Graphite Stocks

POSCO Future M is a KRX-listed POSCO subsidiary and one of the few anode material producers operating at commercial scale outside China. It runs natural graphite anode plants at Sejong with 24,000 and 20,000 tonnes a year of capacity and an 8,000 tonne a year artificial graphite plant at Pohang, signed a five-year anode supply contract worth about US$675 million running from 2027, and approved a new artificial graphite plant in Vietnam targeting commercial production in 2028. Anode material is one segment of a diversified battery materials and industrial carbon business, so the exposure is real but partial.

Nouveau Monde Graphite (NMG) is a NYSE and TSX-listed integrated graphite company developing what is intended to become North America's largest, fully integrated ore-to-battery-material natural graphite production operation, located entirely within a 150-kilometre radius of Montréal, Québec. NMG's Phase 2 development encompasses the Matawinie Mine and the Bécancour Battery Material Plant, which will process Matawinie graphite concentrate into battery-grade active anode material (AAM). An updated feasibility study released in March 2025 confirmed Phase 2 viability with an after-tax IRR of 17.5% and NPV of US$1.053 billion.

NMG restructured its offtake position significantly in October–November 2025: it terminated supply agreements with General Motors, retained a revised binding offtake with Panasonic Energy, and signed a new binding offtake with a major European battery manufacturer. The company is actively pursuing project financing in parallel with a US Department of Energy loan application and benefits from Québec provincial support including a C$50 million strategic investment from Investissement Québec.

Sovereign Metals is an ASX, AIM, and OTCQX-listed critical minerals developer whose flagship Kasiya Rutile-Graphite Project in Malawi hosts 538 Mt of probable reserves at 1.03% rutile and 1.66% TGC (optimised PFS, January 2025), the world's second-largest known flake graphite deposit and its largest known natural rutile deposit. Kasiya's graphite is extracted as a co-product of rutile mining, compressing the incremental graphite production cost to just US$241 per tonne, below the China weighted average C1 cost. The deposit supports a proposed steady-state operation producing approximately 245,000 tpa of rutile and 288,000 tpa of graphite across a 25-year mine life.

The optimised PFS (January 2025), prepared with technical oversight from 19.9% strategic shareholder Rio Tinto, outlined pre-tax NPV and robust project economics anchored by the ultra-low graphite cost structure. Rio Tinto's involvement as both a technical partner and strategic investor provides meaningful validation and potential pathway to project financing. Kasiya's graphite product — large-flake, high-purity — is directly suited to battery anode applications, and the co-product economics make it one of the most cost-competitive potential graphite projects in the world.

NanoXplore is one of the world's largest producers of graphene powder and the only vertically integrated graphene company of scale in North America. Headquartered in Montreal, the company operates two business segments: Advanced Materials, Plastics and Composite Products — which generates the large majority of revenue through the manufacture of graphene-enhanced polymers, pellets, and composite products sold primarily to the transportation and industrial sectors — and Battery Cells and Materials, which is developing silicon-graphene enhanced lithium-ion cells targeting the EV and grid storage markets through its VoltaXplore subsidiary.

Revenues of approximately C$126 million in fiscal 2025 (year ended June 30, 2025) reflected modest softness driven by weaker commercial vehicle demand, while the VoltaXplore segment continued cell development and customer sampling activities. NanoXplore is unique on this list as a revenue-generating graphene business rather than a graphite miner or anode developer: its investment case rests on graphene adoption in industrial materials rather than battery anode market share.

GrafTech International is a NYSE-listed manufacturer of ultra-high-power graphite electrodes used in electric arc furnace (EAF) steelmaking. Unlike natural or synthetic graphite anode producers, GrafTech's graphite exposure is to the industrial metallurgical market: its electrodes are a consumable input to EAF steel furnaces, with demand driven by steel production volumes and the global decarbonisation shift from blast furnace to EAF steelmaking. The company is uniquely differentiated by its vertical integration into petroleum needle coke through its Seadrift, Texas facility, providing cost advantages relative to peers who must source needle coke externally.

