December Global Graphite Industry Brief: Stable Prices And Frequent Corporate Dynamics

IEA

Trend Investing v IEA demand forecast for EV metals (IEA)

Trend Investing & the IEA

2021 IEA forecast growth in demand for selected minerals from clean energy technologies by scenario, 2040 relative to 2020 - Increases Of Lithium 13x to 42x, Graphite 8x to 25x, Cobalt 6x to 21x, Nickel 7x to 19x, Manganese 3x to 8x, Rare Earths 3x to 7x, And Copper 2x to 3x

IEA

Graphite market news

In December Fastmarkets reported:

Graphite flake market slows amid oversupply and weak demand. Graphite flake is heading toward a quiet end of the year, with the market continuing to face both abundant supply and weak demand, with few signs that this dynamic will change in the near term.

Graphite miners news

Graphite producers

We have not covered the following Chinese graphite producers but they should also be considered (Ningbo Shanshan Co Ltd (Shanshan Technology) [SHA:600884], BTR New Energy Materials [BJSE:835185], Jiangxi Zichen (private), Kaijin New Energy Technology Corp Ltd (private), Shijiazhuang Shangtai Technology Co. Ltd. [SHE:001301], and Zhongke [SHE:300035]).

Syrah Resources Limited [ASX:SYR][GR:3S7](OTCPK:SYAAF)(OTC:SRHYY)

Syrah Resources Limited owns the Balama graphite mine in Mozambique. Syrah is also a vertically integrated producer of natural graphite Active Anode Material ("AAM") at their Vidalia facility, Louisiana, USA.

On December 5 Syrah Resources announced:

Appointment of non-executive Director and Chair-elect...Mrs Samantha Hogg...Her most recent executive role was as the Chief Financial Officer of Transurban Group.

Ceylon Graphite [TSXV:CYL] [GR:CCY] (OTC:CYLYF)

Ceylon Graphite has 'Vein graphite' production out of one mine in Sri Lanka with 121 square kilometers of tenements.

No news for the month.

Mineral Commodities Ltd. ("MRC") [ASX:MRC]

MRC owns 51% of the Munglinup Graphite Project in Western Australia. MRC has entered into a Share purchase agreement for the sale of Skaland Graphite AS to Norge Mineraler Holding AS. Sale update here.

On December 18 MRC announced:

Appointment of Voluntary Administrators...The Administrators have assumed control of the businesses and will undertake an urgent assessment of each of the Companies and explore options for their sale and/or recapitalisation...The Administrators' appointment includes MRC Graphite (Norway) Pty Ltd which is the Australian holding entity of the Skaland Graphite mine in Norway. The operations of the Skaland Graphite mine are unaffected by this appointment and the trading entities in Norway remain in the control of their directors.

Tirupati Graphite [LSE:TGR]

On December 10 Tirupati Graphite announced:

Placing, CLN issue and Corporate Update...has received commitments for £3.1 million for a new round of financing, including convertible loan notes and a conditional placing of new shares, as part of a package of re-financing measures initiated by the Board...The net proceeds of the Fund Raise are expected to be used for capital expenditures and improvements at the Vatomina mine (approximately £0.5 million), initial operating expenses and working capital as production resumes (approximately £0.6 million), as well as general corporate purposes including expenses of the prospectus preparation, payments to creditors and corporate costs.

Northern Graphite [TSXV:NGC][FRA:ONG] (OTCQX:NGPHF)

Northern Graphite purchased from Imerys the Lac des Iles producing graphite mine in Quebec and the Okanjande graphite deposit/Okorusu processing plant in Namibia. They also own the Bissett Creek graphite project located 100km east of North Bay, Ontario, Canada and close to major roads and infrastructure. The Company has completed an NI 43-101 Bankable final Feasibility Study and received its major environmental permit.

On December 2 Northern Graphite announced:

Third Quarter 2025 results and provides corporate update.

Work underway to extend Lac des Îles Pit and mine life.

Strong demand continues amid growing support for ex-China graphite industry.

Mine to Market strategy advances with new product and technology agreements...

The Company expects its operating and financial performance to improve as plant upgrades are completed, and mining of the new pit extension commences in the first half of 2026. This will enable the Company to operate at a steady state production rate of 20,000 tpy of concentrate, and potentially up to nameplate capacity of 25,000 tpy, which will substantially reduce unit costs and increase the Company's profit margin...Revenue decreased by 4% to $6.5 million compared to the third quarter of 2024 as a result of a 27% decrease in sales volumes due to limited production, partially offset by 32% higher prices...A loss from mine operations of $1.5 million was incurred for the quarter ended September 30, 2025 (after a non cash depreciation charge of $2.6 million)...A net loss of $9.4 million or $0.07 per share, was recorded in the third quarter of 2025 compared to a net loss of $4.8 million or $0.04 per share during the three months ended September 30, 2024.

