• BFS based on 73,000 tpa production rate for 15 years
• Pre-tax NPV10 of US$516M and IRR of 31.1%
• Epanko to become Africa's largest planned graphite producer

EcoGraf Limited has completed an updated Bankable Feasibility Study (BFS) for its Epanko Graphite Project in Tanzania. The BFS is based on a production rate of 73,000 tonnes per annum (tpa) for the first 15 years, supporting increased demand and an updated Ore Reserve of 16.7 Mt at 8.2% total graphite carbon (TGC). Key BFS results include a pre-tax NPV10 of US$516M, an internal rate of return of 31.1%, and annual EBITDA of US$85.7M. The study confirms a 21.7% increase in plant throughput to 73,000 tpa, with the large Mineral Resource allowing mining to be exclusively focused on Oxide ore for the first 15 years. The updated Ore Reserve shows a 10% increase in contained graphite from the previous Ore Reserve. The project benefits from grid power, proximity to established transport corridors, and an executed marketing strategy with binding offtake and in-principle sales agreements in place. Epanko is positioned to become Africa's largest planned graphite producer, with future expansions tied to downstream HFfree purification facilities. The BFS has been completed to a high degree of scrutiny to satisfy the requirements of international project financing standards and the Global Industry Standard on Tailings Management.

Annual EBITDA (real 2025): US$85.7M

Epanko Expansion Study potential for three further stages to take production to 390,000 tpa within 10 years, driven by rising global battery anode demand from new global supply chains.