SRHYY - Graphite Miners News For The Month Of May 2023

2023-05-30 16:46:29 ET

Summary

• Flake graphite prices were lower and spherical graphite prices lower over the past month.
• Graphite market news - The global graphite market to reach $37.68 billion by 2028 at a CAGR of 8.01%. China’s graphite electrodes market stable amid slow demand.
• Graphite company news - Westwater Resources to develop anode materials for SK On battery plants in the U.S. Magnis Energy Technologies signed AAM's offtake with Tier 1 OEM EV manufacturer.
• Lomiko Metals La Loutre graphite project produces high-grade spherical graphite grading 99.99% C(t) in lab scale testing. Metals Australia Lac Rainy Graphite Project spherical graphite test work achieved 99.96% spherical graphite carbon (Cg) purity. Evion Group tests confirm graphite suitable for battery anode material.

Welcome to the May edition of the graphite miners news.

May saw subdued graphite prices and producers, but good progress from the graphite juniors.

Graphite price news

During the past 30 days the China graphite flake-194 EXW spot price was down 4.14%. The China graphite flake +195 EXW spot price was down 1.09%. Note that 94-97% is considered best suited for use in batteries; it is then upgraded to 99.9% purity to make “spherical” graphite used in Li-ion batteries. The spherical graphite 99.95% min EXW China price was down 1.46% the past 30 days.

Fastmarkets’ price assessment for graphite flake, 94% C, -100 mesh, fob China , was $750-770/t on March 2, 2023 ( source )

Note: You can read about the different types of graphite and their uses here .

Graphite demand and supply forecast charts

BMI graphite-market-balance benchmarkweek-2022 ( source )

Trend Investing v IEA demand forecast for EV metals ( Trend Investing ) ( IEA )

2021 IEA forecast growth in demand for selected minerals from clean energy technologies by scenario, 2040 relative to 2020 - Increases Of Lithium 13x to 42x, Graphite 8x to 25x, Cobalt 6x to 21x, Nickel 7x to 19x, Manganese 3x to 8x, Rare Earths 3x to 7x, And Copper 2x to 3x

2022 - BMI forecasts graphite deficits to begin from 2022 as demand for graphite grows strongly

2022 - BMI forecasts we need 330+ new EV metal mines from 2022 to 2035 to meet surging demand - 97 new 56,000tpa natural flake graphite mines

Graphite market news

On May 12 PR Newswire reported :

Global Graphite Market Report 2023: Sector is expected to reach $37.68 billion by 2028 at a CAGR of 8.01%......The global graphite market was valued at US$23.73 billion in 2022......The graphite market has historically been driven by industrial demand, but the strong increase and positive outlook for electric vehicle (EV) and battery demand have emerged as a key growth drivers.

On May 16 Fastmarkets reported :

China’s graphite electrodes market stable amid slow demand. The graphite electrodes markets in China remained quiet in the two weeks ended Wednesday May 10 due to slow liquidity resulting from weak steelmaking sectors both at home and abroad.

On May 24 Fastmarkets reported :

China’s Putailai to build anode factory in Sweden......Putailai, one of the major anode producers in China, announced plans to invest $1.5 billion (SEK 15.7 billion) in Zichen Technology (Sweden) AB. to build Europe’s largest factory for anode manufacturing in Sundsvall in central Sweden.

Graphite miners news

Graphite producers

I have not covered the following graphite producers as they are not typically accessible to most Western investors. They include - Aoyu Graphite Group, BTR New Energy Materials, Qingdao Black Dragon, National de Grafite, Shanshan Technology, and LuiMao Graphite.

Note: AMG Advanced Metallurgical Group NV [AMS:AMG] [GR:ADG] (AMVMF) is also a "diversified producer", producing graphite, vanadium, and lithium. SGL Carbon (SGLFF) is a synthetic graphite producer and Novonix [ASX:NVX] (NVNXF) is commercializing their synthetic graphite product. Graphex Group Limited [HK:6128] (GRFX) makes spherical graphite.

