Triton Minerals

What Triton Minerals does

Triton Minerals is an ASX-listed (code: TON) mineral development company headquartered in Perth, Australia, founded in 2014. The company is focused on graphite and gold-copper projects located in the Cabo Delgado province of Mozambique, held through its wholly-owned Mozambican subsidiary Grafex Limitada. Its historical flagship is the Ancuabe Graphite Project, with a DFS-confirmed resource of 46MT at 6.6% TGC and reserve of 24.9MT at 6.2% TGC, targeting 60,000 tonnes per annum of high-purity, large-flake graphite concentrate for expandable graphite, flame retardant, refractory and lithium-ion battery applications. The DFS economics indicate a project NPV of US$298M and IRR of 37% under a modular plant construction approach.

In July 2024 Triton sold 70% of its Mozambique graphite assets — Ancuabe and Cobra Plains — for A$17 million cash, retaining a minority interest and onboarding Shandong Yulong Group as a strategic shareholder under a December 2024 Strategic Shareholder Agreement (with FIRB clearance). Concurrently, the company has diversified into precious and base metals via an October 2024 binding MoU to acquire up to 80% of the Aucu Gold-Copper Project. The company remains pre-revenue and has historically funded development through multiple equity placements to Chinese partners including Jinan Hi-Tech, Shandong Tianye and Shandong Yulong.

Triton monetises its asset base through offtake contracts with Chinese graphite processors — Haida Graphite, Tianshengda and Qingdao — for future concentrate sales, and joined the European Battery Alliance in April 2021 to access European EV battery supply chains. The management team is led by Chairman Peng (Rod) Zhang (Shandong Yulong background), COO Adrian Costello and NED Xinming Ji, with Yang Li appointed INED in February 2026 and Eva O'Malley as Acting CFO. The company is therefore best understood as a re-platformed junior miner pivoting from a single-asset graphite developer to a diversified Mozambique minerals portfolio under Chinese strategic ownership.

Name

Triton Minerals

Legal name

Triton Minerals Ltd

Website

https://tritonminerals.com

Company type

Public

Founded year

2014

Headcount range

11–50 employees

Short description

Triton Minerals (ASX:TON) is a Perth-based, pre-revenue mineral development company focused on graphite and gold-copper projects in Mozambique, with a DFS-stage Ancuabe Graphite Project and a binding MoU to acquire up to 80% of the Aucu Gold-Copper Project, funded primarily by Chinese strategic investors.

Ownership category

akta.pro rank

Product category

Graphite Mining

NAICS

Carbon and Graphite Product Manufacturing (335991), All Other Nonmetallic Mineral Product Manufacturing (32799)

SIC

Mining & Quarrying Of Nonmetallic Minerals (No Fuels) (1400)

akta.pro primary industry

Natural Graphite Mining & Concentrates (IMAKAFAD)

akta.pro secondary industries

Exploration & Resource Development (Critical Minerals) (IMAKAFAL), Mine Development & Processing EPC (Critical Minerals) (IMAKAFAM)

Keywords

• Graphite mining
• Flake graphite concentrate
• Battery anode materials
• Expandable graphite production
• Graphite exploration

Headquarters

HQ city

Perth

HQ country

Australia

HQ region

Oceania

Offices2 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Operations, Supply Chain, Personnel, Infrastructure, Technology or R&D

Revenue model

1. Graphite Concentrate Sales: Sale of high-purity, large flake graphite concentrate produced from Ancuabe and Cobra Plain projects. Concentrate suited for expandable, battery and refractory graphite markets. 56% high purity graphite commanding premium pricing.
2. Offtake Agreement Revenue: Binding offtake agreements with Chinese partners including Haida Graphite and Qingdao for guaranteed graphite sales. These agreements provide upfront commitment and revenue certainty for future production.

Go-to-market motion1 record

Distribution channels2 records

Marketing channels4 records

Core offering

Triton Minerals develops and operates graphite mining projects in Mozambique's Cabo Delgado region, producing high-purity large flake graphite concentrate for sale to EV battery manufacturers, energy storage producers, flame retardant material makers, and refractory/industrial users. Its flagship Ancuabe Graphite Project targets 60,000 tonnes per annum of graphite concentrate, with binding offtake agreements secured with Chinese processors. The company also holds the Cobra Plain graphite resource and the Aucu Gold-Copper exploration project.

Product overview

Triton Minerals is a mining company (ASX: TON) focused on developing world-class graphite projects in Mozambique's Cabo Delgado region. The company's portfolio comprises three main mining projects: the flagship Ancuabe Graphite Project targeting 60,000 tonnes per annum of high-purity large flake graphite concentrate, the Cobra Plain Project with 103Mt of graphite resources, and the Aucu Gold-Copper Project in the Tete region. The company produces graphite concentrate products including large flake, jumbo flake, expandable graphite, and spherical graphite for EV batteries, flame retardant building materials, and refractory markets. Operations are conducted through subsidiary Grafex Limitada.

