Hi Ozpolarbear The financial statements on page 23 in the...

Hi Ozpolarbear

The financial statements on page 23 in the Prospectus need to be read with the Notes that follow on page 24. The financial statements are at 30 June 2015 and have been adjusted only for cash coming in under 2 scenarios 1) where the rights issue received the underwritten amount only or 2) whether the full amount of the rights issue was subscribed for.

These Prospectus figures in the pro forma balance sheet are therefore way out of date and do not show the position of the Company when the administrators were appointed on 2 March.

The Prospectus financial statements do not take into account any transactions between 30 June 2015 and the date of the Prospectus (22 December 2015). Trade payables at 30 June 2015 are still the same in the other 2 columns of financial statements and are therefore way out of date. Therefore, the notes that follow the financial statements must be read with the financial statements.

The real date for financial reporting should be up to 2 March 2016 when the administrators were appointed as the Company was trading under the control of the Directors until then - effectively 9 months of exploration and corporate activity.

Material balance changes and transactions for the period since the review date, 30 June 2015 include:

- "a decrease in Cash and Cash equivalents and an increase in Exploration and Evaluation assets due to the Company’s expenditure of $6.87 million on ongoing exploration programs at Ancuabe, Balama North’s Nicanda Hill and Nicanda West locations and the definitive feasibility study (DFS) for the Nicanda Hill resource"

- "an increase in Trade Payables of $1.5 million due to the Company’s expenditure of $6.87 million on ongoing exploration programs at Ancuabe, Balama North’s Nicanda Hill and Nicanda West locations and the DFS for the Nicanda Hill resource";

- "an increase in Trade and Other Payables of $0.46 million associated with payments to be to the Company’s former Managing Director and Chief Executive Officer;"

In all likelihood the balance owing to Mitchell Drilling is far greater than the balance owing at 30 June 2015. Or it could be any creditor (that threatened to put the company into administration) made up the trade creditor balance at 2 March 2016 which, IMO, would be at least $2.8M - $3M, maybe even higher.

We will know soon enough what happened as a first meeting of creditors will be held on 15 March 2016 at 11:00am (AWST) at the offices of Ferrier Hodgson, Level 28, 108 St Georges Terrace, Perth WA 6000.

See http://www.ferrierhodgson.com/au/administrations/triton-minerals-limited

Please DYOR.




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