Graphite Miners News For The Month Of March 2024

Welcome to the March edition of the graphite miners news.

March saw flake graphite prices mixed but generally flat.

Graphite price news

During the past 30 days the China graphite flake-194 EXW spot price was down 1.80%. The China graphite flake +195 EXW spot price was up 2.85%. Note that 94-97% is considered best suited for use in batteries; it is then upgraded to 99.9% purity to make "spherical" graphite used in Li-ion batteries. The spherical graphite 99.95% min EXW China price was down 0.27% the past 30 days.

Benchmark Mineral Intelligence 2023 flake graphite and spherical graphite price chart (source)

Graphite demand and supply forecast charts

Macquarie Research (March 2023) forecasts flake graphite deficits starting in 2025 and growing larger to 2030 (source)

Trend Investing v IEA demand forecast for EV metals (IEA)

2021 IEA forecast growth in demand for selected minerals from clean energy technologies by scenario, 2040 relative to 2020 - Increases Of Lithium 13x to 42x, Graphite 8x to 25x, Cobalt 6x to 21x, Nickel 7x to 19x, Manganese 3x to 8x, Rare Earths 3x to 7x, And Copper 2x to 3x

2022 - BMI forecasts we need 330+ new EV metal mines from 2022 to 2035 to meet surging demand - 97 new 56,000tpa natural flake graphite mines

Graphite market news

On March 1 GlobeNewsWire reported:

Expanded graphite market expected to reach USD 567.2 million by 2031, with a projected CAGR of 9.8%: Exclusive report by Transparency Market Research, Inc. Rapid industrialization and infrastructure development are expected to provide opportunities for an expanded graphite market.

On March 6 Fastmarkets reported:

Silicon anodes could boost EV affordability but silane gas supply is a concern, said OneD CEO. Silicon-enhanced anode materials using silane gas could hold the key to price competitiveness for non-Chinese electric vehicles (EVs), according to the chief executive officer of a US-based silicon-boosted anode developer.

On March 8, Tirupati Graphite announced:

Global graphite outlook. Tirupati Graphite...notes the recent report by Benchmark Mineral Intelligence ("BMI") on the global graphite producers which highlights the strength of the Company's position in this growing market. BMI notes that China currently dominates today's supply chain, but as can be seen on their newly released map, the supply being developed globally is expected to shift this balance. BMI anticipates that by 2030 more production will have come on stream outside of China including in North America, Africa and Australia. Importantly for Tirupati, Africa is set to become a key producer of natural flake graphite with the continent forecast to produce an estimated 38% of the world's mined supply by 2030. The top 3 producing nations by 2030 in the world are expected to be China, Mozambique, and Madagascar - overlapping significantly with Tirupati's footprint in Mozambique and Madagascar.

On March 18, Tirupati Graphite announced: "...Flake Graphite Markets

• The flake Graphite Market continues to evolve around the energy transition and the changing geopolitics resulting from the implementation of Chinese export restrictions of natural flake graphite and its products from December 2023.
• The Company continues to receive significant inbound inquiries from markets globally, including from China.
• Growing numbers of consumers are looking for current and near term, alternatives of flake graphite to Chinese sources for their sourcing needs to satisfy security of supply concerns over the long term.
• Extensive marketing activities continue in preparation of volume production from the Madagascar projects and in advance of expansion planned by the Company to meet growing forecast global graphite demand.
• The Company has seen significant signs of a turnaround from the subdued price of flake graphite in recent weeks and notes the forecast by various reputable market research entities of a potential flake graphite shortage to kick in over the next few quarters.
• The recently published Global Graphite Landscape map by Benchmark Minerals Intelligence highlights the few producers outside of China such as the Company and the few current suppliers available to support growing ex-China demand."

