- Triton Minerals (TON) spent the September quarter focusing on its Ancuabe Graphite Project in the Cabo Delgado region of Mozambique
- The project contains high-purity graphite to supply the electric vehicle and electric storage markets
- Triton is aiming to produce 60,000 tonnes of high-purity graphite per year however financing discussions must first be completed
- It seems this process is taking longer than expected but Triton assured shareholders, this remains its core focus
- During the quarter, Triton raised just over $340,000 via a placement and had around $3.1 million in cash at the end of the quarter
- Company shares are trading flat at 4.7 cents
Triton Minerals (TON) has released its quarterly report for the first quarter of Fy21, which primarily focused on the Ancuabe Graphite Project in northeastern Mozambique.
The Ancuabe Graphite Project is the only large-scale, large flake graphite project in the Cabo Delgado region and contains high-purity graphite that’s suited to the emerging electric vehicle and electric storage markets.
Triton is currently aiming to produce 60,000 tonnes of high-purity, large flake graphite concentrate per year as part of its goal to become the next East African graphite producer.
In December 2017, Triton completed a definitive feasibility study which confirmed Ancuabe to be a high-quality, long-life, high-margin graphite project. This was supported by a maiden JORC-compliant ore reserve of 24.9 million tonnes at 6.2 per cent total graphite content (TGC).
During the September quarter, the company completed an oversubscribed option placement which raised $340,337. The money is being put towards the Ancuabe Project and will cover ongoing permitting and engineering works and financing arrangements.
“The funds raised under the offer enable Triton to continue its focus on debt financing, permitting and engineering activities at our world-class Ancuabe graphite project in Mozambique,” Managing Director Peter Canterbury said.
It seems the funding progress is taking longer than the company originally expected however Triton assures shareholders that completing financing is its main focus.
Triton expects that mobilisation to the project site to begin construction of the raw water dam will start in the first half of next year.
The company spent around $505,000 on operating activities — most of which was allocated towards staff and administration costs.
At the end of the quarter, Triton had around $3.1 million in cash, which is a slight reduction from the $3.36 million it started with.
Company shares are trading flat in early morning trade for 4.7 cents.