NextSource Materials Inc. [TSX:NEXT] [GR:1JW] (NSRCF)

NextSource Materials Inc. 100% owns the Molo Graphite Mine in Madagascar. The Company also has the Green Giant Vanadium Project on the same property.

On November 27 NextSource Materials announced:

NextSource Materials hosts strategic investors in Abu Dhabi for site visit of battery anode facility...The UAE BAF is a central pillar of NextSource's vertical integration strategy and would position NextSource to become the largest anode producer outside of Asia.

Leading Edge Materials [TSXV:LEM] (LEMIF)

Leading Edge Materials Corp. is a Canadian company focused on becoming a sustainable supplier of a range of critical materials. Leading Edge Materials' flagship asset is the Woxna Graphite Project and processing plant in central Sweden. The company also owns the Norra Karr REE project, and the 51% of the Bihor Sud Nickel-Cobalt exploration stage project in Romania.

On December 15 Leading Edge Materials announced:

Leading Edge Materials accepted as a project partner by EIT Raw Materials...EIT Raw Materials is the largest and most active raw materials knowledge and innovation network globally, comprising over 300 partner organisations across the entire raw materials value chain...Mandated by the European Commission, EIT Raw Materials leads the European Raw Materials Alliance (ERMA), which includes around 800 members representing an investment potential of more than €25 billion...Since its founding, EIT Raw Materials has deployed over €700 million in direct strategic funding to support more than 800 projects and start-ups, unlocking approximately €8.3 billion in additional indirect investment into critical raw materials projects and technologies across Europe and beyond.

Evion Group NL [ASX:EVG]

On December 4 Evion Group announced:

EU Commission invites Evion to join EU Energy & Raw Materials Platform Program as priority supplier of Graphite to the European Union...This follows the EU recognising the Maniry Graphite Project in Madagascar as its only preferred supplier of graphite concentrate from Africa.

South Star Battery Metals [TSXV:STS] (STSBF) ("South Star")

South Star Battery Metals' Santa Cruz Graphite Mine is in Bahia Brazil. The Company also owns the BamaStar Project in Coosa County, Alabama, USA.

No news for the month.

Graphite developers

Renascor Resources [ASX:RNU]

Renascor Resources Ltd. is an Australian exploration company, which focuses on the discovery and development of economically viable deposits containing uranium, gold, copper, and associated minerals. Its projects include graphite, copper, precious metals, and uranium.

No significant news for the month.

Talga Group [ASX:TLG] [GR:TGX] (TLGRF)

Talga Group is a technology minerals company enabling stronger, lighter and more functional materials for the multi-billion dollar global coatings, battery, construction and carbon composites markets using graphene and graphite. Talga 100% owned graphite deposits are in Sweden and they have a proprietary process test facility in Germany. Talga plan to build the Luleå battery anode refinery in Sweden as part of their integrated mine-to-anode Vittangi Anode Project.

On December 3 Talga Group announced:

Talga accelerates towards commercial-scale anode production with grant funding strategy.

Talga has applied for a transformative 1.1 billion SEK (~A$180 million) 'Industrial Leap' grant from the Swedish Energy Agency ("Industriklivet 2"), with the outcome expected in Q1 CY2026.

If approved, this grant complements the existing €70 million (~A$120 million) EU Innovation Fund grant and €150 million (~A$260 million) pre-approved EIB loan for the integrated Vittangi Anode Project, potentially providing funding required for an initial commercial 5,000 tpa plant to produce both sustainable Talnode® -C and Talnode ® -R.

Request for Proposal (RFP) process with customers validates strong demand, securing expressions of interest for over 80% of initial capacity in 2028, with growth supporting phased scaling to 24,500 tpa total.

On December 10 Talga Group announced: "Talga Group successfully raises A$14.5 million...via a Placement at A$0.41 per share."

On December 10 Talga Group announced: "Additional exploitation concessions approved for Vittangi."

On December 15 Talga Group announced: "Graphite mine detailed plan submitted to Swedish Government."

Westwater Resources (WWR)

Westwater Resources Inc. is developing the Kellyton Graphite Plant in Alabama, USA. They also own the Coosa Graphite Deposit in Alabama. Details here.

No news for the month.

Black Rock Mining [ASX:BKT]

No significant news for the month.

Nouveau Monde Graphite [TSX:NOU] (OTCQX:NMGRF) (NYSE:NMG) ("NMG")

Nouveau Monde Graphite ("NMG") own the Matawinie Graphite Project, located in the municipality of Saint-Michel-des-Saints and the Lac Guéret Project.