Syrah Resources Limited [ASX:SYR][GR:3S7]( SYAAF )( SRHYY )

Syrah Resources Limited owns the Balama graphite mine in Mozambique. Syrah is also working to become a vertically integrated producer of natural graphite Active Anode Material (“AAM”) at their Vidalia facility, Louisiana, USA.

No significant news for the month.

You can view the latest investor presentation here or the recent May 2023 AGM presentation here .

Catalysts:

• September 2023 quarter - First Stage 11.25ktpa AAM Vidalia facility targeted to start production.

Natural graphite and AAM demand will increase three and five times, respectively, over the next 10 years ( source )

Ceylon Graphite [TSXV:CYL] [GR:CCY] (CYLYF)

Ceylon Graphite has 'Vein graphite' production out of one mine in Sri Lanka with 121 square kilometers of tenements.

No news for the month.

Mineral Commodities Ltd. ("MRC") [ASX:MRC]

Skaland Graphite is 90% owned by MRC. Skaland is the highest grade flake graphite operation in the world and largest producing mine in Europe; with immediate European graphite production of up to 10,000 tonnes per annum with regulatory approval to increase to 16,000. MRC plans to demerge its Norwegian graphite assets into a newly incorporated Norway company branded as Ascent Graphite.

On April 28 Mineral Commodities Ltd. announced : " Quarterly activities report – March 2023." Highlights include:

During the quarter:

• "... Skaland successful with EU horizon funding .
• Skaland quarterly production and sales remain in line with historical performance ."

Corporate and Cash

• "Cash: US$4.8 million as at 31 March 2023.
• Debt: US$4.9 million as at 31 March 2023.
• Securities: 691.5 million shares and 19.0 million performance rights as at the date of this report."

Tirupati Graphite ( TGRHF )

On May 9 Tirupati Graphite announced : "Unaudited trading results for the financial year 1 April 2022 to 31 March 2023." Highlights include:

• "Gross profit for FY23 increased 170% Year on Year ("YoY") to £1,372,048 (FY22: £508,112).
• Total production increased by 59% YoY to 4,770 tons (FY22: 2,996 tons).
• Total Sales increased by 76% YoY to £2,890,010 (FY22: £1,645,308).
• Basket price realised per ton of graphite sold increased by 17% to £726 (FY22: £618)."

Northern Graphite [TSXV:NGC][FRA:ONG] (NGPHF)

Northern Graphite purchased from Imerys the Lac des Iles producing graphite mine in Quebec and the Okanjande graphite deposit/Okorusu processing plant in Namibia. They also own the Bissett Creek graphite project located 100km east of North Bay, Ontario, Canada and close to major roads and infrastructure. The Company has completed an NI 43-101 Bankable final Feasibility Study and received its major environmental permit.

On April 27 Northern Graphite announced : "Northern Graphite closes $2.25 million charity flow-through private placement....."

On May 2 Northern Graphite announced : "Northern Graphite announces year end 2022 results." Highlights include:

Operational Highlights for the year include:

• ".....The Company’s LDI mine in Québec produced 9,460 tonnes of graphite concentrate with a recovery rate of 90.5%.....
• During the course of 2022, and subsequent to Dec 31, 2022 the Company provided clarity on its mine-to-market strategy, with its intention to develop one of the world’s largest battery anode material (“BAM”) facilities in Baie-Comeau, Québec with 200,000 tonnes per year (“tpy”) of capacity. The Company also announced the signing of an agreement to acquire a 33.33% ownership interest and the majority of voting rights (50.1%) in NeoGraf Solutions, LLC (“NeoGraf”), a US based company focused on the manufacturing of specialty value added products made from natural graphite."

