Triton Minerals Limited (ASX: TON) has issued a letter of demand to NQM Gold Pty Ltd, a wholly-owned subsidiary of Shandong Yulong Gold Limited, following NQM’s failure to pay A$3.42 million. This payment was due on February 28, 2025, as stipulated in the share sale and purchase agreement (SSAP) and its subsequent amendment. Triton Minerals highlighted previous announcements on December 9, 2024, and December 31, 2024, relating to the SSAP with NQM.
The non-payment constitutes a breach of NQM’s obligations under the SSAP. Despite subsequent negotiations between Triton Minerals and NQM, an amicable resolution has not been reached. The independent directors of Triton Minerals are evaluating available options and seeking legal counsel to address the breach.
The letter of demand, issued on March 7, 2025, requires NQM to remit the outstanding A$3.42 million immediately, with a deadline of March 11, 2025. Triton Minerals has explicitly reserved all rights concerning NQM’s breach of the agreement. The company has pledged to keep shareholders informed about developments in this matter as it progresses, as the Independent Directors actively manage this critical financial situation.
