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Springdale–Collie Integrated Mine to Market Scoping Study
International Graphite Limited (ASX:IG6) has today released key findings from its new Springdale–Collie Integrated Mine to Market Scoping Study.
The study positions the Company’s planned Springdale mine and Collie downstream processing facilities as a world leading development-stage graphite asset. The mine to market operation would supply graphite products for the lithium-ion battery industry from Western Australia – the world’s premier jurisdiction for raw materials.
The study shows a:
- globally competitive cost structure
- multi-decade operating life – ~15% of the existing Springdale Mineral Resource has been scheduled
- robust project economics with significant potential for expansion at both Springdale and Collie.
The Company expects to complete a Definitive Feasibility Study by the end of calendar year 2024.
The Springdale–Collie Integrated Mine to Market Scoping Study incorporates a preliminary technical and economic investigation to assess the viability of developing a graphite mining and concentrate production operation at the Springdale Graphite Project on the south coast of Western Australia (Springdale Scoping Study).
It is intended that Springdale would supply graphite concentrates to the Company’s planned downstream processing facility at Collie, 200km south of Perth, in Western Australia. The Collie operation, known as the Collie BAM Facility, would produce battery anode materials (BAM) for the lithium-ion battery industry.
An initial scoping study for the Collie BAM Facility was released to the ASX on 23 April 2023 and has now been updated, based on using concentrates produced at Springdale instead of imported graphite feedstock. The results form the basis of the Springdale–Collie Integrated Mine to Market Scoping Study.
Key metrics in the study’s base case, for the first 15 years of operations, are:
- Springdale concentrator throughput 500,000tpa
- Feed grade average 9.5% Total Graphitic Content (TGC)
- Springdale average concentrate production 45,000tpa
- Waste to ore ratio 4.3 to 1
- Springdale capital cost of mine and concentrator A$76M
- Springdale all in sustaining cash operating cost estimate US$485 per tonne of concentrate
- Average Uncoated Spherical Purified Graphite (USPG) production 20.0ktpa
- Average Coated Spherical Purified Graphite production (CSPG) 18.6ktpa
- Capital cost of Collie USPG plant A$124M
- Capital cost of Collie CSPG plant an additional A$217M
- USPG average all in sustaining cash operating cost estimate US$1603 per tonne of product
- CSPG average all in sustaining cash operating cost estimate US$2,699 per tonne of product
- Financials Integrated USPG Project NPV10 A$375M; IRR 35.8%
- Financials Integrated CSPG Project NPV10 A$603M; IRR 30.5%
- Extensive resource potential for significant project scale up from the base case
IG6 Managing Director and CEO Mr Andrew Worland said the company was confident that Springdale would be a project of global significance for Australia in the critical battery minerals supply chain.
“We now have a clear economic and financial view of the breadth of the Springdale–Collie mine to market strategy. Springdale compares exceptionally well with its industry peers across a range of measures, particularly the forecast mine capital and operating costs.”
The latest Springdale Mineral Resource estimate, released in September 2023, provides a compelling argument for expanding future operations beyond the Springdale Scoping Study base case.
“Less than 15% of the current Springdale Mineral Resource estimate has been scheduled and modelled so far and the production plan has yet to be optimised at this early stage of investigation.
“Our immediate focus is to move rapidly through the definitive feasibility phase for Springdale and to accelerate further infill resource and exploration drilling at Mason Bay, one of the newest graphite finds at Springdale, so we can continue expanding and upgrading the current Mineral Resource estimate.”
The Company’s planned activities have received strong support from state and federal government and the local communities of Hopetoun, Ravensthorpe and Collie.
“Graphite for batteries is fast becoming the centre of geo-political tensions and highly sought after, particularly after the Chinese government’s recent decision to restrict the export of its graphite products. China currently supplies more than 80% of the world market.
“This leaves the global battery supply chain highly exposed. Firms across Europe, North America, Korea and Japan have made enormous commitments to build out battery gigafactory capacity and they all rely on a stable, reliable and consistent supply of raw materials, including graphite.
“Operating entirely in Western Australia strengthens the Company’s position as a supplier of first choice for global markets.”
