Q2 2022 Activities Update

5 August 2022

Trident Royalties Plc

("Trident" or the "Company")

Q2 2022 Activities Update

Trident Royalties Plc (AIM: TRR), the diversified mining royalty company, is pleased to provide an update on its activities during the quarter ended 30 June 2022, including Q2 royalty receipts and operational progress across its portfolio.

Q2 HIGHLIGHTS

· Q2 receipts of US$5.7 million from exposure to gold, copper, and iron ore.

· A notable increase in iron ore sales from Trident's royalty tenement at the Koolyanobbing Project, Western Australia.

· A favourable restructure of the Premier Gold Offtake to account for the removal of the Mercedes Mine, triggering a one-off payment of US$3.7 million to Trident, as well as guaranteed future delivery payments beginning in 20241.

· Lower gold offtakes income in the quarter, primarily from the removal of the Mercedes Mine - which accounted for a substantial portion of Q1 gold offtakes income - coupled with lower gold prices and volatility over the period.

· Finalization of the Federal Record of Decision permitting process at the Thacker Pass lithium project expected shortly after completion of briefings schedule to end on 11 August 2022, with the project on track to commence construction in H2 20222.

· Announcement of first gold at the Santa Luz project in Brazil, operated by Equinox Gold3.

· Approval of the mine plan for the Spring Hill gold project in Australia, with initial Stage 1 gold production of 102,000 ounces anticipated to commence in 20234.

· Post the period end, a favourable amendment of the proposed Sonora lithium royalty transaction5 and positive Resource update at the Rebecca gold project from 9,070m of infill drilling (from an ongoing 75,000m drill program)6.

· Cash of US$21.5 million as at 29 July 2022, providing a strong platform for further acquisitions

Royalty Receipts (US$)

*Reserve Bank of Australia for 30 June 2022 (0.6889) and 31 March 2022 (0.7482) and 30 June 2021 (0.7518)

Adam Davidson, Chief Executive Officer of Trident commented:

"We are pleased to report another quarter of solid progress across our portfolio, underpinned by a fivefold increase in underlying revenue as compared to Q2 2021. In addition to strong operator performance at key assets, we are particularly pleased with the refinement of the portfolio over the quarter, most significantly via the restructure of the Premier Gold Offtake and amendment to the Sonora lithium royalty transaction.

This is a challenging environment for operators which serves to underscore the benefits of the royalty model, with no direct exposure to operating or capital cost inflation. We look forward to the final permitting decision at Thacker Pass expected shortly after the completion of briefings scheduled to end on August 11th, which will have a transformational effect on the Company's expected future cash generation. With regards to pipeline, we have a strong balance sheet and view the current environment as opportune for deploying capital into attractive assets, as funding via traditional debt and equity markets become more challenging."

Portfolio Update:

Royalties

· Lithium Americas, operator of the Thacker Pass lithium project, Nevada, noted that early works construction is on track to commence in 2022. An appeal of the Federal Record of Decision is ongoing, with briefings scheduled to end on 11 August 2022; oral arguments and a final decision are expected to follow shortly thereafter2.

· Once finalised, in parallel with commencement of construction, Lithium Americas anticipates publication of a Feasibility Study targeting 40,000 tonnes of lithium carbonate per year during Phase 1, increasing to Phase 2 total capacity of 80,000 tonnes per year 2.

· A material increase in revenue from iron ore sales from Trident's royalty tenement at the Koolyanobbing mine, Western Australia, as Mineral Resources Limited increased production from the Deception Pit (partially covered by the royalty) and the Claw Pit (entirely covered by the royalty).

· Moxico Resources, operator of the Mimbula copper mine in Zambia, anticipates first copper cathode production from its standalone 10,000 tonne per annum solvent extraction/electrowinning plant in in H2 2022, with a feasibility study for an expansion to a combined 50,000 tonne per annum production run-rate near completion.

· Ramelius Resources, operator of the Rebecca gold project, released a Resource update based on 9,070m of infill drilling conducted as part of the ongoing 75,000m drill program currently being completed. The latest JORC (2012) compliant Mineral Resource estimate ("MRE") is 31Mt @ 1.2g/t for 1.2Moz of gold. This Mineral Resource update represents a 9% increase on the last Apollo estimate and, most significantly, provides for a 22% increase in the Indicated Resource category with 1Moz now classified as such. 6

· At the Spring Hill gold project, located in Australia's Northern Territory, the Mining Management Plan was approved for Stage 1 production. Stage 1 is scheduled to produce approximately 102,000 ounces of gold over an initial 13-month period, which it believes is a very important steppingstone to a much longer mine life. 4

· Post quarter end, a favourable amendment of the right-to-fund the acquisition of the Sonora Lithium Royalty, with the long-stop date to complete the acquisition extended to the earlier of 31 January 2025, or the date which is 6 months after the first Royalty payment. In addition, the agreement has been amended to include a provision that at the time of Trident's funding, no material changes in Mexico's regulatory regime affect Sonora 5. 

Offtakes

· Gold deliveries increased slightly during the quarter, when normalized for the removal of the Mercedes Mine, from 47,003 gold ounces in Q1 to 48,657 in Q2. Gold spot prices declined by $112 per ounce over the course of Q2 and gold volatility, as measured by the average 7-day volatility of the LBMA PM Gold Fix over the quarter, declined by 23% relative to the previous quarter, which impacted margins. Gold deliveries are anticipated to increase over the coming quarters in line with operator guidance.

