What have been the latest ESG developments at your mines, Rutongo (tin), Musha (tin and tantalum), and Nyakabingo (tungsten)?
We’ve been bringing our 3T operations in Rwanda up to global standards, on all levels. After Trinity’s commencement in May 2022 we have managed to turn the three mines into significant critical mineral producers in Africa. We have maintained a strong focus on the ESG front. Together with South African-based SLR Consulting, we have completed the updating of our our environmental and social impact assessments (ESIA) for each of the three mines. The last time the ESIAs had been updated was in 2015. Trinity also commissioned E-TEK Consulting to undertake the development of Closure and Rehabilitation Plans for the mines, an exercise that will be completed by the end of 2025. Another significant milestone achieved at the end of 2024 was the Government approval of new mining agreements confirming our 25 year mining licenses.
From a safety perspective , we ended 2025with a 0.16 Lost Time Injury Frequency Rate (LTIFR), which is aligned with the best in class in the Global Mining Industry. We are progressing our ISO standard SHEC management system implementation. With 6,500 employees, Trinity remains the country’s largest private employer. 99% of our employees are Rwandan Nationals and 98% of our workforce come from the local communities surrounding our mines.
Working with E&Y for the past two years we continue to develop JORC-complaint Competent Persons Reports (CPR) for our three mines, We achieved a significant milestone in completing a full CPR for Nyakabingo Mine in 2025 and we ae hoping to complete CPR’s for Rutongo and Musha Mines in 2026.
Trinity is the first African mining company to receive technical assistance (TA) funding from the US Development Finance Corporation (DFC), when we secured $US 3.85million funding in 2024. The TA funding is focused on skills development of our workforce and various ESG projects.
Are you considering further on-site processing?
With Nyakabingo now firmly entrenched as Africa’s largest tungsten producer, and our two tin mines together representing the second largest tin producer on the continent, Trinity holds immense growth potential on all our assets. We are developing declines to open new ground at depth on all three mines, which will expand the LOM beyond 50 years. The next big capital project in our five-year plan is to build mineral process facilities. We have engaged South African consultancy Obsidieo Consulting who are conducting a study on the design and constructionof a process plant at Nyakabingo Mine. Currently our mining operations target high grade veins and after drill and blasting operations, we hand-pick nuggets that are then upgraded into concentrate for onward selling and export. The remaining run of mine (ROM) material is then processed mainly through panning and sluicing methodologies because we currently lack modern processing facilities. Processing represents a major growth opportunity for the Company with recoveries from our current processing being very low. The strategy is, after we have optimized our processing, to process the many years if accumulated stockpiled material as well as ROM material. The opportunity then lies in transitioning from targeted narrow vein raise mining to bulk stoping, thereby increasing mining volumes substantially. Through this strategy we are looking to more than double production on all three mines in the next 5 years.
Nyakabingo is Africa’s largest tungsten producer. How is the mine positioned in the global market, especially following recent tariff implementations on China, which is the largest supplier?
80% of the world’s tungsten supply comes from China, but China has halted tungsten exports for over six months following the US’s imposition of new tariffs in early 2025. These events led to a spike in tungsten prices. This places Nyakabingo very strategically. There is no secret that there is a scramble from the West to try and to build a stable supply chain of critical minerals that is not wholly dependent on China, so Rwanda, as one of the safest and most stable African jurisdictions, comes into play. Trinity has been building strong relationships with the US. We had multiple high-level visits to our mines from the US, including Dr Massad Boulos, U.S. Senior Advisor for Africa, as well as U.S. Congressman Dr. Ronnie Jackson. A monumental day in Trinity’s short life was the visit from His Excellency President Paul Kagame this year, which underpins Rwanda’s commitment to mining.
Could you comment on the recent agreements to supply tungsten in the US?