Click here for the full ASX Release
This article includes content from International Graphite, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
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International Graphite
Overview
Unprecedented demand for battery metals is swinging attention to graphite and the critical role it plays in the batteries needed to power electric vehicles and renewable energy, and global hopes for a sustainable future.
This is where International Graphite (ASX:IG6) comes into play. Based in Western Australia, the company is on track to be one of Australia's first mine-to-market graphite producers and a new supplier of battery anode material to global battery manufacturers.
Of all the components in a lithium-ion battery, the biggest volume is in graphite which makes up 95 percent of the battery anode. It can take 50 to 100 kilograms of graphite to make a single battery – up to 10 times more graphite than lithium.
Photo credit: Visual Capitalist
Analysts agree that demand for graphite is inextricably linked to the surging demand for clean energy and graphite is in limited supply. The world now faces a significant shortage – one which will only grow more severe as economies ramp up their efforts to achieve net-zero.
The United States alone predicts a graphite shortfall of up to 1.2 million metric tons by 2030, to say nothing of how severe the shortage is likely to be on a global scale.
The graphite supply chain is racing to keep pace. Benchmark Mineral Intelligence predicts the world will need at least 97 new flake graphite mines by 2035. Although opening new graphite mines is a good start, the raw material alone will not meet the need for high quality, processed graphite suitable for making battery anodes. Currently, nearly every kilogram of battery anode material is processed through China and battery manufacturers worldwide are looking for additional and alternative supply. The pressure is on resource nations worldwide to develop downstream processing capability.
International Graphite is currently developing a planned graphite mine at Springdale, on Western Australia’s south coast, linked to a state-of-the-art research and downstream processing hub in the industrial town of Collie.
A pilot scale micronising and spheroidising plant with a capacity of approximately 4,000 tons per annum (tpa) has been commissioned at Collie, which is in the centre of Western Australia’s main electricity generation grid. International Graphite received a total of AU$8.5 million grant from the Western Australian government to support Australia’s first purpose-built graphite processing facility that will significantly increase the nation’s sovereign supply of critical battery minerals. The company intends to use the funds to advance its micronising operations and progress the design of downstream battery anode facilities, and mine-to-market battery anode feasibility work for processing of graphite concentrate feed from its Springdale graphite project.
The company’s vision for a complete mine-to-market business is designed to achieve maximum value from the natural graphite resource. Operating exclusively in Western Australia, it leverages one of the most attractive jurisdictions in the world for resource investment with the backing of supportive government policy and an ethical graphite supply chain built on the United Nations Sustainable Development Goals.
Ultimately, International Graphite is designing its entire business to be as efficient and sustainable as possible, bringing new graphite supplies to market, new jobs to Australian regional communities, and new export opportunities to the nation. Its model is closely aligned with the Australian Government's critical minerals strategy and the Western Australian Government's vision for a world-class renewable energy and battery hub around Collie.
To date, International Graphite has received more than AU$6.7 million in combined state and federal government investment.
Company Highlights
- International Graphite (ASX:IG6) is on track to be one of Australia's first mine-to-market graphite producers and a new supplier of battery anode material to global battery manufacturers.
- Primary focus is battery anode material for lithium-ion batteries, supporting the global revolution in electric vehicles and green energy technologies.
- Operating exclusively in Western Australia, one of the world’s most reliable and attractive jurisdictions for resource investment and mineral supply.
- Currently developing a planned graphite mine at Springdale and a state-of-the-art research and downstream processing hub in the industrial town of Collie.
- 100-percent company-owned graphite resource at Springdale is expected to support a long life mining operation ensuring a secure, stable supply of graphite concentrate feed for value-added processing.
- Downstream facilities being developed in Collie – the heart of Western Australia’s power generation infrastructure.
- A micronising pilot plant has been commissioned with commercial micronising scheduled by 2024.
- Enormous graphite potential at Springdale Graphite Project following successful 2022/2023 drilling campaign.
- Total Springdale mineral resource estimate grew from 15.3 Mt @ 6 percent total graphitic carbon (TGC) to 49.3 Mt @ 6.5 percent TGC, making it the second largest known graphite deposit in Australia.
- The Springdale Graphite Project was named Discovery of the Year in the 20th annual Australian Mining Prospect Awards.
