International Graphite debuts on ASX

International Graphite’s IPO saw it issue 50 million shares at $0.20 apiece, raising $10 million to support its graphite production dreams

International Graphite Ltd hit the boards today after a $10 million initial public offering (IPO) at 20 cents per share and acquisition of the Springdale Graphite Project in southern Western Australia.

The graphite player joined the local bourse under the ticker ‘IG6’ and opened at A$0.40 (US$0.30) per share, double the IPO price.

Investors were keen to get in on the story with more than 13 million shares changing hands and shares trading in the range of $0.365 to $0.42.

As a fully-fledged ASX lister, International Graphite plans to provide a new source of battery graphite to the global electric vehicle (EV) and renewable energy markets.

It’s designed an integrated mine-to-market operation in Western Australia that will take mine concentrate from its newly acquired Springdale asset and create battery anode materials at a downstream processing facility in Collie.

International Graphite’s IPO saw it issue 50 million shares at $0.20 apiece, raising $10 million to support its graphite production dreams.

Thanks to the pre-listing fundraise, the graphite stock hit the boards with a $35.8 million indicative market cap and nearly 180 million shares on issue.

International’s strategy centres on the newest addition to its portfolio: the Springdale Graphite Project in Australia’s southwest.

The asset was recently acquired from fellow ASX-lister Comet Resources Ltd and is prospective for graphite and other resources.

Springdale is at the exploration and development stage and comprises two granted exploration licences and a prospecting licence, covering roughly 180 square kilometres.

The graphite deposit is in a mining hub in the south of Western Australia — 25 kilometres from the Ravensthorpe Nickel Mine and 45 kilometres from the Galaxy Lithium Mine.

Springdale is reported to hold 15.6 million tonnes of inferred resource at 6% total graphitic content (TGC), including a high-grade 2.6-million-tonne, 17.5% TGC component.

Combined with the initial processing asset in Collie, International Graphite is on track to be WA’s first fully integrated mine-to-market graphite producer.

Notably, the WA Government has already committed $100 million to develop Collie as a major renewable energy centre and critical minerals processing hub.

Last year, IG6 secured a $2 million government grant from the Collie Futures Industry Development Fund to help establish a graphite micronising plant in the region.

International Graphite founder Phil Hearse said of IG6’s debut: ASX listing is a key milestone in the company’s strategy to deliver a consistent, high-quality source of battery graphite for global markets while contributing to the establishment of a sovereign critical minerals capability in Australia.

He said: Globally, graphite supply is coming under huge pressure as decarbonisation revolutionises the transport and energy markets, creating unprecedented demand for battery storage, particularly lithium-ion batteries for electric vehicles.