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Access to its own raw graphite ore and future mining operation guarantees IG of a continuous supply of appropriate feedstock for its downstream processing facility, at Collie, helping to provide a new supply of battery anode material to the global battery market and strengthening Australia’s sovereign capability in the critical minerals space.
The company has acquired a high-grade graphite resource from Comet Resources Ltd (ASX:CRL). Located 150km from Esperance and approximately 30 kilometres east of Hopetoun, on Western Australia’s south coast, the Springdale Graphite Project comprises two tenements (E74/562 and E74/612).
The high-grade zone of the Springdale JORC compliant Inferred Resource of 2.6 Mt @ 17.5% represents one of the highest grades of graphite resources and is uniquely suited to our Collie plant and the production of battery anode material. Download the Springdale Metallurgical Testwork Results.
The tenements are situated on freehold land, with good access to infrastructure, grid power and piped gas. The northern zone has been identified as a high priority drill target and an RC drilling program, completed between December 2017 and February 2018, was successful in identifying high-grade graphite mineralisation. The discovery of two new high-grade zones of graphite mineralisation outside the existing resource was announced in May 2019.
The vend-in arrangement, announced in October 2021, is subject to shareholder approval and IG’s planned listing on the Australian Stock Exchange. It gives Comet Resources a 25% interest in IG.