Financial Highlights for the year include:

• "Revenue of $12.0 million generated by 5,785 tonnes of graphite concentrate sold at an average realized sales price of $2,073/tonne (USD$1,572/tonne).
• Cash costs $1,364 (USD$1,033) per tonne of graphite concentrate sold; ⁽¹⁾
• Income from mine operations of $3.1 million.
• An operating loss of $4.7 million which includes general and administrative expenses of $4.9 million.
• A net loss of $14.6 million ($0.14 per share) which includes a non-cash, $2.6 million foreign exchange loss on financial instruments and an impairment charge of $3.2 million arising from the Company’s decision to move its processing facilities in Namibia.
• Cash and equivalents of $5.1 million and working capital of $19.4 million as at December 31, 2022."

On May 24 Northern Graphite announced :

Northern Graphite announces new drill program with the objective of extending the Mine Life at Lac des Iles.....

You can view the latest investor presentation here and the Trend Investing article on Northern Graphite here or a Trend Investing CEO interview here .

Graphite developers

NextSource Materials Inc. [TSX:NEXT] [GR:1JW] ( NSRCF )

NextSource Materials Inc. is a mine development company based in Toronto, Canada, that's developing its 100%-owned, Feasibility-Stage Molo Graphite Project in Madagascar. The Company also has the Green Giant Vanadium Project on the same property. The Molo mine is fully-funded and scheduled to commission in Q1 2023.

On May 3 Fastmarkets reported :

NextSource targets 2024 for fully vertically integrated graphite project with mine commissioning. NextSource Materials is increasing output from its newly commissioned Molo graphite mine in Madagascar to meet demand from the refractories sector and as part of its downstream expansion into the anode market.

Investors can view the latest company presentation here or the latest Trend Investing article here .

Talga Group [ASX:TLG] [GR:TGX] ( TLGRF )

Talga Group is a technology minerals company enabling stronger, lighter and more functional materials for the multi-billion dollar global coatings, battery, construction and carbon composites markets using graphene and graphite. Talga 100% owned graphite deposits are in Sweden, proprietary process test facility is in Germany.

On April 26 Talga Group announced : " Quarterly activi ti es review f or period ending 31 March 2023." Highlights include:

Commercial and project development

• "Environmental permit approved for Nunasvaara S outh graphite mine , subsequent to quarter.
• Successful exploration grows Talga’s Vittangi natural graphite resource .
• Luleå Refinery Building permit granted and environmental permit hearing scheduled."

Product and technology development

• "Talnode ® - Si silicon anode expanded pilot line commissioning complete d.
• Talga intellectual property strategy update."

Corporate and finance

• "Update on customer offtake negotiations.
• A$40 million raised via institutional placement .
• Talga enters S&P/ ASX 300 index.
• Swedish operations team expanded in preparation for operational readiness .
• Talga presenting and exhibiting at globally significant industry events .
• Cash balance of A$ 51.6 million as at 31 March 2023."

On May 8 Talga Group announced :

Vittangi Anode Project Permit advances. Battery materials company Talga Group Ltd (“Talga” or “the Company”) ((TLGRF)) is pleased to provide an update on permitting advances for its Swedish Vittangi Anode Project, comprising its downstream 19,500tpa commercial battery anode manufacturing plant (“Refinery”) within the Luleå Industrial Park, and Nunasvaara South natural graphite mining operation near Vittangi......On the final day of the hearing, the Court advised that it plans to publish its decision on 21 June 2023. The Court’s decision will be subject to certain rights of appeal......

You can view the latest investor presentation here .

Westwater Resources (NYSE: WWR )

Westwater Resources Inc. is developing an advanced battery graphite business in Alabama. The Coosa Graphite Plant (2023 production start) plans to source natural graphite initially from non-China suppliers and then from the USA from 2028.

On May 2 Westwater Resources announced : "Westwater Resources announces Joint Development Agreement with SK On, a leading electric vehicle battery manufacturer." Highlights include:

• "Westwater to develop anode materials tailored for SK On battery plants in the U.S.
• Graphite anode materials to be produced at Westwater’s Kellyton processing plant."

