EcoGraf (EGR) Q1 2026 TU earnings summary

Executive summary

• Advanced finalisation of a US$105m KfW IPEX-Bank UFK loan for Epanko Graphite Project, with Independent Engineer's Report (IER) expected soon, marking a key debt financing milestone.

• Completed Resettlement Action Plan (RAP) for Epanko, aligning with IFC and Equator Principles, and began early implementation steps including community engagement and local hiring.

• Downstream EcoGraf HFfree® purification facility in the US shows strong financial metrics, with a pre-tax NPV10 of US$282m, IRR of 42%, and annual EBITDA of US$42m for a 25,000tpa plant.

• Product qualification and anode recycling programs progressed with battery manufacturers and EV OEMs; first Australian patent granted for HFfree® purification technology.

• China announced new export controls on graphite and anode materials, tightening global supply chains and highlighting the strategic importance of ex-China supply.

Financial highlights

• Cash and cash equivalents of $8.53 million at 30 September 2025.

• Quarterly net cash outflow from operating activities was $1.24 million; investing activities outflow was $1.55 million.

• Estimated quarters of funding available: 3.07, based on current cash and outgoings.

• No mining production or development revenue during the quarter; exploration and evaluation expenditure was $1.57 million.

Outlook and guidance

• IER completion and UFK loan finalisation expected to unlock Epanko project construction.

• Expansion study for Epanko nearing completion, supporting multi-hub downstream strategy.

• Ongoing government grant funding discussions in EU and US, with a US$76.3m US DoD award being pursued.

• Actively securing sales partnerships and evaluating downstream project locations in ex-China battery markets.