Earnings release
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ASX: EGR ASX Release / 30 July 2026 ASX: EGR www.ecograf.com.au ASX: EGR FSE: FMK EcoGraf Limited L3, 18 Richardson Street West Perth WA 6005 Australia E: info@ecograf.com.au T: +61 8 6424 9000 ABN: 15 117 330 757 EcoGraf Limited @EcoGraf EcoGraf Limited Quarterly Activities Report for the quarter ended 30 June 2026 Grant Funding Supports HFfree Development in Europe Vertically integrated battery anode materials developer EcoGraf Limited (EcoGraf or the Company) (ASX: EGR; FSE: FMK) is pleased to present its activities and cash flow report for the quarter ended 30 June 2026. Highlights Epanko Graphite Mine • Advanced multiple Epanko financing workstreams following submission of the Independent Engineers Report, focused on optimising financing structure, commercial terms and risk allocation • Progressed the Epanko debt financing process with ongoing engagement with lenders, advisors and strategic partners, while optimisation studies identified potential production expansion opportunities beyond the 73,000tpa Updated BFS case • Progressed offtake negotiations with prospective customers , including discussions on increased contracted volumes to support the Epanko Graphite Project and potential future production expansions, with outcomes anticipated during the next quarter • Commenced Mine Access Road compensation activities , representing an important early works milestone that supports construction readiness, reduces wet season access risks and enables rapid mobilisation following final investment decision (FID) • Detailed review of the FEED design commenced to maximise Stage 1 production output, following positive findings from the due diligence process and increased demand from sales partners • NMB Bank PLC appointed as compensation partner for Epanko, delivering secure, IFC -aligned compensation framework for the Mine Access Road and supporting implementation of the Resettlement Action Plan (RAP) • Activated g rant funding € 2.0m (A$3.2m) from the European Investment Bank ( EIB) with Terms of Reference being finalised for Epanko e xpansion studies, Midstream development and European battery materials market integration initiatives • Advanced €4.2 million (A$6.8 million) co-funding applications underway, including the DEG Impulse develoPPP program to support community development initiatives for the Epanko Graphite Project EcoGraf HFfree® Purification Facilities • Industry-leading lowest-cost assessment confirms EcoGraf HFfree® process cost competitiveness, delivering ~US$478/t purification cost and ~US$1,441/t integrated cost, supporting a competitive alternative to Chinese supply and development across key global battery hubs • Executed strategic MOU with Mitsubishi Chemical Corporation, advancing qualification and potential long-term supply arrangements for EcoGraf battery anode materials • EcoGraf HFfree® India Patent granted strengthening EcoGraf’s position in emerging ex-China battery materials supply chains • A 3 rd International Patent application lodged under the Patent Co -operation Treaty ( PCT) for the proprietary technology "A Method For Producing Purified Graphite” covering 158 countries UPSTREAM DOWNSTREAM
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www.ecograf.com.au 2 www.ecograf.com.au ASX: EGR FSE: FMK • Strategic equity and offtake process commenced following increased engagement with customers and strategic partners seeking long -term participation in EcoGraf’s vertically integrated battery materials business • Vertically integrated development cases advanced to support the Company's downstream multi - hub strategy, strategic equity investment initiatives and offtake process • Board and Advisory Appointments with Mr Sven Olsson appointed as Independent Non -Executive Director and Dr Peter Schuhmacher appointed as Advisor to the Board to drive global expansion • Independent study by the German Raw Materials Agency ( DERA) highlighted that graphite demand from future technologies reinforcing the need for new graphite supply and processing capacity • Field work commenced for the US$9.0 million Golden Eagle farm -in with AngloGold Ashanti, with soil sampling program underway and detailed drone geophysics to follow • Cash and cash equivalents of $3.8 million at 30 June 2026 Business Summary EcoGraf is building a vertically integrated battery anode materials business to produce high purity graphite products for the lithium-ion battery and advanced manufacturing markets. Over US$30 million has been invested to date to create a highly attractive graphite business which includes: • Epanko Graphite Mine, located in Tanzania; • Mechanical Shaping Facility in Tanzania; • EcoGraf HFfree® Purification Facilities, located in close proximity to the electric vehicle, battery and anode manufacturers; and • EcoGraf HFfree® Purification technology, to support battery anode recycling. In Tanzania, the Company is developing the TanzGraphite natural flake graphite business, commencing with the Epanko Graphite Project, to provide a long-term, scalable supply of feedstock for EcoGraf® battery anode material purification facilities, together with high quality large flake graphite products for specialised industrial applications. The Company is undertaking planning for its Mechanical Shaping Facility in Tanzania, which will process natural flake graphite into spherical graphite (SpG). This mechanical micronising and spheronising is the first step in the conversion of high-quality flake graphite concentrate into battery grade anode material used in the production of lithium-ion batteries. Using its environmentally superior EcoGraf HFfree® purification technology, the Company will upgrade the SPG to produce 99.95%C high performance battery anode material to supply electric vehicle, battery and anode manufacturers in Asia, Europe and the U.S. Battery recycling is critical to improving supply chain sustainability and the Company’s successful application of the EcoGraf HFfree® purification process to recycle battery anode material provides it with a unique ability to support customers to reduce CO2 emissions and lower battery costs. CORPORATE
