Triton Minerals Limited announced in relation to its update of the December 2017 Definitive Feasibility Study (DFS) (DFS Update) for the Ancuabe Graphite Project. This follows the recent announcement that the Company has re-committed to the large-scale development of the Ancuabe Project as per the 2017 DFS1,2,3. The Board of Triton have based its decision to move straight to the large-scale development on strong and increasing demand for graphite from both battery and industrial applications, as well as the strong support of its proposed cornerstone shareholder, Shandong Yulong. The DFS Update is focused on refreshing the key financial inputs such as graphite basket pricing, upfront capital expenditure, operating expenditure and sustaining capital expenditure.

The DFS Update does not include a review or additional works on the underlying assumptions such as geology (Resources and Reserves), mine planning, process metallurgy/process flow sheet and concentrate metallurgy, which will expedite the DFS Update process. The graphite basket price update will draw upon pricing forecasts from leading graphite market experts, Benchmark Mineral Intelligence. Triton notes that the Ancuabe Graphite Project concentrate product distribution consists of 55% Expandable, 20% Battery and 25% Refractory projects, which is currently expected to attract a higher average basket price than battery product alone.

Triton notes that the outlook for the graphite market is for supply shortages forecast around 2025 for both expandable and battery concentrates. These markets have already seen a steady increase over the course of the past 12 months. The Company is excited by the outlook for the graphite price over the coming decade which aligns well with the scheduled progression of the Ancuabe Graphite Project towards production.

The Company has engaged Perth based engineering and procurement consultants to assist in the DFS Update. As part of this process, the Company is undertaking an Early Contractor Involvement (ECI) process, allowing preferred contractor involvement in the design process, which can be more cost and time effective, increasing transparency and leading to a reduction in contract variations. Triton's Chief Operating Officer, Adrian Costello is currently in China as part of the ECI process, to progress discussions with a major Chinese equipment supplier and also mining, construction and civil contractors.

The results of the DFS Update are expected this month, from which if the outcome is favourable, a decision to proceed to a Front End Engineering and Design (FEED) process will be completed followed by progression of the Engineering, Procurement and Construction (EPC) contract. Commencement of Project Execution Planning Project Execution Planning (PEP) has commenced, which is part of Triton's strategy to advance project execution workstreams in parallel with the completion of the DFS Update and FEED process. PEP outlines how Triton will successfully complete the Ancuabe Graphite Project on-time and on-budget, and will specify approach, tasks and schedule.

The project will be designed and constructed to industry and regulatory standards, with emphasis on addressing all safety, environmental and community issues. Triton, its consultants and its contractors will utilize local resources, including human, natural, technical and commercial. In particular the project will be executed with full awareness of community and cultural issues and appropriate use of local content.

The PEP will entail the following items: · Project Management Team - The owners team will, with the support of the contractor(s), ensure that checks, balances, progress monitoring, regulatory guidance and quality assurance to ensure it has the information to act effectively are implemented Project Execution Strategy - the project work will be carried out by a primary contractor with appropriate sub-contracting support. The primary contractor's contract will be in the form of a EPC or a Fixed Price Turnkey structure and be managed by the owners teams. Management Plans - PEP will contain a number project management plans for key aspects such as project controls and reporting, safety, environmental, community, procurement, logistics, labour relations, construction management, quality assurance/control system and business readiness. Project Scheduling - Overall master project scheduling from FEED to Construction and Commissioning.

A visit to Pemba and the Ancuabe project site by a team from both Triton and the proposed cornerstone shareholder, Shandong Yulong, is planned for March to commence the in-country planning and establishment works such as the re-establishment of Pemba offices, accommodation and services/infrastructure and establishment of long-term project offices. Over the coming months Triton will be recruiting an in-country project team and which will see these key project members relocating to Pemba in the Cabo Delgado region of Northern Mozambique, to undertake FEED and project execution.