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Chairman of Triton Minerals Limited (ASX:TON) made the following address to Shareholders.
"I thank you for taking the time to join us here this morning for my first Annual General Meeting as Chairman. Our last Annual General Meeting was held on 28 May 2013.
Since our last AGM, Triton has managed to achieve a number of very significant exploration milestones and made excellent progress with its key Graphite Balama North project in Mozambique.
As previously announced, Triton undertook a successful exploration program with phase one and two drilling programs focusing on the Cobra Plains and Nicanda Hill Prospects of the Balama North Project during 2013.
In late 2013, on the Balama North project, the Company successfully managed to complete a limited Diamond drilling, trenching and rock chip sampling programs over the Nicanda Hill, Charmers and Black Hills prospects on the Balama North project.
These exploration programs have returned high grade graphite mineralisation. The results continue to reinforce and build on the previous positive results which have already demonstrated multiple zones of high grade graphitic zones with significant widths, and as previously announced, include intersections of up to 28.6% graphite carbon near surface.
The exploration work culminated in February 2014, with the announcement of the Company's maiden Inferred Mineral Resource Estimate comprised of 103 Million Tonnes (Mt) at an average grade of 5.52% graphitic carbon, containing 5.7Mt of graphitic carbon, at the Cobra Plain's deposit at the Balama North Project. It is the Company's belief that the Balama North Project could host multiple, very substantial world class graphite deposits.
Additionally, Triton announced in February 2014 a combined exploration target range of approximately 730Mt to 1,200Mt for the Nicanda Hill, Charmers and Black Hills prospects areas, based on the known extents of the graphitic schist and a conservative assumed average grade range of 5 % to 6 % graphitic carbon.
This exploration potential was expanded even further with the announcement in March 2014 of a new 8km zone of potential graphite mineralisation east of the Black Hills and Charmers prospects referred to as the Nacugi trend. The geophysical data suggests near surface graphite mineralisation extends substantially beyond the limits of outcropping graphite at Nicanda Hill.
The geophysical data has expanded the exploration target potential of the prospect and supports the interpretation of the continuation of graphite mineralisation between the Nicanda Hill prospect and Cobra Plains deposit.
The potential of the Nicanda Hill prospect continues to rapidly expand with the completion of each drill hole in the third phase of the drilling program, which commenced in April 2014.
The exceptional interception of 220m of the graphite mineralisation and is open at depth was announced on 19 May 2014. Triton believes that the drilling results received to date are just a precursor to the true untapped potential of this very large world class graphite project that is yet to be fully demonstrated and realised.
With this in mind, the Company looks forward to providing further exploration updates to the market as phase three drilling continues at the Nicanda Hill prospect.
The Company reported a net loss of $1,843,860 for the year ended 31st December 2013 representing exploration, project generation and administration costs. Cash on hand at 31st December 2013 was $1,645,610.
The Company successfully raised $4M in a staged placement in the first half of this year. In an encouraging result, the placement was strongly supported and over subscribed.
During the previous 12 months the Company has and will continue to actively consider opportunities for new projects, which could facilitate a strengthening of the Company's current portfolio of projects and assist in providing the future growth of your Company.
Finally, I would like to thanks my fellow directors, officers and staff for their tireless work during the past 12 months and the significant support from shareholders as the Company continues to move forward and build on its recent achievements."
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