- The integrated business is underpinned by strong technical expertise and rigorous environmental social and governance standards.
- A total of AU$8.5 million from the Western Australian government was awarded to the company to support Australia’s first purpose-built graphite processing facility expected to significantly increase the nation’s sovereign supply of critical battery minerals.
Key Projects
Springdale Graphite Resource
Outstanding results have been achieved from exploration drilling at Springdale, on Western Australia’s south coast, where International Graphite owns a high-grade fine flake graphite deposit.
Comprising three exploration licenses and a prospecting license covering a total area of 180 square kilometers, International Graphite’s Springdale Project is located 25 kilometres east of Hopetoun and 150 kilometres from the port of Esperance on Western Australia’s south coast.
An extensive drilling program has been completed defining four new graphite targets from the first of seven potential anomalies identified by aeromagnetic survey. These are located very close to the existing mineral resource. Extensive areas are yet to be investigated and the company is confident that additional reserves will be discovered in the future.
Metallurgical testing has shown that the Springdale resource is well-suited to battery anode material production and would support a long-lived shallow open-pit mining operation.
Completion of the extensive 2022-2023 drilling campaign has paved the way for an increased mineral resource estimate that hailed the Springdale Graphite project as the second largest known graphite deposit in Australia. Total Springdale mineral resource estimate has been expanded from 15.3 Mt @ 6 percent total graphitic carbon (TGC) to 49.3 Mt @ 6.5 percent TGC.
Project Highlights:
- Prime Location: Located in a world-class mining hub with established services and infrastructure. Notable operations in the area include First Quantum Minerals' (TSX:FM) Ravensthorpe Nickel Mine, and Galaxy Resources' (ASX:GXY) Mt Cattlin Lithium Mine.
- Promising Geology: The project is located on cleared agricultural land and within the Albany Frazer Belt, one of Australia's foremost exploration regions.
- Existing Resource: An inferred mineral estimate puts the Springdale Resource at 15.6 million tons of graphite at 6 percent total graphitic carbon content (TGC), including a high-grade inferred mineral resource of 2.6 million tons at 17.5 percent TGC.
- Excellent Drilling Results: A strong 2022-2023 drilling campaign paved the way for a new mineral resource estimate making the Springdale Graphite Project the second-largest known graphite deposit in Australia. The company has completed 20,466 meters of drilling since June 2022, building on 7,900 meters of prior drilling. Results include four new graphite discoveries and confirmation of high-grade domains in the existing resource model and block performance.
- Sustainable Mining: Mining will involve multiple shallow open pits, targeting weathered/oxide mineralization zones. The operation will primarily comprise free digging with limited drilling and blasting.
- High-quality Mineralisation: Metallurgical analysis has shown that a 95 percent graphite concentrate can be made from Springdale and can be upgraded to battery grade 99.95 percent through purification.
- Downstream Processing: Graphite concentrates produced at Springdale will be transported 450 kilometres by road to Collie, where International Graphite plans to construct a graphite micronising facility and an advanced battery anode material manufacturing plant. A pilot micronising plant – one of the most advanced of its kind in Australia – was commissioned in 2022.Collie Downstream Processing
Collie Downstream Processing
International Graphite’s multifaceted processing operation will incorporate state-of-the-art research and development facilities with separate operations for graphite micronising and battery anode material production.
A pilot scale graphite micronising and spheroidising equipment commissioned in 2022 has since been upgraded to a larger, qualification scale plant which will launch the International Graphite brand in world markets and provide product samples for customer testing and qualification.
A definitive feasibility study has been completed for the establishment of a commercial scale micronising operation at Collie with a nominal capacity of 4,000 tpa. Besides being a product in its own right, micronised graphite is also a by-product in the manufacture of battery anode material. The micronising plant is expected to be operational before the end of 2024 and will use imported graphite concentrate feed until the Company’s Springdale mine and concentrator comes online creating a fully integrated circuit.
This approach is strategically timed to generate early cashflow for the business, as well as establishing early markets.
An initial scoping study has also been released for the establishment of a second manufacturing operation that will produce coated and uncoated purified, spheroidised graphite for lithium-ion battery anodes. Land has been earmarked at Collie with construction expected to commence in 2026.
