• Staged expansion to 390,000 tpa to become Africa's largest planned graphite producer
• Expansion to support EcoGraf's HFfree purification facilities in Europe, North America and Asia
• Strong financial metrics for initial 25,000 tpa purification facility in the US

EcoGraf Limited is pleased to announce the Epanko Graphite Project Expansion Study, which examined the potential to expand production to support the company's strategy of developing its commercial scale EcoGraf HFfree purification facilities in the global lithium-ion battery manufacturing hubs in Europe, North America and Asia. The Expansion Study proposes a staged ramp-up to 390,000 tpa of natural flake graphite within 10 years, driven by rising global battery anode demand from new global supply chains. The expansion will be fully covered under the current single Special Mining Licence and the continuous Epanko orebody, positioning Epanko to become Africa's largest planned graphite producer. The fine graphite concentrate from the staged expansion will be shaped at the company's Tanzanian value-addition Midstream Facility, then purified at global HFfree sites, supporting its multi-hub growth strategy. The Expansion Study also highlights strong financial metrics for a single and initial 25,000 tpa Purification Facility based in the US, with an initial capital investment of US$95m, pre-tax NPV10 of US$282m, IRR of 42%, annual EBITDA of US$42m, and process operating cost of US$478/t. A comparable purification facility is also planned for Europe, with preliminary engineering indicating lower capital costs and a slight increase in operating costs compared to the US facility, resulting in similar financial metrics. The company is in discussions for government grant funding in the EU and US, with positive feedback received.

The Epanko Graphite Project Expansion Study proposes a staged ramp-up to 390,000 tpa of natural flake graphite within 10 years, driven by rising global battery anode demand.

EcoGraf's HFfree integrated, end-to-end operation will deliver one of the lowest-cost, high-quality, and sustainable solutions, leveraging off its high-quality graphite feedstock. The company is positioned to provide confidence to EV and Battery OEM's of a long-term alternative supply and support its multi-hub downstream development strategy.