GrafTech's investment case is under significant strain. The electrode pricing environment has been severely depressed by Chinese overcapacity and weak global steel demand, with average realised prices falling sharply from their 2018–2019 peak. The company carries substantial legacy debt from its 2015 leveraged buyout and has faced several years of earnings pressure. Two developments in 2026 run the other way: in April 2026 the US International Trade Commission made a preliminary determination that the domestic industry is materially injured by large-diameter graphite electrode imports from China and India, referring the case to the Department of Commerce; and GrafTech reported in July 2026 that order commitments secured since its late-March 2026 price announcement were on average more than 15% above the levels achieved beforehand, though most of its 2026 order book was already committed at earlier prices. GrafTech is included on this list as the primary listed proxy for industrial synthetic graphite demand, but its exposure to battery markets is indirect and minimal compared to most peers.

Syrah Resources is an ASX-listed industrial minerals and battery materials company operating the world's largest integrated natural graphite mine and processing facility at Balama, Mozambique, and a downstream Active Anode Material (AAM) facility in Vidalia, Louisiana — the first vertically integrated natural graphite AAM operation outside China. Balama holds nameplate capacity of approximately 350,000 tonnes per annum and a reserve life exceeding 50 years at a high-grade 16% TGC. The Vidalia facility has a current nameplate of 11.25 ktpa AAM, with a feasibility study completed for an expansion to 45 ktpa subject to offtake and financing commitments.

Balama was suspended in mid-2024 due to weak graphite prices, then disrupted by civil unrest in Mozambique in late 2024 — triggering a force majeure declaration — before a phased restart commenced in early 2025. Since that restart Balama has run in campaign mode rather than continuously, with production campaigns scheduled against confirmed customer demand and inventory position. Mozambique's Parliament approved a new mining law in 2026 lifting mandatory State participation in mining projects from 5% to a minimum of 15% (free carried, non-dilutable); Syrah's Balama Mining Agreement, which expires in 2038, contains stability provisions that preserve existing arrangements, and the State's free-carried interest in Twigg Exploration and Mining Limitada, which owns and operates Balama, remained 5% as at Q2 2026. Syrah's strategic position as the only operating large-scale Western natural graphite mine with connected US downstream processing makes it the closest thing to a Western graphite bellwether, but the combination of low graphite prices, Mozambique political risk, and ongoing Vidalia qualification costs has kept the balance sheet under sustained pressure. In March 2026 Syrah received non-binding strategic funding proposals from the US International Development Finance Corporation, the US Department of Energy and AustralianSuper to convert a substantial portion of its indebtedness into new shares and convertible loan notes, provide additional liquidity, and eliminate cash interest and principal repayments for three years. Syrah completed a fully underwritten entitlement offer of approximately A$104 million (about US$72 million) in March 2026, supported by AustralianSuper.

Graphite One is a TSX-V listed development-stage company advancing what the US Geological Survey has identified as the largest known natural graphite deposit in the United States, at Graphite Creek, located approximately 60 kilometres north of Nome, Alaska. The company's strategic vision is a fully domestic mine-to-anode supply chain, with natural flake graphite mined at Graphite Creek processed and shipped to an advanced battery anode material (AAM) facility planned for Warren, Ohio. A bankable feasibility study completed in April 2025 — funded by a US$37.5 million Department of Defense grant — shows a post-tax IRR of 27% and NPV of approximately US$5 billion over a 20-year mine life.

The company received a US$325 million non-binding EXIM Letter of Interest for the Ohio facility in 2024, and the project's domestic supply chain narrative aligns strongly with US critical minerals policy priorities under both the IRA and CHIPS-adjacent defence procurement frameworks. The Alaska mine's remote location and the need to build two geographically separated facilities represent the primary capital and logistical execution challenges.