On May 11 Westwater Resources announced :

Westwater Resources announces Q1 2023 business and financial updates.... Cash and working capital as of March 31, 2023, were $39.7 million and $22.7 million, respectively.....

You can view the latest investor presentation here .

Magnis Energy Technologies Limited [ASX:MNS] ( MNSEF )

Magnis is an Australian based company that has rapidly moved into battery technology and is planning to become one of the world's largest manufacturers of lithium-ion battery cells. Magnis has a world class graphite deposit in Tanzania known as the Nachu Graphite Project.

On April 28 Magnis Energy Technologies Ltd. announced : "Quarterly report for q uarter e nding March 202 3." Highlights include:

• "Signed offtake with Tier 1 OEM EV manufacturer underpinning the Anode Active Materials ((AAM)) and Nachu projects.
• Shortlisted sites identified for the AAM facility and indicative proposals received from landlords.
• Finalisation of selection and commercial negotiations with engineering and project services firm to support the design and engineering of the AAM facility.
• Fund raising completed via a Pre-Payment Subscription Agreement for $25m in Tranche 1 and the potential for a further $25m in Tranche 2.
• Local Tanzanian firms engaged to assist the financial and legal advisers with international transactional experience in the mining and metals industry in Africa to further the fund raising for the Nachu Graphite Project.
• Detailed negotiations on the final framework agreement continued with the Government of Tanzania.
• Magnis’ Lithium-ion battery manufacturing facility operated by Imperium3 New York Inc (“iM3NY”) continued the external certification (UN38.3) process to allow for transportation of cells in large quantities.

On May 17 Magnis Energy Technologies Ltd. announced : " iM3NY Signs Joint Venture Agreement with Omega Seiki Mobility." Highlights include:

• " Joint Venture (JV) Agreement signed by Omega Seiki Mobility (OSM) and iM3NY for the manufacture and sale of lithium-ion battery packs.
• OSM to control the local operation and funding.
• iM3NY to provide technology and expertise.
• iM3NY has 26% interest in the JV Company.
• OSM manufacture two, three and four wheeler electric vehicles and is part of the Anglian Omega Group."

On May 23 Magnis Energy Technologies Ltd. announced : " Response to Query Letter – 19 May 2023....."

Gratomic Inc. [TSXV:GRAT] [GR:CB82 ] ( CBULF )

Gratomic’s Aukam Graphite Project is located in Namibia, Africa. The Project is undergoing " operational readiness ." Gratomic also 100% own the Capim Grosso Graphite Project in Brazil. Gratomic is also collaborating with Forge Nano to develop a second facility for graphite micronization and spheronization.

On May 23 Gratomic Inc. announced :

Gratomic closes further Tranche of Non-Brokered Private Placement for total of $4.15 Million raised to date.

Black Rock Mining [ASX:BKT]

On April 28 Black Rock Mining announced : "March 2023 quarterly activities report." Highlights include:

• " MOU signed with Tanzania Zambia Railway Authority (TAZARA) for the transportation of graphite from the Mahenge Graphite Project .
• Debt financing process well advanced with management seeking credit-approved term sheets from lenders in Q2, CY23.
• Other financing options being considered in parallel, including potentially bringing in a partner at the Project level as a less dilutive option than equity. Interest received from industry participants, OEMs, mining companies, mining private equity funds and sovereign wealth funds.
• ESG and Sustainability Principles developed to support the Company’s focus on transitioning the Mahenge Graphite Project through to production.
• A$7.6M cash at bank as at 31 March 2023 ."

