March 2025 Quarterly Activities Report and Appendix 5B

• Epanko Graphite Mine secures $105M UFK loan facility from Germany
• Epanko Special Mining Licence expanded, enabling production expansion
• Environmental and social planning programs completed to support financing
• EcoGraf Mechanical Shaping Facility study confirms $58.6M Stage 1 cost

EcoGraf Limited has reported on its activities and cash flow for the quarter ended 31 March 2025. Key highlights include securing a mandate from KfW IPEX-Bank to obtain up to US$105 million in UFK loan funding for the construction of the Epanko Graphite Project in Tanzania. The German Government Inter-Ministerial Committee has provided positive feedback on the project's eligibility for the UFK program, which requires high environmental and social standards. EcoGraf has completed various pre-development programs to support lender due diligence, including updating the Environmental and Social Management Plan and Resettlement Action Plan. The company also received the expanded Special Mining Licence SML755/2025, doubling the mining area to support planned production expansions. On the midstream side, an independent engineering study confirmed the Stage 1 construction cost of the EcoGraf Mechanical Shaping Facility in Tanzania at US$58.6 million, with a forecast operating cost of US$419 per tonne. The company continues to progress its vertically integrated battery anode materials business, including development of its HFfree purification technology and anode recycling capabilities.