International Graphite Limited (ASX:IG6) has commenced trading on the official list of the Australian Securities Exchange following completion of its Initial Public Offering (IPO).
The company successfully raised A$10 million (before costs) through the issue of 50,000,000 shares at A$0.20 each and has completed the acquisition of the Springdale Graphite Project from Comet Resources Limited.
International Graphite Executive Chairman and founder, Phil Hearse, said the ASX listing is a key milestone in the company’s strategy to deliver a consistent, high-quality source of battery graphite for global markets while contributing to the establishment of a sovereign critical minerals capability in Australia.
“Globally, graphite supply is coming under huge pressure as decarbonisation revolutionises the transport and energy markets, creating unprecedented demand for battery storage, particularly lithiumion batteries for electric vehicles.
“Graphite now has critical mineral status in Australia, the United States and the European Union, with demand forecast to outstrip known supply and shortages anticipated worldwide.1 Technology and battery manufacturers are looking for new suppliers who can deliver quality products with high standards of ESG performance.
“Our planned vertically integrated business strategy based wholly in Western Australia from mine to market provides supply chain custody and ESG assurance in a secure first world jurisdiction.
“I want to thank my fellow Directors, staff and advisors, the Government of Western Australia, and the Hopetoun and Collie communities, for helping us to build this future capability for our State.”
Springdale is a shallow graphite deposit with excellent metallurgical characteristics for battery anode material (BAM) and extensive prospectivity for additional resources.
When in operations graphite concentrates produced from Springdale are intended to become the primary feedstock for the Company’s planned downstream processing activities at Collie.
The project is at exploration and development stage and comprises two granted exploration licences and a prospecting license covering approximately 180 sq. km.
The deposit is located in a mining hub in the south of Western Australia – 25km from the Ravensthorpe Nickel Mine and 45km from the Galaxy Lithium Mine.
Springdale has an existing Inferred Mineral Resource estimate of 15.6 million tonnes @ 6% total graphitic content (TGC), including a high-grade Inferred Mineral Resource component of 2.6 million tonnes @ 17.5% TGC.