Triton Secures Aucu Licenses, Faces $8.5M Payment Dispute with NQM

Legal Dispute Casts Shadow Over Asset Sale

Triton Minerals Limited continues to grapple with a significant legal challenge concerning the sale of its Mozambique Graphite Assets. The company is seeking to recover an $8.5 million final payment from NQM Gold Pty Ltd, a subsidiary of Shandong Yulong Gold Co., after NQM failed to make a $3.42 million progress payment due earlier this year. The Supreme Court hearing, initially scheduled for May, has been postponed multiple times and is now set for September 9, 2025. This ongoing dispute injects uncertainty into Triton’s cash flow and strategic plans.

Despite the legal wrangling, Triton remains committed to resolving the matter constructively and in the best interests of shareholders. The company has reserved all rights under the Share Sale and Purchase Agreement (SSAP) and continues to pursue both legal and commercial avenues to secure the outstanding funds.

Aucu Project License Approval Marks Strategic Growth Milestone

In a notable positive development, Triton secured exploration licenses for the Aucu Copper/Gold Project in Mozambique’s Tete Province shortly after the quarter ended, on July 23, 2025. This 588 square kilometre project, rich in historical artisanal gold and copper workings, represents a key pillar in Triton’s growth strategy. The licenses enable the company to advance exploration activities, including soil geochemistry, geophysics, and drilling, to define high-grade targets.

The Aucu Project’s potential is underscored by promising rock chip sampling results from late 2024, which included gold grades exceeding 17 grams per tonne and copper concentrations above 4.8%. With the license in hand, Triton is poised to accelerate field reconnaissance and engage consultants for environmental and permitting assessments, aiming to unlock substantial value for shareholders and contribute to local economic development.

Financial Discipline and Cash Preservation Measures

Facing the financial strain of the unresolved payment dispute, Triton has implemented stringent austerity measures to extend its operational runway. Effective July 2025, the company deferred 100% of directors’ fees, a step up from the previous 50% deferral, alongside negotiating extended payment terms with service providers and cutting discretionary expenditures.

As of June 30, 2025, Triton reported a cash balance of $5 million with no debt, bolstered by a $2.95 million progress payment received earlier in the year from the Mozambique asset sale. These measures reflect a cautious approach to cash management while maintaining focus on advancing key projects and legal proceedings.

Strategic Outlook and Market Positioning

The sale of 70% of the Mozambique Graphite Assets remains a cornerstone of Triton’s strategy, providing critical funding to accelerate the Ancuabe Graphite Project and reduce holding costs. The retained 30% joint venture interest offers ongoing exposure to the graphite sector, with an option for the buyer to acquire this remaining stake for $7.5 million in the future, potentially unlocking further shareholder value.

Meanwhile, the company’s focus on expanding its footprint in battery minerals and base metals positions it as an emerging mid-tier player in the resource sector. The Aucu Project’s advancement signals a diversification of assets and a commitment to growth despite near-term challenges.