PERTH (miningweekly.com) – Graphite developer Triton Minerals has secured a A$5-million investment from Chinese-listed commodities trader Shandong Yulong Gold Co.
Under the terms of the cornerstone investment, Shandong Yulong will subscribe for more than 178.5-million shares in Triton, at a price of 2.8c each, each with a free-attaching option and an expiry date of the end of December 2025, and an exercise price of 4c each.
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The cornerstone investment will be subject to both shareholder and regulatory approvals, as well as other conditions precedent.
Triton told shareholders on Monday that the funds raised would be used for the development of the Ancuabe project, in Mozambique, including advancing project studies, approvals and the construction of a commercial pilot plant.
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Meanwhile, Triton and its major shareholder, Jigao, have reiterated their intention to develop the Anucabe project as soon as practicable.
“The board welcomes the proposed significant investment by Shandong Yulongin Triton. Just as important as the commitment of A$5-million is the agreement, with Jigao, to back Triton’s plans of bringing the company into production as soon as possible,” said executive director Andrew Frazer.
“This will ensure the company capitalises on the green energy transition which has seen demand for graphite continue to build at a rapid rate, given its use in batteries for electric vehicles and energy storage as well as significant demand from the flame retardant building material sector. We are also working closely with government authorities on the potential reinstatement of Nicanda Hill, for which discussions continue.”
Triton is hoping to be in production at Ancuabe by the September quarter of next year.
