Triton Minerals : Metallurgical Results for Balama North

 Preliminary partial metalurgical results from the Cobra Plains deposit shows the total carbon ("TC") recovery of 96%

 The weighted average total graphitic carbon ("TGC") of the concentrate produced is

 The graphite is readily liberated by crushing, grinding, rougher and cleaner flotation with regrind

 Additional metallurgical work to be undertaken to refine the recovery process

 Reviewing options to see if the concentrate can be further upgraded using supplementary treatments

A bulk sample of just over 100kgs was taken from the drill core of diamond drill hole

TMBD0001, which is located in the northern section of the the Cobra Plains deposit.

Triton confirms the bulk sample was provided to ALS Metallurgy in Adelaide for the metallurgical analysis, which is still underway and the Company is providing these initial partial results in order the keep the market fully informed.

The straight forward extraction methods of crushing, grinding and rougher and cleaner flotation with regrind has produced a high-grade graphite concentrate of up to 97.1% TGC. The results are shown in Tables 1 and 2 below.

Triton Managing Director Brad Boyle said:

"These initial partial results are very positive and demonstrates the graphitic material liberates very well by using straight forward and proven extraction methods of crushing, grinding and flotation to obtain high grade graphite concentrate.

This bulk sample was obtained from diamond drill hole TMBD0001 and the Company feels these preliminary metallurgical results are a good indication of the style of graphitic mineralisation in the Balama North project.

278 Barker Road, SUBIACO WA 6008 P: 61 8 6489 2555 F: 61 8 9388 1252 (ACN 126 042 215) www.tritonmineralsltd.com.au

The liberation of high grade graphite from these intial samples, provides the Company encouragement and may even provide an indication of the potential to recover graphitic carbon from elsewhere on the Balama North project, including the Nicanda Hill prospect which as already demonstrated substaintally higher grades of graphitic mineralisation than those identified in the Cobra Plains deposit."

Table 1 - Mesh size, yield and graphitic grade of Cobra Plains deposit after the completion of the cleaner flotation.

The intitial metallurgical analysis shows the weighted average TGC of the graphite concentrate grade is 94.5%, including a TGC recovery of up 97.1%. These high graphite grades were achieved without the need for any chemical treatment.

These intial metallurgy processes have already been partially refined and as a result the Company was able to increase the recovery rate of the coarse flake graphite (+75 microns), from approximately 20% to almost 30% of the processed material. The Company is undertaking additional work to see if the course flake recovery rates can be improved even further. The results also show excellent grades across a number of other concentrate size fractions.

Table 2 - Mesh size and yield of Cobra Plains deposit after the completion of flotation.

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278 Barker Road, SUBIACO WA 6008 P: 61 8 6489 2555 F: 61 8 9388 1252 (ACN 126 042 215) www.tritonmineralsltd.com.au

As the metallurgical analysis continues at ALS Metallurgy, the Company is also reviewing a number of options to produce higher graphitic grades of final concentrate, using a combination of the trialed methods and other supplementary treatment processes.

Upon the completion of the current metallurgical analysis program, the Company will be in a position to provide further information on the graphite flake size distribution and any issues associated with impurities. Further, Triton will also explore the potential to recover Vanadium from the drill samples during the extraction processes.

The drilling program on the Nicanda Hill prospect is due to commence later this month and the Company will continue to complete additional metallurgical analysis throughout the year, as appropriate drill samples are obtained.

At this stage the metallurgical analysis results will only underpin the current scoping study into the potential of mining the Cobra Plains deposit. However, the study will be expanded by the Company to include the Nicanda Hill prospect and potentially elsewhere, as additional drilling results are obtained during the year.

The drill data obtained for the Nicanda Hill prospect and Cobra Plains deposit has indicated the two areas are similar, albeit with zones of higher graphite carbon grades and less intercalated felsic at the Nicanda Hill prospect (see announcements dated 10

December 2013 and 22 January 2014).

The graphite flake size at the Nicanda Hill prospect also appears to be generally larger in size when compared to the Cobra Plains deposit. Petrographic analysis of two samples from the Nicanda Hill prospect, announced on 4 November 2013 shows an average graphite flake size between 0.5-1.0mm.

The graphite flake size from 10 petrographic samples from five RC drill holes on the Cobra Plains deposit have shown the flake graphite typical has size ranges from <0.05 mm to 0.6 mm, although the average flake size range is 0.1-0.2 mm (see announcement dated 14

March 2014). The petrographic study also noted graphite flake to be intergrown with mica grains and less commonly with sulphide minerals.

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278 Barker Road, SUBIACO WA 6008 P: 61 8 6489 2555 F: 61 8 9388 1252 (ACN 126 042 215) www.tritonmineralsltd.com.au

Figure 1. Image of the graphitic material being liberated using a flotation method at the ALS Metallurgy laboratory.