On March 25 Fastmarkets reported:

China's Jan-Feb graphite exports plunge amid export controls. China's graphite exports continued to fall in the first two months of 2024 after the implementation of the export controls on certain graphite-related products on December 1, 2023. Total exports of flake graphite (HS Code: 25041010) stood at 3,236 tonnes in the first two months of 2024, down by 77.66% from 14,483 tonnes in the same period in 2023, according to data from China's customs. Total exports of spherical graphite (HS Code: 25041091) stood at 2,567 tonnes in January and February, down by 64.54% from7,240 tonnes in the same period in the previous year. The drop in China's graphite exports in the first two months of 2024 was in line with market expectations given that the significant rise in shipments in November 2023 has provided consumers with sufficient inventory until February, sources said. There is also uncertainty surrounding how long it will take for export licenses to be issued by China's Ministry of Commerce, sources added.

Graphite miners news

Graphite producers

We have not covered the following graphite producers as they are not typically accessible to most Western investors. They include - Aoyu Graphite Group, BTR New Energy Materials, Qingdao Black Dragon, National de Grafite, Shanshan Technology, and LuiMao Graphite.

Note: AMG Critical Materials N.V. [AMS:AMG] [GR:ADG] (OTCPK:AMVMF) is also a "diversified producer", producing graphite, vanadium, and lithium.

Syrah Resources Limited [ASX:SYR] [GR:3S7] (OTCPK:SYAAF) (OTCPK:SRHYY)

Syrah Resources Limited owns the Balama graphite mine in Mozambique. Syrah is also a vertically integrated producer of natural graphite Active Anode Material ("AAM") at their Vidalia facility, Louisiana, USA.

On March 1, Syrah Resources announced: "Syrah signs Balama binding Offtake with Posco Future M." Highlights include:

• "Binding long-term offtake agreement signed with Posco Future M for Balama natural graphite product.
• Agreement highlights increasing demand for Balama natural graphite from ex-China anode and battery supply chain.
• Posco Future M is one of the largest active anode material ("AAM") producers globally and is planning to significantly increase its natural graphite AAM production capacity this decade."

On March 13, Syrah Resources announced: "Syrah announces equity raising." Highlights include:

• "Syrah to raise approximately A$98 million (US$65 million1) through a fully underwritten institutional placement and 1 for 10.2 pro rata accelerated non-renounceable entitlement offer.
• Proceeds of the Equity Raising will be used to preserve Balama operating mode optionality, fund Vidalia operating costs and reserve accounts under its loan with the US Department of Energy, support Vidalia's ramp-up and progress in product qualification, and accelerate AAM development.
• AustralianSuper, Syrah's largest shareholder, with a current shareholding of ~17.8% in Syrah, has committed to take up its full pro-rata entitlement in the Institutional Entitlement Offer and subscribe for New Shares under the Placement.
• Syrah and AustralianSuper have agreed to the conversion of Series 1 and 3 Notes2 into New Shares at a revised conversion price of A$0.6688 per share, subject to Syrah shareholder approval.
• AustralianSuper's shareholding in Syrah is expected to increase from ~17.8% to no more than ~31.9%3 with the completion of the Equity Raising and Series 1 and 3 Notes Conversion."

Catalysts:

• 2024 - Outcome of the U.S Gov. additional US$350 million ATVM loan application to help fund Vidalia expansion.

Natural graphite and AAM demand will increase three and five times, respectively, over the next 10 years

Ceylon Graphite [TSXV:CYL] [GR:CCY] (OTCQB:CYLYF)

Ceylon Graphite has 'Vein graphite' production out of one mine in Sri Lanka with 121 square kilometers of tenements.

No news for the month.

Mineral Commodities Ltd. ("MRC") [ASX:MRC]

Skaland Graphite is 100% owned by MRC. Skaland is the highest grade flake graphite operation in the world and largest producing mine in Europe; with immediate European graphite production of up to 10,000 tonnes per annum with regulatory approval to increase to 16,000. MRC plans to demerge its Norwegian graphite assets into a newly incorporated Norway company branded as Ascent Graphite.