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www.ecograf.com.au 3 www.ecograf.com.au ASX: EGR FSE: FMK Quarterly Activity Update Epanko Graphite Mine Debt Financing Update As previously announced, EcoGraf has mandated KfW IPEX -Bank to arrange a senior secured loan facility of up to US$105 million for the development of the Epanko Graphite Project under the German Untied Loan Guarantee (UFK) scheme. In line with previous announcements, the Inter -Ministerial Committee working council has provided non-binding indication that the Epanko Project is, in principle, eligible for import credit cover under the UFK program. The UFK program is provided by the Fe deral Republic of Germany through credit insurer Euler Hermes to incentivise the development of key projects that can provide long -term supply of critical minerals for German industry. As part of the approval process, an expert opinion to be prepared by an Independent Expert on the Project and the proposed financing structure is required in order to obtain Preliminary Approval for a binding offer of cover. Following submission of the Independent Engineers Report ( IER) to KfW IPEX -Bank by the lenders’ Independent Technical Consultant, the Company has been addressing additional queries arising from the report to enable finalisation of the debt finance bank model. EcoGraf continues to progress across multiple project workstreams focused on finalising the key commercial and structural components of its proposed debt financing. The Company is actively engaging with its advisors to refine and optimise principal commercial terms, funding structure and risk allocation. Combined with the strategic equity strategy, this work is positioning EcoGraf to submit a robust and comprehensive financing package to Euler Hermes. In parallel, the Company has undertaken a number of initiatives to further strengthen the Project's technical, commercial and financing foundations. This work has included optimisation of mining schedules and operating assumptions, refinement of the projec t financial model, advancement of offtake and strategic partnership discussions, and evaluation of downstream growth opportunities. The outcomes have reinforced the Company's development and financing strategy and identified opportunities to expand production beyond the 73,000tpa Updated BFS case1, which remains the basis of the current debt financing process. The Company expects to report the findings of this work during the coming months. EcoGraf continues to work closely with lenders, customers and strategic partners to finalise the remaining financing requirements and progress the Epanko Graphite Project toward a Final Investment Decision (FID). Offtake Partner Discussions EcoGraf continued to advance discussions with prospective customers regarding long -term offtake arrangements for natural flake graphite products from the Epanko Graphite Project. These discussions form part of the Company's broader financing and commercial isation strategy and are focused on supporting the development of Epanko and future production growth. Negotiations with selected counterparties are well advanced, including discussions relating to increased contracted volumes that could support future staged expansions beyond the initial 73,000tpa development case. The Company believes these discussions are progressing positively and anticipates providing an update on one or more of these negotiations during the next quarter, subject to finalisation of commercial terms and execution requirements. 1 Refer ASX announcement dated 25 February 2026 titled “Updated Epanko Bankable Feasibility Study” UPSTREAM
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www.ecograf.com.au 4 www.ecograf.com.au ASX: EGR FSE: FMK Mine Planning and Development During the quarter, the Company initiated a ctivities to commence compensation for the Mine Access Road. This early works program represents an important step in advancing construction readiness, providing dual all-weather access to the Project, reducing wet season access risks and supporting rapid mobilisation following a FID. Access to the Project is currently via the Southern Access Road, which was upgraded by the Company in early-2025 to support the initial early stages of development. The Southern Access Road will continue to serve as the primary access route during construction of the Mine Access Road. NMB Bank Plc has been appointed as compensation partner to securely administer compensation payments, initially for the Mine Access Road2. Figure 1 – Southern Access Road As part of the Company’s waste management and mine planning activities, static geochemical testwork was completed on representative waste rock and ore samples from within the planned mining envelope. The program is designed to further characterise acid rock drainage ( ARD) potential across different rock types and support development of a site -specific ARD classification framework. The outcomes will be used to optimise waste management planning, guide future kinetic testing programs and support ongoing project optimisation and expansion studies. 2 Refer ASX announcement 7 May 2026 titled “Epanko NMB Bank PLC Agreement”
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www.ecograf.com.au 5 www.ecograf.com.au ASX: EGR FSE: FMK Figure 2 - Mine Access Road Bank Accounts session with NMB team and PAPs opening Bank Accounts Opening Exercise Town Planning and Site Survey Consulting (Mahenge Branch) PAP Bank Accounts Cash Compensation (IFC-compliant) Financial Literacy Training
