Ann: Sale of 70% of Mozambique graphite assets for A$17m cash, page-30

I have some concerns.

On 29 April 2024 TON announced that Mozambique Yulong Mining Development Company were awarded the Mining Concession for EL5966 (Nicanda Hill) They stated that the MYMDC were "not related to Triton, its subsidiaries or Major Shareholders" This prompted Triton to announce they were giving up their efforts in trying to get Nicanda Hill back. That's fair enough as there is no point in flogging a dead horse when there is little or no hope of getting the license back.

On 2 July 2024 TON sold the Drill Core assets for Nicanda Hill to Shandong Yulong Gold.

Peng Zhang is currently a Director of both Triton and Shandong Yulong Gold.

Why would Shandong Yulong Gold want the Drill Core Assets for Nicanda Hill if the Mining Concession for Nicanda Hill was awarded to a company that is not related to them, or Triton. Surely they not buying them just to sell them on to the MYMDC would they?

It is extremely difficult to find out any information on the MYMDC anywhere on the web. Who are they? We have been told that they have nothing to do with Shandong Yulong Gold.

I would hazard a guess and say that the Drill Core Assets aren't any use unless you have the Mining Concession?

Shandong Yulong Gold cannot develop Nicanda without the Mining Concession.

What's the odds on Shandong getting hold of this Mining Concession at some stage and developing the biggest graphite deposit in the world at a bargain price?

Why am I negative about this latest deal?

I am more confused than negative, I think we deserve more transparency about Nicanda Hill and the motives behind the deal.

Maybe the deal could be positive for the SP in the long run, but the Nicanda Hill dealings just seems to be unusual to say the least.

Very happy to be proved wrong.

Clearly still holding as selling at these levels would be dumb.