We recently announced the agreement with Global Tungsten and Powders (GTP), America’s largest tungsten manufacturer, to supply four to seven containers per quarter of tungsten for two years. Traxys will act as the offtake partner delivering tungsten concentrate from Nyakabingo mine in Rwanda to the US. This marks the first time that tungsten flows from the Great Lakes region into the US. The partnership opens the door for further US investments into our operations. Earlier this year, we also signed a letter of intent with Nathan Trotter, an American tin smelter to supply them with tin concentrate once they have completed the construction of their facility in late 2026/early 2027.
Some NATO countries are increasing their defense spend in the coming years. How is this impacting demand for tungsten?
The tungsten price has been surging by 80% in the last 12 months, mostly on account of the trade tactics and China’s withholding of exports. Defense is indeed the second-largest industry for tungsten, so the current discussions around ramping up defense budgets certainly become a driver. More than in any other industry, the source of tungsten supply becomes a particularly talking point when one considers the biggest producer in the world is China, followed by Russia and North Korea. Our Nyakabingo mine is number four on that list, and, through the required capital injection, our production will more than double in the next 5 years. There is also massive potential to develop further Tunsgten Mines in Rwanda.
What impact do reports of smuggling in the region have on legitimate operators such as Trinity?
Trinity is 100% compliant. We employ a third-party traceability agent, RCS Global Group’s Better Mining program, which is now part of the SLR Group, which handles our traceability in line with OECD guidelines. We are RMI (Responsible Minerals Initiative) standards compliant. Our operations are audited by the smelters,, and by Better Mining itself.
People unfamiliar with Rwanda as a mining destination may have concerns which are created by false narratives from, social media, however, when they visit our mine sites and Rwanda , they leave with a very positive impression.
In what ways might the DRC-Rwanda peace deal affect cross-border commerce and the mining sector?
In June this year, the DRC and Rwanda signed a peace agreement in Washington, facilitated by the U.S. and Qatar. The peace agreement opens the region for investment, and I see a lot of economic synergies developing between eastern Congo and Rwanda. Mining in the Eastern Congo is in the main still underdeveloped. The peace deal will bring stabilization to the region which will hopefully open the opportunity for international investment in developing a modern larger scale mining industry – with proper economic agreements in place, both countries could prosper together.
What have been the latest ESG developments at your mines, Rutongo (tin), Musha (tin and tantalum), and Nyakabingo (tungsten)?
We’ve been bringing our 3T operations in Rwanda up to global standards, on all levels. After Trinity’s commencement in May 2022 we have managed to turn the three mines into significant critical mineral producers in Africa. We have maintained a strong focus on the ESG front. Together with South African-based SLR Consulting, we have completed the updating of our our environmental and social impact assessments (ESIA) for each of the three mines. The last time the ESIAs had been updated was in 2015. Trinity also commissioned E-TEK Consulting to undertake the development of Closure and Rehabilitation Plans for the mines, an exercise that will be completed by the end of 2025. Another significant milestone achieved at the end of 2024 was the Government approval of new mining agreements confirming our 25 year mining licenses.
From a safety perspective , we ended 2025with a 0.16 Lost Time Injury Frequency Rate (LTIFR), which is aligned with the best in class in the Global Mining Industry. We are progressing our ISO standard SHEC management system implementation. With 6,500 employees, Trinity remains the country’s largest private employer. 99% of our employees are Rwandan Nationals and 98% of our workforce come from the local communities surrounding our mines.
Working with E&Y for the past two years we continue to develop JORC-complaint Competent Persons Reports (CPR) for our three mines, We achieved a significant milestone in completing a full CPR for Nyakabingo Mine in 2025 and we ae hoping to complete CPR’s for Rutongo and Musha Mines in 2026.
Trinity is the first African mining company to receive technical assistance (TA) funding from the US Development Finance Corporation (DFC), when we secured $US 3.85million funding in 2024. The TA funding is focused on skills development of our workforce and various ESG projects.
Are you considering further on-site processing?
