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2026-11-06
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EcoGraf Limited

DFS Unfunded Developer · Graphite · Tanzania · United States · Europe · Japan Rating locked: sign in to view v6.2
Last 2026-11-06
A$0.215
1D
—
1M
—
YTD
—
1Y
—
Upside
Locked: sign in to view
Mkt cap
A$99.2M
EV
A$95.4M
Cash
A$3.8M
Debt
A$0
8 newer ASX announcements not yet reflected in this valuation

Portfolio detail

Assets

5 assets

Core asset

Epanko Graphite Project

Tanzania

DFS Unfunded Developer84% ownedGraphite

The 73ktpa BFS remains the development and debt-financing case. September's first-phase, unverified value engineering indicates potential 87.6ktpa with US$12m incremental capex, but no revised NPV; KfW debt and strategic equity remain unclosed. EcoGraf owns 84% of Duma TanzGraphite, while Tanzania holds 16%.

Project location

Approximate location

Loading location…

© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.

Published study economicsIssuer or study metrics
NPVUS$350M10% discount
IRR27%Published return
Initial capexUS$199.3MPublished capital estimate
Operating cost639USD/t first-10-year AISC
Initial capexUS$211.3MPublished capital estimate
Operating cost512.3USD/t concentrate sold FOB, first ten years

Post-tax geared NPV10; initial capital combines US$181.2m construction/establishment and US$18.1m RAP costs, real 2025.

Analyst sum of BFS US$199.3m including RAP and preliminary US$12m incremental capital; issuer has not updated total capital, NPV or IRR. This is not the financing case.

Resources & reserves5
TypeCategoryQuantityGradeContained mineralsDate
Mineral ResourceMeasured32.3 Mt7.8% TGCGraphite2024-03-11
Mineral ResourceIndicated55.7 Mt7.5% TGCGraphite2024-03-11
Mineral ResourceInferred202.8 Mt7.2% TGCGraphite2024-03-11
Ore ReserveProved7.1 Mt8.6% TGCGraphite2026-02-25
Ore ReserveProbable9.6 Mt7.9% TGCGraphite2026-02-25
Tenements1
sml-733-2025Granted18.48 km2 · No expiry supplied
Milestones5
  1. Updated bankable feasibility study

    Achieved · High materiality

  2. Binding project financing and equity solution

    Pending · High materiality

  3. Further offtake conversion beyond 40ktpa initial contracted European volume

    Pending · High materiality

  4. Final investment decision

    Pending · High materiality

  5. Complete BFS-level validation of potential 87.6ktpa case

    Pending · Medium materiality

Permits & approvals2
PermitJurisdictionStatusExpiryCritical path
Special Mining Licence SML 733/2025TanzaniaGranted—No
SML extension required to cover full 22-year BFS lifeTanzaniaRequired—Yes
Economic studies3
StudyStageStatusDateSummary
Epanko Front-End Engineering DesignFeedSuperseded2024-10-21Stage 1 FEED basis later updated and restated in the February 2026 BFS.
Updated Epanko Bankable Feasibility StudyBfsCurrent2026-02-2573,000 tpa oxide-first project with a reported 22-year life and financing assumption of 39% debt.
Epanko first-phase value engineering reviewFeedCurrent2026-09-24Preliminary, unverified 87.6ktpa case with no revised NPV or IRR; 73ktpa BFS remains financing basis.

Material

Tanzania Mechanical Shaping Facility

Tanzania

Scoping Study Developer100% ownedGraphite

Proposed 20,000 tpa shaping facility with siting and updated cost work underway; no construction funding or FID. EIB non-cash technical assistance now funds site, configuration and integration studies; no construction capital is committed.

Published study economicsIssuer or study metrics
Initial capexUS$59MPublished capital estimate
Operating cost419USD/t

Engineering-study capital and operating-cost disclosure; no standalone NPV or financing plan disclosed.

Milestones1
  1. Select site and complete updated capital and operating costs

    Pending · High materiality

Economic studies1
StudyStageStatusDateSummary
Mechanical Shaping Facility engineering studyScoping StudyCurrent2025-09-2320,000 tpa conceptual facility with US$59m initial capital and US$419/t operating cost.

Material

EcoGraf HFfree Purification Facilities

United States · Europe · Japan

PFS Developer100% ownedGraphite

Proprietary purification process demonstrated at qualification scale; commercial facility locations, customer commitments and funding are not finalised. The Mitsubishi and LTT arrangements are non-binding qualification frameworks. The EIB program is study assistance, not plant finance.

Published study economicsIssuer or study metrics
NPVUS$282M10% discount
IRR42%Published return
Initial capexUS$95MPublished capital estimate
Operating cost478USD/t purification process

Pre-tax, nominal 31-year study case for an initial 25,000 tpa US facility; location and funding remain uncommitted.

Milestones2
  1. Select first commercial facility site

    Pending · High materiality

  2. Convert customer qualification and MOUs into binding sales

    Pending · High materiality

Economic studies1
StudyStageStatusDateSummary
25,000 tpa US HFfree purification facility studyUpdated FeasibilityCurrent2025-08-13Conceptual US-location case with US$95m capital, US$282m pre-tax NPV10, 42% IRR and US$478/t purification cost.

Other

Golden Eagle Gold Project

Tanzania

Early Explorer100% ownedGold

EcoGraf currently holds the licences. AngloGold Ashanti can earn 70% by spending US$8.9m over five years; EcoGraf would retain 30% if the earn-in is completed. AngloGold submitted 2,659 soil samples in September 2026; assays remain pending.

Tenements3
pl-13700-2025Granted298.91 km2 · No expiry supplied
pl-13701-2025Granted246.22 km2 · No expiry supplied
pl-13702-2025Granted30.1 km2 · No expiry supplied
Milestones2
  1. AngloGold Ashanti farm-in commenced

    Achieved · High materiality

  2. Initial soil and drone-geophysics results

    Pending · Medium materiality

Permits & approvals1
PermitJurisdictionStatusExpiryCritical path
Golden Eagle prospecting licencesTanzaniaGranted—No

Other

Southern, Northern and Western Frontier Projects

Tanzania

Early Explorer100% ownedGoldCopperNickelLithium

Large early-stage exploration package with gold as the principal target and conceptual copper, nickel and lithium prospectivity; no Mineral Resource has been defined.

Project location

Approximate location

Loading location…

© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.

Tenements5
pl-11837-2022Granted297.36 km2 · No expiry supplied
pl-11839-2022Granted299.63 km2 · No expiry supplied
pl-11840-2022Granted288.87 km2 · No expiry supplied
pl-11841-2022Granted298.26 km2 · No expiry supplied
pl-11915-2022Granted216.94 km2 · No expiry supplied
Milestones1
  1. Generate and test maiden drill targets

    Pending · Medium materiality