Triton Minerals (ASX:TON) pockets $5m Shandong Yulong investment for Ancuabe graphite project

• Triton Minerals (TON) pockets $5 million through a share placement to major Chinese investor Shandong Yulong Gold
• The company says the two businesses are now engaged in debt financing talks as TON moves towards construction at its Ancuabe graphite project in Mozambique
• Triton had $2.5 million in the bank at the end of March before receiving today’s $5 million boost from Shandong, first flagged in September last year
• To help drive its move towards construction, TON has appointed non-executive Chairman Peng (Rod) Zhang to the role of Executive Chairman
• The company says it expects to receive approval for an environmental licence, which is the final approval required before production, in the June 2023 quarter
• TON shares are up 6.06 per cent and trading at 3.5 cents at 12:38 pm AEST

Triton (TON) has pocketed $5 million through a share placement to major Chinese investor Shandong Yulong Gold.

The companies first flagged the investment in September last year, and TON said they were now engaged in debt financing talks as it moved towards construction work at its Ancuabe graphite project in Mozambique. Triton has chosen Shandong as its preferred Chinese debt arranger.

TON had $2.5 million cash on hand at the end of March.

To help drive its move towards construction, Triton has appointed non-executive Chairman Peng (Rod) Zhang to the role of Executive Chairman

Looking ahead, Triton said it would complete FEED works in the second quarter of 2023 to enhance the design of the TON processing plant and reduce risk, as well as target reductions in the associated capital expenditure.

Meanwhile, the company said it expected to receive approval for an environmental licence, which was the final approval required before production, in the June 2023 quarter

TON shares were up 6.06 per cent and trading at 3.5 cents at 12:38 pm AEST.