Simon Moores - Analyst, Benchmark Mineral Intelligence on the future of Graphite, page-114

I would hope Cannacord's Management are impressed with their Analysts call on questioning continuity which should have logically targeted Indicated Jorc defined areas of Triton's conceptual open pit which contains within, the three High grade zones; Mutola, Grande and Macico as this is where at least thirty years of mining would potentially stem from down to a potential depths of around 20m per decade. To not acknowledge such area and depth where Triton would show potential world class economics and base their business going forward on, is highly questionable.

The Analysts chose to investigate GBND005 Far Westerly (left) on Drill line S1 here;



Quite an incredible choice by the Analysts, did they not acknowledge that Triton will most likely and obviously never mine anywhere near the westerly GBND005. Why target a drill core to raise questions of Triton, where Hg zones are only identified/intercepted at 300m depth?

Surely they had studied these conceptual pit designs and location before their East African trip;



Did they embark on Nicanda Hill with no background information and Randomly elect GBND005?



Triton's indication that Initial mining would potential be from N7 northwards where the ore body is said to be weathered and assists simple graphite extraction, again overlooked.

Why not do their diligence in an area that was part of Triton's scoping?

The analysts attempt to give reason by saying they selected an area located centrally within the Inferred Resource.

This type of pin the tail on the donkey method a gives a great professional look.




The most recent drill results from Triton have confirmed and further defined the three high grade graphite zones,  the Macico, Grande zones, in addition to the Mutola zone.

Combined, these three zones alone, contain approximately 52% of the Nicanda Hill deposit which is a very exciting discovery for Triton.

With the bulk high grade graphite material contained within the Mutola, Macico and Grande zones, Triton is now well positioned to undertake selective and targeted mining operations going forward. This will help Triton to becoming a market-leading low-cost graphite and potential vanadium producer.


Regards

Pauldola.