Key Highlights
- NPV8 US$132.7m; IRR 19.8%.
- Stage 1 capacity 73,000 to 87,600tpa.
- 8.1km of Oropesa access road upgrades approved.
- The three companies reported project development updates.
Three developers of graphite and tin projects reported progress. Sarytogan Graphite (ASX:SGA), EcoGraf (ASX:EGR) and Elementos (ASX:ELT) each published an update that is covered below.
Sarytogan Graphite (ASX:SGA): DFS
For the 50,000tpa Upstream project: pre-tax NPV8 of US$132.7m (A$189.6m), capex US$80.5m, cost US$364 per tonne, IRR 19.8%, EBITDA Margin 51% at US$805/t.
The reserve is 2.5Mt Proved and 12.0Mt Probable, including 8.9Mt at 31.8% TGC. A 2024 study showed incremental Downstream NPV8 of US$367m for US$194m more capex.
EcoGraf (ASX:EGR): Capacity
A value engineering review found a possible 20% capacity lift and lower first-decade C1 costs.
A binding term sheet with a German trader doubles contracted volumes, while Debt and Equity processes continue and €2.0m (A$3.2m) of EIB grant work began.
Elementos (ASX:ELT): Oropesa Permits
Authorities approved 8.1 kilometres of road upgrades that form the main access corridor. More permitting progress came after the regional elections and summer break. The 2025 Definitive Feasibility Study is complete and the company is working toward a Final Investment Decision.
A binding Call Option covers 50% of Iberian Smelting SL, owner of the Robledollano smelter 220km away, which would create mine-to-metal tin Supply in Europe. Talks continue with offtakers and funders, and Moelis Australia was appointed exclusive debt adviser.
Why These Updates Could Matter
Sarytogan Graphite: Upstream figures cover concentrate only; downstream relies on earlier work. EcoGraf: Capacity, cost and offtake feed financing talks. Elementos: Road access, permits, financing and offtake are conditions for a Final Investment Decision, and the smelter option relates to processing the tin.
Closing Thoughts
Sarytogan Graphite (ASX:SGA), EcoGraf (ASX:EGR) and Elementos (ASX:ELT) each issued project development updates, summarised above using the figures in their filings.
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