Located at the southern end of Western Australia's main industrial strip, the town of Collie has many strategic advantages for industry. The Western Australian Government has committed an unprecedented AU$650 million to support regional economic growth and to advance the region as a hub for critical mineral processing and renewable energy.
Highlights:
- Emerging battery and renewable energy hub:
- Collie is the centre of Western Australia’s electricity generation infrastructure transitioning from coal
- strong investment in renewables ensures ready access to “green” power
- skilled technical workforce and training facilities
- efficient transport with extensive road and rail infrastructure
- strong community and government support for International Graphite
- Established R&D Facilities:
- first premises and R&D hub established in Collie light industrial area
- pilot scale micronising and spheroidising plant successfully commissioned in 2022
- micronising qualification-scale equipment installed to support product testing, customer agreements and market acceptance
- Australia’s first high thermal graphite furnace on site – supporting the development of graphite purification processes
- Graphite Micronising Facility:
- definitive feasibility study completed for a 4kt/y micronising plant – one of the first of its kind in Australia
- micronised products will generate cashflow, introduce the IG brand and establish markets for future by-products from battery anode material production
- plant expected to be operational before the end of 2024
- Battery Anode Material (BAM) Facility:
- site for the future BAM plant selected at Collie.
- scoping study released with economic modeling showing strong business case
- proposed facilities capable of processing up to 40kt/y of graphite concentrates to produce uncoated and coated purified/spheroidising/coated graphite suitable for BAM
Key Management Personnel
Phil Hearse - Chairman
One of Australia’s leading metallurgists and an authority on graphite project development, Phil Hearse founded International Graphite in 2018 and continues to lead the company’s growth and development. An engineer with more than 40 years of experience in diverse and challenging projects around the world, his extensive career has taken him from operational and technical roles at Broken Hill, Bougainville Copper, Queensland Nickel (QNI) and Gove Alumina to senior executive and managerial positions in engineering and operating companies.
Hearse is the owner and managing director of Battery Limits, one of Australia’s leading graphite metallurgy and process engineering firms. The company has assisted many listed public companies to develop bankable feasibility studies for graphite mines and concentrators and has generated significant intellectual property in downstream processing and knowledge of the end use market. Hearse has an MBA from Hull University UK and a Bachelor of Applied Science in primary metallurgy from the University of SA. He is a fellow of the Australasian Institute of Mining and Metallurgy and a fellow of the Australasian Institute of Mining and Metallurgy.
Andrew Worland - Managing Director and Chief Executive Officer
Andrew Worland is a mining executive and experienced ASX/TSX director with over 25 years in senior finance, corporate, project management and marketing roles in the Western Australian mining sector.
Worland's commodity experience includes exploration, development and operations in lead, zinc, nickel, cobalt, gold, iron ore, molybdenum, copper and uranium. He has a Bachelor of Commerce with a major in finance and marketing from the University of Western Australia and is a qualified chartered company secretary and fellow of the Governance Institute of Australia.
David Pass - Non-executive Director & Chief Technical Officer
David Pass has played a key role in the technical development of International Graphite since the company’s inception. A metallurgist with 30 years in the mining industry, he brings a mix of operational processing, process design, project, due diligence skills and management experience including mine operations experience with Barrick Gold.
Pass is chief executive officer of Battery Limits and an acknowledged expert in graphite primary and downstream processing and has led several studies in graphite project development to definitive feasibility level. He holds a Bachelor of Science in metallurgy from Murdoch University and is a member of the Australian Institute of Mining and Metallurgy.
Matthew O’Kane - Non-executive Director
Matthew O’Kane is a senior mineral industry executive and company director with 25 years’ experience in the mining, commodities, and automotive sectors. He has held senior leadership roles in Australia, the US and Asia, in both developed and emerging markets, from start-up companies through to MNC’s. He has served on the board of mining companies in Canada, Hong Kong and Australia, and is currently managing director of Comet Resources (ASX:CRL) and a non-executive director of Azarga Uranium (TSX:AZZ) and Pursuit Minerals (ASX:PUR). O’Kane has been a non-executive director of International Graphite since the company was listed in April 2022.
