Utilized Graphite Technologies Corp. (“AGT”) (TSXV: AGT), is pleased to announce that it has purchased the earlier-generating Queen’s Mine in Sri Lanka. The assets is centrally found between AGT’s Dodangaslanda Graphite Qualities. The mixed houses will be known as the Queens Mine Complicated (“QMC“).
The Queens Mine was noted to be extracting high-quality graphite veins at a rate of 20 tonnes for every month. The previous operator experienced intentions to ramp up creation to 3,000 tonnes for every 12 months. Adits which delivered obtain to the underground workings expose at the very least six graphite veins more than a total width of 25 meters, with veins various in thickness up to .4 metres.
The former operator had carried out extensive laboratory tests on its run-of-mine (“ROM“) tonnes which consisted of higher-grade graphite +95 Cg. Vein graphite direct from the mine will promote for $2,000 for each tonne. The ROM vein graphite, when upgraded to battery-high-quality graphite, sells for among $8,000 and $12,000 for each tonne. The demand for battery ready graphite will reach five million tonnes per annum by 2030, according to Benchmark Mineral Intelligence.
AGT ideas on earning the QMC a precedence to re-commence bulk shipping of the superior-grade vein graphite product after it has finished its mine permitting and progress on the prospect.
“We are really happy to have obtained the QMC, many thanks to our strategic in-country relationships,” opinions Don Baxter, President, and CEO. “From my working experience with multiple OEMs with regards to battery prepared graphite, they want to see the capacity to produce big tonnages for their battery prerequisites. The QMC will permit us to strategy around expression operations to illustrate prospective from our qualities to fulfill OEM needs.”
Options Granted
AGT has granted 800,000 inventory selections at an exercise cost of $.15, with a five year time period expiring March 23, 2029 to consultants, directors, and officers of the corporation.
About Applied Graphite Technologies
Applied Graphite Technologies is building the Queens Mine Elaborate in Sri Lanka. The QMC is on personal land in the coronary heart of the vein graphite district, with historic workings and vein graphite outcrops. Vein graphite is normally substantial quality (+95% carbon information in the ground) and does not require primary processing. Screening of vein graphite in lithium-ion battery anodes has proven very large capacities, performing improved than artificial graphite. Pure vein graphite has a far top-quality ESG footprint than artificial and is more affordable with out compromising effectiveness.
The specialized facts in this news release has been geared up by Don Baxter, P.Eng., a “capable man or woman” as defined in Nationwide Instrument 43-101 Criteria of Disclosure for Mineral Initiatives (“NI 43-101“).
www.appliedgraphite.com
