Madagascar
Natural Flake Graphite mining and processing
Operation Highlights
Two Flake Graphite Projects: Vatomina & Sahamamy
Location And Logistics
- The national highway, NH2, connects the projects to the deep-water port of Tamatave 70km away, and to the capital city, Antananarivo.
- Warehousing is maintained at the port of Tamatave.
Product Quality and Feasibility
- The Madagascar projects host shallow, weathered, saprolite graphite deposits.
- The projects hold a large concentration of high-quality jumbo and large flakes with an excellent crystalline structure.
- Free dig mining, easy liberation and flake size retention possible, makes Madagascar an ideal location for natural graphite mining.
- The Company plans to expand its production capacity in a modular fashion to develop markets simultaneously.
- The Company’s projects and low-cost extraction and processing methods enable low CAPEX and OPEX production.
Madagascar Mineral Resources
As of 31 March 2025, the combined Mineral Resources of Sahamamy and Vatomina are estimated to be 12.60 Mt of material, with average grading of 4.10% Total Graphite Contained.
Presented below is the Mineral Resource Summary, reported in accordance with the Australasian Code for the Reporting of Exploration Results, Mineral Resources and Ore Reserves, the JORC Code, 2012 Edition (“JORC”). Further information for the Mineral Resources of each project can be found on their respective pages.
| Resource Category | Tons (Mln) | Grade (% TGC) |
|---|---|---|
| Indicated | 2.9 | 3.9 |
| Inferred | 9.79 | 4.10 |
| Total Mineral Resource | 12.60 | 4.10 |
Vatomina
As of 31 March 2025, Vatomina has an established Mineral Resource Estimate of 6.20 million tons, with grading 3.80% total graphite contained (TGC).
Sahamamy
As of 31 March 2025, Sahamamy has an established Mineral Resource Estimate of 6.40 million tons, with grading of 4.20% total graphite contained (TGC).
Madagascar Expansion
The Group entered into agreements on 2 September 2022 to acquire three additional mining permits in Madagascar, covering a total area of 31.25km2 located in the vicinity of the Group’s existing projects. The Group awaits further feedback and action from the Bureau du Cadastre Minier de Madagascar (BCMM).
Due to the proximity of the permit areas to existing Company operations, the Company believes the new permit areas could complement operational activities at the Sahamamy project. A full exploration campaign will be required to delineate the resource base upon finalisation of the permits’ acquisition.
