EcoGraf (ASX: EGR; FSE: FMK; WKN: A2PW0M) has reported a crucial milestone on the way to the planned debt financing for the development of the Epanko graphite project: The Independent Engineers’ Report (IER) has been completed and submitted to KfW IPEX-Bank! The report is considered a key prerequisite for completing the technical and economic review required for project-related credit financing in accordance with international standards.
According to the company, the final IER was prepared by the lenders’ independent technical consultant and developed as part of a comprehensive due diligence process that had already started in 2024. The aim of this review was to meet the requirements that usually apply to internationally structured project financing. For EcoGraf, the IER is therefore a crucial component in taking the financing of the project to the next phase.
EcoGraf: Technical due diligence as the key to the planned credit line
The IER typically serves to independently assess the technical basis of a project and the underlying planning assumptions in project financing. EcoGraf emphasizes that the completion of the report is an essential step in securing the targeted debt financing for the Epanko graphite project. According to the company, the report has already been submitted to KfW IPEX-Bank, which plays a central role in the financing project.
EcoGraf had previously announced that KfW IPEX-Bank had been mandated to arrange a senior secured loan facility of up to USD 105 million for the Epanko project. According to the company, this financing is planned in the context of the German “Untied Loan Guarantee” program. From EcoGraf’s point of view, the now completed IER fulfills a key requirement that lenders regularly require as part of their technical review.
Epanko graphite project: Supplementary environmental and social standards move into focus
EcoGraf places the IER in a larger context of preparatory work that is geared towards the requirements of international lenders. The company points out that the completion of the report complements the previously communicated measures that were developed in relation to environmental and social standards.
These included a Resettlement Action Plan (RAP) as well as environmental baseline studies, impact analyses and management plans. According to EcoGraf, these components should help to bring the project documentation into line with international requirements. The company cites standards and frameworks that lenders often use as examples, including the IFC Performance Standards, the Equator Principles, the Global Industry Standard on Tailings Management and the World Bank’s Environmental, Health and Safety Guidelines.
For EcoGraf, this block of documents is relevant insofar as project financing in the raw materials sector is increasingly linked to documented environmental and social audits in addition to the technical assessment. With the IER, the company now sees another central hurdle on the way to debt financing being overcome.
Next step: Updated Bankable Feasibility Study expected in February 2026
With the submission of the IER, EcoGraf’s focus is shifting to the next milestone relevant to documentation and planning: the company wants to finalize an updated Bankable Feasibility Study (BFS) for the Epanko graphite project. According to the company, this BFS is expected to be available in February 2026.
EcoGraf classifies the updated BFS as the next logical step after the completion of the IER. In project financing, the BFS is regularly a central document because it structurally combines technical design, project parameters and economic assumptions. Accordingly, the update – in conjunction with the environmental and social documents that have already been prepared – should form the basis for further progress in the financing process.
The completion of the Independent Engineers’ Report and the expected updated BFS in the coming month mark the next fixed points for EcoGraf (ASX: EGR; FSE: FMK; WKN: A2PW0M) on the way to the targeted debt financing of the Epanko graphite project in Tanzania.
