20 April 2021

Trident Royalties Plc

("Trident" or the "Company")

Issue of Director Shares and Grant of Options

The Company announces, as set out in the 2020 Annual Report, that it has issued 108,108 Trident ordinary shares of £0.01 ("Ordinary Shares") to certain directors as set out below ("Director Shares").

The Company has also granted options over a total of 610,000 Ordinary Shares ("Share Options"), with an exercise price of 37.00p/share to senior management in respect of the current long-term incentive plan. The exercise price of the Share Options was based on the 5 day VWAP following the announcement of the 2020 annual results - rounded to the nearest pence. The Share Options vest on the third anniversary of the date of grant and will expire on the seventh anniversary of the date of grant.

Included in the option grant are 225,000 Share Options for Adam Davidson, Chief Executive Officer and 100,000 Share Options for Martin Page, Chief Financial Officer. Further details of the Share Options granted to each are set out in the PDMR forms below.

Settlement and Dealings

Application has been made to the London Stock Exchange Plc for admission to trading on the AIM Market of the 108,108 Director Shares, which rank pari passu with the Company's existing issued Ordinary Shares ("Admission"). Dealings on AIM are expected to commence at 8:00am on 21 April 2021.

Total Voting Rights

For the purposes of the Financial Conduct Authority's Disclosure Guidance and Transparency Rules ("DTRs"), following Admission, Trident will have 178,210,470 Ordinary Shares in issue with voting rights attached. Trident does not hold any shares in treasury. This figure of 178,210,470 may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in the Company, under the DTRs.

Notification of Transactions of Persons Discharging Managerial Responsibility and Persons Closely Associated with them:

The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulation (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. 

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About Trident

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

Key highlights of Trident's strategy include:

·      Building a royalty and streaming portfolio to broadly mirror the commodity exposure of the global mining sector (excluding thermal coal) with a bias towards production or near-production assets, differentiating Trident from the majority of peers which are exclusively, or heavily weighted, to precious metals;

·      Acquiring royalties and streams in resource-friendly jurisdictions worldwide, while most competitors have portfolios focused on North and South America;

·      Targeting attractive small-to-mid size transactions which are often ignored in a sector dominated by large players;

·      Active deal-sourcing which, in addition to writing new royalties and streams, will focus on the acquisition of assets held by natural sellers, such as: closed-end funds, prospect generators, junior and mid-tier miners holding royalties as non-core assets, and counterparties seeking to monetise packages of royalties and streams which are otherwise undervalued by the market;  

·      Maintaining a low-overhead model which is capable of supporting a larger scale business without a commensurate increase in operating costs; and

·      Leveraging the experience of management, the board of directors, and Trident's adviser team, all of whom have deep industry connections and strong transactional experience across multiple commodities and jurisdictions.

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.