Triton Minerals (TON)

Business description

Triton Minerals is an exploration and development company with assets in Australia and Africa. Its main focus is the development of its graphite exploration licences in Mozambique, initially the Ancuabe graphite project, which is being investigated specifically to feed into the nascent, but high-growth lithium-ion battery sector.

Stock data

Market cap.A$60.8m
Last closeA$0.08
High / Low (52 weeks)A$0.1 / A$0.0
Stock market listingAU
Forecast net cash (A$m)3.4
Forecast gearing ratio (%)N/A
TeamResources - Mining

Price performance

Relative *(18.4)(26.7)(2.2)

* % Relative to local index

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Company news

Y/E Dec Revenue (A$m) EBITDA (A$m) PBT (A$m) EPS (c) P/E (x) P/CF (x)
2015A 0.0 (5.2) (5.2) (3.6) N/A N/A
2016A 1.8 (2.1) (2.1) (0.5) N/A N/A
2017E 0.0 (2.5) (2.5) (0.4) N/A N/A
2018E 0.0 (4.6) (4.6) (0.5) N/A N/A

Last updated on 20/02/2018

Investment summary

Triton has announced major news during the first weeks of 2018. Concerning its Ancuabe graphite project in Mozambique, the company has appointed Lycopodium as project management consultant and Argonaut as financial advisor. The company’s intended deal to acquire lithium assets and royalties situated in Western Australia from Westgold has been terminated; one of the reasons given was that due diligence requirements were unlikely to be completed in a timely manner.

Last updated on 02/03/2018

Industry outlook

Termination of the Westgold deal does not affect our valuation. Our dilution assumption includes equity raised at a 9.4c TON share price, which results in a Ancuabe value of 15.6c. To this can be added a further 9c for its resources at Balama and Nicanda Hill/West, for a total value of 24.6c. It is worth noting that our total valuation increases to 26.0c/share at a share price of 12c, and 26.6c/share at 14c.

Last updated on 02/03/2018

Key management

Peter Canterbury, MD
David Edwards, CFO

Company address

Ground Floor 10 Outram Street
West Perth
WA 6005
+61 8 6489 2555
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