Triton announced the execution of an MoU with HIMOINSA for the development of a modular, scalable, cost effective and sustainable power solution for the Ancuabe Project. Under the MoU HIMOINSA will develop, build, own, operate and maintain the power generation facilities for the Project. This is yet another important step in the Company's development of its Ancuabe Project.

The MoU will provide for HIMOINSA to undertake the role of Project Initiator for developing power solutions for the Ancuabe Project, in an energy provider partnership that will be aligned with the Project's finance, construction and operations objectives. The MoU is a partnership style agreement that covers the development power requirements for the Ancuabe Project, with a view to developing a modular, cost effective and sustainable power solution for the mine operations for both Stages 1 and 2, using either power generated onsite via diesel or hybrid solar or connection to the local grid. Under the MoU HIMOINSA and Triton will work together to develop the best technical and commercial solution for both Stages, to effectively plan a longer-term solution for both the Stage 1 and Stage 2 power requirements.

The MoU is broken into two sections, which covers Stages 1 and 2 of the Ancuabe Staged Development Strategic Plan as follows: Stage 1 Initial Small Scale Start Up: This will provide power for a processing plant with an estimated processing capacity of range 100 to 125k tpa of ore, producing 5 to 8 k tpa of graphite concentrate. HIMOINSA will supply 1.5MW of diesel-powered electrical generation and potentially combined with a solar/battery hybrid energy solution. Intended to be operational in Third Quarter 2023.

Stage 2 Expansion to Full Capacity: It is estimated that the Stage 2 will commence in 2025, which will see expansion to a large-scale operation as planned in the 2017 DFS1. The final Stage 2 expansion plan will be based upon the performance of the process plant in Stage 1, incorporating value-add enhancements identified in Stage 1 and also the market demand for flake graphite prevailing at the time. The Stage 2 Expansion will scale up the supply of energy to approximately 5-6 MW with the addition of both diesel and solar/battery hybrid energy solution, potentially backed by connection to the grid (if required).

The solution will be designed to fit with a modular processing plant design.