On February 29, Mineral Commodities Ltd. announced:

Appendix 4E: preliminary financial report 31 December 2023...The loss after tax of $10,077,394 includes an $8,938,322 impairment of assets...

Tirupati Graphite [LSE:TGR]

On March 7, Tirupati Graphite announced:

Corporate update...In addition to commissioning the Madagascar projects, the Company has acquired two development stage projects in Mozambique which host higher percentages of finer flake graphite used in lithium ion batteries with the potential to provide the Company with sufficient resources to achieve its long term goal of establishing capacity equivalent to 8% of global demand across its projects in Madagascar and Mozambique in the longer-term, equivalent to circa 400,000tpa per research by various sources which suggest overall global flake graphite demand is to exceed 5,000,000tpa by 2030. As announced in January 2024, operations in Madagascar continue across the two projects having been optimised further using the proceeds of the recent fundraise (see 17 January 2024 RNS). The Company remains engaged in pursuing options to secure additional funding for the balance of c. £1 Million working capital required to bring its production up to the immediate target of 1,500 - 1,600 tons per month on a consistent basis and for immediate term growth in capacity at Madagascar in two stages from the current 30,000tpa capacity to 36,000 tpa initially, and 54,000 tpa subsequently... Due diligence work continues with DFI's for funding the expansion of the Company's effective production at Madagascar first to 36,000tpa in the near term and then to 54,000tpa thereafter through the addition of a new 18,000 tpa module...

On March 18, Tirupati Graphite announced: "Business development update." Highlights include:

Overview

• "The Company announced achieving bulk production of 97% purity jumbo flake Graphite from its projects in Madagascar on 4 April 2023.
• Bulk commercial production of 97% purity jumbo flake Graphite from primary operations is a significant technical achievement, rarely replicated outside China.
• The Company achieved prequalification of this product with a German buyer and supplied a bulk commercial scale full container load for product trials by the customer, which has been successful.
• As a result, the Company received a further final qualification order from the buyer and has now shipped the next full container load of the material to the buyer.
• The qualification shipment was supplied on normal commercial terms and reflecting the premium value of this product.
• Upon receipt and approval of this final qualification container, the Company expects to receive monthly shipment orders from the buyer.
• The 97% purity jumbo flake material commands a premium of greater than 25% over the normal up to 94% purity grades and upon regular orders being received, has a potential to positively impact the Company's basket price realisation.
• Qualification of high grade, premium priced products continue simultaneously with other prospective customers in Europe and North America. Such qualifications are typically a long gestation period given that the applications of such products are technologically demanding.
• The Company continues to remain focused on achieving a value product through technical enhancements to its production facilities in Madagascar and to build its business in a step-by-step approach.
• The achievement of initiating significant supply volumes to European customers of this high quality, and high value product complements the Company's efforts to develop market share for its whole flake graphite product basket produced in Madagascar."

Northern Graphite [TSXV:NGC][FRA:ONG] (OTCQB:NGPHF)

Northern Graphite purchased from Imerys the Lac des Iles producing graphite mine in Quebec and the Okanjande graphite deposit/Okorusu processing plant in Namibia. They also own the Bissett Creek graphite project located 100km east of North Bay, Ontario, Canada and close to major roads and infrastructure. The Company has completed an NI 43-101 Bankable final Feasibility Study and received its major environmental permit.

On March 4, Northern Graphite announced:

Northern Graphite rebrands to reflect vertically integrated, mine-to-market identity...The Company's new brand comes with the recent launch of its dedicated Battery Minerals Group ("NGCBM") to redefine carbon material solutions for industrial markets and meet the growing needs of Western markets for battery anode material. "Our new brand reflects the ambitious journey we began nearly two years ago to redefine Northern from a graphite producer to a fully integrated, mine-to-market-to-battery company," said Chief Executive Officer Hugues Jacquemin. "We have turned the page. Our role today extends well beyond mining and extraction. We are a technology company with the expertise to produce Battery Anode Material that is tailored to the precise specifications of battery makers for electric vehicles in North America...We see a clear pathway and have a plan to become a 100,000-tonnes-per-year (tpy) producer of battery-grade graphite in the near-term."

