Triton Minerals Limited provided a further update of its Strategic Review of the Ancuabe Graphite Project, focused on bringing the Company's project into production in the short term, at a small scale, for 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 quantities of concentrate which will prove the viability of both the product and of the large-scale project (60ktpa) in the longer term. Triton have engaged CPC Project Design to assist with the investigation into the development and construction the CPP at the Ancuabe Graphite Project.

Continuing on from the initial highly pleasing results, CPC Project Design and Triton have continued to further refine the Desktop Study primarily focused on alternative funding options. The CPP Desktop Study has identified USD 7 million of alternative funding options via the use of contractors, service providers (or BOOT Options) and equipment leasing for functions such as crushing, village infrastructure, mobile equipment and light vehicles and power supply. This represents a 13% - 22% decrease in direct funding requirements for the USD 32 million to USD 52 million capital expenditure estimate for the CPP.

These are common alternative funding options used in the mining and mineral processing industry throughout the world, particularly for small scale and low capex projects. The Board is committed to updating shareholders of the progress of the Strategic Review and the CPP desktop study. Triton will also continue to work on finalization of initial mine planning, additional off-take agreements, expressions of interests for alternative funding options and approvals.

Additional to these works, discussions with western debt providers will continue in first quarter of 2022.