Triton surges on ASX return

Recently revived Triton Minerals has made stellar gains on its return to the ASX today, after raising $14.1 million and exiting voluntary administration with a new board and management team.

Shares in the Perth-based graphite explorer were suspended from trade in early March (worth 6.1 cents each at the time).

The company appointed representatives of Ferrier Hodgson as administrators, which then worked out a recapitalisation deal with China-based private gold company Minjar Gold and corporate finance firm Somers & Partners.

The recapitalisation deal involved Minjar subscribing for $6.3 million worth of shares at 6 cents each, with the majority of that to be used to extinguish all creditors’ claims against Triton, and a $7.8 million entitlement issue, which was undertaken by Somers at the same price.

At midday today, Triton shares had gained 40.9 per cent to 8.6 cents each.

New managing director Peter Canterbury said the company was now well positioned with about $8 million in the bank and a supportive substantial shareholder in Minjar, and would now focus on its Ancuabe project in Mozambique.

“The global graphite industry is currently going through a period of historically high growth, underpinned by the rapidly developing battery market for automobiles, solar systems and mobile devices,” Mr Canterbury said.

“Preliminary test work at Ancuabe has indicated that about 50 per cent of the flake size distribution fits in the extra large or jumbo flake size category, which could allow us to market into the niche and high-value end of the market.

“Ancuabe is close to existing infrastructure, including roads, port, airport and power, and we are targeting the development of this highly prospective deposit at a scale suitable to the size of the deposit, the demand from the high-value end of the market and a company of Triton’s size.”