27 September 2021

Trident Royalties Plc

("Trident" or the "Company")

Royalty Portfolio Update: Lake Rebecca Gold Project Progress

Trident Royalties Plc (AIM:TRR, FSX:5KV), the growth-focused mining royalty and streaming company, is pleased to note recent announcements^{1, 2} by Apollo Consolidated Ltd. ("Apollo") regarding positive progress at the Lake Rebecca Gold Project ("Lake Rebecca" or the "Project"), in Western Australia. Trident holds a 1.5% Net Smelter Return ("NSR") gold royalty (the "Lake Rebecca Gold Royalty" or the "Royalty") over the entirety of the Project.

Following Apollo's release of the April 2021 JORC (2012) compliant Mineral Resource Estimate ("MRE") update³ for over 1.1Moz of gold, ongoing drilling has continued to generate significant gold intersections whilst technical evaluation studies progress. Apollo's Diggers & Dealers Mining Forum presentation⁴ provides a detailed overview of the project status together with useful deposit plans and sections.

Adam Davidson, Chief Executive Officer of Trident commented:

"We are pleased to note Apollo's recent announcements concerning developments at the Lake Rebecca Gold Project, over which Trident holds a 1.5% Net Smelter Return royalty.

The metallurgical drilling results continue to confirm excellent grade and width continuity and provide further strong validation of the April 2021 Mineral Resource Estimate block model, whilst significant new drill intercepts are reported at the emerging Cleo gold discovery, located 1.4km to the west of the 840,000oz Rebecca gold deposit.

We continue to note Apollo's strong cash position with a cash balance of A$34.9 million, as of 31 August 2021, and look forward to following developments at the project as the technical studies, resource and exploration drilling continues."

LAKE REBECCA PROJECT UPDATE SUMMARY

·      Metallurgical Study Work: Assay results from a further 5 metallurgical diamond drill holes continue to confirm excellent grade and width continuity. The 63.5mm core diameter diamond holes targeted mineralised structures typical of the average MRE grades to provide bulk composite material for metallurgical studies.

Drill holes MET001 and MET002, both from the 195,000oz³ Duchess deposit have delivered intercepts of:

o  MET001: 32m @ 1.56g/t Au from 25m, 30m @ 1.47g/t Au from 61m, 16m @ 0.79g/t Au from 98m, 16m @ 0.90g/t Au from 118m and 9m @ 2.24g/t Au from 136m, including 1m @ 6.45g/t Au from 140m.

o  MET002: 66m @ 1.03g/t Au from 114m and 22m @ 1.35g/t Au from 200m.

Drill hole MET003 at the 65,000oz³ Duke deposit, drilled parallel and through the target structure, intersected:

o  MET003: 97m @ 1.85g/t Au from 40m including 1m @ 25.40g/t Au from 103m and 1m @ 12.50g/t Au from 111m.

Drill holes MET005 and MET006, both from the 840,000oz³ Rebecca deposit have delivered intercepts of:

o  MET005: 11m @ 1.20g/t Au from 34m, 19m @ 1.16g/t Au from 50m, 22.8m @ 1.43g/t Au from 76m, 12m @ 0.84g/t Au from 237m.

o  MET006: 20.8m @ 2.35g/t Au from 80m (including 1m @ 17.3g/t Au from 84m), 8m @ 1.82g/t Au from 116 and 17m @ 1.27g/t Au from 138m.

The results from Rebecca hole MET004, 75.8m @ 4.64g/t Au from 138m, were reported on 3 August⁵.

·      Cleo Deposit Exploration Drilling: Ongoing reverse circulation ("RC") and diamond core drilling at the emerging Cleo deposit, 1.4km west of the Rebecca deposit, continues to provide significant new gold intercepts. Gold mineralisation has been defined over 300m of strike and in multiple zones over an anomalous (>0.10g/t Au) zone up to 150m. New inclined infill RC drill intercepts, on a nominal 25m by 50m spacing, include:

o  RCLR0841: 11m @ 2.99g/t Au* from 40m

o  RCLR0845: 5m @ 2.30g/t Au from 50m and 10m @ 0.74g/t Au^* from 70m. Intercepts sit within a broader zone of gold anomalism (calculated at a nominal >0.10g/t Au cut off, and a 1g/t Au top-cut) of 112m @ 0.46g/t Au to end of hole.

o  RCLR0846: 20m @ 0.86g/t Au from 40m and 25m @ 0.71g/t Au from 90m.

o  RCLR0847: 13m @ 1.27g/t Au from 75m and 25m @ 1.43g/t Au from 90m.