On March 7, Northern Graphite announced: "Northern Graphite to not exercise or extend option to acquire stake in NeoGraf Solutions..."

On March 19, Northern Graphite announced: "Northern Graphite engages ICP Securities Inc. for Automated Market Making Services..."

NextSource Materials Inc. [TSX:NEXT] [GR:1JW] (OTCQB:NSRCF)

NextSource Materials Inc. 100% owns the Molo Graphite Mine in Madagascar. The Company also has the Green Giant Vanadium Project on the same property.

No news for the month.

Gratomic Inc. [TSXV:GRAT] [GR:CB82] (OTCQX:CBULF)

Gratomic's Aukam Graphite Project is located in Namibia, Africa. Gratomic also 100% own the Capim Grosso Graphite Project in Brazil. Gratomic is also collaborating with Forge Nano to develop a second facility for graphite micronization and spheronization.

No news for the month.

Leading Edge Materials [TSXV:LEM] (OTCQB:LEMIF)

Leading Edge Materials Corp. is a Canadian company focused on becoming a sustainable supplier of a range of critical materials. Leading Edge Materials' flagship asset is the Woxna Graphite Project and processing plant in central Sweden. The company also owns the Norra Karr REE project, and the 51% of the Bihor Sud Nickel-Cobalt exploration stage project in Romania.

On March 22, Leading Edge Materials Corp. announced: "Leading Edge Materials reports quarterly results to January 31, 2024." Highlights include:

• "...Woxna Graphite Mine. We maintain our built and permitted Woxna graphite mine and plant on care and maintenance, while monitoring market signals to consider a restart of graphite concentrate production, as the first step to developing a downstream anode business. Despite the looming demand-supply deficit, flake graphite prices have remained weak this past year.[1] Increased capacity in Chinese synthetic graphite production has been an important factor."

Graphite developers

Evion Group NL [ASX:EVG] - (Formerly BlackEarth Minerals [ASX:BEM])

On February 28, Evion Group NL announced: "Commissioning continues as production set to commence." Highlights include:

On March 7, Evion Group NL announced: "Development continues in Madagascar..."

On March 8, Evion Group NL announced:

Half yearly report and accounts...Throughout the six-month period to 31 December 2023, Evion continued to progress development activities across all projects in India, Madagascar and Australia.

South Star Battery Metals [TSXV:STS] (OTCQB:STSBF)

South Star Battery Metals' Santa Cruz Graphite Mine (in Bahia Brazil) Phase 1 commercial production is planned to begin in Q1, 2024.The Company also owns the BamaStar Project in Alabama, USA.

On March 5, Southern Star Battery Metals announced:

South Star Battery Metals announces closing of tranche 2 of oversubscribed, non-brokered private placement and two-year extension of the BamaStar Landowners/Mineral Rights Agreement.

On March 25, Southern Star Battery Metals announced:

South Star Battery Metals announces commencement of Preliminary Economic Assessment for the BamaStar Graphite Project in Coosa County, Alabama, USA...

Renascor Resources [ASX:RNU]

Renascor Resources Ltd. is an Australian exploration company, which focuses on the discovery and development of economically viable deposits containing uranium, gold, copper, and associated minerals. Its projects include graphite, copper, precious metals, and uranium.

On February 29, Renascor Resources Ltd. announced:

Electricity infrastructure upgrades commissioned for Siviour Project. Renascor enters connection agreement with SA Power Networks to upgrade the existing electrical distribution network for proposed Siviour mine and processing plant...

On March 14, Renascor Resources Ltd. announced: "Financial report at 31 December 2023..."

