EcoGraf (EGR) Q3 2025 TU earnings summary

Executive summary

• KfW IPEX-Bank mandated for up to US$105M UFK loan for Epanko Graphite Project construction, with German government preliminary approval and due diligence underway.

• Special Mining Licence SML755/2025 granted, doubling mining area and supporting expansion plans for Epanko.

• Major environmental, social, and resettlement planning milestones achieved, including updated ESMP and RAP approval.

• Mechanical Shaping Facility Stage 1 engineering study completed, confirming US$58.6M capex and US$419/t opex, with strong EU interest.

• HFfree® purification facility PQF operational, meeting top customer specs; non-binding agreements signed for sales and development.

Financial highlights

• Cash and cash equivalents of $14.4M at 31 March 2025.

• Net cash outflow from operating activities for the quarter was $0.99M; investing outflows $2.19M.

• Evaluation and exploration expenditure for the quarter was $2.4M, mainly at Epanko.

• Estimated 4.6 quarters of funding available based on current cash and outgoings.

Outlook and guidance

• Epanko expansion studies underway to meet growing global demand for natural graphite anode material.

• Ongoing discussions with EU Commission and potential for Export Processing Zone incentives in Tanzania.

• Plans to advance anode recycling to piloting capability, leveraging proprietary HFfree® technology.