula in Q3, with
production ramp-up accelerating and Minimum Payment
Approx. Cash & Equivalents² US$6.9 million
Schedule commencing in 2021
* Not including issuance of 6,878,027 common shares pending completion of Pukaqaqa transaction
Q1 2021 Trident Royalties plc ¹ Options breakdown available via regulatory filing, as well as at www.tridentroyalties.com 20
² Cash balance per Q4 2020 Activities Update announcement dated 1 February 2021CONTACT General Enquiries Adam Davidson, CEO info@tridentroyalties.com ad@tridentroyalties.com +44 (0)20 3931 9639 +1 757 208 5171 Registered Office 2 Stone Buildings, Lincoln’s Inn, London, WC2A 3TH, United Kingdom
Additional Trident Royalty Assets AIM: TRR FSX: 5KV WWW.TRIDENTROYALTIES.COM
SPRING HILL GOLD ROYALTY
Variable gold price royalty secured over production from Spring Gold Project in Australia
Project: Spring Hill • Sliding Royalty equivalent to 0.5% GRR at current A$ gold price
Commodity Gold • Strategically positioned gold project located within 30km of
existing gold processing plant owned by Kirkland Lake Gold
Location Australia
Stage Development
• Spring Hill ore has previously been trial processed successfully
through plant
Operator PC Gold Pty Ltd
• Located within the highly prospective Pine Creek region in
Mining method Open pit Australia’s Northern Territory
• Resource is open at depth and along strike
Royalty
A$13.3/oz if gold price >A$1,500
NSR royalty
A$5.7/oz if gold priceWESTERN AUSTRALIAN GOLD ROYALTY PACKAGE
Package of gold royalties located in attractive jurisdiction with compelling geology and
operated by proven mining operators & explorers
Project: Talga Talga
Stage Development
Operator Novo Resources
Royalty 1.5% NSR
Tenement M45/618
Project: Warrawoona
Stage Development (in construction)
Operator Calidus Resources
Royalty 1.5% NSR
Tenement E45/3381 (pending conversion to Mining Lease M45/1289
Project: Bullfinch
Stage Exploration
Operator Torque Metals
Royalty 1.0% NSR
Tenement E46/1035
Project: Mosquito Creek
Stage Exploration
Operator Nimble Resources
Royalty 1.5% NSR
Tenement E77/2222, E77/2251, E77/2350
Q1 2021 Trident Royalties plc 24WESTERN AUSTRALIAN GOLD ROYALTY PACKAGE
Package of gold royalties located in attractive jurisdiction with compelling geology and
operated by proven mining explorers and operators
Talga Talga
• Operated by TSX listed conglomerate gold explorer Novo Resources (MC:
C$615M)
• Recent acquisition of Millennium Minerals processing plant in region
provides credible fast-track pathway to royalty cashflow
• Material from Talga Talga observed to be suitable for mechanical ore
sorting allowing for upgrade of gold into high grade concentrates
Warrawoona
• Operated by ASX listed gold developer Calidus Resources (MC: A$157M)
• Royalty zone covers the down dip extension of the main +1Moz orebody at
Klondyke
• Estimated to contain some of the published Klondyke Indicated and
Inferred Resource
• Construction underway
Mosquito Creek
• Operated by privately held Nimble Resources
• Located immediately east of the processing plant and tenement package
recently acquired by Novo
Bullfinch
• Operated by Sydney Exchange listed Torque Metals
• Recently listed with some IPO funding earmarked for drilling activities at
Bullfinch
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