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2026-11-06
◂ Monitor EGR ASX

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

Funding, performance and ownership

Financials & Capital

As of 2026-06-30
Cash A$3.8M Finite
Debt A$0 Net cash A$3.8M
Basic shares 461.6M 2026-09-23
Runway 1.59 quarters Appendix 5B item 8.7 divides A$3.816m available funding by A$2.407m quarterly relevant outgoings.

Liquidity

Financial position

A$3.817m audited cash and no interest-bearing debt at 30 June 2026. Appendix 5B implies about 1.59 quarters at June-quarter relevant outgoings. The A$2m underwritten SPP was still open at cutoff and is excluded from cash. The auditor flags material going-concern uncertainty; the KfW mandate and non-cash EIB technical assistance are not available cash.

Capital structure

Ownership and dilution

Ordinary shares
461.6M
Fully diluted
469.1M

FY2026 annual report note 16 bridges 454,131,819 FY2025 ordinary shares through 7,169,395 performance-right conversions and 250,000 third-party shares to 461,551,214 at 30 June 2026. The 23 September register is unchanged; 7,498,894 rights remain. The underwritten SPP is open, and no proposed shares are counted before issue.

Security classes2
ClassTypeQuantityStrikeExpiry
Ordinary fully paid sharesOrdinary Share461.6M——
Unlisted incentive performance rightsPerformance Right7.5MA$0—

KPI history

Operating metrics

1 periods
Operating metric source table2
MetricProjectPeriodPeriod typeValueStatus
OtherCompanyFY2026Year-2,292,000 AUD net loss after taxReported
Free Cash FlowCompanyFY2026Year-7,901,000 AUD operating plus investing cash flowSource Derived
Company guidance3
MetricProjectPeriodLowHighStatus
Initial Graphite Concentrate ProductionepankoOxide phase after construction and ramp-up73,00073,000 tpaCurrent
Potential Update On Advanced Offtake NegotiationsepankoQuarter ending 30 September 2026—— qualitative milestoneCurrent
Preliminary Potential Stage 1 Concentrate ProductionepankoPost-FID optional engineering case, not current BFS financing plan87,60087,600 tpaCurrent

Capital history

Capital events

2 events · newest first
DateEventAmountSharesPriceStatusTerms
2026-09-03RaisingFully Paid Ordinary SharesA$2M——OngoingUnderwritten to approximately A$2m before costs; can accept more. Not completed or in current share count at cutoff.Period 2026-09-07 to 2026-09-28 · 20% discount to last five trading days' VWAP before issue · Canaccord Genuity (Australia) Limited
2026-07-30DebtUS$105M——AnnouncedMandate for up to US$105m; not a drawn or binding facility at the company-data date.Senior secured project loan under Germany's UFK scheme; non-binding eligibility and lender diligence remain outstanding. · KfW IPEX-Bank · Holder approval required

Contracts and ownership

Material economic arrangements These are deals that can affect sales, costs, funding or ownership. An arrangement marked “Included in valuation” may already be built into a project estimate or the bridge to shareholder value. A separate amount is shown only when one can be estimated; do not add it again.

Complete As Disclosed · as of 2026-09-26

FY2026 annual report and subsequent material releases reviewed against earlier annual and June quarterly. No commodity or FX hedges disclosed; annual report expressly says the group has no FX derivatives. Confidential offtake floor is unquantifiable.

Government of Tanzania holds a 16% free-carried stake in Epanko vehicle Duma TanzGraphite; EcoGraf economic interest is 84% and is applied once in attributable NAV.

Free Carry · Active
Counterparties
Government of Tanzania · Duma TanzGraphite Limited
Applies to
Epanko Graphite Project · Graphite
Economic direction
Burden
Period
Dates not stated
Key terms
Government free carried interest: 16 %
How it affects our valuation

No valuation treatment is available for this arrangement.

Binding legacy European natural-flake offtake for 20ktpa; realized pricing detail is not disclosed, so no independent price premium is added to the BFS basket.

Offtake · Active
Counterparties
tk accelis Trading GmbH
Applies to
Epanko Graphite Project · Graphite
Economic direction
Mixed
Period
From 2015-08-25; no end date stated
Key terms
Annual contracted natural-flake volume: 20,000 tpa
How it affects our valuation

No valuation treatment is available for this arrangement.

Binding preliminary term sheet supersedes the earlier German trader agreement; definitive long-form documentation remains to be negotiated. Market-reference pricing has an undisclosed floor, so no numerical hedge benefit is assumed.

Offtake · Conditional
Counterparties
Undisclosed German graphite trader
Applies to
Epanko Graphite Project · Graphite
Economic direction
Mixed
Period
From 2026-08-12; no end date stated
Key terms
Initial volume: 20,000 tpa
Years six through ten volume: 40,000 tpa
Pricing floor: — USD/t
How it affects our valuation

No valuation treatment is available for this arrangement.

AngloGold funds up to US$9m of Golden Eagle exploration over five years to earn 70%; EcoGraf currently owns the licences and would retain 30% on completion. No resource or cash receipt is assumed.

Farm Out · Active
Counterparties
AngloGold Ashanti Plc
Applies to
Golden Eagle Gold Project · Gold
Economic direction
Mixed
Period
From 2025-12-17; no end date stated
Key terms
Partner earn-in spend: 9,000,000 USD
Earnable project interest: 70 %
How it affects our valuation

No valuation treatment is available for this arrangement.

EIB provides up to EUR2m non-cash technical assistance across expansion and integration studies; it is not shareholder-discretionary cash or construction financing.

Strategic Partnership · Active
Counterparties
European Investment Bank
Applies to
Epanko Graphite Project · Tanzania Mechanical Shaping Facility · EcoGraf HFfree Purification Facilities · Graphite
Economic direction
Benefit
Period
From 2026-09-21; no end date stated
Key terms
Technical assistance ceiling: 2,000,000 EUR
How it affects our valuation

No valuation treatment is available for this arrangement.

Non-binding framework for natural flake and spherical graphite qualification and potential sales up to 10ktpa SpG; no revenue is booked in base NAV.

Strategic Partnership · Conditional
Counterparties
Mitsubishi Chemical Corporation
Applies to
Epanko Graphite Project · Tanzania Mechanical Shaping Facility · EcoGraf HFfree Purification Facilities · Graphite
Economic direction
Benefit
Period
From 2026-04-20; no end date stated
Key terms
Potential SpG offtake: 10,000 tpa
How it affects our valuation

No valuation treatment is available for this arrangement.

Non-binding partnership to evaluate HFfree material and potential South East Asian or Taiwanese plant ventures; no committed capital or revenue.

Strategic Partnership · Conditional
Counterparties
Long Time Technology Co
Applies to
EcoGraf HFfree Purification Facilities · Graphite
Economic direction
Benefit
Period
From 2026-03-16; no end date stated
Key terms
Qualification and facility JV: —
How it affects our valuation

No valuation treatment is available for this arrangement.