Talga Group [ASX:TLG] [GR:TGX] (OTCPK:TLGRF)

Talga Group is a technology minerals company enabling stronger, lighter and more functional materials for the multi-billion dollar global coatings, battery, construction and carbon composites markets using graphene and graphite. Talga 100% owned graphite deposits are in Sweden, proprietary process test facility is in Germany.

On March 15, Talga Group announced:

Half year financial report 31 December 2023...At 31 December 2023, the Company's cash balance was A$32.9 million. On 22 November 2023, the Company secured a SEK210 million (~A$31 million) environmental bond facility for its Vittangi Anode Project in Sweden...

Westwater Resources (WWR)

Westwater Resources Inc. is developing an advanced battery graphite business in Alabama. The Coosa Graphite Plant (2023 production start) plans to source natural graphite initially from non-China suppliers and then from the USA from 2028.

On February 27, Westwater Resources announced:

Westwater announces 25% additional increase in Phase I production to 12,500 MT annually while maintaining existing budget. Westwater Resources, Inc. (NYSE American: WWR), an energy technology and battery-grade natural graphite development company ("Westwater" or the "Company"), is announcing an additional increase in Phase I production to 12,500 mt per year of battery-grade natural graphite anode material. In November 2023, Westwater previously announced a capacity increase from 7,500 mt to 10,000 mt per year. During the fourth quarter of 2023 and early 2024, Westwater worked with its third-party engineering firm and equipment manufacturers to increase design capacity of coated spherical purified graphite ("CSPG") production for Phase I of the Kellyton Graphite Processing Plant ("Kellyton Plant"). As a result, Westwater now expects to produce 12,500 MT of CSPG annually - an increase of 25 percent - while remaining within the Phase I cost estimate of $271 million. "Westwater is making great progress commercially with the signing of our first multi-year offtake agreement, and now technically by adding additional Phase I production," said Frank Bakker, Westwater's President and CEO. "We believe the market interest in our CSPG is due in part to the recent Foreign Entity of Concern guidance requiring EV tax credit vehicles use of IRA-compliant graphite by 2025, and by new Chinese export restrictions on graphite that have reduced security of supply."

On March 20, Westwater Resources announced:

Westwater Resources announces 2023 business and financial updates. First contract executed to Supply Natural purified graphite anode material to a Leading Manufacturer of EV Batteries. Increase in anticipated annual Phase I CSPG production to 12,500 MT while maintaining existing budget. Over $119 million invested in Kellyton Graphite Plant construction.

Magnis Energy Technologies Ltd [ASX:MNS] (OTCPK:MNSEF)

Magnis is an Australian based company that has rapidly moved into battery technology and is planning to become one of the world's largest manufacturers of lithium-ion battery cells. Magnis has a world class graphite deposit in Tanzania known as the Nachu Graphite Project.

On March 4, Magnis Energy Technologies announced: "Nachu Graphite Project Funding update." Highlights include:

• "Singapore-based PEY Capital (PEY) is in an exclusivity period to arrange up to $320 Million USD of funding to develop the Nachu Graphite Project.
• PEY is working closely with corporately related Tantel ISAF Group Limited (Tantel) to provide local financial and operational support services in Tanzania.
• Tantel is one of the largest private investors in Tanzania with businesses in multiple industries including Pharmaceutical, Aviation, Agriculture, Finance, and Technology."

On March 15, Magnis Energy Technologies announced:

Financial report for the half-year ended 31 Dec 2023...As at 31 December 2023, the Group held $528,644 in cash...

