The graphite player shocked the market last Thursday when it called in the administrators, only two days after a bullish corporate update.

Triton said the decision to appoint administrators was made at a board meeting.

“The basis for appointment was the directors’ assessment at a meeting of the board of directors called and held at 5pm (AWST) on Wednesday, March 2 2016 that near to medium-term incomplete funding proposals and negotiations had potentially become insufficiently certain as to availability, quantum and other terms to leave the board with a reasonable basis to determine that the company could remain solvent in the near to medium-term,” Triton said.

The company said managing director Garth Higgo had conversations with third parties on Wednesday morning, which led to the board meeting.

Triton provided a lengthy corporate update last Tuesday, but gave no indication the company’s future plans was dependent on obtaining more funding.

The company had $A344,000 cash at the end of December, but raised $4 million in January and was expecting an R&D tax refund of $460,000.

Estimated cash outflows for this quarter were $2.5 million.

GMP Securities analyst Duncan Hughes said the appointment of administrators was “totally unexpected”, saying the company’s balance sheet remained manageable.

“We were aware that previous management had left significant number of creditors and the recent rights issue fell short of full allocation,” he said.

“Consequently we anticipated the requirement for additional funding to fulfil the recently announced 2016 strategy, but there was no indication from management that the company would require administrators imminently and we remain perplexed by this decision.

“We maintain the view that there is a great opportunity to realise value in the company’s assets in Mozambique and await some clarity on this unexpected turn of events. We await clarity on the decision to appoint administrators.”

GMP underwrote Triton's recent raising, which sought $11.3 million but was significantly undersubscribed.

Former Triton MD Brad Boyle left the company in December and was replaced by Higgo, with Rod Baxter becoming a non-executive director in January and then resigning two weeks later (as did another director Alan Jenks), “due to an unexpected increase in the time requirements to meet his other existing commitments outside of the Triton”.

The company told the ASX it was in compliance with listing rules, but the Australian Securities and Investment Commission would likely be taking a look at it.