Robert Hodby – Chief Financial Officer and Company Secretary
Robert Hodby is a finance and accounting specialist with more than 20 years’ experience in the Australian resource and energy sector, including seven years as CFO and company secretary of Kibaran Resources(ASX:KNL), the predecessor to Australian graphite company EcoGraf (ASX:EGR). A member of CPA Australia and member of the Governance Institute of Australia, Hodby specialises in the financial management and administration of public and listed companies at both operational and corporate levels. During his career, he has held numerous executive and project management positions as well as CFO, board and company secretarial roles, with a strong track record in corporate finance, capital raising and international product marketing, particularly in the emerging graphite market.Quarterly Activities/Appendix 5B Cash Flow Report
Highlights.
- Integrated Springdale–Collie Mine to Market Scoping Study released in January 2024 demonstrating a world class development project
- One of the few vertically integrated graphite mining and processing operations planned within a single Tier 1 jurisdiction and targeting lithium-ion battery markets
- Study demonstrates Springdale will be a high grade, shallow, fine flake, multi-decade life graphite mine with low start up and operating costs and expansion opportunities - a perfect fit for the battery anode industry
- Battery testwork program completed in Germany with outstanding conductivity results for Springdale concentrates
- New micronising qualification plant successfully commissioned at Collie providing sample product for customer qualification and testing
- Cash at bank at quarter end of $1.0M with a further $2.0M due to complete previous government grant commitments
- $1.5M loan to major shareholder Comet Resources and control of the Comet Board
Events after the reporting period.
- More support from the Western Australian Government with a further $6.5M grant awarded to progress downstream processing in Collie
- Successful $3.0M share placement and launch of
- $1.0M Share Purchase Plan (SPP)
Click here for the full ASX Release
This article includes content from International Graphite, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Quarterly Report March 2024
Excellent Progress on ABS60 60kWh CERENERGY® Battery Prototypes
- Excellent progress with two 60 kWh battery pack prototypes
- Pilot plant re-design at Fraunhofer IKTS Hermsdorf for prototype manufacture
- All prototype materials have been procured from suppliers
- Ceramic tube manufacture is 50% complete
- Cell assembly progressing well with more than half completed
- Low reject and defect rates experienced
- Two battery vacuum casings delivered and undergoing heat loss testing
- Finalisation of prototypes will be mid 2024
Excellent Definitive Feasibility Study for 120 MWh First Production Line CERENERGY® Battery Project
- Highly positive Definitive Feasibility Study (DFS) – 120 GridPacks (1MWh) pa
- Capital cost estimated at €156 million with excellent project economics
- Pre-tax Net Present Value (NPV9) of €169 million
- Attractive Internal Rate of Return (IRR) of 19%
- Steady state payback period is 3.7 years, with Annual Revenue of €106 million per annum
- EBITDA of €51 million or margin of around 47%
- Altech Board Decision to Proceed to Funding Phase
- Low lifetime levelised cost of storage €0.06/kWh vs lithium- ion batteries at €0.149/kWh
- Grid energy storage market projected to grow by 28% CAGR
- Grant funding applications underway
- Equity and mezzanine financing discussions in progress
- Offtake for 5 years production in progress
Update on Silumina AnodesTM Project
- All equipment now received for the plant construction
- Commissioning of plant areas underway
- Non-disclosure Agreements signed for commercial samples with global automobile and battery supply chain companies
- Project includes robust economics including an NPV(10) of €684 million
Investor Presentation
- CEO Iggy Tan recently presented at the RIU Conference held in Fremantle, Australia
- Shareholders are invited to view a recording of the presentation at the following website link
https://investorhub.altechgroup.com/activity-updates/altech- riu-presentation-february-2024-iggy-tan
Click here for the full ASX Release
This article includes content from Altech Batteries, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Share Purchase Plan Offer Booklet
On 24 April 2024, International Graphite Limited (ACN 624 579 326) (IG6 or the Company) announced that it has received firm commitments for a placement of 24,000,000 fully paid ordinary shares in the Company (Shares) at an issue price of $0.125 per Share to sophisticated, institutional and professional investors, successfully raising $3,000,000 (Placement).
The Shares to be issued under the Placement will be issued on 29 April 2024 utilising the Company’s placement capacities pursuant to ASX Listing Rule 7.1.
