Triton Minerals (ASX:TON) is seeking legal advice and considering options following Shandong Yulong Gold’s (SHA:601028) subsidiary NQM Gold failing to pay the adjusted $3.42 million as part of a share sale and purchase agreement.
On 7 March 2025, Triton sent a letter of demand to NQM seeking the payment as soon as possible by no later than today (11 March).
Triton on 9 December 2024 executed a share sale and purchase with NQM regarding the sale of at least 70% in its entities that hold the Ancuabe Graphite Project in Mozambique.
The sale also includes 70% of its interest in the intellectual property and drill core assets relating to the Nicanda Hill and Nicanda West projects, as well as 70% of its interest in the Cobra Plains mining concessions.
Under the deal, Triton was to receive $17 million from three staged payments, with the final payment expected to be received by 28 February 2025.
Triton says the payment has not materialised despite ongoing negotiations and as such, NQM breached its obligations under the agreement.
Triton Minerals is an emerging graphite-focused company that aims to be the next East African graphite producer.
Write to Aaliyah Rogan at Mining.com.au
Images: Triton Minerals
