Q1 2022 Activities Update

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Royalty / Stream	Q1 2022	Q4 2021	Q1 2021
Koolyanobbing iron ore royalty	A$209,877	-	A$100,479
Mimbula copper royalty	US$500,000	US$375,000	US$375,000
Gold offtakes portfolio	US$1,577,958	-	-
Total (USD)*	US$2,234,988	US$375,000	US$451,384

·	Record royalty receipts for the Company, including first contribution from gold offtakes portfolio acquired 11 January 2022, representing an increase of 496% vs Q4 2021 and an increase of 395% vs Q1 2021.
·	Continued momentum through strong portfolio growth, with three acquisitions announced or completed during the period.
·	Pleasing progress made at the Thacker Pass lithium project, where Lithium Americas received all final key Nevada state-level environmental permits. Finalisation of the Federal Record of Decision ("ROD") permitting process is expected in Q3 2022.
·	Excellent performance of the gold offtakes portfolio, with two assets announcing first gold in the quarter and the Blyvoor mine accelerating production ramp-up in March.
·	Recommencement of revenue from iron ore sales from Trident's royalty tenement at the Koolyanobbing Mine in Western Australia.
·	Post the period end, a favourable restructure of the Premier Offtake, triggering a payment to Trident of US$3.7 million.

·	Acquisition of a cash generative gold offtakes portfolio from Orion Resource Partners¹. Trident began to receive revenue from the offtakes on 11 January 2022.
·	Trident acquired the right to buy a 50% share in a royalty on the Sonora Lithium Project, Mexico, subject to a favourable resolution of a dispute over the royalty². Trident notes the recent changes in legislation in Mexico regarding lithium mining and processing. While this legislation does not currently relate to existing concessions, there is uncertainty over how the legislation will evolve. Trident will continue to monitor the situation in Mexico and, in the event of a failure to the project, the potential loss to the Company is a nominal break fee.
·	Acquisition of a gold offtake stream over the producing Sugar Zone Mine in Canada, recently acquired by Silver Lake Resources, a well-funded ASX-listed mid-tier gold producer³. Revenue from the offtake attributable to Trident commenced on 21 March 2022.

·	Recommencement of revenue from iron ore sales from Trident's royalty tenement at the Koolyanobbing iron ore mine in Western Australia as the operator, Mineral Resources Limited, resumed production from the Deception Pit (partially covered by the royalty) and commenced initial ore sales from the Claw Pit (entirely covered by the royalty).
·	Ramelius Resources, operator of the Rebecca gold project (formerly Lake Rebecca), Western Australia, announced details of planned resource definition, extension and exploration drilling programmes, to comprise a combined total of 75,000 meters, with the objective of delivering an updated and expanded Mineral Resource in 2022 ⁷. Ramelius completed the acquisition of Lake Rebecca from Apollo Consolidated Ltd in January 2022 and is intending to develop the project into "a mine life of 10 years at a run rate of at least 100,000 ounces per annum"⁴.
·	Lithium Americas, operator of the Thacker Pass lithium project, Nevada, noted that the final key Nevada state-level environmental permits, including the Water Pollution Control Permit, Mine Reclamation Permit and Class II Air Quality Operating Permit, have now been received from the Nevada Division of Environmental Protection, thus enabling the company "to begin to advance Thacker Pass towards construction"⁵. Finalisation of the ROD permit appeals process is expected in Q3 2022. It is Trident's expectation that the feasibility study incorporating increased project scale will be released after finalisation of the ROD permit, to be followed shortly thereafter by commencement of construction.

·	Total of 59,193 ounces delivered, realising profits to Trident of US$1,577,958. Deliveries set to increase over the coming quarters as production from key assets ramp-up.
·	First gold delivery to Trident under the i-80 gold offtake from the Ruby Hill Mine, Nevada. In addition, the Granite Creek Mine (also covered under the i-80 gold offtake) is currently conducting test mining and targeting production ramp-up in 2022⁶;
·	First gold pour from the Santa Luz mine, Brazil, on 1 April. Santa Luz is expected to produce 70,000 to 90,000 ounces of gold in 2022⁷.
·	The Bonikro development in Cote d'Ivoire is underway, with full mining rates expected to be reached in Q2 2022. Based on latest drill results and the initial resource estimate, Dougbafla (an adjacent area also covered by the gold offtake) is showing strong potential for resource growth, with a potential mine life extension beyond that of the Bonikro and Hire pits⁸.

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·	Building upon a royalty and streaming portfolio which broadly mirrors the commodity exposure of the global mining sector (excluding fossil fuels) 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.