Black Rock Mining [ASX:BKT]

On March 18, Black Rock Mining announced: "Black Rock confirms approvals now in place for US$153m in loan facilities from DBSA, IDC and CRDB, completing debt funding for Mahenge." Highlights include:

• "As announced previously, Black Rock has secured the key approvals for the US$113m Term Loan for Mahenge, which, subject to documentation, is expected to comprise: US$59.6m from The Development Bank of Southern Africa (DBSA); and US$53.4m from the Industrial Development Corporation of South Africa (IDC).
• Black Rock has also secured the key approvals for US$40m in additional debt facilities from Tanzanian lender CRDB Bank (CRDB). Subject to documentation, the ancillary debt facilities are expected to comprise: US$20m Working Capital Facility; and US$20m Cost Overrun Facility."

Nouveau Monde Graphite [TSXV:NOU] (NMGRF) (NMG) and Mason Graphite [TSXV:LLG] [GR:M01] (OTCQX:MGPHF)

Nouveau Monde Graphite ("NMG") own the Matawinie Graphite Project, located in the municipality of Saint-Michel-des-Saints and the Lac Guéret Project.

On February 26, Nouveau Monde Graphite announced:

NMG is gearing up for its Phase 2 commercial operations in Bécancour - Innovative workforce training program established and relationships forged with contractors and suppliers...Progress in pre-construction, permit applications, and engineering for the final investment decision, supported by offtake and investment agreements with GM and Panasonic + Implementation of NMG's Phase-2 Bécancour Battery Materials Plant in the heart of the Bécancour industrial park, where construction on the GM Posco, Ford and Nemaska Lithium plants is underway.

On February 28, Nouveau Monde Graphite announced:

NMG announces the successful closing of the US$50 million tranche 1 investment by GM and Panasonic...The Warrants are subject to a hold period of 4 months and one day expiring on June 29, 2024...

Greenwing Resources Limited [ASX:GW1] (OTCPK:BSSMF)

No news available (website error).

Triton Minerals [ASX:TON][GR:1TG]

Triton Minerals Ltd. engages in the acquisition, exploration and development of areas that are highly prospective for gold, graphite and other minerals. Triton has two large graphite projects in Mozambique, not far from Syrah Resources Balama Project.

No news for the month.

SRG Mining Inc. [TSXV:SRG] [GR:18Y] [Formerly SRG Graphite Inc.]

SRG is focused on developing the Lola graphite deposit, which is located in the Republic of Guinea, West Africa. The Lola Graphite occurrence has a prospective surface outline of 3.22 km2 of continuous graphitic gneiss, one of the largest graphitic surface areas in the world. SRG owns 100% of the Lola Graphite Project. SRG and C-ONE plan to develop an anode material facility in Morocco.

On March 5, SRG Mining Inc. announced: "SRG terminates proposed transactions with C-ONE..."

EcoGraf Limited [ASX:EGR] [FSE:FMK] (OTCQB:ECGFF)

On February 27, EcoGraf Limited announced:

German Research Institute confirms recycled graphite performance. Lithium-ion cell confirms excellent cycling stability after 1000 cycles...

On March 11, EcoGraf Limited announced:

127% increase in the Epanko Mineral Resource. Epanko is the largest development ready Graphite Mineral Resource in Africa, now totalling 290.8Mt at 7.2% TGC...

On March 13, EcoGraf Limited announced: "Interim financial report for the half-year ended 31 December 2023..."

On March 19, EcoGraf Limited announced:

Australian patent update. EcoGraf Limited ("EcoGraf" or the "Company") (ASX: EGR; FSE: FMK; OTCQB: ECGFF) advises that the delegate of the Australian Commissioner of Patents has issued findings in favour of opposition raised to the Company's Australian patent application, filed on 1 November 2022 and entitled "Method of Producing Purified Graphite"...The findings of the delegate have no impact on EcoGraf's rights to develop EcoGraf HFfree™ purification facilities within Australia, though protection of the Company's investment in proprietary processing, innovation and new technology provides an important competitive advantage and the development of Australian technologies supported by patents strongly aligns with the core principles of the Australian Government's Critical Minerals Strategy...

On March 26, EcoGraf Limited announced:

Product qualification facility commissioning commenced. 'State of the Art' Facility utilising EcoGraf HFfree™ Proprietary Technology to provide high purity battery anode material to the Global Battery and EV markets...

