Completion of Independent Engineers Report (IER)

• Completion of Independent Engineers' Report (IER), a key requirement for debt financing
• IER follows rigorous technical due diligence program to meet international project financing standards
• Complements previously reported environmental and social studies for the Epanko graphite project

EcoGraf Limited (ASX: EGR) has announced the completion of the Independent Engineers' Report (IER), a key requirement to secure the debt financing for the development of the Epanko graphite project. The final IER report has been submitted to KfW IPEX-Bank by the lenders' Independent Technical Consultant following a rigorous technical due diligence program that began in 2024 to meet international project financing standards. The completion of the IER is a major milestone and complements the previously reported Resettlement Action Plan (RAP), environmental baseline studies, impact assessments and management plans developed by the company to align with lenders' international environmental and social standards, including the IFC Performance Standards, the Equator Principles, the Global Industry Standard on Tailings Management and the World Bank Environmental, Health and Safety Guidelines. As previously announced, the company has mandated KfW IPEX-Bank to arrange a senior secured loan facility of up to US$105 million for the Epanko Project under the German Untied Loan Guarantee scheme. Following the completion of the IER, the company will finalise an updated Bankable Feasibility Study (BFS) for the Epanko Project and expects the updated BFS to be delivered in February 2026.