Falcon Energy Materials (formerly SRG Mining) is a TSX-V-listed developer pursuing a mine-to-market integrated battery anode materials strategy anchored by the Lola Graphite Project in Guinea and the Morocco Anode Plant, a planned CSPG facility at Jorf Lasfar near Casablanca. A PEA filed January 2025 outlined a combined after-tax NPV8% of US$1.32 billion and IRR of 43% over 25 years, with initial capital of US$185 million for Lola and US$73 million for the Morocco plant. A CSPG pilot plant at Jorf Lasfar was completed in Q4 2025 and is producing samples for customer qualification trials.

A material legal risk overhangs the upstream asset: in May 2025 a presidential decree from Guinea purported to revoke the Lola project's mining convention, and the company has contested this through international arbitration. The Morocco Anode Plant strategy is designed to be feedstock-flexible — able to process concentrate from Lola or third-party sources — providing some resilience to the upstream legal uncertainty, but the Guinea dispute represents a significant overhang on the investment case until resolved.

Talga Group is an ASX-listed battery materials and technology company advancing what would be Europe's first vertically integrated mine-to-anode natural graphite operation — the Vittangi Anode Project in northern Sweden. The project consists of two assets: the Nunasvaara South graphite mine near Vittangi, one of the highest-grade graphite resources in Europe, and the Luleå Anode Refinery, which will produce Talnode-C, Talga's proprietary low-emission natural graphite anode material. Talga has moved to a phased build: front-end engineering is under way on a 5,000 tpa first commercial line, with staged scale-up to a total of 24,500 tpa. The Nunasvaara South environmental permit came into force in October 2024, and the Swedish detailed zoning plan for the mine was adopted in January 2026, clearing the way for detailed engineering and building permits.

The refinery holds a EUR 70 million EU Innovation Fund grant and a EUR 150 million senior debt commitment from the European Investment Bank. Talga's anode material achieves first-cycle efficiency above 94% and a carbon footprint of approximately 1.8 kg CO₂/kg — among the lowest of any anode material globally — positioning the project as a premium ESG-compliant supply source for European gigafactories seeking to meet battery passport requirements from 2027.

NOVONIX is a NASDAQ and ASX-listed battery materials and technology company building what is expected to be North America's first large-scale commercial synthetic graphite anode material facility. Its principal asset is the Riverside facility in Chattanooga, Tennessee, which uses NOVONIX's proprietary continuous graphitization furnace technology to produce high-performance synthetic graphite for battery, defence, and industrial applications. Riverside is designed for 20,000 tpa at full capacity, with volumes allocated to Panasonic, Stellantis and PowerCo. NOVONIX delivered the first North American mass-production qualification sample of synthetic anode material to Panasonic in June 2026 and targets mass production for Panasonic in the second half of 2027, subject to completion of qualification.

US government backing includes a US$100 million DOE grant, US$103 million investment tax credit, and a conditional US$754.8 million DOE loan commitment for a planned second plant targeting 31,500 tpa. NOVONIX's technology differentiation — continuous graphitization versus the batch furnace process standard in China — offers potential cost and throughput advantages that underpin its partnerships with major OEMs and battery manufacturers seeking qualified non-Chinese synthetic graphite supply.

Renascor Resources is an ASX-listed developer advancing the Siviour Graphite Project on South Australia's Eyre Peninsula, a proven reserve of 16.8 Mt at 8.2% TGC and the largest proven graphite reserve outside Africa, toward vertically integrated production of battery-grade purified spherical graphite (PSG). The reserve supports a 40-year mine life. The company's downstream Battery Anode Material strategy uses a proprietary HF-free purification process achieving 99.98% purity, providing a cleaner and lower-cost alternative to the hydrofluoric acid purification standard in China.

The project holds Australian Federal Major Project Status and a conditional A$185 million loan from Export Finance Australia under the Critical Minerals Facility. A PSG demonstration facility in Adelaide produced qualified material for customer sampling in 2025. Renascor's fully Australian project — ore, processing, and anode material production all within South Australia — positions it as a natural beneficiary of supply chain diversification policies in Japan, Korea, and Europe.

