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Triton Minerals (ASX:TON) has flagged – without actually using the words – that it may soon be forced to take a subsidiary of Shandong Yulong to court over an undelivered payment just shy of $4 million.
How much it would cost to get that money back (both in terms of legal fees and reputationally) obviously remains in question with the company continuing conversations.
However, despite those ongoing talks, Triton still hasn’t been paid.
Canberra last year let China’s Shandong Yulong Gold buy a 70% stake in Triton’s Mozambique-based project; a purchase agreement was entered into at around this time.
“The company advises that NQM [A Shandong subsidiary] has failed to pay the adjusted sum of A$3.42 million which was due on 28 February 2025, as contemplated by the SSAP,” Triton wrote on Monday.
“NQM has breached its obligations under the SSAP. The company has been in negotiations with NQM subsequently, but negotiations to date have been unsuccessful.
“The independent directors of the company are currently considering the options available to it and are taking legal advice.”
TON last traded at 0.7cps.
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