EcoGraf (EGR) Q3 2026 TU earnings summary

Executive summary

• Completed updated Bankable Feasibility Study (BFS) for Epanko Graphite Mine, confirming robust economics and compliance with international standards.

• Advanced debt financing for Epanko, with KfW IPEX-Bank mandated to arrange up to US$105M in senior debt.

• Secured strategic partnerships with Mitsubishi Chemical Corporation and Long Time Technology for battery anode materials and purification facilities.

• Progressed community development and environmental initiatives, including grant applications and stakeholder engagement.

• Ongoing exploration and farm-in agreement with AngloGold Ashanti for gold assets.

Financial highlights

• Pre-tax NPV10% for Epanko: US$516M; IRR: 31.1%; annual EBITDA: US$85.7M (real 2025).

• Capital costs: US$181.2M for construction and establishment, plus US$18.1M for resettlement.

• Cash and cash equivalents at 31 March 2026: $6.2M.

• Net cash used in operating activities for the quarter: $812,000; investing activities: $1.04M.

• Estimated quarters of funding available: 3.36.

Outlook and guidance

• Positive long-term graphite market outlook, with demand growth expected to tighten supply.

• China’s export restrictions on dual-use materials are disrupting supply chains, increasing the need for diversified sources.

• US and EU advancing critical minerals partnerships to support new supply and reduce reliance on China.