International Graphite (ASX: IG6) continues to build its “war chest” for the development of its groundbreaking Western Australia-based mine-to-market battery graphite supply strategy.
The new capital injection comes from the signing of a $2 million financial assistance agreement with the WA government under the Collie Industrial Transition Fund.
It is the final stage of the $6.5m grant funding package announced in April 2024.
Chief executive officer Andrew Worland said the funds would be drawn down over a two-year term for various activities including metallurgical test work, flowsheet development and plant design to assess the technical, environmental and financial feasibility of battery anode materials in a purpose-built facility at Collie.
“With all of our grants now contracted, we have a level of funding certainty for feasibility activities across our Springdale and Collie mine-to-market business plan,” Mr Worland said.
“We expect, subject to the imminent completion of the front-end engineering and design study, that Stage 1 of the Collie micronising facility will be fully funded to mechanical completion.”
International Graphite continues to receive significant government support for its global graphite supply plans.
The company was awarded a $4m grant from the WA government last week to help fast-track development of its battery graphite supply strategy.
That payment took the company’s total funding from Australian state and federal governments to $17.2m.
The company will apply the $4m grant to the installation of Australia’s first demonstration-scale spheroidiser at the company’s graphite processing and research and development facility at Collie.
The spheroidiser plant is a key component of the company’s fully integrated graphite supply strategy, which will see graphite mined at the world-class Mason Bay and Springdale Central deposits in southern WA before being processed at Collie.
The supply strategy has already attracted the attention of potential customers and finance partners from destinations such as North America, Japan and Korea.
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