EcoGraf is an ASX-listed battery anode materials company building a vertically integrated graphite business spanning upstream mining in Tanzania, midstream mechanical shaping, and downstream HF-free purification facilities. The company's upstream asset is the Epanko Graphite Project in Tanzania — one of Africa's largest development-ready natural flake graphite deposits at 290.8 Mt at 7.2% TGC. EcoGraf's most distinctive asset is its proprietary EcoGraf HF-free purification technology, patented in the US and Australia, which reduces operating costs by approximately 34% versus conventional processing and delivers a carbon footprint of 5–10.6 kg CO₂/kg, achieving purities up to 99.99% C.

Two separate facilities sit behind that technology. A Product Qualification Facility in Perth runs continuously on third-party feedstock, producing samples for customer qualification trials and scale-up data ahead of Epanko coming online. The approved commercial HFfree BAM plant at Kwinana in Western Australia is designed for 5,000 tpa initially and expandable to 20,000 tpa, and has yet to be built. The HF-free technology has attracted interest from battery manufacturers and governments seeking cleaner anode material supply chains, and has been validated through qualification programs with multiple Tier 1 battery customers.

Quantum Graphite is an ASX-listed developer advancing the Uley 2 flake graphite project on South Australia's Eyre Peninsula — one of the largest known high-grade natural flake graphite deposits in the world, built on the site of the century-old Uley mine. The project holds a JORC Ore Reserve of 4.0 Mt at 11.89% TGC for Stage 1, with substantial resource expansion potential. A completed DFS targets production of at least 100,000 tpa of high-purity coarse flake graphite from a fully permitted site at projected capital cost of approximately A$152.7 million.

Quantum received Australian Federal Major Project Status in March 2025. The company holds a binding offtake with Swiss trading group MRI Trading AG for 50% of Stage 1 production, and in 2026 concluded a 20-year ore supply agreement with Sunlands Pure Group covering supply and downstream processing of Uley flake graphite. Uley 2's coarse flake size distribution and high TGC grade are significant differentiators — large and jumbo flake commands a substantial price premium over the fine flake that dominates Chinese supply — and the project's permitted status and existing infrastructure reduce development risk relative to greenfield peers.

Zentek is a TSXV and NASDAQ-listed graphene IP development and commercialization company based in Guelph, Ontario. The company has pivoted from its roots as a graphite mineral explorer — it holds 100% of the Albany Graphite Project in Northern Ontario, a rare hydrothermal graphite deposit capable of producing ultra-high-purity graphite at >99.9% Cg — toward a platform for graphene-based technology applications. Zentek's commercial focus has narrowed to ZenGUARD, a graphene-silver antimicrobial coating for surgical masks and HVAC filter media; ZenARMOR, a graphene oxide-based corrosion inhibitor for aviation coatings; and Albany Graphite Corp, a subsidiary advancing the Albany project toward a pre-feasibility study.

Revenues remain very small — approximately C$872,000 in fiscal 2025 — and the company is pre-profitability, funded by equity raises and government grants. Zentek's investment case is primarily a bet on graphene commercialisation in industrial and defence applications rather than battery materials, distinguishing it from most others on this list.

Westwater Resources is a NYSE American-listed battery-grade natural graphite developer advancing a fully vertically integrated domestic graphite supply chain in Alabama. The company's two-asset strategy centres on the Kellyton Graphite Processing Plant — a US$245 million facility currently under construction in Kellyton, Alabama, designed to produce approximately 12,500 tpa of battery-grade coated spherical purified graphite (CSPG) at Phase 1, raised from 7,500 tpa in response to customer demand — and the Coosa Graphite Deposit, the largest known natural flake graphite resource in the contiguous United States, with 26 million short tons of indicated resources at 2.89% Cg approximately 50 kilometres from Kellyton.

As of mid-2026 a qualification line is producing CSPG samples for customer trials, while completion of Phase 1 depends on financing: Westwater has maintained a Phase 1 capital estimate of about US$245 million, of which roughly US$130 million had been invested since inception, and has said initial production would follow about 12 months after the remaining funding is secured. In August 2026 the Export-Import Bank of the United States approved a US$25 million loan towards the Alabama graphite operations, with final terms still to be agreed. Westwater holds a US$76.6 million DOE grant for the Kellyton plant. The company's fully domestic Alabama supply chain — mining, processing, and anode material production all within the continental US — positions it as a direct beneficiary of IRA domestic content requirements and Department of Defence supply chain security priorities.

