• Executed non-binding MOU with Mitsubishi Chemical Corporation
• Collaboration on supply, qualification and commercialization of graphite products
• Supports EcoGraf's strategy to develop vertically integrated battery anode materials business

EcoGraf Limited has executed a non-binding Memorandum of Understanding (MOU) with Mitsubishi Chemical Corporation (MCC), a leading global supplier of battery anode materials. The MOU establishes a framework for ongoing cooperation between the parties relating to the supply, qualification and potential long-term commercialisation of natural flake graphite, unpurified spherical graphite (SpG) and purified SpG for MCC's battery anode material operations. The MOU supplements an initial Letter of Intent between EcoGraf and MCC, under which the parties have undertaken extensive technical discussions and product sample evaluation activities. Subject to ongoing technical evaluation outcomes, the MOU provides that MCC will consider a long-term product sales arrangement for 10,000 tonnes per annum of unpurified and/or purified SpG, or approximately 16,500 tonnes per annum of -100 mesh natural flake graphite. The MOU supports EcoGraf's strategy to develop a vertically integrated battery anode materials business, including the Epanko Graphite Project in Tanzania, a proposed mechanical shaping facility in Tanzania to produce unpurified spherical graphite and planned EcoGraf HFfree® purification facilities, including a proposed purification facility in Japan. MCC is Japan's largest chemical corporation and a global leader in various chemical industries, including petrochemicals and carbon products, with manufacturing facilities worldwide. They are a leading supplier of anode active material (AAM) to original equipment manufacturers (OEMs) and announced expansion of their battery anode factory in Kagawa, Japan.

Subject to ongoing technical evaluation outcomes, the MOU provides that MCC will consider a long-term product sales arrangement for 10,000 tonnes per annum of unpurified and/or purified SpG, or approximately 16,500 tonnes per annum of -100 mesh natural flake graphite.