· Equinox Gold's Santa Luz project in Brazil announced first gold in Q2, with anticipated production of 70,000-90,000 ounces of gold in 2022 and a life of mine of 9.5 years at an average annual gold production rate of 100,000 ounces3.

· i80 Gold announced that it has begun shipping ore from Granite Creek ahead of schedule for toll-milling at the Twin Creeks processing facility, with gold ounces expected to be produced in Q4. i80 intends to ramp-up mining to 450 tonnes-per-day by year end, with a further acceleration in 2023 to 1,000 tonnes-per-day 7.

· Equinox noted a delay in the receipt of requisite permits to enable the completion of a scheduled tailings storage facility dam raise resulting in the temporary suspension of processing operations at its RDM Mine in Brazil. Approvals were subsequently received 14 days later with production expected to recommence in mid-July 2022 8.

· The Blyvoor gold mine in South Africa continues to ramp production with Trident receiving a >100% increase in quarter-over-quarter gold deliveries. The Company notes that Sandstorm Gold Royalties, via its acquisition of Nomad Royalty Company, acquired a gold stream over Blyvoor in Q2.

Cash Position

As of 29 July 2022, Trident's unaudited pro forma cash balance was US$21.5 million, providing a strong platform from which to conduct future transactions. This balance includes all revenue from the gold offtakes during the quarter but excludes Q2 royalty receipts. Net debt stands at US$18.5m.

References

1: Source: Trident Royalties announcement dated 14 April 2022

( https://polaris.brighterir.com/public/trident/news/rns/story/rmzg65w )

2: Source: Trident Royalties announcement dated 22 July 2022

( https://polaris.brighterir.com/public/trident/news/rns/story/ry5gn9w )

3: Source: Equinox Gold announcement dated 30 March 2022

( https://equinoxgold.com/news/equinox-gold-pours-first-gold-at-its-santa-luz-mine )

4: Source: Trident Royalties announcement dated 27 May 2022

( https://polaris.brighterir.com/public/trident/news/rns/story/r796dvx )

5. Source: Trident Royalties announcement dated 13 July 2022

( https://polaris.brighterir.com/public/trident/news/rns/story/wkoyevx )

6. Source: Ramelius Resources announcement dated 28 July 2022

Rebecca Project Mineral Resource:

Indicated: 26 Mt @ 1.2 g/t Au for 1.2 Moz Au

Inferred: 5.7 Mt @ 1.0 g/t Au for 1.0 Moz Au

( https://www.rameliusresources.com.au/wp-content/uploads/bsk-pdf-manager/2022/07/June-2022-Quarterly-Activities-Report.pdf )

7. Source: i80 Gold announcement dated 5 July 2022

( https://www.i80gold.com/i-80-gold-begins-shipping-of-granite-creek-ore-to-nevada-gold-mines/ )

8. Source: Equinox Gold announcement dated 31 May 2022

( https://equinoxgold.com/news/equinox-gold-receives-regulatory-approval-for-tailings-dam-lift-at-rdm-mine )

Competent Person's Statement

The technical information contained in this disclosure has been read and approved by Mr Nick O'Reilly (MSc, DIC, MAusIMM, MIMMM, FGS), who is a qualified geologist and acts as the Competent Person under the AIM Rules - Note for Mining and Oil & Gas Companies. Mr O'Reilly is a Principal Consultant working for Mining Analyst Consulting Ltd which has been retained by Trident to provide technical support.

The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 which is part of UK law by virtue of the European Union (Withdrawal) Act 2018. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

** Ends **

Contact details:

About Trident

Trident is a growth-focused diversified mining royalty and streaming company, providing investors with exposure to a mix of base battery, precious, and bulk metals.

Key highlights of Trident's strategy include:

The acquisition and aggregation of individual royalties and streams is expected to deliver strong returns for shareholders as assets are acquired on terms reflective of single asset risk compared with the lower risk profile of a diversified, larger scale portfolio. Further value is expected to be delivered by the introduction of conservative levels of leverage through debt. Once scale has been achieved, strong cash generation is expected to support an attractive dividend policy, providing investors with a desirable mix of inflation protection, growth and income.

Forward-looking Statements

This news release contains forward‐looking information. The statements are based on reasonable assumptions and expectations of management and Trident provides no assurance that actual events will meet management's expectations. In certain cases, forward‐looking information may be identified by such terms as "anticipates", "believes", "could", "estimates", "expects", "may", "shall", "will", or "would". Although Trident believes the expectations expressed in such forward‐looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those projected. Mining exploration and development is an inherently risky business. In addition, factors that could cause actual events to differ materially from the forward-looking information stated herein include any factors which affect decisions to pursue mineral exploration on the relevant property and the ultimate exercise of option rights, which may include changes in market conditions, changes in metal prices, general economic and political conditions, environmental risks, and community and non-governmental actions. Such factors will also affect whether Trident will ultimately receive the benefits anticipated pursuant to relevant agreements. This list is not exhaustive of the factors that may affect any of the forward‐looking statements. These and other factors should be considered carefully and readers should not place undue reliance on forward-looking information.

Third Party Information

As a royalty and streaming company, Trident often has limited, if any, access to non-public scientific and technical information in respect of the properties underlying its portfolio of royalties and investments, or such information is subject to confidentiality provisions. As such, in preparing this announcement, the Company often largely relies upon information provided by or the public disclosures of the owners and operators of the properties underlying its portfolio of royalties, as available at the date of this announcement.