Diamond core tail drill hole intercept:

o  RCDLR0809: 6m @ 2.67g/t Au from 124m and 19m @ 0.94g/t Au from 141m. Intercepts zone of gold anomalism of 134m @ 0.40g/t Au (calculated at a nominal >0.10g/t Au cut off, and a 1g/t Au top-cut).

·      Rebecca Deposit Drilling: Step-down drilling and further resource definition drilling continues to provide new gold mineralisation at the Rebecca deposit. New inclined infill RC drill intercepts, include:

o  RCLR0850: 10m @ 1.23g/t Au from 110m and 10m @ 3.53g/t Au from 195m

Diamond core tail drill hole RCDLR0833 intercepts, to the west and below the high-grade Jennifer structure, may represent a significant new zone of gold mineralisation that may link to a previous intercept of 10m @ 2.15g/t Au in RCDLR0378, located 180m up-dip:

o  RCDLR0833: 10m @ 0.68g/t Au from 331m and 15m @ 2.33g/t Au from 347m

Diamond core tail drill hole RCDLR0725, testing down-dip of Laura structure, intercepted:

o  RCDLR0725: 4m @ 1.50g/t Au from 382m and 2m @ 1.55g/t Au from 389m

·      Technical Studies & Cash Position: Apollo reports that the engineering, metallurgical, hydrological and environmental activities are ongoing whilst it remains in a good financial position to continue the exploration and technical studies with A$34.9M in consolidated cash as of 31 August 2021.

Royalty Information

Trident announced the completion of the Lake Rebecca Gold Royalty Acquisition (as defined below) on 29 October 2020.

On 24 September 2020, the Company announced that it had entered into a binding agreement to acquire an existing 1.5% Net Smelter Return gold royalty over tenement E28/1610 (the "Lake Rebecca Gold Royalty Acquisition"), which hosts the entirety of the million-ounce Lake Rebecca Gold Project, currently owned and operated by ASX-listed Apollo Consolidated in Western Australia.

The royalty is payable on production from exploration licence E28/1610 which is currently pending conversion to a mining licence (M28/400, application date 2 December 2019), and covers the entirety of the Cleo, Duke, Duchess and Rebecca deposits which are collectively referred to as the "Lake Rebecca Gold Project." Apollo has publicly stated that it is aggressively pursuing the development of Lake Rebecca.

Trident considers Lake Rebecca to be a cornerstone asset for the company and is expected to underpin the precious metals' allocation in Trident's royalty portfolio.

Notes & References

All of the technical information in this release has been extracted from the publicly available source documents identified below. technical information compiled by the Competent Persons set out in the referenced Apollo announcements. The complete set of drilling results, plans and sections, reported in accordance with the JORC Code (2012), can also be found in the referenced Apollo announcements. The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements and, all material assumptions and technical parameters underpinning the Mineral Resource estimates continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person's findings are presented have not been materially modified from the original market announcement. The reader is advised that the appropriate JORC tables and Competent Persons Statements may be found in those documents.

1              Source: Apollo Consolidated ASX announcement. Rebecca and Cleo Resource drilling results, 22 September 2021

( https://app.sharelinktechnologies.com/announcement/asx/abd918c6b39ac72e1a80541efc44b5dd )

2              Source: Apollo Consolidated ASX announcement. Rebecca metallurgical drilling results, 4 September 2021

( https://app.sharelinktechnologies.com/announcement/asx/bb25f8d34cd38f05b1ea7cd99e7f2b85 )

3              Source: Apollo Consolidated ASX announcement. Resource Update, 20 April 2021

( https://app.sharelinktechnologies.com/announcement/asx/04ecc22b55573422a308f3b215d6522a )

Lake Rebecca Mineral Resource Estimate

4              Source: Apollo Consolidated ASX announcement. Diggers and Dealers Presentation, 4 August 2021

( https://app.sharelinktechnologies.com/announcement/asx/55ab173644b1178eee2cd2e184e76c6b )

5              Source: Apollo Consolidated ASX announcement. Rebecca metallurgical hole and drilling results, 3 August 2021

( https://app.sharelinktechnologies.com/announcement/asx/2c8038bf0bac312833727566e80a226f )

*           Intercept contains one or more composite samples that will be resampled at 1m intervals

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.

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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:

·      Expanding on a royalty and streaming portfolio which broadly mirrors 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.

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.