Ann: Triton Minerals Corporate Presentation, page-16

A mining license isn't conditional on a Jorc. Not saying TON won't be doing JORC of course they will however they aren't looking for a huge one as it isn't required.

Using the Ancuabe ML confuses me though, as is almost seems like Brad believes it isn't required. That could make sense in some respects as the environmently concerns would come from the water after flotation IMO. Still strange.

Unfortunately I was at the seminar in Melbourne but needed to take off prior to getting the opportunity to ask. Worst of all, free drinks put on after the day which I also missed out on, but the food was good.

Brad was really stressing the desire to get early cash flow and use this cash flow to fund NH development. He believes that this can be done with $15M capex. He wants to limit debt and limit further dillution where possible.

Apparently the big reason for the delayed NH development is a lack of power. Scaling right up before on grid, 2018 from memory, would add significant capex and costs for opex.

The general thesis was there are three major impact on profits and therefore support for this direction, power c. 30% and difference is 30c kwh vs 9c), flake distribution and logistics. Ancuabe wins hands down and would allow cash flow for larger NH capex and lomgterm supply.

Overall Brad was by far the best speaker. Definitely some digs at Syr, by all involved, which was quite interesting. Jens (Syr tech) was quite interesting however the accent made it difficult. Kibaran German graphite specialist was also good.

Not too much more goss really, resource for NH out tomorrow and will be good in scale/grade and confidence.