Differentiator

Problem solved

Functional benefit

Products and services

• Ancuabe Graphite Project Flagship graphite mining and processing project in Mozambique's Cabo Delgado region, featuring one of the world's largest flake graphite deposits (46Mt @ 6.6% TGC resource; 24.9Mt @ 6.2% TGC reserve) and targeting 60,000 tonnes per annum of high-purity large flake graphite concentrate. DFS confirmed NPV of US$298M and IRR of 37%. Mining concession granted May 2019; Environmental License approved November 2024. Graphite concentrate is 56% high purity with 59% large flake (>180µm) and 32% jumbo flake (>300µm).
• Cobra Plain Graphite Project Globally significant graphite resource located in northern Mozambique, approximately 10km from Syrah's Balama Graphite Mine, with a JORC-compliant maiden inferred mineral resource of 103 million tonnes at 5.2% TGC, containing 5.7Mt of graphitic carbon.
• Aucu Gold-Copper Project Gold-copper exploration project in Mozambique's Tete region covering 588 km² (26,000 hectares), with rock chip sampling returning grades up to 17.4 g/t gold and 4.9% copper. Triton has entered a binding MoU to acquire up to 80% interest.
• Graphite Concentrate Products Diverse range of graphite concentrates produced from the Ancuabe Project, including large flake graphite (>180µm, comprising 59%) and jumbo flake graphite (>300µm, comprising 32%), suited to expandable, battery, and refractory graphite markets. Concentrate is predominantly large flake and high purity (56%).
• Expandable Graphite High-value graphite product manufactured by oxidising graphite flake in sulphuric acid, expanding up to 100-500 ml/gm when heated. Used in flexible graphite sheets for high-performance gaskets, fire-stop materials, heat sinks, and as a halogen-free flame retardant. Standard quality sells for up to US$3,500 per tonne.
• Spherical Graphite Physically and chemically enhanced form of flake graphite processed into spherical shapes (10-40 micron) and purified to 99.95%+ for use as anode material in lithium-ion battery technologies.

Quantifiable outcome

• NPV US$298 million and IRR 37%
• +1 more outcomes

Named customers3 records

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Six partnerships are on record, tiered major and minor.

• Haida GraphitemajorStrategic or Co-development PartnerFirst binding offtake agreement signed with Haida Graphite for Ancuabe graphite production. Represents key customer commitment for future production.
• Tianshengda GraphitemajorStrategic or Co-development PartnerOfftake term sheet signed with Tianshengda Graphite for Ancuabe graphite offtake.
• QingdaomajorStrategic or Co-development PartnerFramework offtake agreement signed with significant producer for Ancuabe graphite supply.
• European Battery AllianceminorStrategic or Co-development PartnerTriton joined the European Battery Alliance in April 2021, positioning the company within the European battery ecosystem.
• CPC Project DesignminorImplementation/ SI/ Consulting PartnerEngaged CPC Project Design for Commercial Pilot Plant engineering and design services.
• SDSminorImplementation/ SI/ Consulting PartnerSDS engaged to progress Ancuabe and Cobra Plain Projects through engineering and development studies.

Scale indicators9 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Syrah Resources: Operator of the Balama natural graphite mine in Cabo Delgado, Mozambique - the same district as Triton's Ancuabe and Cobra Plains projects. Most direct geographic and product comparable among listed peers.
• Talga Group: ASX-listed graphite miner in Sweden producing natural graphite anode material for lithium-ion batteries under the Vittangi project. Comparable vertically-integrated graphite-to-battery strategy.
• Renascor Resources: ASX-listed developer of the Siviour natural graphite project in South Australia with downstream spherical graphite processing. Directly comparable as an Australian-listed natural graphite developer targeting the battery anode supply chain.
• Nouveau Monde Graphite: Canadian-listed developer of the Matawinie natural graphite project in Quebec with integrated battery-grade anode material production. Closely comparable business model spanning mining to processed spherical graphite for EVs.
• Black Rock Mining: ASX-listed developer of the Mahenge natural flake graphite project in Tanzania, targeting battery and industrial markets. Comparable as a pre-production flake graphite developer with offtake and DFS-stage economics.
• AMG Critical Materials (Graphit Kropfmuhl): Operates the AMG Graphit Kropfmuhl mine immediately adjacent to Triton's Ancuabe project in Cabo Delgado. Produces natural flake graphite for battery, expandable, and refractory markets - essentially the closest operating neighbour.
• Graphite One: Developing the Graphite Creek project in Alaska targeting natural graphite for battery anode materials. Comparable as a North American-focused pre-production graphite developer.
• Northern Graphite: Canadian-listed natural flake graphite producer/developer with assets in Canada and Namibia, focused on battery anode materials. Comparable as a publicly-traded graphite miner pursuing downstream battery markets.

Emerging players

• Magnis Energy Technologies: ASX-listed company developing natural graphite anode materials for lithium-ion batteries, with downstream processing partnerships in the US. Overlaps in graphite-to-battery value chain focus.
• EcoGraf Limited: ASX-listed developer of graphite processing technologies including EcoGraf HFfree purification for battery anode material. Adjacent to but downstream of pure mining; comparable as an Australian-listed graphite/battery materials peer.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Customer concentration

• Xx.com/mineralstriton
• LinkedInlinkedin.com/company/triton-minerals-ltd

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Subsidiaries1 record

Funding overview

Funding rounds1 record

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Triton Minerals