On December 19 NMG announced:

Closing of US$20 Million Public Offering...at a price of US$2.40 per Common Share...The Company intends to use the net proceeds from the Offering for procurement of long-lead equipment, to initiate certain construction activities, and to cover detailed engineering and indirect costs for the Matawinie Mine project, to fund engineering activities to deliver an AACE class 3 estimate for the 13ktpy Bécancour Battery Material Plant project, and to fund general working capital and corporate expenditures.

Greenwing Resources Limited [ASX:GW1] (BSSMF)

Greenwing has graphite projects (Graphmada & Andapa) and a lithium project (Millies Reward) in Madagascar as well as the San Jorge lithium Project in Argentina. Also the Que River polymetallic Project in Tasmania.

On December 10 Greenwing Resources announced: "Corporate update." The news relates to their San Jorge Lithium Brine Project agreement.

Triton Minerals [ASX:TON][GR:1TG]

Triton Minerals Ltd. engages in the acquisition, exploration and development of areas that are highly prospective for gold, graphite and other minerals. In July 2024 Triton divested 70%, retaining 30% of their Mozambique graphite assets (update here); MOU to acquire 80% of the Aucu Gold and Copper Project in Mozambique.

No significant news for the month.

Gratomic Inc. [TSXV:GRAT] [GR:CB82] (CBULF)

Gratomic's Aukam Graphite Project is located in Namibia, Africa. Gratomic also 100% own the Capim Grosso Graphite Project in Brazil (legal dispute). Gratomic is also collaborating with Forge Nano to develop a second facility for graphite micronization and spheronization.

No news for the month.

Falcon Energy Materials plc [TSXV:FLCN] [GR:18Y] (FLCNF) ("Falcon")

Falcon Energy Materials (formerly SRG Mining) is focused on developing the Lola graphite deposit, which is located in the Republic of Guinea, West Africa. The Lola Graphite occurrence has a prospective surface outline of 3.22 km2 of continuous graphitic gneiss, one of the largest graphitic surface areas in the world. Falcon owns 100% of the Lola Graphite Project.

No news for the month.

EcoGraf Limited [ASX:EGR] [FSE:FMK] (ECGFF)

On December 8 EcoGraf announced:

KfW IPEX-Bank Debt Financing Program and Due Diligence update for Epanko...the completion of the key technical documents required for the Independent Engineers' Report (IER), which is a key requirement to secure the debt financing for the development of the Epanko graphite project.

On December 17 EcoGraf announced: "AngloGold Ashanti US$9.0m gold farm-in commences. Highly prospective Golden Eagle tenements granted."

Lomiko Metals Inc. [TSXV:LMR]

Lomiko has two projects in Canada - La Loutre graphite Project (flagship) (100% interest) and the Bourier lithium Project (70% earn in interest). They also have the Yellow Fox, Antimony, Silver, and Gold Property located in central Newfoundland.

On December 10 Lomiko Metals announced:

Start of La Loutre Graphite bulk sample processing and upgrading to anode material with Corem Research Center, based in Quebec, and Corporate Update.

Metals Australia [ASX:MLS]

No graphite news; however there was some vanadium-titanium news and some copper news.

NGX Limited (100% owned subsidiary of Sovereign Metals [ASX:SVM] [GR:SVM][LSE:SVML]) (SVMLF)

No news for the month.

Sarytogan Graphite [ASX:SGA]

Sarytogan Graphite has an Indicated and Inferred Mineral Resource of 229Mt @ 28.9% TGC in Central Kazakhstan.

On December 3 Sarytogan Graphite announced: "Power allocation secured...for the project has been approved."

On December 19 Sarytogan Graphite announced: "Capital raising update...approval for EBRD and Sarsenov to receive the shares is still outstanding from MIC due to administrative delays only."

Focus Graphite [TSXV:FMS][GR:FKC] (FCSMF)

On December 8 Focus Graphite announced: "Focus Graphite executes funding agreement for $14.1M under Natural Resources Canada's Global Partnerships Initiative."

On December 10 Focus Graphite announced: "Focus Graphite closes $3.9 million Bought Deal Offering."

On December 11 Focus Graphite announced: "Focus Graphite achieves 99.9996 wt.% Ultra-High Purity and 2.03 ppm EBC in follow-on testing."

On December 18 Focus Graphite announced:

Final results from 2022 drill program at Lac Tetepisca; West Limb extends mineralized strike to 8 KM...98 m [TRUE] @ 8.17% Cg and multiple additional mineralized horizon.

International Graphite Limited [ASX:IG6] [FWB:H99]

No news for the month.

