This includes a gain of more than 20% today to its current price of $0.685 following a re-rating for graphite stocks as reports in the media that potential mass production from new battery plants would dramatically increase the demand for graphite.
Graphite is a key component for rechargeable lithium-ion batteries used in electric cars, demand for which is projected to rise to 20 million by 2020 from 700,000 this year.
The same technology is also ideal for integration with solar photovoltaic systems.
While these are certainly contributing factors to Triton's remarkable growth, its progress in building up its Balama North project in Mozambique as a world class graphite play with multiple deposits has also played a key role.
Exploration at the Nicanda Hill Prospect has identified new zones of hanging wall high grade graphite mineralisation while expanding the horizontal width of the graphite mineralisation zone to 1,000 metres.
With grades averaging about 11% graphitic carbon, it is little wonder the company has expanded its scoping study, which was initially focused on the Cobra Plains deposit alone, to include Nicanda Hill.
Exploration at Nicanda Hill is poised to heat up with the company having mobilised a second drilling rig to support and accelerate operations.
Cobra Plains is no slouch either, hosting the world's fourth largest deposit by tonnage, or about Inferred Resource of 103 million tonnes at 5.52% graphitic carbon.
There are further share price catalysts ahead for Triton. These include:
- Further drilling results, including drilling on the ridge of Nicanda Hill;
- Resource Estimate for Nicanda Hill;
- Scoping Study results.
Notably, the addition of the higher grade Nicanda Hill should enhance project economics.
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