Ann: Triton Minerals Corporate Presentation, page-5

From what I can understand, TON needs to identify a mineral reserve before submitting an application for a mining licence (both TON and the gov want to know exactly what and how much they are digging up). They've done so for Nicanda Hill, I think the application is still waiting on the environmental impact assessment and DUAT before it can get looked over by the Moz government. They mention an ML update for NH for Q2 2016, but I'm not sure if that means they expect to receive it by then or whether thats when they will have an indication of the ML terms. The amended Mining Act with updated mining licence conditions was meant to be passed through parliament either late last year or early this year but seems yet to do so.

As for Ancuabe, its all dependant upon the JORC before they can apply. The GK mining licence is only specific to their tenements, even in conjunction with TON's tenements. The JV won't be able to use any TMG until the ML for Ancuabe is granted. I imagine this may be why the announced JV in April has taken so long to sign off on. Assuming TON is going to be receiving early revenue from Q3 2016, GK probably want to be assured of being able to access TMG in the long run before legally entering a partnership, and the only way to do this is to JORC it.

The Moz JV for value added looks like a tip of the hat by TON to the Moz government and may help speed up the application process of all timelines