Leading Edge Materials is a Canadian micro-cap developer holding a portfolio of European critical raw material assets, most relevantly for graphite investors the fully built and permitted Woxna Graphite Mine in central Sweden — one of the only production-ready graphite facilities in the Western world outside China. Woxna has nameplate capacity of approximately 10,000 tpa of natural flake graphite concentrate at 94–97% Cg, is fully permitted, and has previously been in commercial operation. The company is actively evaluating a restart and completed updated metallurgical testwork in 2025, working with an engineering consultant on a restart study.

The portfolio also includes the Norra Kärr Heavy Rare Earth Element project in Sweden — one of Europe's most significant HREE deposits — for which Leading Edge is advancing permitting. The combination of a restart-ready graphite mine and a strategic HREE project in a politically stable EU jurisdiction makes Leading Edge an unusual asset-backed micro-cap play on European critical mineral supply chain development, though the company's small market cap reflects the financing and execution risks of restarting both assets.

Blencowe Resources is an AIM-listed graphite developer advancing the Orom-Cross Graphite Project in northern Uganda — the country's most advanced graphite project and one of the few globally to hold a 21-year mining licence. The project is characterised by near-surface, free-dig saprolite mineralisation requiring no drilling or blasting, consistently producing concentrate grading 96–97% TGC upgradeable to 99.99% TGC. The DFS was published in December 2025, and an optimised commercial model released in May 2026 lifted the post-tax NPV10 by 15% to US$1.254 billion without an increase in development capital. The study work was funded in part by a US$5 million technical grant from the US International Development Finance Corporation.

Blencowe is engaged in the European battery supply chain through the EU SAFELOOP consortium, where Orom-Cross graphite achieved 99.98% purity and passed electrochemical qualification in cells produced by a European battery manufacturer. The DFC grant, EU consortium engagement, and 21-year mining licence represent meaningful de-risking for an early-stage AIM-listed developer, and Uganda's political stability relative to peers in the DRC or Guinea is a comparative advantage for Western offtake counterparties with ESG requirements.

NextSource Materials is a TSX-listed battery materials company that has achieved first production at its Molo Graphite Mine in southern Madagascar — one of the largest and highest-quality graphite deposits in the world and the only known source of SuperFlake® graphite, a proprietary grade with natural carbon purity of 94–97% Cg achievable with simple flotation. Phase 1 production commenced in June 2023, with first commercial shipments in October 2024 to customers in Germany and the United States.

The company is operating in campaign production mode following disruptions from three cyclones and milling circuit inefficiencies identified in early 2025, limiting current plant capacity to approximately 11,000 tpa. NextSource has pivoted its downstream Battery Anode Facility strategy toward the US market, targeting a modular facility in the southeastern United States to process Molo concentrate into battery-grade anode material, and is engaged in qualification trials with North American battery manufacturers.

Greenwing Resources is an ASX-listed company whose graphite asset is the Graphmada complex in Madagascar, a 62 Mt resource that produced concentrate previously and has been on care and maintenance while the company assesses expansion and partnership pathways. A Stage 2 scoping study has been commenced and an A$5.5 million raising completed in 2026 funds work programs across its assets. Greenwing is diversified rather than a graphite pure play, also holding the San Jorge lithium brine project in Argentina and the Que River polymetallic project in Tasmania.

Focus Graphite is a TSXV-listed developer of the Lac Knife project near Fermont, Québec, one of the higher-grade flake graphite deposits in North America, alongside the Lac Tétépisca property. Work through 2026 was concentrated on permitting and infrastructure, including an access road route study, a WSP-led dam break study and an air quality assessment feeding the environmental assessment, supported by C$1.38 million of non-dilutive funding from Natural Resources Canada's First and Last Mile Fund.

