EcoGraf Limited (“EcoGraf” or “the Company”) (ASX: EGR; Frankfurt: FMK) is pleased to announce the completion of key technical documents for the Independent Engineers’ Report (IER), which is a key prerequisite for securing debt financing for the development of the Epanko Graphite Project (the “Epanko Project”).
An initial IER report was submitted to KfW IPEX-Bank by the lenders’ independent technical advisor following a rigorous technical due diligence program initiated in 2024 to comply with international project finance standards.
As previously announced, the Company has mandated KfW IPEX-Bank to arrange a senior secured debt facility of up to US$105 million for the Epanko Project under the German Untied Loan Programme.
The completion of the IER will be a significant milestone and will complement the previously submitted Resettlement Action Plan (RAP), environmental baseline studies, impact assessments, and management plans. The Company has developed these to comply with the lenders’ international environmental and social standards, including, among others, the IFC Performance Standards, the Equator Principles, the Global Industry Standard on Tailings Management, and the World Bank Environmental, Health, and Safety Guidelines.
These milestones pave the way for the appointment of the independent expert. The independent expert will ultimately inform the Interministerial Committee of the German Federal Government in connection with securing a binding cover offer. Negotiations on the term sheet, which commenced earlier this year, will now be concluded by the first quarter of 2026.
Michael Waitz, Director and Co-Head of Metals and Mining at KfW IPEX-Bank, commented on the positive progress as follows: “We are pleased to support EcoGraf, which shares our commitment to sustainable development and responsible innovation. Together, we are advancing projects that not only bring economic growth but also meet the highest environmental and social standards. This collaboration reflects our shared vision to create resilient supply chains, drive clean energy solutions, and contribute to a low-carbon future for communities worldwide.”
The Company is also pleased to announce that, following positive discussions with KfW IPEX-Bank in Frankfurt, EcoGraf has been given the opportunity to explore development finance instruments available through the KfW Group (www.kfw.de) (“KfW”) that could support the Epanko Project and surrounding communities.
KfW is one of the world’s leading development banks, headquartered in Germany. Both KfW DEG and KfW Development offer a range of financing instruments:
- The funding from KfW DEG focuses on financing private sector investments in developing and emerging countries to promote sustainable economic growth and improve living conditions.
- KfW Development promotes sustainable development on behalf of the German Federal Government to implement development cooperation projects in developing and emerging countries.
KfW Development has an office in Dar es Salaam, Tanzania, and has significantly contributed to Tanzania’s sustainable development on behalf of the German Federal Government through projects focusing on water supply, climate resilience, biodiversity conservation, and renewable energies. Furthermore, the co-financing of the Kakono hydropower project underscores KfW’s commitment to expanding renewable energies and reducing reliance on fossil fuels. Overall, these projects align with Tanzania’s Vision 2025, which promotes economic growth, environmental protection, and an improved standard of living.
The Epanko Project is the cornerstone of EcoGraf’s strategy to supply natural flake and high-purity graphite products to the German industry and the global lithium-ion battery market. With a strong focus on environmental protection, social responsibility, and economic growth, EcoGraf’s values are closely aligned with KfW’s mission to finance projects that contribute to climate protection, resource efficiency, and sustainable infrastructure.
This announcement has been authorised for release by Andrew Spinks, Managing Director.
For further information, please contact:
Investors
Andrew Spinks
Managing Director
T: +61 8 6424 9002
About EcoGraf
EcoGraf is building a diversified battery anode material business to produce high-purity graphite products for the lithium-ion battery and advanced manufacturing markets. Over US$30 million has been invested to date to establish two highly attractive, development-ready business units, including:
• Epanko Graphite Mine in Tanzania;
• Mechanical Shaping Facility in Tanzania;
• EcoGraf HFfree® purification facilities located near electric vehicle, battery, and battery anode manufacturers; and
• EcoGraf HFfree® purification technology to support battery anode recycling.
In Tanzania, the Company is developing the TanzGraphite natural flake graphite business, commencing with the Epanko Graphite Project, to ensure a long-term, scalable supply of raw material for the EcoGraf™ battery anode material processing facilities, as well as high-quality large flake graphite products for industrial applications.
Furthermore, the Company is in the process of completing its Ifakara mechanical shaping facility in Tanzania, where natural flake graphite is processed into spherical graphite (SPG). This mechanical micronisation and spheronisation is the first step in converting high-grade flake graphite concentrate into battery-grade anode material used in the manufacture of lithium-ion batteries.
Utilising its superior, environmentally friendly EcoGraf HFfree™ purification technology, the Company plans to produce 99.95% high-performance battery anode material to support electric vehicle, battery, and anode manufacturers in Asia, Europe, and North America as the world transitions to clean, renewable energy.
Battery recycling is crucial for improving supply chain sustainability. By successfully applying the EcoGraf HFfree® purification process for battery anode material recycling, the Company has a unique opportunity to support its customers in reducing their CO2 emissions and lowering their battery costs.
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This is a translation of the English press release. Only the English press release is binding and contains photos. No liability is assumed for the accuracy of the translation.
