11:10 AM EST, 01/20/2025 (MT Newswires) -- Trigon Metals ( PNTZF ) share were last seen 5.4% after the company on Monday said its Kalahari copper project in Namibia was awarded one of only three spots in the 5-million euro UNDERCOVER research project funded by the European Union.

The research project aims to secure the responsible supply of raw materials, seeking to advance deep mineral exploration technologies, stimulate research and development, and allow responsible exploitation within the EU.

"It's an honour to be selected to participate in such an innovative and potentially transformative project," said chief executive Jed Richardson. "We look forward to working with all parties to achieve the ambitious goals of UNDERCOVER."

Meanwhile, Trigon said it continues to advance the sale of the Kombat mine to Horizon Corp. Due to the recent mine interruption, Trigon said its management team is communicating with its insurance adjustors in Namibia on its business interruption and mechanical claim that occurred on Jan. 16.

Trigon shares were last seen up $0.02 to $0.39 on the TSX Venture Exchange.

Price: 0.39, Change: +0.02, Percent Change: +5.41