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2026-11-06
◂ Monitor QGL ASX

Quantum Graphite Limited

DFS Unfunded Developer · Graphite · Australia Rating locked: sign in to view v6.2
Last 2026-11-06
A$0.375
1D
—
1M
—
YTD
—
1Y
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Upside
Locked: sign in to view
Mkt cap
A$132.2M
EV
A$142.5M
Cash
A$210.7K
Debt
A$10.5M
2 newer ASX announcements not yet reflected in this valuation

Portfolio detail

Assets

2 assets

Core asset

Uley Graphite Project

Australia

DFS Unfunded Developer100% ownedGraphite

Uley 2 is fully permitted and in FEED, but detailed cost and schedule estimates plus project financing remain outstanding. A binding 20-year ore supply agreement routes all Uley mine output to Sunlands Pure processing and Oman refining.

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
NPVA$242M8.5% discount
IRR41.2%Published return
Initial capexA$152.7MPublished capital estimate
Operating cost401.14AUD/dmt concentrate
NPVA$497.6M8.5% discount
IRR49.8%Published return
Initial capexA$152.7MPublished capital estimate
Operating cost401.14AUD/dmt concentrate

Reserve-only issuer NPV using the 2023 cost estimate and US$1,225/dmt basket price.

Issuer resource-case economics; includes inferred material and is not used as the core reserve-only valuation anchor.

Resources & reserves6
TypeCategoryQuantityGradeContained mineralsDate
Mineral ResourceMeasured800K tonnes15.6% TGCGraphite2021-11-18
Mineral ResourceIndicated4.2M tonnes10.4% TGCGraphite2021-11-18
Mineral ResourceInferred1.3M tonnes10.5% TGCGraphite2021-11-18
Mineral ResourceInferred900K tonnes6.6% TGCGraphite2021-11-18
Ore ReserveProved811K tonnes11.66% TGCGraphite2019-11-27
Ore ReserveProbable3.2M tonnes11.95% TGCGraphite2019-11-27
Tenements6
ml5561Granted— None · No expiry supplied
ml5562Granted— None · No expiry supplied
rl66Granted— None · No expiry supplied
rl67Granted— None · No expiry supplied
el6224Granted— None · No expiry supplied
el7019Granted— None · No expiry supplied
Milestones3
  1. Complete Uley 2 FEED with detailed design, cost and schedule estimate

    Pending · High materiality

  2. Finalise integrated Uley 2 project financing

    Pending · High materiality

  3. Finalise site management agreement with Sunlands Pure Group

    Pending · Medium materiality

Permits & approvals2
PermitJurisdictionStatusExpiryCritical path
Uley 2 Program for Environmental Protection and Rehabilitation Version 2.1South AustraliaGranted—No
Uley 2 environmental operating approvalsSouth AustraliaGranted—No
Economic studies2
StudyStageStatusDateSummary
Uley 2 DFS Financial Update and Value Engineering AssessmentUpdated FeasibilityCurrent2023-12-11Updated DFS-level cost estimate at plus or minus 20%, 1.2 Mtpa crusher feed, up to 100 ktpa concentrate and 8.5% discount rate; FEED is now refining these estimates.
Uley 2 Front End Engineering and DesignFeedCurrent2026-06-30Lycopodium-led FEED will provide the detailed design, updated costs and schedule required for execution bids.

Material

Sunlands Power thermal storage joint venture

Australia

Early Explorer50% ownedGraphite

QGL owns 50% of the incorporated joint venture established to manufacture graphite thermal-storage media and TES Graphite Cells; no financial investment had been made at 31 December 2025 and commercial scale-up evidence is insufficient for positive valuation.