Magnis Energy Technologies Ltd. announced that it has completed an update to the 2016 Bankable Feasibility Study (BFS) for its Nachu graphite project in Tanzania (the Nachu Project or the Project) and confirms that the Project continues to demonstrate strong financial and technical viability. The update to the BFS has focused on improving the plant process design to ensure it maintains product quality advantage, utilizing a more sustainable and efficient power supply, and reviewing the overall capital and operating costs of the project. As expected, and consistent with the mining industry as a whole, have seen increases in capital costs from 2016, although opportunities remain to improve the current capital cost estimates as part of the next stage of optimization and detailed engineering.

Pleasingly, operating costs have remained relatively stable and position Magnis well in terms of expected margins.