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$57.4m
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
SectorMining

Price performance

%1m3m12m
Actual(20)82.608738.158
Relative *(22.3623)75.964327.4193

* % Relative to local index

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Company news

Triton Minerals Ltd shares rise on placement to largest shareholder

Mon, 10 Jul 2017 05:48:45 GMT

Triton Minerals confirms continuity of graphite mineralisation at Ancuabe

Thu, 03 Aug 2017 03:29:10 GMT

Triton Minerals Ltd appoints Peter Canterbury as managing director

Tue, 20 Sep 2016 05:21:05 GMT

Triton Minerals Ltd (ASX:TON) New Triton

Mon, 05 Dec 2016 22:52:30 GMT

Triton Minerals reveals highest ever graphite grades at Ancuabe

Wed, 25 Jan 2017 05:08:55 GMT

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 28/09/2017

Investment summary

Critical to the development of any opaquely traded commodity project is establishing an end-customer network. To this end, Triton Minerals (TON) has forged a number of pre-commercial agreements covering up to 80% of the output from its future Ancuabe graphite mine in Mozambique. This note highlights these memorandums of understanding (MoUs), as well as some background to the companies with which the MoUs were signed. We also consider the effect of mining higher grades for longer from the company’s T16 deposit – a key future catalyst to our valuation.

Last updated on 03/10/2017

Industry outlook

We revise our valuation only to reflect the current 9.4c TON share price (previously 5.0c), which results in a reduction in dilution and an uplift of 17% in the Ancuabe value to 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. Further to this, we highlight the potential for higher grades to be mined from the T16 deposit. For illustrative purposes only, if this level of grade could be mined through to year 18, our base case 15.6c DCF value of Ancuabe would increase significantly, by 30% to 20.4c.

Last updated on 03/10/2017

Key management

Peter Canterbury, MD
David Edwards, CFO

Company address

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