Triton Minerals Limited (ASX: TON) has initiated legal proceedings against NQM Gold Pty Ltd, a subsidiary of Shandong Yulong Gold Co. Ltd, by filing a writ of summons in the Supreme Court of Western Australia. This action seeks the recovery of A$8.5 million, or alternatively, damages, related to a share sale and purchase agreement (SSAP). The dispute arises from NQM’s failure to meet payment obligations as outlined in the agreement and subsequent amendments. According to Triton Minerals, NQM initially failed to pay an adjusted amount of A$3.42 million, prompting the issuance of a formal letter of demand on March 10, 2025. Following continued non-payment, a second letter of demand was issued on March 28, 2025, escalating the claim to A$8.5 million, which included the initial overdue amount and was originally due on February 28, 2025. Triton Minerals has confirmed that, as of the writ’s filing date, no payment has been received. The SSAP, initially announced on December 9, 2024, involved the sale of 70% of Triton’s graphite assets for A$17 million in cash. Updates regarding the agreement were provided on December 31, 2024. The legal action underscores the challenges Triton Minerals faces in securing payment for the agreed-upon asset sale. The company has committed to keeping shareholders informed about the progress of the legal proceedings. The independent directors of Triton Minerals authorized the release of this announcement.
