24 September 2026 · Independent Investment Research · Company news
EcoGraf (ASX: EGR) said on 24 September that a preliminary review identified potential to lift Epanko Stage 1 capacity from 73,000 to 87,600 tonnes annually. The existing feasibility case remains the financing basis. The concept requires further studies, involves an estimated US$12 million additional capital and has not been independently verified; no revised NPV or IRR was disclosed. Source: company engineering update.
IIR perspective: the next task is to test whether the extra throughput improves overall economics after allowing for capital, operating costs, schedule and mine life. A capacity increase alone cannot be applied mechanically to an earlier valuation. Readers should retain the distinction between the financing case and the expansion concept until the supporting work is completed.
EcoGraf’s underwritten A$2 million share purchase plan remained scheduled to close on 28 September, with results on 30 September, subject to change. The raising should be assessed against the work it funds and the remaining project-finance conditions. Source: SPP announcement.
Disclosure: IIR published commissioned EcoGraf research in June 2026. That report disclosed that IIR would receive fees for preparing it and maintained editorial independence. This news article does not update that valuation or recommend a securities transaction. Read the prior report and disclosure.
General information only. This article does not take account of your objectives, financial situation or needs and is not personal financial advice or a recommendation to buy, hold or sell securities. Mining investments involve operating, financing and liquidity risks. Consider the original announcements and seek appropriate professional advice.
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