EcoGraf Limited announced that it's concluded negotiations with the Tanzanian Special Presidential Government Negotiating Team in relation to the Framework Agreement for the development and operation of the Epanko Graphite Project (Epanko or the Project). The Government of Tanzania is currently completing its approval processes to enable signing of the Framework Agreement, which is expected to occur early next year and represents an important requirement for the financing and development of the Project. Extensive studies have been completed to define and de-risk the Epanko development opportunity, including: completion of a Bankable Feasibility Study led by GR Engineering Services; receipt of the Mining Licence and environmental approvals; comprehensive Independent Engineer's Review by SRK Consulting on behalf of lenders, confirming technical aspects of the proposed development and that the Equator Principles social and environmental planning satisfies International Finance Corporation Performance Standards and World Bank Group Environmental, Health and Safety Guidelines; and 200 tonne bulk testing program and flake graphite sales offtake for key markets in Europe and Asia.

Detailed evaluation conducted over the last eight years demonstrates that the unique geology of Tanzanian graphite delivers a superior battery anode material product that outperforms other global reference materials in mechanical shaping, purification and electrochemical benchmarking analysis. As a result, Epanko represents a long-term, expandable source of high-quality natural graphite to supply global industrial markets and provide feedstock for the company's vertically integrated battery anode materials business.