Highlights

  • EcoGraf appointed NMB Bank Plc to manage compensation payments for the Epanko Graphite Project.
  • Compensation activities for the northern Mine Access Road are set to begin.
  • Payments will follow IFC-compliant banking processes with financial literacy support.
  • The new access road will provide additional all-weather access to the Epanko site.
  • EcoGraf previously appointed KfW IPEX-Bank for up to US$105 million project financing.

EcoGraf Ltd (ASX:EGR) released a new operational update on 7 May 2026 outlining further progress at its Epanko Graphite Project in Tanzania, with the Company confirming the appointment of NMB Bank Plc to support compensation payments for Project Affected Persons under the project’s Resettlement Action Plan.

Shares of EcoGraf finished the session at AUD 0.32 on 7 May 2026, up 1.56% for the day and approximately 16.07% higher over the past 12 months.

The announcement marks another step in EcoGraf’s broader development strategy for the Epanko Graphite Project, particularly as the Company continues progressing financing preparations and construction readiness activities. The agreement with NMB Bank is specifically linked to compensation associated with the planned northern Mine Access Road, which forms part of the project’s early infrastructure works.

EcoGraf is developing a vertically integrated graphite Business focused on supplying battery anode materials for lithium-ion batteries and advanced Manufacturing industries. The Company’s strategy spans Mining, graphite processing and purification technology, with operations centred around the Epanko Graphite Project in Tanzania and Downstream battery material opportunities targeting electric vehicle and battery Supply chains in Asia, Europe and North America.

The Epanko Project remains one of the larger development-ready natural graphite resources globally. According to the Company, the Mahenge Branch resource contains 290.8 million tonnes at 7.2% total graphitic carbon for 21 million tonnes of contained graphite.

NMB Bank Appointed for Compensation Delivery

Under the newly announced arrangement, NMB Bank Plc will facilitate compensation payments for Project Affected Persons connected to the Mine Access Road corridor. EcoGraf said the framework is intended to provide a secure and transparent payment process aligned with International Finance Corporation Performance Standards.

The Company noted that NMB Bank has an established operational presence in Mahenge and has previously participated in compensation programs linked to infrastructure and mining developments across Tanzania.

As part of the process, bank accounts will be established for affected persons included in the initial compensation phase. Payments are expected to be made directly into these accounts through formal banking channels.

EcoGraf also stated that financial literacy Training will be jointly delivered by both organisations before compensation payments are completed. The training initiative is intended to support affected community members in managing and safeguarding compensation funds.

Management described the agreement as part of its commitment to implementing the Resettlement Action Plan framework while also supporting community engagement measures associated with the project.

Mine Access Road Becomes First Early Works Activity

The compensation process is directly tied to development of the northern Mine Access Road, which EcoGraf identified as a foundational infrastructure component for the Epanko Project.

According to the Company, commencement of compensation activities effectively represents the first on-ground early works activity ahead of full project construction.

EcoGraf said the access road is expected to improve logistics and reduce construction-related execution risk once development commences. The road is designed to operate as an all-weather access route and will complement the Southern Access Road, which the Company upgraded during 2025.

Importantly, the northern access route is expected to bypass Mahenge township, which EcoGraf said could help reduce traffic impacts and improve public safety outcomes during construction and operational phases.

The Company also confirmed that detailed engineering design work for the road has already been completed by Knight Piésold, while tendering activity associated with road construction has commenced.

EcoGraf noted that compensation related to the Mine Access Road is limited to farmland compensation and does not involve physical displacement of households. As a result, the process can be completed through direct cash compensation using formal banking systems.

Financing Alignment and Construction Readiness

The latest update also highlights EcoGraf’s broader efforts to align project development activities with financing requirements.

The Company stated that the compensation framework has been designed in accordance with IFC Performance Standards and World Bank Equator Principles, which are commonly referenced within international project financing frameworks.

EcoGraf previously announced a mandate with KfW IPEX-Bank relating to a potential senior secured Loan Facility of up to US$105 million under the German Untied Loan Guarantee scheme.

Management indicated that progressing compensation activities before a Final Investment Decision demonstrates confidence in the project’s advancement pathway while supporting construction readiness in parallel with financing discussions.

Once compensation for the Mine Access Road is completed, EcoGraf expects mobilisation and construction activities could commence immediately following a Final Investment Decision.

The Company also believes that establishing dual site access routes may reduce weather-related disruptions that have affected access conditions in previous wet seasons.

Southern Access Road Already Upgraded

EcoGraf confirmed that access to the Epanko site currently relies on the Southern Access Road, which was upgraded during early 2025 to support initial stages of project development.

The northern Mine Access Road is expected to operate alongside this southern route throughout the life of the mine once construction is completed.

By maintaining dual access infrastructure, the Company believes the project may benefit from improved operational continuity and reduced scheduling risks during seasonal weather events.

The development of permanent access infrastructure is also considered important for heavy equipment mobilisation, transport logistics and contractor access during future construction phases.

EcoGraf’s Broader Battery Materials Strategy

Beyond Epanko, EcoGraf continues pursuing a vertically integrated graphite and battery materials strategy built around both Upstream mining and downstream processing capabilities.

The Company has invested more than US$30 million into developing its graphite business platform, which includes mining, graphite shaping and purification technologies.

A key component of EcoGraf’s long-term strategy is its EcoGraf HFfree® purification technology, which is designed to produce high-purity battery anode material without the use of hydrofluoric acid processing methods traditionally used within the graphite industry.

EcoGraf is also progressing plans for a Mechanical Shaping Facility in Tanzania, where natural graphite concentrate would be converted into spherical graphite used in Lithium-Ion Battery anodes.

The Company said purified battery anode material produced through its downstream processing strategy is intended for electric vehicle, battery and anode manufacturers across major international markets.

In addition, EcoGraf continues evaluating battery recycling opportunities using its purification technology to support lower-emission battery supply chains and recycled battery anode material applications.

Investors Continue Monitoring Epanko Milestones

The latest update does not materially alter EcoGraf’s financing timetable, but it does provide further visibility around the Company’s early-stage development activities and project execution planning.

Investors are likely to remain focused on several upcoming milestones, including financing progress, Final Investment Decision timing, construction mobilisation and implementation of the broader Resettlement Action Plan.

The appointment of NMB Bank appears aimed at formalising compensation delivery processes while aligning the project with international financing and environmental standards often required by global lenders.

With access infrastructure forming a key component of construction readiness, the latest developments may also help reduce some logistical uncertainties associated with future site mobilisation.

As EcoGraf continues advancing both project development and downstream graphite processing ambitions, market attention is expected to remain centred on execution progress across financing, infrastructure and operational readiness initiatives tied to the Epanko Graphite Project.