Triton confirms access to the drill sites for the Reverse Circulation and Diamond drill progam over the Nicanda Hill prospect is underway and drilling is due to commence in the week of 21 April 2014.

The results from this round of drilling will enable the Company to better understand the location, width, depth and grade of the identified graphitic zone in the Nicanda Hill prospect.

The Company shall provide an update to the market on future developments and as further information comes to hand.

Regards

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278 Barker Road, SUBIACO WA 6008 P: 61 8 6489 2555 F: 61 8 9388 1252 (ACN 126 042 215) www.tritonmineralsltd.com.au

Further information, please contact:

Brad Boyle Managing Director Tel: +61 89215 4222

Email: bboyle@tritonmineralsltd.com.au

Media & Investor Enquiries: Fortbridge +612 9003 0477

Bill Kemmery

Tel: +61 400 122 449

Email: bill.kemmery@fortbridge.com

Competent Person's Statement

Competent Person's Statement

The information in this report that relates to Metallurgical Results on Balama North Project is based on, and fairly represents, information and supporting documentation prepared by Mr Phil Hearse, who is a Fellow of the Australasian Institute of Mining and Metallurgy. Mr Hearse is not a full-time employee of the Company. Mr Hearse is employed as a Consultant from Battery Limits. Mr Hearse has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Mineral Resources and Ore Reserves (the JORC Code)'. Mr Hearse consents to the inclusion in this report the Metallurgical Results and the supporting information in the form and context as it appears.
The information in this report that relates to Exploration Results on Balama North Project is based on, and fairly represents, information and supporting documentation prepared by Mr Carl Young, who is a Member of the Australasian Institute of Geoscientists. Mr Young is not a full-time employee of the Company. Mr Young is employed as a Consultant from Model Earth. Mr Young has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Mineral Resources and Ore Reserves (the JORC Code)'. Mr Young consents to the inclusion in this report the exploration results and the supporting information in the form and context as it appears.

Forward-Looking Statements

This document may include forward-looking statements. Forward-looking statements include, but are not necessarily limited to, statements concerning Triton Minerals Limited's planned exploration program and other statements that are not historic facts. When used in this document, the words such as "could", "plan", "estimate" "expect", "intend", "may", "potential", "should" and sim ilar expressions are forward-looking statements. Although Triton Minerals Limited believes that its expectations reflected in these are reasonable, such statements involve risks and uncertainties, and no assurance can be given that actual results will be consis tent with these forward-looking statements.

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278 Barker Road, SUBIACO WA 6008 P: 61 8 6489 2555 F: 61 8 9388 1252 (ACN 126 042 215) www.tritonmineralsltd.com.au

Balama North Project (Licence 5365) Operated under Agreement between Triton Minerals and

Grafex Lda. Information pertaining to the resampling of the drill core are presented below.

JORC Table 1 - Section 1 Sampling Techniques and Data

Criteria JORC Code explanation Commentary

Sampling techniques Nature and quality of sampling (e.g. cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of

sampling.

Core sampling from diamond drillhole TMBD0001

Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used

Drillhole location was picked up by a hand-held GPS (with nominal error of +- 5 metres) and reported using the World Geodetic System (1984 Spheroid and Datum; Zone 37 South). Downhole surveys of DD holes were measured using a Reflex ACTII downhole survey tool. Diamond core was used to obtain high quality samples that were logged for lithological, structural, geotechnical, density and other attributes.

Aspects of the determination of mineralisation that are Material to the Public Report. In cases where 'industry standard' work has been done this would be relatively simple (e.g. 'reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay'). In other cases more explanation may be required, such as where

there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation

types (e.g. submarine nodules) may warrant disclosure of detailed information

Diamond core is HQ3 size, with PQ from surface to 32m (max), sampled on geological intervals (0.33 m to 2.7 m) and cut into half core to give sample weights under 3 kg. Samples were crushed,
dried and composited prior to pulverisation (total prep) to produce a
sub sample for analysis of Graphitic Carbon, Total Sulphur, and Total Carbon by Leco Combustion Infrared Detection. Composite samples were made from a 300g split of the coarse crush material of two consecutive samples of half core intervals that do not exceed 1.3m in core length each to yield a maximum of a 2.7m core length sample. The Company has taken all care to ensure no material containing carbon is incorporated into the samples.
All samples are individually labelled and accompanied by sample
tickets, and documented in two separate catalogues.

Drilling techniques Drill type (e.g. core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc)

and details (e.g. core diameter, triple or standard tube,

depth of diamond tails, face-sampling bit or other type,

whether core is oriented and if so, by what method, etc).

PQ diameter diamond drilling to 32m, then HQ3 sized core.