Lomiko Metals Inc. [TSXV:LMR](OTCQB:LMRMF)

Lomiko has two projects in Canada - La Loutre graphite Project (flagship) (100% interest) and the Bourier lithium Project (70% earn in interest).

No news for the month.

Metals Australia [ASX:MLS]

On March 13, Metals Australia announced:

Interim financial report for the half year ended 31 December 2023...The Group incurred a loss after income tax of $83,039 (2022: loss of $305,454) for the half year period. As at 31 December 2023 the Group had cash funds of $14,970,149 (30 June 2023: $15,920,663). Net assets of the group have decreased by $201,539 from $34,016,318 at 30 June 2023 to $33,814,779 at 31 December 2023.

On March 25, Metals Australia announced:

Metallurgical programs set to commence to advance development pathway at Lac Rainy. Test-work to run in parallel with other key development workstreams to unlock the world-class potential of the high-grade flake graphite project...

NGX Limited (100% owned subsidiary of Sovereign Metals [ASX:SVM] [GR:SVM][LSE:SVML])

On March 13, Sovereign Metals announced:

Interim financial report for the half year ended 31 December 2023...At 31 December 2023, the Group had cash reserves of $39,436,707 (30 June 2023: $5,564,376) placing it in an excellent financial position to continue with the development of Kasiya...

On March 20, Sovereign Metals announced: "Representative bulk sample shipped." Highlights include:

• "First 30 tonnes of ore from Kasiya delivered to engineering consultant laboratory in South Africa.
• Ore sample to be used for advanced material handling tests as part of PFS optimisation.
• Testwork program designed and approved in collaboration with strategic investor Rio Tinto."

Sarytogan Graphite [ASX:SGA]

Sarytogan Graphite has an Indicated and Inferred Mineral Resource of 229Mt @ 28.9% TGC in Central Kazakhstan.

On March 5, Sarytogan Graphite announced: "Five nines graphite purity exceeded." Highlights include:

• "2.2kg of Sarytogan Five Nines Graphite produced at up to 99.9992% C.
• Sarytogan Five Nines Graphite is more than 50 times purer than battery specification.
• Sarytogan Five Nines Graphite expected to be suitable for the nuclear industry at super-premium prices, further broadening the offering of value-added products from Sarytogan...
• Testing of Li-ion batteries made with Sarytogan Coated Spherical Purified Graphite (CSPG) proceeding."

On March 14, Sarytogan Graphite announced: "Interim report - 31 December 2023..."

Albany Graphite Corp. (100% owned subsidiary of Zentek Ltd. [TSXV:ZEN] (ZTEK)

On March 25, Zentek Ltd. announced:

Zentek announces promising preclinical safety and toxicity results achieved by Triera Biosciences Ltd. for C19HBA..."As we presented our results of C19HBA a main concern raised was whether the therapeutic/prophylactic was safe to use. Although further work is required, this data supports that our aptamer platform is safe and works in a manner that we expected...

Other graphite juniors

Armadale Capital [AIM:ACP], Castle Minerals [ASX:CDT], DNI Metals [CSE:DNI] (OTC:DMNKF), Eagle Graphite [TSXV:EGA] [GR:NJGP] (OTC:APMFF), Elcora Advanced Materials Corp. [TSXV:ERA] (OTCPK:ECORF), Electric Royalties [TSXV:ELEC], E-Power Resources [CSE:EPR], Evolution Energy Minerals [ASX:EV1] (OTCPK:EVMIF), Focus Graphite [TSXV:FMS][GR:FKC] (OTCQB:FCSMF), Graphite One Resources Inc. [TSXV:GPH] [GR:2JC] (OTCQX:GPHOF), Green Battery Minerals Inc. [TSXV:GEM] (OTCQB:GBMIF), Infinity Stone Ventures [CSE:GEMS] (OTCQB:GEMSF), International Graphite [ASX:IG6], Lithium Energy Limited [ASX:LEL], New Energy Metals Corp. [ASX:NXE], Volt Carbon Technologies [TSXV:VCT] (OTCQB:TORVF), Volt Resources [ASX:VRC] [GR:R8L], Reflex Advanced Materials Corp. [CSE:RFLX] (OTCQB:RFLXF), Walkabout Resources Ltd [ASX:WKT].