On May 23 Black Rock Mining announced : "Black Rock expands offtake partnership with POSCO." Highlights include:

• " Black Rock signs non-binding Memorandum of Understanding offtake agreement with Strategic Alliance Partner, POSCO.
• The Agreement is for the supply of 6,000 metric tonnes per annum of high-quality large natural flake graphite concentrate from Mahenge Module 1.
• This Agreement: D eepens Black Rock’s relationship with POSCO by adding to the existing offtake in place with POSCO for the supply of all planned fines production (-100#) from Mahenge Module 1†. Represents potential for additional revenue for Mahenge from a blue-chip counterparty further de-risking Black Rock’s financing strategy; and builds further confidence that Mahenge will become a large and significant new source of graphite ."

Nouveau Monde Graphite [TSXV:NOU] ( NMG ) and Mason Graphite [TSXV:LLG] [GR:M01] (MGPHF)

Nouveau Monde Graphite ("NMG") own the Matawinie Graphite Project, located in the municipality of Saint-Michel-des-Saints, approximately 150 km north of Montreal, Canada. NMG (51%) and Mason Graphite (49%) have agreed to JV (subject to approvals) on the Lac Guéret Project.

On May 11 Nouveau Monde Graphite announced : "NMG releases 2022 ESG report, presents operational update, and provides notice of its Annual General and Special Meeting of Shareholders." Highlights include:

• "Recent announcements via Canada’s and Québec’s budgets provide new fiscal measures and levers for investment that strengthen NMG’s Phase-2 financing structure in complement to ongoing activities with export credit agencies and governmental branches.
• Signature of definitive agreements with Caterpillar that frame the deployment of technology, testing collaboration, as well as procurement of zero-exhaust emission fleet and infrastructure at the Matawinie Mine.
• Advancement of technical and commercial parameters definition for a multi-year offtake agreement with Panasonic Energy and simultaneous engagement with other tier-1 potential customers in the EV and battery sector through product qualification and commercial discussions.....
• Upcoming participation to major commercial and investment events to elevate NMG’s visibility in the market and engage with potential customers and investors; The Europe Battery Show, TD Cowen Sustainability Week and Batteries Gigafactories USA.
• Securing of financial levers via underwritten public financing generating approximately US$22 million and R&D grants of up to CA$3.6 million.
• Battery and EV markets continue their expansion pushed by consumer demand and environmental legislation; 2023 is set to see battery production reach 1 TWh on a global basis for the first time (Benchmark Mineral Intelligence, Q1-2023)......
• Period-end cash position of CA$48.8 million."

You can view the latest investor presentation here .

Greenwing Resources Ltd [ASX:GW1] (BSSMF)

On April 28 Greenwing Resources Ltd announced : " Quarterly activities report – March 2023 Quarter 28 April 2023." Highlights include:

Corporate

• "A$12m strategic funding transaction with NIO Inc. (NIO) was completed on 12 January 2023.
• NIO’s nominee Mr Alan Zeng has been appointed as a non-executive director effective 13 January 2023.
• NIO hosted a delegation from the Catamarca Province, Argentina, at the Fuzhou City of Fujian Province, China."

Graphmada Graphite Mining Complex, Madagascar

• "Study activities continued using the updated Graphmada Mineral Resource (61.9 million tonnes (Mt) at 4.5% Fixed Carbon ((FC))). "

On May 1 Greenwing Resources Ltd announced : " Resignation of CEO ."

On May 4 Greenwing Resources Ltd announced : "Commencement of maiden drilling program at the San Jorge Lithium Project."

You can view the latest company presentation here .

Triton Minerals [ASX:TON][GR:1TG]

Triton Minerals Ltd. engages in the acquisition, exploration and development of areas that are highly prospective for gold, graphite and other minerals. The company was founded on March 28, 2006 and is headquartered in West Perth, Australia. Triton has two large graphite projects in Mozambique, not far from Syrah Resources Balama project.

