Graphite Stocks

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.

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.

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, a fully permitted commercial-scale facility designed to produce 19,500 tpa of Talnode-C, Talga's proprietary low-emission natural graphite anode material. Both assets are now fully permitted following the Swedish government's dismissal of all outstanding appeals in August 2025.

The refinery holds a EUR 70 million EU Innovation Fund grant, a EUR 150 million senior debt commitment from the European Investment Bank, and a binding offtake agreement with a major European battery cell manufacturer. 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.

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.

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.

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.

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$95 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, with a further 20% committed to Sunlands Energy for graphite-based battery anode material. 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.

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.

A Product Qualification Facility at Kwinana, Western Australia (5,000 tpa initial, expandable to 20,000 tpa) is the company's near-term commercial focus, with customer qualification trials ongoing using third-party feedstock ahead of Epanko coming online. 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.

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.

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.

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 7,500 tpa of battery-grade coated spherical purified graphite (CSPG) at Phase 1 — 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 early 2026, the Kellyton plant is in the equipment installation and optimisation phase, with a qualification line producing CSPG samples for customer qualification trials. 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.

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. A DFS is targeted for publication in early 2026, 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.

Northern Graphite Corporation is the only operating flake graphite producer in North America 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 following a bearing failure in the mill, with restart and a major pit expansion underway in early 2026, funded in part by a C$6.2 million federal government contribution.

Northern also owns the fully permitted Okanjande mine in Namibia, on care and maintenance but targeting a restart in 2026. 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.

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 at A$6.3 million capital cost — secured development approvals in Q4 2025 with production targeted for 2027. 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 and an ambition to build a parallel mine-to-battery supply chain in North America through its US subsidiary, Graphex Technologies LLC, headquartered in Warren, Michigan. 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.

Graphex Technologies has signed a binding offtake with Syrah Resources for natural flake graphite feedstock and non-binding MOUs with EV OEMs and battery manufacturers for proposed North American facilities. 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. Its China-based production experience and US downstream ambitions position it as a bridge between Chinese processing expertise and Western supply chain demand, though its Hong Kong listing and China operations create geopolitical risk in the context of US-China trade tensions.