Spherical Graphite companies

• Aoyu Graphite Group
• Battery Minerals Ltd [ASX:BAT]
• Graphex Group [HKG: 6128] (GRFX)
• Imerys Graphite & Carbon [FR:NK](OTCPK:IMYSF) (OTCPK:IMYSY)
• Jixi BTR graphite Industrial Park
• Qingdao Black Dragon Graphite Group
• Qingdao Yanxin Graphite Products Co.
• Syrah Resources Limited [ASX:SYR] (OTCPK:SYAAF)
• Yingkou Botian Material Technology Limited Comp

Synthetic Graphite companies

• GrafTech International (EAF)
• Resonac Holdings [TYO:4004)
• BTR New Material Group [BJSE:835185]
• Lianyungang Jinli Carbon
• Shanshan Technology (SHA:600884)
• SGL Carbon [ETR:SGL] (OTCPK:SGLFF)
• Novonix Ltd [ASX:NVX](NVX)

Graphene companies

• Archer Materials [ASX:AXE]
• Black Swan Graphene Inc. [TSXV:SWAN]
• Elcora Advanced Materials Corp. [TSXV:ERA](OTCPK:ECORF)
• First Graphene [ASX:FGR] (OTCQB:FGPHF)
• Graphene Manufacturing Group Ltd [TSXV:GMG]
• NanoXplore Inc. [TSXV:GRA] (OTCQX:NNXPF)
• Strategic Elements Ltd [ASX:SOR]
• Zentek Ltd. [TSXV:ZEN] (ZTEK)

Conclusion

March saw China flake graphite prices mixed and generally flat.

Highlights for the month were:

• Expanded graphite market expected to reach USD 567.2 million by 2031, with a projected CAGR of 9.8%.
• Silicon anodes could boost EV affordability but silane gas supply is a concern.
• BMI anticipates that by 2030 more production will have come on stream outside of China including in North America, Africa and Australia.
• Tirupati Graphite quotes - "...forecast by various reputable market research entities of a potential flake graphite shortage to kick in over the next few quarters."
• Fastmarkets - China's Jan-Feb graphite exports plunge amid export controls.
• Syrah signs Balama binding Offtake with Posco Future M. Syrah to raise approximately A$98 million in institutional equity raising.
• Northern Graphite rebrands to reflect vertically integrated, mine-to-market identity.
• Evion Group NL announced commissioning continues as production set to commence.
• Westwater Resources announces 25% additional increase in Phase I planned production to 12,500 MT annually.
• Magnis Energy Technologies - Singapore-based PEY Capital is in an exclusivity period to arrange up to US$320m of funding to develop the Nachu Graphite Project.
• Black Rock Mining confirms approvals now in place for US$153m in loan facilities from DBSA, IDC and CRDB, completing debt funding for Mahenge.
• Nouveau Monde Graphite announces the successful closing of the US$50 million tranche 1 investment by GM and Panasonic.
• EcoGraf - 127% increase in the Epanko Mineral Resource. Epanko is the largest development ready Graphite Mineral Resource in Africa, now totalling 290.8Mt at 7.2% TGC. Product qualification facility commissioning commenced.
• Sarytogan Graphite - 2.2kg of Sarytogan Five Nines Graphite produced at up to 99.9992% C.

As usual all comments are welcome.

Editor's Note: This article discusses one or more securities that do not trade on a major U.S. exchange. Please be aware of the risks associated with these stocks.

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