LE Minerals, renamed from Lithium Energy in May 2026, is an ASX-listed explorer whose graphite exposure sits in Axon Graphite. In May 2026 it agreed a conditional A$20 million sale of that business, with part of the consideration tied to the buyer's proposed IPO, and was still publishing updates on the disposal in June 2026. It is listed here while the transaction is pending; if it completes and the retained exposure is immaterial, the company comes off.

South Star Battery Metals is a TSXV-listed operator of the Santa Cruz graphite mine in southern Bahia, Brazil, the newest flake graphite operation in the Americas. The plant reached a stable regime producing 95% carbon flake concentrate by mid-2026, and the company reported completion of customer qualification and a first commercial purchase order in August 2026. A three-phase modular expansion towards 50,000 tpa is planned.

E-Power Inc, renamed from Sunrise New Energy in February 2026, is a Nasdaq-listed Cayman holding company whose operating business produces synthetic graphite anode material in Guizhou, China. The structure matters to the exposure: shareholders own the Cayman company rather than the operating entities, and E-Power holds a 39.35% economic interest in the Guizhou and Anhui operating companies. Graphite anode material was 99.84% of revenue in FY2025 at US$46.3 million, down 28% on FY2024 as the average selling price fell 45% while volumes were flat at 37,065 tonnes. The rename accompanied a stated shift toward AI data centre microgrid solutions, and the FY2025 annual report discloses substantial doubt about the company's ability to continue as a going concern.

Black Rock Mining is an ASX-listed developer of the Mahenge graphite project in Tanzania's Ulanga district, in which it holds 84%. Mahenge carries a mineral resource of 213 Mt at 7.8% TGC and an ore reserve of 70.5 Mt at 8.5% TGC, and is designed as a staged four-module build. Early works covering the access road, resettlement and transmission line survey ran through the first half of 2026, with construction dependent on full funding and a final investment decision.

GCM Corporation is an ASX-listed company that changed its name from Green Critical Minerals in July 2026. It holds 80% of the McIntosh graphite project in Western Australia, where a pre-feasibility study completed in June 2025 returned a post-tax internal rate of return above 25%. Separately it is commercialising a very high density graphite product as heat sinks for data centre, electronics and EV-infrastructure cooling, so the investment case is now split between a graphite deposit and a materials-technology business.

Lincoln Minerals is an ASX-listed explorer in South Australia's Gawler Craton whose graphite exposure is the Kookaburra Gully project on the Eyre Peninsula, where a pre-feasibility study has been completed and metallurgical testwork reported in May 2025 showed concentrate could be purified to lithium-ion anode specification. The company has become increasingly copper-led, completing air core drilling at the Minbrie copper project during the June 2026 quarter, so graphite is one exposure within a diversified critical minerals portfolio rather than the whole business.

Sarytogan Graphite is an ASX-listed developer of the 100%-owned Sarytogan deposit in central Kazakhstan, a 225 Mt resource at 29.2% TGC that is microcrystalline rather than flake, which changes both the processing route and the product mix relative to most peers on this page. A pre-feasibility study completed in August 2024 set out a staged development producing an industrial-grade product alongside ultra-high-purity fines and spherical graphite. Reserve definition drilling and a definitive feasibility study continued through 2026, with completion targeted for the fourth quarter.

Northern Graphite Corporation owns North America's only commercial flake graphite mine and is advancing a mine-to-battery strategy spanning mining, processing, and Battery Anode Material (BAM) production across Canada, Namibia, and Europe. The company's primary producing asset is the Lac des Îles (LDI) mine in Québec — acquired from Imerys in 2022 — which was placed into temporary care and maintenance in November 2025 to bring forward mill maintenance and development work ahead of a pit extension funded in part by a C$6.2 million interest-free federal contribution. There was no mining or processing at Lac des Îles in the first quarter of 2026, and Northern said in May 2026 that operations were expected to resume from the pit extension in the third quarter of 2026, subject to final approval of an amended Certificate of Authorization filed in February 2026.