Mr Phillip Hearse, IG6’s Non-Executive Chairman, has also agreed to participate in the Placement on the same terms as unrelated participants in the Placement up to the value of $200,000, subject to the approval of IG6 shareholders at a general meeting to be convened following the completion of the Offer (defined below).
In order to provide Eligible Shareholders (defined below) with the ability to participate in the Company’s capital raising activities, the Company is pleased to provide details of a Share Purchase Plan (Plan) as announced by the Company to the ASX on 24 April 2024.
Under the Plan, Eligible Shareholders will have the opportunity to purchase up to $30,000 worth of Shares at the same issue price as the Placement ($0.125 per Share), irrespective of the size of their shareholding in IG6, without incurring brokerage or transaction costs.
The offer under the Plan (Offer) is intending to raise a maximum of $1,000,000 on the terms and conditions contained in this document (Terms and Conditions). The Company may elect to accept oversubscriptions or alternatively close the Offer early and/or scale back applications at its absolute discretion.
Shareholders eligible to participate in the Plan
Participation under the Plan is optional and is available exclusively to shareholders of the Company who are registered as holders of Shares as at 5:00pm (WST) on 23 April 2024 (Record Date) and whose registered address is in Australia or New Zealand (Eligible Shareholders).
Share Purchase Plan
The Plan entitles Eligible Shareholders, irrespective of the size of their shareholding in IG6, to purchase up to $30,000 worth of Shares at an issue price of $0.125 per Share (Price) being the same issue price as the Shares offered to sophisticated and professional investors under the Placement. The Price of $0.125 per Share under the Plan represents a discount of 15.08% to the volume weighted average market price of the Shares over the last 14 trading days on which sales in the Shares were recorded prior to the date the Plan was announced on 24 April 2024, being $0.1472.
Click here for the full ASX Release
This article includes content from International Graphite, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Successful $3.0M Placement and launch of Share Purchase Plan Offer
International Graphite Limited (ASX: IG6) (the Company or International Graphite) has received firm commitments for a placement of 24.0M new shares to sophisticated and professional investors at an issue price of $0.125 per new share successfully raising $3.0M (before costs) (Placement).
Highlights
- International Graphite receives binding commitments for a Placement to raise $3.0M from new and existing sophisticated and professional investors.
- Launch of a Share Purchase Plan (SPP) offer to eligible shareholders to raise up to a further $1.0M on the same terms as the share Placement.
- The financings follow the Western Australian Government’s grant of $6.5M announced on 20 April 2024.
- Proceeds from the Placement and SPP will be applied to the advancement of feasibility study activities at the Springdale Graphite Project, battery anode testwork feasibility studies and working capital.
In conjunction with the Placement, the Company has launched a share purchase plan offer (SPP Offer) giving eligible shareholders the opportunity to apply for up to $30,000 each in shares, to raise a further total of $1.0M (before costs).
The Placement and, if fully subscribed, the SPP Offer, will raise a total of $4.0M before costs. The shares offered pursuant to the SPP Offer will be issued at the same price as issued under the Placement, being $0.125 per share (Offer Price). The Offer Price of $0.125 per share under the SPP Offer represents a discount of 15.08% to the volume weighted average market price of the Company’s shares over the last 14 trading days on which sales in the shares were recorded prior to the date of this announcement being $0.1472.
The funds raised under the Placement and the SPP Offer will be applied to the advancement of feasibility study activities at the Springdale Graphite Project, battery anode testwork feasibility studies and working capital.
International Graphite Managing Director and CEO Andrew Worland said, “I would like to welcome and thank new shareholders to the Company and thank those existing shareholders who have participated in the Placement. I acknowledge the continued support of our founder and Chairman Phil Hearse for his commitment to the Placement. We have sought to keep this Placement tight with quality holders. The terms of the Placement in our opinion represent excellent value and I encourage shareholders to participate in the SPP.
“This is our first equity market financing since our IPO in April 2022. We have made significant progress to date on our Springdale-Collie mine to market strategy, we have tidied up the capital structure and our work with the communities of Ravensthorpe Shire and Collie are yielding tangible benefits. In addition, we have had excellent support from the Western Australian and Federal Governments.