With Nyakabingo now firmly entrenched as Africa’s largest tungsten producer, and our two tin mines together representing the second largest tin producer on the continent, Trinity holds immense growth potential on all our assets. We are developing declines to open new ground at depth on all three mines, which will expand the LOM beyond 50 years. The next big capital project in our five-year plan is to build mineral process facilities. We have engaged South African consultancy Obsidieo Consulting who are conducting a study on the design and constructionof a process plant at Nyakabingo Mine. Currently our mining operations target high grade veins and after drill and blasting operations, we hand-pick nuggets that are then upgraded into concentrate for onward selling and export. The remaining run of mine (ROM) material is then processed mainly through panning and sluicing methodologies because we currently lack modern processing facilities. Processing represents a major growth opportunity for the Company with recoveries from our current processing being very low. The strategy is, after we have optimized our processing, to process the many years if accumulated stockpiled material as well as ROM material. The opportunity then lies in transitioning from targeted narrow vein raise mining to bulk stoping, thereby increasing mining volumes substantially. Through this strategy we are looking to more than double production on all three mines in the next 5 years.
Nyakabingo is Africa’s largest tungsten producer. How is the mine positioned in the global market, especially following recent tariff implementations on China, which is the largest supplier?
80% of the world’s tungsten supply comes from China, but China has halted tungsten exports for over six months following the US’s imposition of new tariffs in early 2025. These events led to a spike in tungsten prices. This places Nyakabingo very strategically. There is no secret that there is a scramble from the West to try and to build a stable supply chain of critical minerals that is not wholly dependent on China, so Rwanda, as one of the safest and most stable African jurisdictions, comes into play. Trinity has been building strong relationships with the US. We had multiple high-level visits to our mines from the US, including Dr Massad Boulos, U.S. Senior Advisor for Africa, as well as U.S. Congressman Dr. Ronnie Jackson. A monumental day in Trinity’s short life was the visit from His Excellency President Paul Kagame this year, which underpins Rwanda’s commitment to mining.
Could you comment on the recent agreements to supply tungsten in the US?
We recently announced the agreement with Global Tungsten and Powders (GTP), America’s largest tungsten manufacturer, to supply four to seven containers per quarter of tungsten for two years. Traxys will act as the offtake partner delivering tungsten concentrate from Nyakabingo mine in Rwanda to the US. This marks the first time that tungsten flows from the Great Lakes region into the US. The partnership opens the door for further US investments into our operations. Earlier this year, we also signed a letter of intent with Nathan Trotter, an American tin smelter to supply them with tin concentrate once they have completed the construction of their facility in late 2026/early 2027.
Some NATO countries are increasing their defense spend in the coming years. How is this impacting demand for tungsten?
The tungsten price has been surging by 80% in the last 12 months, mostly on account of the trade tactics and China’s withholding of exports. Defense is indeed the second-largest industry for tungsten, so the current discussions around ramping up defense budgets certainly become a driver. More than in any other industry, the source of tungsten supply becomes a particularly talking point when one considers the biggest producer in the world is China, followed by Russia and North Korea. Our Nyakabingo mine is number four on that list, and, through the required capital injection, our production will more than double in the next 5 years. There is also massive potential to develop further Tunsgten Mines in Rwanda.
What impact do reports of smuggling in the region have on legitimate operators such as Trinity?
Trinity is 100% compliant. We employ a third-party traceability agent, RCS Global Group’s Better Mining program, which is now part of the SLR Group, which handles our traceability in line with OECD guidelines. We are RMI (Responsible Minerals Initiative) standards compliant. Our operations are audited by the smelters,, and by Better Mining itself.
People unfamiliar with Rwanda as a mining destination may have concerns which are created by false narratives from, social media, however, when they visit our mine sites and Rwanda , they leave with a very positive impression.
In what ways might the DRC-Rwanda peace deal affect cross-border commerce and the mining sector?
In June this year, the DRC and Rwanda signed a peace agreement in Washington, facilitated by the U.S. and Qatar. The peace agreement opens the region for investment, and I see a lot of economic synergies developing between eastern Congo and Rwanda. Mining in the Eastern Congo is in the main still underdeveloped. The peace deal will bring stabilization to the region which will hopefully open the opportunity for international investment in developing a modern larger scale mining industry – with proper economic agreements in place, both countries could prosper together.
