TRITON MINERALS LTD — Capital/Financing Update 2021

Nov 8, 2021

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ASX Announcement 9 November 2021

BINDING OFFTAKE AGREEMENT SECURED FOR ANCUABE COMMERCIAL PILOT PLANT

Offtake Partner YXGC - Leading Producer of High Value Expandable Graphite and Battery Anode Manufacturers

Highlights:

• Binding Offtake Agreement signed with Chinese graphite products specialist Yichang Xincheng Graphite Co Ltd (YXGC) – one of the largest producers of high value expandable graphite globally and Battery Anode Manufacturers.

• Offtake for up to the entire 10,000 tpa commercial production from Commercial Pilot Plant

• Materially advances and significantly de-risks the plan to bring the Company’s flagship Ancuabe project into production in the short term, at a small scale, low capex and on a commercially viable basis, via a commercial pilot plant.

• Scope to increase size of offtake agreement with YXGC for large-scale project (60ktpa) in the longer term, DFS[1] established the project as a globally significant graphite development project with strong returns (US$298m, IRR 37%), targeting production of 60ktpa of high purity large flake graphite concentrate over a long mine life (27 years), with short payback period (3.7 years).

• The company’s ultimate goal for the Ancuabe project is the development of a large-scale project (60ktpa) as planned in the DFS[1] and as previously approved by the Mozambique regulatory authorities.

Triton Minerals Limited (ASX: TON, Triton or the Company ) is pleased to announce the execution of a binding offtake agreement with Chinese graphite products specialist Yichang Xincheng Graphite Co Ltd ( YXGC ) from its Ancuabe Graphite Project located in Mozambique.

YXGC is a Leading Producer of High Value Expandable Graphite and Battery Anode Manufacturer.

This follows the recently commenced Strategic Review of the Ancuabe Graphite Project, focused on bringing the Company’s flagship project into production in the short term, at a small scale, low capex and on a commercially viable basis. The primary objective is to establish a Commercial Pilot Plant ( CPP ), which can be brought into production in the near term, which will produce commercially viable

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quantities of concentrate which will prove the viability of both the product and of the large-scale project (60ktpa) in the longer term.

The company’s ultimate goal for the Ancuabe project is the development of a large-scale project as planned in the DFS[1] and previously approved by the regulatory authorities. The CPP is proposed to be located at the Ancuabe site in Mozambique.

In the DFS[1] for the Ancuabe Graphite Project, Triton established the project as a globally significant graphite development project with strong returns (US$298m, IRR 37%), targeting production of 60ktpa of high purity large flake graphite concentrate over a long mine life (27 years), with short payback period (3.7 years).

As the Strategic Review is focused on the Company investigating the potential for scaling the operations considered in the DFS, initially targeting production on a smaller scale, establishment of offtake is one the key elements of the Strategic Review for the CPP project and the binding long term off-take agreement with YXGC, Triton is now positioned to continue with the rapid development towards small scale production of the Ancuabe Graphite Project.

Triton considers the initial binding off-take agreement with YXGC to be an encouraging major milestone in the development of the Ancuabe Graphite Project.

Triton is working towards establishing Ancuabe Graphite Project as the global graphite-industry benchmark by aiming to offer the world's lowest cost and most diversified graphite product range, together with the longevity of a reliable supply of high-quality flake graphite.

Triton’s Executive Director, Mr Andrew Frazer said:

"Yichang Xincheng Graphite Co., Ltd is globally renowned as a leading supplier of a diverse range of high quality, high-tech expandable graphite and battery grade graphite products. This binding commercial agreement is with a graphite specialist organisation that has mined, manufactured, and sold expandable graphite products for nearly 10 years. We are both proud and fortunate to be associated with a world-renowned, leading graphite Company that supplies materials to some of the world's most distinguished electronics and technology companies.

Triton has previously had a relationship with YXGC and I am delighted the Triton team has re-engaged with the Company, one that we understand is the largest private producer of expandable graphite globally, in our quest to rapidly develop the Ancuabe Graphite Project, initially via commercial pilot plant.

I would also like to thank Chairman Li from Jinan HiTech for his support and assistance in relation to the Strategic Review and CPP initiative."

