17 January 2022

Trident Royalties Plc

("Trident" or the "Company")

Share Awards and Non-executive Director Fees

The Company announces, as set out in the 2020 Annual Report, that the Non-Executive Directors agreed to apply a portion of their annual fees to the subscription for ordinary shares of the Company, accordingly it has issued 126,070 Trident ordinary shares of £0.01 ("Ordinary Shares") at a price of 37.02 pence per Ordinary Share to certain directors as set out below ("Director Shares").

The Company has also issued 280,157 new Ordinary Shares to the senior management team who have applied a portion of the annual bonus awards approved by the Remuneration Committee and Company Board to the subscription for Ordinary Shares.

Further details of the Share Awards granted 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 406,227 Director and Management Shares, which rank pari passu with the Company's existing issued Ordinary Shares ("Admission"). Admission is expected to occur and Dealings on AIM are expected to commence at 8:00am on 18 January 2022.

Total Voting Rights

For the purposes of the Financial Conduct Authority's Disclosure Guidance and Transparency Rules ("DTRs"), following Admission, Trident will have 285,587,848 Ordinary Shares in issue with voting rights attached. Trident does not hold any shares in treasury. This figure of 285,587,848 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.

PDMR Notifications

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

This information has been provided in accordance with Article 5(1)(b) of the Market Abuse Regulation (EU) No 596/2014 which is part of UK law by virtue of the European Union (Withdrawal) Act 2018.

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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.