Albany Graphite Corp. (100% owned subsidiary of Zentek Ltd. [TSXV:ZEN] (ZTEK)

On December 18 Zentek announced:

Zentek subsidiary Albany Graphite Corp. achieves near-theoretical anode performance in battery suitability independent testing...In four ‑industry standard coin cell tests, carbon coated, spheroidized Albany graphite delivered an average reversible capacity of approximately 367 mAh/g – just 1.3% below the theoretical maximum for graphite – with strong cycling stability and efficient processing. These results indicate that Albany graphite has the potential to serve as a high-performance, natural graphite anode material for lithium-ion batteries, supporting Zentek's strategy to build a value-added position in the North American battery supply chain.

Other graphite juniors

Armadale Capital [AIM:ACP], Beowulf Mining [LON:BEM], Castle Minerals [ASX:CDT], DNI Metals [CSE:DNI] (DMNKF), Eagle Graphite [TSXV:EGA] [GR:NJGP] (OTC:APMFF), Elcora Advanced Materials Corp. [TSXV:ERA] (ECORF), Electric Royalties [TSXV:ELEC], E-Power Resources [CSE:EPR], Evolution Energy Minerals [ASX:EV1] (EVMIF), Graphite One Resources Inc. [TSXV:GPH] [GR:2JC] (GPHOF), Green Battery Minerals Inc. [TSXV:GEM] (GBMIF), Infinity Stone Ventures [CSE:GEMS] (GEMSF), International Graphite [ASX:IG6], Kingsland Minerals [ASX:KNG], Lincoln Minerals [ASX:LML] (LMLAF), Lithium Energy Limited [ASX:LEL], Ryzon Materials Ltd [ASX:RYZ], New Energy Metals Corp. [ASX:NXE], Volt Carbon Technologies [TSXV:VCT] (TORVF), Volt Resources [ASX:VRC] [GR:R8L], Reflex Advanced Materials Corp. [CSE:RFLX] (RFLXF), Walkabout Resources Ltd [ASX:WKT].

Spherical Graphite companies

Aoyu Graphite Group

Battery Minerals Ltd [ASX:BAT]

Graphex Group [HKG: 6128] (GRFX)

Imerys Graphite & Carbon [FR:NK](IMYSF) (IMYSY)

Jixi BTR graphite Industrial Park

Qingdao Black Dragon Graphite Group

Qingdao Yanxin Graphite Products Co.

Syrah Resources Limited [ASX:SYR] (SYAAF)

Yingkou Botian Material Technology Limited Comp

Synthetic Graphite companies

GrafTech International (EAF)

Resonac Holdings [TYO:4004)

BTR New Material Group [BJSE:835185]

Lianyungang Jinli Carbon

Shanshan Technology (SHA:600884)

SGL Carbon [ETR:SGL] (OTCPK:SGLFF)

Novonix Ltd [ASX:NVX](NVX)

Graphene companies

Archer Materials [ASX:AXE]

Black Swan Graphene Inc. [TSXV:SWAN]

Elcora Advanced Materials Corp. [TSXV:ERA](ECORF)

First Graphene [ASX:FGR] (FGPHF)

Graphene Manufacturing Group Ltd [TSXV:GMG]

NanoXplore Inc. [TSXV:GRA] (NNXPF)

Strategic Elements Ltd [ASX:SOR]

Zentek Ltd. [TSXV:ZEN] (ZTEK)

Conclusion

December saw China battery related flake graphite spot prices generally flat.

Highlights for the month were:

Graphite flake market slows amid oversupply and weak demand.

MRC announces Voluntary Administration, shares suspended from trading.

Tirupati Graphite has received commitments for £3.1 million.

Northern Graphite Q3 2025 reports a net loss of $9.4m or $0.07 per share.

NextSource Materials hosts strategic investors in Abu Dhabi for site visit of battery anode facility.

Leading Edge Materials accepted as a project partner by EIT Raw Materials.

EU Commission invites Evion to join EU Energy & Raw Materials Platform Program as priority supplier of Graphite to the European Union.

Talga Group successfully raises A$14.5 million. Graphite mine detailed plan submitted to Swedish Government.

NMG announces closing of US$20 Million Public Offering.

Focus Graphite achieves 99.9996 wt.% Ultra-High Purity and 2.03 ppm EBC in follow-on testing. Focus Graphite West Limb extends mineralized strike to 8 KM, drills 98m [TRUE] @ 8.17% Cg.

Zentek subsidiary Albany Graphite Corp. achieves near-theoretical anode performance in battery suitability independent testing.

As usual all comments are welcome.

Editor's Note: This article discusses one or more securities that do not trade on a major U.S. exchange. Please be aware of the risks associated with these stocks.

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