The Balama North Project is the world’s largest known combined graphite-vanadium resource. It is in northern Mozambique, some 240kms from Pemba Port.

The resource consists of two significant areas of interests that are currently being evaluated, including:

Nicanda Hill

Nicanda Hill resource is one of the world’s largest graphite deposit and a globally significant Vanadium deposit. The project is located approximately 240kms by road from Pemba port in the Cabo Delgado region in northern Mozambique. Understanding of the projects potential resource is well advanced

In 2015 JORC Compliant Inferred and Indicated Mineral Resource of 1.44Bt at 11.1%TGC and 0.29% V2O5 for160.3 million tonnes of contained graphite and 4.2 million tonnes of contained vanadium V205).

The Reinstated JoRC Resource2 of 143Bt at 11.1%TGC demonstrates the strategic value of the project.

Results of a scoping study (ASX 26 November2014) and DFS suggest an initial 30 year mine life.

1.8Mtpa processing plant throughput 210ktpa graphite production

US$1.23bNPV10 and IRR of 137% (pre-tax) based on US$110m pre-production capes, LOM US$338/t opex with a basket price of US$985/t.

Metallurgical test work highlights that Nicanda Hill graphite is ideally suited to supply the rapidly growing lithium-ion battery market, and associated EV and energy storage markets, with predominately fine and small flake material.

The Mineral Resource estimate has been defined within the original 6.2km long mineralised footprint at Nicanda Hill. Additional exploration prospects to the west, east and south have yet to be assessed.

CSA Global has been appointed to advance the technical understanding of the potential vanadium deposit.

We are now looking to leverage the significant work done to date in advancing value realisation options for the project and are currently investigating potential joint venture opportunities with the potential to provide a non-dilutive source of funding for the near-term development of Upulo (Ancuabe) project.

Nicanda West

Nicanda West is located approximately 230km west of the port of Pemba and is located within tenement 5966 about 1.4km north west of the Company’s Nicanda Hill Mineral Resource.

Triton announced a Mineral Resource estimate for Nicanda West on 17 May 2016, comprising 30Mt grading 6.6% TGC for 1.97Mt of contained graphite.

Flotation testwork on two composites from drill holes, based on a standard graphite process flowsheet developed by IMO’s Perth Laboratory, showed that approximately 70% of the liberated flakes were larger than 150 µm and that more than 30% of the liberated flakes were Jumbo or larger (> 300µm). These results indicate that Nicanda West graphite concentrate may be ideally suited to the expandable graphite market.

Cobra Plains

Cobra Plains is a globally significant graphite resource. The project comprises a JORC Compliant maiden-inferred Mineral Resource estimate (ASX 26 February 2014) of 103 Million Tonnes (Mt) at an average grade of 5.2%TGC, containing 5.7Mt of graphitic carbon.