Drill sample recovery

Method of recording and assessing core and chip sample recoveries and results assessed

Measures taken to maximise sample recovery and ensure representative nature of the samples

Diamond core loss was established through standard core length measurements and drill length measurements and recoveries are logged and recorded in the database. Overall recoveries are >98% and there are no core loss issues or significant sample recovery problems.
Diamond core is reconstructed into continuous runs on an angle iron cradle for orientation marking. Depths are checked against the
depth given on the core blocks and rod counts are routinely carried out by the drillers.

Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.

The style of mineralisation and the consistency of the mineralised intervals are considered to preclude any issue of sample bias due to material loss or gain.

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Sub-sampling techniques and sample preparation

If core, whether cut or sawn and whether quarter, half or all core taken.

If non-core, whether riffled, tube sampled, rotary split,

Diamond core was cut in half (HQ3) onsite using a brick saw. Half core samples generally 1 metre in core length were submitted to the lab. Each approximately 1m sample was crushed and a 300g split was taken. A composite sample representing an approximately 2m core length (length may vary due to geological contacts) was created by combining the crushed sample splits from two consecutive samples and pulverised for analysis. All samples are defined according to geological unit boundaries.

etc and whether sampled wet or dry. Samples from TMBD0001 were all core samples

For all sample types, the nature, quality and

appropriateness of the sample preparation technique. A bulk sample totaling 107kg was collected

Quality control procedures adopted for all sub- sampling stages to maximise representivity of samples.

Measures taken to ensure that the sampling is representative of the in situ material collected,

including for instance results for field duplicate/second- half sampling.

Whether sample sizes are appropriate to the grain size of the material being sampled.

Individual samples were taken over intervals averaging 1.6m and there was no sub-sampling
A bulk sample of 107kg collected over a downhole interval of 27.4m is considered to be representative for initiasl testing

The drill sample sizes are considered to be appropriate to correctly represent mineralisation based on: the style of mineralisation, the thickness and consistency of the intersections and sampling methodology.

Quality of assay data and laboratory tests

The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total.

For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc.

The analytical techniques used to analyse all samples for Graphitic Carbon, Total Sulphur, and Total Carbon was Leco Combustion Infrared Detection.
No geophysical tools were used to determine any element concentrations used in either resource estimate.

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Criteria JORC Code explanation Commentary

One certified reference material, analysed for Graphitic Carbon, Total Carbon and Total Sulphur, was inserted blindly. Six standards inserted with drill samples were outside three standard deviations for graphitic carbon and one was outside three standard deviations for total Sulphur indicating a problem in the sampling, a swap in the sample ordering at assaying, a problem with the calibration of the

Nature of quality control procedures adopted (e.g.

standards, blanks, duplicates, external laboratory

checks) and whether acceptable levels of accuracy (i.e. lack of bias) and precision have been established.

analytical machinery or a problem with the standard.
All field blank samples returned values below the LOR for Graphitic
Carbon, and above the LOR for Total Carbon and Total Sulphur. Sample preparation checks for fineness were carried out by the laboratory as part of their internal procedures to ensure the grind size of 85% passing 75 micron was being attained.
Repeat analysis for samples reveals that precision of samples is
within acceptable limits.
Umpire laboratory campaigns using other laboratories is yet to be
undertaken.

Verification of

sampling and assaying The verification of significant intersections by either

independent or alternative company personnel.

Carl Young of Model Earth Geological Global Services, a consultant for Triton, has visually verified significant intersections in diamond core from Balama North.

The use of twinned holes. Not relevant

Sample information is recorded at the time of sampling in electronic

Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols.

and hard copy form. Assay data is received is in electronic form and compiled into the Company's digital database. Secured electronic print files have been provided to the Company for verification purposes.

Discuss any adjustment to assay data. No adjustments or calibrations were made to any assay data.

Data spacing and

distribution Data spacing for reporting of Exploration Results.

Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied.

The bulk sample was prepared form a single drillhole - TMBD0001
Not relevant

Whether sample compositing has been applied. There were 17 individual samples obtained between 31.7m and

82.5m downhole for an total composited interval of 27.43m

Orientation of data in relation to geological structure

Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type.

If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.

The deposit is drilled towards the south east (mag) at angles varying from -550 and -600 to intersect the mineralised zones approximately orthogonal to the interpreted dip and strike of the geological boundaries.
No orientation based sampling bias has been identified in the data at this point.

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Criteria JORC Code explanation Commentary

The bulk sample was prepared by Company staff under the supervion of Mr Carl Young of Model Earth Geological Global

Sample security The measures taken to ensure sample security.

Audits or reviews The results of any audits or reviews of sampling techniques and data.

