Triton now has $8 million in cash, has secured a cornerstone shareholder, and has a new strategy for growth at Ancuabe, which is located in Mozambique.
The experienced Peter Canterbury has taken the helm as managing director, and brings role significant knowledge of project development on operations in Australia and Africa.
A new strategy
Triton has a focus on the development of the Ancuabe Project to produce low cost, high margin, premium flake size graphite concentrate while developing a pipeline of projects for supply into the global graphite market.
Ancuabe is located in a region with historical high quality graphite production with the former Kenmare graphite facility being refurbished by AMG/GK with whom Triton has a strategic alliance.
Importantly the project is in close proximity to Pemba Port and grid power, and is isolated from local communities.
The maiden JORC Inferred Resource for the Ancuabe T12 deposit was outlined earlier in the year, and comprises 14.9 million tonnes at 5.4% total graphitic carbon (TGC) for 798,000 tonnes of contained graphite.
This has strong potential to grow, considering less than 30% of the prospective strike length has been tested.
A new exploration program started in late-October, which will cover 3000 metres of diamond drilling and 1800 metres of reverse circulation.
Metallurgical test work is expected to commence once assay work is completed in January.
Triton will have circa 658 million shares on issue, with 73 million unlisted options and 22 million listed options.
If the stock opens at around $0.07 a share, this would put the market valuation in the $45 million range.