“We will keep pushing forward and seek to wrap up a feasibility study for the Springdale Graphite Project by year’s end. This will represent a milestone that we expect will initiate additional opportunities for our company.
“The build out of our Collie Micronising Facility is set to commence later this year paving the way for our first production facility in 2025, with associated revenue earnings.
“Governments and graphite consumers are responding to the challenge of diversifying their supply chains and focussing on the highest quality jurisdictions, such as Western Australia, as their source of critical minerals.
We expect to be at the forefront of the graphite industry development in Australia.”
ASX ANNOUNCEMENT 22/4/24: IG6 is awarded a further $6.5M from the Western Australian Government this week bringing total Australian Government funding to $13.2M
PLACEMENT
The Placement shares will be issued pursuant to ASX Listing Rule 7.1 with the exception of 1,600,000 shares subscribed for by entities associated with the Company’s Non-Executive Chairman Phillip Hearse. Placement shares to be issued to unrelated parties (22,400,000) are expected to be issued on or around 2nd May 2024.
Placement shares to be allotted to entities associated with Mr. Hearse require shareholder approval which the Company will seek immediately. If approved by shareholders, these shares will be in addition to those issued to unrelated participants pursuant to ASX Listing Rule 7.1.
Peloton Capital and Pamplona Capital acted as joint lead managers to the placement.
SPP OFFER
The SPP Offer is targeting to issue a total of up to 8,000,000 fully paid ordinary shares ("SPP Offer Shares") at an issue price of $0.125 per share ("Offer Price") to raise up to $1.0M. All shares issued under the SPP Offer will rank equally with existing shares on issue in the Company.
Management and staff intend to participate in the SPP Offer.
The net funds raised from the SPP Offer will be used by the Company as outlined above. The Board is targeting to raise $1.0M under the SPP Offer. An SPP Offer booklet outlining the terms and conditions of the SPP Offer will be released to the market on or around 24 April 2024.
Click here for the full ASX Release
This article includes content from International Graphite, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
International Graphite Limited (ASX: IG6) – Trading Halt
Description
The securities of International Graphite Limited (‘IG6’) will be placed in trading halt at the request of IG6, pending it releasing an announcement. Unless ASX decides otherwise, the securities will remain in trading halt until the earlier of the commencement of normal trading on Wednesday, 24 April 2024 or when the announcement is released to the market.
Issued by
ASX Compliance
Click here for the full ASX Release
This article includes content from International Graphite, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
WA Government Awards $6.5 Million to Australia’s First Downstream Graphite Plant
International Graphite Limited (ASX: IG6) is delighted to announce it has received an additional $6.5 million grant from the Western Australian Government to establish Australia’s first downstream graphite processing plant. The award builds on two years of establishment work and brings the Company’s total funding from the State’s Collie Just Transition Program to $8.5 million.
Highlights
- The Western Australian Government has awarded $6.5 million to progress International Graphite’s downstream operations at Collie.
- The plant is expected to be Australia’s first purpose-built graphite processing facility and will significantly increase the nation’s sovereign supply of critical battery minerals.
- The funding will establish commercial-scale micronising operations and progress battery anode feasibility work for concentrate feedstock from the Springdale Graphite Project.
- The release of funds is subject to a formal agreement being finalised.
The grant was announced by WA Premier the Hon. Roger Cook at the Company’s Collie R&D Facility during the Collie Industry Transition Expo on Saturday 20 April 2024.
Grant funding will be used to advance International Graphite’s plans for a 4,000 tpa commercial-scale graphite micronising operation, at Collie. It will also progress the design of downstream battery anode facilities, and mine-to-market battery anode feasibility work for processing of graphite concentrate feed from the Company’s Springdale Graphite Project.
International Graphite Chairman Phil Hearse said, “We are thrilled by the support and leadership the Western Australian Government is providing to our emerging critical minerals industry and proud of their confidence in us to deliver real benefits for Collie and the State.
“The grants are designed to encourage innovation in three areas - green manufacturing, minerals processing, and energy intensive or future clean energy initiatives. International Graphite’s operations support all three, making our project an extremely good fit with the Government’s priorities for the industry and the region.”
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