Services, a consultant for Triton. Chain of custody is managed by Triton. A chain of custody has been maintained for the shipment of the samples to ALS Metallurgy in Adelaide.
Not relevant

Drillhole location p lan at the Cobra Plains depos it on the Balama North project.

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JORC Table 1 - Section 2 Reporting Of Exploration Results

Criteria JORC Code explanation Commentary

Mineral tenement and land tenure status

Exploration done by other parties

Geology

Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings.
The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area.
Acknowledgment and appraisal of exploration by other parties.
Deposit type, geological setting and style of mineralisation.
The Cobra Plains Prospect and the Nicanda Hill Prospect are located wholly within Exploration Licences EL5365 and EL5966 respectively within the Cabo Delgado Province of Mozambique. Both licences are held by Grafex Limitada (Grafex), a Mozambican registered

company. Triton Minerals entered into a Joint Venture (JV) agreement in December 2012 with Grafex to earn up to an 80% interest in Grafex's portfolio of graphite projects. In late 2013 Triton increased their holding in the projects to 60% by taking a direct equity interest in Grafex. EL5365 is valid until 29/10/2017 and EL5966 is valid until 19/06/2018.
All statutory approvals have been acquired to conduct exploration and Triton Minerals has established a good working relationship with local stakeholders
No previous systematic exploration has been undertaken at the Cobra Plains or the Nicanda Hill Prospects of the Balama North Project. Recently the Company has been made aware of an airborne electromagnetic survey that covers Licences 5966 and
5365. Efforts are underway to acquire this dataset from the previous licence holders. Small scale exploratory pits dug for ruby exploration were recently identified.

The Cobra Plains graphite deposit is hosted within Neoproterozoic rocks of the Xixano Complex in north-eastern Mozambique. The Xixano complex is composed dominantly of mafic to intermediate orthogneiss with intercalations of paragneiss, meta-arkose, quartzite, tremolite-rich marble and graphitic schist. Graphite mineralisation is hosted within fine grained graphitic schists underlain and overlain by felsic gneiss rock types. Mineralisation occurs as series of multiple stacked tabular northeast-southwest striking lodes moderately dipping to the northwest. Graphite mineralisation outcrops at surfaces and has been intersection at depths of up to 130 m below surface. Graphitic mineralisation is interpreted to be continuous between the Cobra Plains and the Nicanda Hill Prospects of the Balama North Deposit. Occurrences of vanadium mineralisation noted in the samples is thought to be associated with roscoelite schists.

Drill hole Information A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes:

 easting and northing of the drill hole collar

 elevation or RL (Reduced Level - elevation above sea level in metres) of the drill hole collar

 dip and azimuth of the hole

 down hole length and interception depth

 hole length.

TMBD0001
8543043N, 477889E, 552RL, Total Depth 176.54m, Dip -55, Azimuth
136
Sample interval 27.43m composited between 31.7m and 82.5m
Refer sample interval table below

Data aggregation methods

In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (e.g. cutting of high grades) and cut-off grades are usually Material and should be stated.

Where aggregate intercepts incorporate short lengths of high grade results and longer lengths of low grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail.
The assumptions used for any reporting of metal equivalent values should be clearly stated.
Not relevant to bulk sample
Samples collected based on visual and assay determinations
No metal equivalent values are used for reporting exploration results.

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Criteria JORC Code explanation Commentary

Relationship between mineralisation widths and intercept lengths

These relationships are particularly important in the reporting of Exploration Results.
If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported.

If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (e.g. 'down hole length, true width not known').
The Cobra Plains deposit is moderately northwest dipping. Drillholes are inclined between -550 and -600 to the southeast to intersect the mineralised zones approximately orthogonal to the interpreted dip and strike of the geological boundaries. Additional drillholes are required to establish the graphite grade strike and dip continuity to a higher confidence level at depth.

Diagrams Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views.

Balanced reporting Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.

Refer to drillhole location plan above
The relevant results of the metallurgical testwork are shown in the body of the announcement.

Other substantive exploration data

Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples - size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.
Selected core samples were measured for their bulk density, which in the Cobra Plains deposit ranged from 2.04 g/cm3 to 3.42 g/cm3. Geotechnical logging was carried out on all diamond drillholes for recovery, RQD and number of defects (per interval). Information on structure type, dip, dip direction, alpha angle, beta angle, texture, shape, roughness and fill material is stored in the structure table of
the database.

Further work The nature and scale of planned further work (e.g. tests for lateral extensions or depth extensions or large-scale step-out drilling).

Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive
Further drill testing using reverse circulation and diamond drilling is planned at Balama North to determine the grade continuity and width of the identified graphitic units.
Exploration activities are anticipated to resume after the end of the
wet season in April 2014.

Sample Interval Sheet detailing the location where each sample was obtained from TMBC0001 drill core.

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