Ann: Ancuabe Permitting Update, page-63

It will largely come down to the financing package.

Once we know how many shares on issue post any package shareholders/investors can more accurately value the company.

We know that production target for Ancuabe is 60,000 tonne per annumum...Place this against shares on issue..graphite prices & debt package.

Without Nicanda Hill in the evaluation I dare say that based on the economics of the project with favourable financing the sp will be valued considerably higher than currently.

It's a crystal ball task predicting the sp once securing financing but as we move towards production a 10 bagger is not completely unreasonable by any standards.

Investors will be looking to Triton as a long hold in their portfolio with good potential for growth but also dividends down the track, as would current investors in SYR.

It's all about earning potential vs shares on issue.

We may see a few more cr's post financing however they will likely be at significantly higher sp's & the dilution will be kept to a minimum imo.

I think the financing package will be a good general guide to the amount of shares Triton will have on issue moving to production & investors can value the company based on this with a degree of confidence.