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EQS-News: Edison Investment Research Limited: Edison issues initiation on Triton Minerals (TON)

19 Jul 2017 9:08 am

Dow Jones received a payment from EQS/DGAP to publish this press release.
 EQS-News: Edison Investment Research Limited / Key word(s): Research Update 
Edison Investment Research Limited: Edison issues initiation on Triton 
Minerals (TON) 
19-Jul-2017 / 10:08 GMT/BST 
London, UK, 18 July 2017 
*Edison issues initiation on Triton Minerals (TON)* 
Triton Minerals plans to develop its Ancuabe graphite project in Mozambique 
to feed the established and high-growth expandable graphite market. In our 
view, this is a prudent way forward in a sector dominated by graphite 
companies tussling with the vagaries of battery-ready graphite production 
and an end-market yet to mature. With East African graphite deposits already 
advancing in many cases (AMG's Ancuabe mine is now commissioned, Syrah's 
Balama is under construction, Volt Resources is securing off-takes), it is 
clear the region's graphite is suitable for industrial uses. An important 
constituent is China, where some producers are aiming to outsource raw 
graphite in order to clean up old, inefficient graphite mines as well as 
secure expandable graphite for the recently revised (2015) fire-retardant 
cladding regulations. 
Our SOTP base case valuation is 22c per share, based on the Ancuabe scoping 
study (60% of our SOTP value or 13c) with a further 9c (the remaining 40% of 
our SOTP valuation) added based on a discounted valuation of the company's 
very large additional resources at Balama and Nicanda Hill/West. Our base 
case valuation uses a notional 75/25 debt/equity structure to fund Ancuabe's 
development, assuming equity at the current share price (5c). However, our 
valuation is sensitive to the share price assumption of the equity 
component: at a 10.0c share price, our base case valuation becomes 26c; at 
15c it becomes 28c. Our Ancuabe valuation uses a weighted graphite 
concentrate basket price of US$1,369/t and a 10% discount rate to reflect 
general equity risk. 
Click here [1] to view the full report. 
All reports published by Edison are available to download free of charge 
from its website 
www.edisoninvestmentresearch.com [2] 
*About Edison:* Edison is an investment research and advisory company, with 
offices in North America, Europe, the Middle East and AsiaPac. The heart of 
Edison is our world-renowned equity research platform and deep multi-sector 
expertise. At Edison Investment Research, our research is widely read by 
international investors, advisers and stakeholders. Edison Advisors 
leverages our core research platform to provide differentiated services 
including investor relations and strategic consulting. 
Edison is authorised and regulated by the Financial Conduct Authority [3]. 
Edison is not an adviser or broker-dealer and does not provide investment 
advice. Edison's reports are not solicitations to buy or sell any 
*For more information please contact Edison:* 
Tom Hayes, +44 (0)20 3077 5725 
Charles Gibson, +44 (0)20 3077 5724 
Learn more at www.edisongroup.com [4] and connect with Edison on: 
LinkedIn https://www.linkedin.com/company/edison-investment-research [5] 
Twitter www.twitter.com/Edison_Inv_Res [6] 
YouTube www.youtube.com/edisonitv [7] 
Dissemination of a UK FINANCIAL NEWS, transmitted by EQS Group. 
The issuer is solely responsible for the content of this announcement. 
End of Announcement - EQS News Service 
593881 19-Jul-2017 
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(END) Dow Jones Newswires

July 19, 2017 05:08 ET (09:08 GMT)
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