EcoGraf (EGR) H2 2024 earnings summary

Executive summary

• Vertically integrated battery anode materials business focused on high-purity graphite for lithium-ion batteries and advanced manufacturing markets, with over US$30 million invested to date.

• Flagship Epanko Graphite Project in Tanzania is the largest development-ready graphite project in Africa, with a 290.8 Mt resource and 14.3 Mt ore reserve, 82% classified as Proven.

• Significant progress in 2023–24: KfW IPEX-Bank mandated for up to US$105m UFK loan, 110% increase in Proven Ore Reserves, new mine design, and successful commissioning of a product qualification facility.

• Strategic partnerships and agreements, including a $13.5m gold farm-in with AngloGold Ashanti and collaboration with BASF on battery anode recycling.

Financial highlights

• Net loss after tax for FY2024 was $5.7m, an improvement from $7.3m loss in FY2023, mainly due to downstream processing activities offset by R&D tax credits, grants, and interest income.

• Cash reserves at 30 June 2024 were $25.5m (2023: $38.6m), with no debt.

• Exploration and evaluation assets increased to $29.3m (2023: $23.0m).

• Net assets at year-end were $50.8m (2023: $58.9m).

• No dividends declared or paid.

Outlook and guidance

• Medium and long-term demand for battery minerals remains strong despite short-term EV market slowdown.

• Focus on advancing Epanko to production, expanding mechanical shaping and purification facilities, and leveraging ESG credentials for market differentiation.

• Ongoing engagement with financiers and offtake partners to secure project funding and commercial agreements.