On April 28 Triton Minerals announced : "Quarterly activities report for period ending 31 March 2023." Highlights include:

• "DFS Interim Update – subsequent to quarter end, Triton released an updated upfront capital expenditure estimate of US$99.1 million5 which is in-line with the 2017 DFS1 estimate (US$99.9 million), despite material cost inflation over the period since the 2017 DFS.
• Front End Engineering Design ((FEED)) contract awarded – subsequent to quarter end, Yantai Oriental Metallurgical Engineering Co., Ltd awarded the contract for FEED works for the processing plant and associated non-processing infrastructure for the Ancuabe Graphite Project4. FEED works to be completed in Q2 CY2023, with the aim of enhancing the design of the processing plant, thereby reducing risk and targeting a reduction in the associated capital expenditure.
• Country Visit Recently Completed – representatives of the Company, proposed cornerstone investor Shandong Yulong and a major Chinese mining contractor visited the site of the Ancuabe Graphite Project and the proposed port (Pemba). Trip was focussed on project execution planning and in-country establishment works, community and government engagement.
• Cash on hand – A$2.5 million as at 31 March 2023 with conditional commitments for a further A$5m from Tranche Two of the Capital Raising."

On May 1 Triton Minerals announced : " A$5m placement to Shandong Yulong completed."

You can view the latest investor presentation here and the latest article on Trend Investing here .

SRG Mining Inc. [TSXV:SRG] [GR:18Y] [Formerly SRG Graphite Inc.]

SRG is focused on developing the Lola graphite deposit, which is located in the Republic of Guinea, West Africa. The Lola Graphite occurrence has a prospective surface outline of 3.22 km2 of continuous graphitic gneiss, one of the largest graphitic surface areas in the world. SRG owns 100% of the Lola Graphite Project.

No news for the month.

You can view the latest investor presentation here .

Leading Edge Materials [TSXV:LEM] ( LEMIF )

Leading Edge Materials Corp. is a Canadian company focused on becoming a sustainable supplier of a range of critical materials. Leading Edge Materials’ flagship asset is the Woxna Graphite Project and processing plant in central Sweden. The company also owns the Norra Karr REE project, and the 51% of the Bihor Sud Nickel-Cobalt exploration stage project in Romania.

No news for the month.

Investors can view the latest company presentation here .

Renascor Resources [ASX:RNU]

Renascor Resources Ltd. is an Australian exploration company, which focuses on the discovery and development of economically viable deposits containing uranium, gold, copper, and associated minerals. Its projects include graphite, copper, precious metals, and uranium.

On April 26 Renascor Resources Ltd. announced :

Battery Anode Material Study update. Project optimisation study nears completion, incorporating increase in PSG production capacity; long-lead time procurement and FEED tender commencing for upstream operation ...... Renascor expects to complete the BAM study in July 2023 .

On May 9 Renascor Resources Ltd. announced :

Renascor commences long lead time procurement for the Siviour BAM Project. Preparation continues for an accelerated commencement of the Siviour Mine and Concentrator.....

You can view the latest investor presentation here .

EcoGraf Limited [ASX:EGR] [FSE:FMK] ( ECGFF )

On April 28 EcoGraf Limited announced : " Epanko pre-development program d elivers outstanding results. Results position Epanko to advance towards final investment d ecision." Highlights include:

• " Framework Agreement signed with the Government of Tanzania (Government) on 17 April 2023 in a ceremony attended by Tanzanian President, Her Excellency Samia Suluhu Hassan.
• Epanko development coincides with a strong business environment in Tanzania under the new Government with over US$45 billion 5 of new infrastructure and investments planned.
• Attractive Stage 1 financial metrics 1 to support funding program: Pre-tax ungeared NPV 10 of US$348m (versus US$211m) . Ungeared internal rate of return ((IRR)) 36% . Average annual EBITDA over the initial 10 years 2 of US$79m.
• Rigorous process completed to update capital and operating costs, led by GR Engineering and supported by independent peer review: P re-production capital costs US$134m 3. ....
• Stage 1 Value Engineering results.....
• Proposed grid power connection from nearby town of Mahenge through MoU signed with Tanzanian power authority TANESCO.
• Evaluation of multi-stage expansion of Epanko in progress, targeting 300,000tpa of production .
• Programs commenced to finalise location for in-country mechanical shaping facility to manufacture spherical graphite for customers and EcoGraf’s battery anode material purification facilities .
• Following conclusion of the Framework Agreement and pre-development program EcoGraf is focused on the funding and pre-construction activities to support the Company’s Final Investment Decision ."

