Triton Minerals Commences Legal Proceedings Against NQM Gold Over Share Payment Dispute

Highlights

• Triton Minerals has filed a lawsuit in the Supreme Court of Western Australia concerning unpaid share purchase funds.

• The dispute involves the acquisition of shares in Triton by Chinese-owned NQM Gold.

• The legal action stems from an agreement related to graphite exploration in Mozambique.

Triton Minerals, a Perth-based graphite exploration company, operates projects focused on the development of graphite resources in Mozambique. The company has been working to advance its graphite assets in the region, which are understood to hold significant mineralisation. Its primary focus has been on the Ancuabe project in northern Mozambique, located within a geologically prospective area known for high-quality graphite.

Graphite is an essential mineral used in various industrial applications, including energy storage and metallurgy. Companies in this sector typically undertake long-term exploration and development efforts before transitioning to production phases. Triton Minerals has positioned itself as an explorer aiming to progress its graphite projects to development-ready status.

Legal Dispute With NQM Gold

Triton Minerals has initiated legal proceedings in the Supreme Court of Western Australia against Chinese-owned NQM Gold. The dispute involves the alleged non-payment of funds related to a share subscription agreement. According to official statements, Triton entered into an agreement that granted NQM Gold shares in the company, but the agreed payment for these shares remains outstanding.

The company is seeking to recover funds that it asserts were due as part of the executed share purchase arrangement. As per publicly released information, the court filing relates to a subscription agreement where NQM Gold was expected to fulfil certain payment terms that Triton claims were not met.

Background of the Agreement

The share subscription agreement was linked to Triton’s efforts to raise capital for the advancement of its graphite exploration and development work in Mozambique. This includes the Ancuabe project, which has undergone several phases of technical assessment and regulatory review. The company has highlighted the importance of maintaining funding initiatives to support project timelines and development milestones.

Triton Minerals has historically engaged with various external entities to secure financial support for its exploration activities. The arrangement with NQM Gold represented one of the key components of its broader funding strategy. The unpaid amount under dispute has led to formal legal action, reflecting the company’s approach to enforcing contractual obligations.

NQM Gold's Ownership and Involvement

NQM Gold, a Chinese-owned mining company, became involved with Triton through a strategic interest in its graphite assets. While the company has operations in other regions, its interest in Triton stemmed from the potential value associated with the Mozambique graphite resource.

Reports indicate that the parties engaged in negotiations surrounding share allocation and capital contributions, leading to the now-contested agreement. Triton’s legal action underscores its position regarding the completion of contractual terms associated with that arrangement.

Court Proceedings and Next Steps

The legal proceedings have been lodged in a Western Australian jurisdiction, with Triton pursuing a resolution through the judicial process. The company has indicated that it is taking all necessary steps to enforce the terms of the share subscription agreement and secure payment.

Further developments in the court proceedings are expected to clarify the obligations of both parties under the original agreement. Triton has reiterated its focus on project development in Mozambique while addressing corporate and financial matters through appropriate channels.