International Graphite Limited (ASX: IG6) Secures $2M Grant
Grant Agreement Details
International Graphite Limited (ASX: IG6) has signed a Financial Assistance Agreement with the Western Australian Government for $2 million. This funding is part of a larger $6.5 million grant announced in April 2024 and will support feasibility studies over two years.
The grant will fund metallurgical testwork, flowsheet development, and plant design. It aims to assess the feasibility of producing battery anode materials in a new facility at Collie. Funding will be drawn down as the Company incurs expenditures for the outlined activities.
Executive Comments
Andrew Worland, Managing Director and CEO of International Graphite, expressed gratitude toward the state government. “Once again we voice our appreciation for the leadership the State Government is showing in the development of critical minerals and downstream processing initiatives in Western Australia,” said Worland. He added that with all grants contracted, the Company has funding certainty for its business plan focused on graphite production.
Worland noted the expectation for stage 1 of the Collie Micronising Facility to be fully funded to mechanical completion, pending the completion of the Front End Engineering and Design Study.
Funding Overview
The total funding from various government programs includes $1.7 million remaining from the Australian Critical Minerals Development Program and additional grants aimed at advancing the Collie Micronising Facility and related feasibility studies.
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