Chairman of Yichang Xincheng Graphite Co Ltd Mr Yue Xinqing said:

"Our Company, which is the largest private producer of high-value expanded graphite products in China and which supplies products to some of the world's most celebrated technology companies, is extremely pleased to enter into a binding long-term commercial agreement with Triton. Tests in our laboratory on Triton’s material performed well beyond our highest expectations and we feel an agreement with Triton places our Company is a strong position to support and build on our diverse range of expandable graphite products. The long term supply of high quality graphite from Triton will not only allow our Company to develop competitively priced products for the global markets but will also contribute, indirectly, to the long term economic growth of Mozambique."

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www.tritonminerals.com | ASX: TON ABN : 99 126 042 215

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The Binding Offtake Agreement supersedes the agreement between the Company and YXGC on 30 March 2015, which related to offtake from the Nicanda Hill Project. Triton will also use the best endeavors to assist YXGC with sourcing graphite concentrate purchase opportunities, in accordance with YXGC’s requirements. Triton is continuing to pursue further offtake opportunities globally.

Key Terms of Binding Off Take Agreement

Key Term	Details
Length of Contract	5 years, with option for a further 5 years
Tonnage	50,000 tonnes, with an option for a further 50,000 tonne
Sale Price	Graphite Market Price
Minimum Sale Price	US$ 1,000 per tonne of graphite concentrate
Minimum Contract Value	US $50,000,000
Minimum Flake Size	150 micron
Graphite Purity	90% Total Graphitic Carbon
Moisture Content	Less Than 1%
Restrictions	Triton is not restricted in selling its graphite to other parties
Assistance in Supply	Triton will use the best endeavours to assist YXGC with sourcing graphite concentrate purchase opportunities, in accordance with YXGC’s requirements.
Condition Precedents	Within 36 months of signing Agreement the follow conditions apply: • Triton receiving all relevant government approvals • Triton commissioning a processing plant or plants • Triton achieving commercial production of Material to the satisfaction of Triton • Triton providing YXGC notice of its intention to commence deliveries of Material

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www.tritonminerals.com | ASX: TON ABN : 99 126 042 215

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About Yichang Xincheng Graphite Co Ltd

YXGC is located in Yichang, China. This region of China is famous for being the hydroelectric capital of the world and is one of the biggest enterprises area in the China for mineral processing.

YXGC Processing Plant located at Yichang, China

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YXGC operates some of the most advanced graphite processing equipment in the world with professional management and superior production systems including graphite air-flow classification equipment, super-minute crushing equipment and flexible graphite sheets and rolls production line.

Examples of some of the Processing Equipment used by YXGC

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www.tritonminerals.com | ASX: TON ABN : 99 126 042 215

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The main graphite products produced by YXGC include micro-powder graphite, high-purity graphite, natural flake graphite, expandable graphite, amorphous graphite, flexible graphite sheet and roll, flexible graphite tape, flexible graphite ribbon tape, reinforced expanded graphite sheet, flexible graphite yarn, flexible graphite braided packing, die-formed graphite ring, graphite gasket, spiral wound gasket, exhaust manifold gasket, expandable graphite fireproofing strips, expanded graphite knitted tape, expanded graphite cloth, graphite crucible and high purified graphite products.

Examples of some of the Graphite Products Produced by YXGC

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Flexible Graphite – Sheet and Roll

High Purified Graphite Products

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Flexible Graphite Tape

Expandable Graphite

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www.tritonminerals.com | ASX: TON ABN : 99 126 042 215

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YXGC products are widely used in the fields of petroleum and chemical industry, steel refining, electric power, metallurgy, machinery, automobile, shipping building, pharmacy, aerospace industry, nuclear industry and, most significantly, a number of distinguished global electronic and technology companies.

YXGC products are distributed throughout China and exported to more than 20 countries around the world.

The implementation of this agreement demonstrates the strategic importance and growth potential of graphite-based technologies.

This ASX release was authorised by the Board of Directors.

Enquiries

info@tritonminerals.com +61 8 6381 9050

Contact Details (Australian Office) Level 1 34 Colin Street West Perth 6005

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www.tritonminerals.com | ASX: TON ABN : 99 126 042 215