Northern also owns the fully permitted Okanjande mine in Namibia, on care and maintenance and now targeting a restart in late 2027, with relocation of the processing plant to the Okanjande site completed in 2026 as the first execution step. Downstream, Northern's Battery Materials Group operates a laboratory in Frankfurt for BAM qualification work. The company's multi-jurisdictional operating portfolio and active BAM development program position it as a potential full supply chain integrator, though the simultaneous care-and-maintenance status of both producing mines in early 2026 highlights the operational challenges facing high-cost Western graphite producers in a low-price environment.

GreenRoc Strategic Materials is an AIM-quoted developer of the Amitsoq graphite project in southern Greenland, a 23.05 Mt JORC resource at 20.41% graphite held under a 30-year exploitation licence. It also runs an anode material pilot plant in Denmark, which had processed roughly 700 kg of 95% graphite concentrate into spherical graphite across seven test runs by mid-2026. A pre-feasibility study is planned for late 2026, following a further drilling campaign.

Total Graphite is an LSE-listed graphite producer renamed from Tirupati Graphite in April 2026, after its London listing was restored in March 2026 and its balance sheet recapitalised. Production at the Vatomina mine in Madagascar reached 2,964 tonnes in FY2026, up from 2,169 tonnes the previous year, before being paused for a drilling and plant optimisation programme following an independent technical review. The company has said it is targeting a restart above 1,000 tonnes a month from December 2026.

International Graphite is an ASX-listed downstream graphite processing developer building Australia's first commercial graphite micronising facility at Collie in Western Australia, with a longer-term vertical integration strategy anchored by its 100%-owned Springdale Graphite Project near Hopetoun, WA (49.3 Mt at 6.5% TGC, the second-largest graphite deposit in Australia). The company's approach is deliberately modular and capital-light: establishing downstream processing operations first using third-party concentrate feedstock, before connecting Springdale as long-term feedstock supply.

The Collie Micronising Facility, targeting Stage 1 output of 4,000 tpa with a second stage taking capacity to roughly 7,500 tpa, moved into construction during 2026: International Graphite awarded the construction contract and received the final building permit from the Shire of Collie in May 2026, and reported in its June 2026 quarterly that the plant remained on schedule for mechanical completion in the second quarter of 2027 at a capital cost estimate of A$8.0 million. A qualification-scale facility is producing samples for customer qualification trials with Japanese and Korean battery manufacturers. International Graphite's downstream-first strategy reduces initial capital requirements and allows the company to build customer relationships and qualification data before committing to the larger upstream capital expenditure at Springdale.

Graphex Group is a Hong Kong-listed graphite processing and anode material company with over a decade of commercial-scale production experience in China. Its shareholders have approved the disposal of its US subsidiary, Graphex Technologies LLC of Warren, Michigan, and management has said it intends to concentrate resources on China. The company operates spherical graphite and coated spherical graphite production in Qingdao, Shandong Province, China, with current nameplate capacity of approximately 10,000 tpa and a stated expansion target of 50,000 tpa.

The North American build-out that Graphex Technologies had pursued, including a binding offtake with Syrah Resources for flake feedstock and non-binding MOUs with EV OEMs and battery manufacturers, is being unwound with that disposal rather than carried forward. Graphex's American depositary shares were delisted from NYSE American in May 2025 after the company failed to file its 2023 Form 20-F on time, and the company terminated its US ADS programme with effect from July 14, 2026, leaving the Hong Kong ordinary shares as the only listed line. Following the ADS termination and the pending US disposal, the investment case is a Hong Kong-listed Chinese processor rather than a bridge into Western supply chains.

Triton Minerals is an ASX-listed owner of the Ancuabe graphite project in Cabo Delgado, Mozambique. It agreed to sell 70% of the Mozambique graphite assets, but the buyer, NQM Gold 2, failed to complete on 1 July 2026; Triton issued a default notice and elected to affirm the agreement and pursue specific performance rather than terminate. Its shares were reinstated to ASX quotation on 16 July 2026, so the graphite exposure remains with Triton while that dispute runs.