[INTERVIEW] Triton Minerals: Becoming a big player amidst Chinas Graphite exodus, page-16

So I hope ur sitting/lying down atm

Did some basic numbers and the upshot of it all is that a combined Triton operation of Ancuabe, Nicanda Hill and Cobra Plains would give an assigned value multiplier of around x2 or Tritons projects r worth twice Syrahs.

This is based on the TGC of each companies assets which r

Balama has 81Mt TGC @ 16%

Tritons combined projects give 169 Mt

Hence the factor of 2.

Syrahs Balama dfs put Balama at 1.1 B, so that would give a value of 2.2B to Tritons project.

It's very important to note that this does NOT include the vanadium numbers.

So with potentially around 1.6B shares on this gives

2.2B/1.6B = $1.35/share !!!

Again, this is without the vadium !!!

I'll try and source some vanadium numbers later but this illustrates the reasoning behind Tritons behavior over the last few years.

Gr