ASX Graphite Stocks: 5 Biggest Companies in 2025

1. Sovereign Metals (ASX:SVM)

Market cap: AU$472.27 million

Sovereign Metals is focused on advancing on its Kasiya rutile-graphite project in Malawi. The company believes the graphite from its project has the potential to be used to supply spherical purified graphite for the lithium-ion battery anode market.

Kasiya's graphite co-product ore reserve is 538 million tonnes at 1.66 percent graphite, for 8.9 million tonnes of contained graphite.

Major miner Rio Tinto (ASX:RIO,NYSE:RIO,LSE:RIO) has made a series of strategic investments in Sovereign Metals of more than AU$60 million, giving it a 19.99 percent stake in the company.

With this funding and Rio Tinto's technical expertise, Sovereign is advancing Kasiya toward a definitive feasibility study (DFS). In April, the company announced that extensive geotechnical investigations are underway at key infrastructure locations at the project, which will support layout and engineering design for the DFS slated for completion in Q4 2025. An updated mineral resource estimate is expected to be out during Q2 2025.

2. Syrah Resources (ASX:SYR)

Market cap: AU$297.04 million

Syrah Resources is an industrial minerals and technology company with a vision of becoming a leading global supplier of graphite and battery anode products. The company's two main focuses right now are its flagship Balama graphite project in Mozambique and its Vidalia anode materials facility in Louisiana, US.

Syrah started production at the Vidalia facility early last year, making it the first integrated graphite processor outside of China. The plant has an annual production capacity of 11,250 tonnes of active anode material, and Syrah stated in its March 2025 quarterly report it is considering expanding Vidalia’s production capacity to 45,000 tonnes per year. The final investment decision is dependent on sales of the product and customer and financing commitments.

Syrah’s Balama operation has a projected lifespan of over 50 years, and its combined mining and processing operations allow for the production of 94 to 98 percent pure carbon graphite concentrate. The company reached a milestone in April 2024 with the sale of 10,000 tonnes of natural graphite fines from Balama to Indonesia BTR New Energy Materials.

Syrah inked a binding offtake agreement with electric vehicle maker Lucid Group (NASDAQ:LCID) in February 2025 for the supply of natural graphite active anode material from Vidalia totalling approximately 7,000 tonnes in aggregate over a three-year term kicking off at the start of 2026.

The company also has binding offtake agreements with South Korea's Posco Future M (KRX:003670), Tesla (NASDAQ:TSLA), Westwater Resources (NYSEAMERICAN:WWR) and Graphex Technologies, a wholly owned subsidiary of Graphex Group (NYSEAMERICAN:GRFX,HKEX:6128).

3. Talga Group (ASX:TLG)

Market cap: AU$181.84 million

Talga Group is a vertically integrated battery anode and materials company, meaning it mines its own graphite and also produces anodes. It has operations in Sweden, Japan, Australia, Germany and the UK.

As of June 2025, all the necessary permits are now in place for its wholly owned Nunasvaara South mine at its Vittangi anode project in Sweden, which will feed its fully permitted Luleå anode refinery. Once the refinery is in operation, it is expected to produce 19,500 tonnes of Li-ion battery anode annually.

The mine and refinery together have been designated as a strategic project under the European Commission’s Critical Raw Materials Act and the Net-Zero Industry Act.

The month prior, Talga secured a binding offtake agreement with battery charging technology company Nyobolt that includes a multi-year supply of Talga's Talnode-C graphite anode from the Vittangi anode project.

4. Quantum Graphite (ASX:QGL)

Market cap: AU$160.42 million

Quantum Graphite is advancing the Uley 2 flake graphite project in South Australia, which includes the past-producing Uley mine and the Mikkira deposit. The company bills it as “one of the largest high-grade natural flake deposits in the world.”

The project is fully permitted and development ready, with a binding offtake agreement with a major European trading group for 50 percent of its production for a minimum of five years.

Through its Sunlands Power joint venture with Sunlands Energy, Quantum Graphite plans to manufacture coarse-natural-flake-based thermal storage media sourced from the Uley mine to be fitted within Sunland Energy’s patented TES Graphite Cells technology for grid-connected, long-duration energy storage.

In early March, the Australian government granted major project status to the Uley 2 flake graphite property together with Sunland's associated facilities.

5. Renascor Resources (ASX:RNU)

Market cap: AU$150.04 million

Renascor Resources has honed its efforts on helping to power the future with clean energy resources. While the company has five projects, most of its activities are focused on its two fully owned projects in South Australia: the Siviour battery anode materials project and the Carnding gold project.

Last year, the Australian government approved a AU$185 million loan facility to help advance its planned vertically integrated battery anode material graphite mine and manufacturing operation. The company was also awarded a AU$5 million grant under the Australian government’s International Partnerships in Critical Minerals Program to help fund a AU$10 million demonstration plant. Both of these initiatives have helped to fast track Siviour.

Renascor says it’s on track for planned commissioning of the demonstration processing plant in Q3 2025. The plant will produce battery-grade purified spherical graphite.

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