On April 28 EcoGraf Limited announced : "Quarterly activities report..... Cash and deposits as at 31 March 2023 of $39.5m."

On May 18 EcoGraf Limited announced : " EcoGraf receives Australian Government grant for product qualification facility."

You can view the latest investor presentation here .

Lomiko Metals Inc. [TSXV:LMR] ( LMRMF )

Lomiko has two projects in Canada - La Loutre graphite Project (flagship) (100% interest) and the Bourier lithium Project (70% earn in interest).

On May 3 Lomiko Metals Inc. announced : "La Loutre graphite project produces high- grade spherical graphite grading 99.99% C(t) in lab scale testing." Highlights include:

• "La Loutre material is suitable for the production of spherical.
• All physical characterization tests produced very good results such as narrow particle size distribution range and high tap density and meet the target values for Electric Vehicle and other lithium-ion based battery applications.
• Achieved continuous and reliable production of micronized products with homogenous properties suggesting a relatively low specific energy input to convert the La Loutre flotation concentrate to micronized material.
• The particle size distribution for both grades is typical for spherical."

Focus Graphite [TSXV:FMS][GR:FKC] ( OTCQB:FCSMF )

No news for the month.

Metals Australia [ASX:MLS]

On April 28 Metals Australia announced : "Quarterly activities report for the quarter ended 31 March 2023." Highlights include:

Lac Rainy Graphite Project, Quebec, Canada

• " Spherical graphite test work on concentrate from the Lac Rainy Graphite Project has achieved, above premium battery-grade, 99.96% spherical graphite carbon (Cg) purity 1 .
• Very high-quality spherical graphite has been produced, that exceeds the specifications required by lithium-ion battery anode manufacturers globally.
• The Company has now commenced electrochemical (lithium-ion battery charging and durability) testing of the highly-purified spherical graphite material.
• Over 10 times the drilled strike-length of graphitic trends identified on the Project. Immense potential for resource growth to be tested with new trenching and drilling program(s)."

On May 23 Metals Australia announced : " Outstanding battery test results confirm Lac Rainy Graphite is Premium Lithium-Ion Battery Anode Quality. Spherical graphite test results exceed the charging and durability benchmarks required by global lithium-ion battery and electric vehicle manufacturers."

• ".......Given the outstanding battery test results, the Company will now launch feasibility studies into developing the Lac Rainy Graphite Project, which is ideally located in the premier graphite region of Quebec, Canada, to produce high-grade flake-graphite concentrate and premium-battery quality spherical graphite to feed high-demand North-American lithium-ion battery markets.
• A major trenching and drilling program is also set to commence to expand the Lac Rainy resource, with less than 10% of the graphite trends identified within the project having been drill tested. "

NGX Limited (100% owned subsidiary of Sovereign Metals [ASX:SVM] [GR:SVM][LSE:SVML])

On April 28 Sovereign Metals announced : "March 2023 quarterly report." Highlights include:

...........Sovereign demerges standalone Graphite Projects

• "Sovereign has demerged its standalone Graphite Projects (Nanzeka, Malingunde, Duwi and Mabuwa Projects) into NGX Limited effective from 27 March 2023.
• The Demerger allows Sovereign and the existing management team to focus on its flagship Kasiya Project while retaining extensive exposure to graphite through the Kasiya co-product."

For further details see:

Graphite Miners News For The Month Of May 2023