EcoGraf Limited Reports Quarterly Activities and Financial Updates

EcoGraf Limited, a vertically integrated battery anode materials developer, announced its quarterly activities and cash flow for the quarter ending June 30, 2024. Among the highlights, the company secured a mandate from KfW IPEX-Bank for a UFK loan up to $105 million for its Epanko Graphite Project in Tanzania, with due diligence site visits completed by various consultants.

The Front-End Engineering Design (FEED) study for the Epanko mine is nearing completion. The project’s ore reserve increased by 29%, now standing at 14.3 million tonnes of contained graphite. Additionally, EcoGraf successfully commissioned its Product Qualification Facility and completed an independent benchmarking study validating its EcoGraf HFfree™ process over alternative purification methods.

EcoGraf is also focusing on developing a spherical graphite facility in Tanzania and continues its engagements with financial institutions and the Australian Department of Defence. With $25.5 million in cash reserves, the company is well-positioned for ongoing developments.