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www.ecograf.com.au 6 www.ecograf.com.au ASX: EGR FSE: FMK EIB Co-operation Agreement3 Following the signing of a Co -operation Agreement with the EIB during the previous quarter, EIB ha s appointed a Project Manager to oversee delivery of the technical assistance work program. The Agreement provides up to €2 million (A$3.2m) in grant -funded technical assistance to support the development of EcoGraf’s vertically integrated HFfree battery anode materials business and its participation in the European Critical Raw Materials (CRM) value chain. Working closely with the Company, t he Project Manager is currently finalising the Terms of Reference for the various workstreams. These studies are intended to support further integration of EcoGraf's operations into the European battery materials supply chain and include: • assessment of Epanko expansion opportunities, including optimisation and expansion requirements for the Tailings Storage Facility (TSF); • studies to finalise the preferred location and configuration of the proposed Midstream Mechanical Shaping Facility; and • market analysis covering graphite supply, demand and pricing, with a focus on integrating EcoGraf's vertically integrated business into the European battery materials value chain. The EIB program is expected to provide independent technical and market support for the Company's growth strategy while enhancing development planning across its graphite operations. DEG Impulse Co-funding developPPP4 As previously announced, the Company has submitted an application to DEG Impulse, a subsidiary of the German development finance institution DEG and part of the KfW Group, to support community development initiatives for the Epanko Graphite Project in Tanzania. The application is currently being reviewed by DEG Impulse and follows a successful site visit to the Project with Mr Daniel Thomann, Director Support Programmes from DEG Impulse, and key members of the Company’s Tanzanian team. develoPPP is a program of the German Federal Ministry for Economic Cooperation and Development (BMZ) that co‑funds private‑sector projects delivering sustainable social and environmental outcomes. 3 Refer ASX announcement dated 11 February 2026 titled “EcoGraf Signs Co -Operation Agreement with EIB” 4 Refer ASX announcement dated 14 April 2026 titled “DEG Impulse Development Support”
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www.ecograf.com.au 7 www.ecograf.com.au ASX: EGR FSE: FMK EcoGraf remains committed to maintaining high standards in terms of environment, social and governance performance, in alignment with: • IFC Performance Standards; • Equator Principles IV; • Global Industry Standard on Tailings Management (GISTM); • Sustainable Development Goals (SDGs); • Global Reporting Initiative Standards (GRI); and • Initiative for Responsible Mining Associations (IRMA) Standards. Community Activities World Environment Day 2026 – Environmental Awareness and Conservation Activities As part of its ongoing ESG and community development initiatives, the Company supported a series of activities surrounding World Environment Day 2026 involving 62 school representatives, teachers, company representatives, and environmental officials from t he Ulanga District Council and the National Environment Management Council (NEMC) Morogoro Zonal Office. The program focused on climate change awareness, environmental stewardship and community participation in conservation activities, reinforcing the Company's commitment to supporting environmental education and sustainable practices within communities locat ed near its operations. During the event, the Company highlighted its ongoing Green Environment Campaign and continued support for local schools through environmental awareness initiatives and the provision of environmental management resources. View video covering the event: https://tinyurl.com/3pcj4uhf Global Industry Standard on Tailings Management
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www.ecograf.com.au 8 www.ecograf.com.au ASX: EGR FSE: FMK Government and Stakeholder Engagement Company representatives met with the District Commissioner to provide an update on project activities and development progress. The District Commissioner expressed appreciation for EcoGraf's ongoing community support and noted the positive response to the Mine Access Road compensation activities. Christer Mhingo with District Commissioner Khamana Juma Simba, David Drabble and Emmanuel Ntoma In parallel, the Company continues to advance commercial funding applications, site selection activities and commercial discussions with potential customers and strategic partners. The Company has secured and is progressing grant funding totalling €6.2 million (A$10 million)5, including: • Up to €2.0 million (A$3.2 million) approved by the European Investment Bank (EIB)3; • €4.2 million (A$6.8 million) progressing through advanced application stages, including the recent DEG Impulse initiative4. 5 EUR to AUD exchange rate as at 28 May 2026 EIB grant funding signing with EcoGraf at Mining Indaba 2026 Mr Daniel Thomann, Director Support Programmes from DEG Impulse with the Epanko team during the April Epanko site visit
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www.ecograf.com.au 9 www.ecograf.com.au ASX: EGR FSE: FMK EcoGraf HFfree® Purification Facilities Global Assessment Confirms EcoGraf HFfree® Process Competitiveness6 During the quarter, EcoGraf reported the results of a global assessment confirming the technical robustness and cost competitiveness of its EcoGraf HFfree® process technology, a key process in the production of high‑purity battery anode material. The assessment evaluated seven potential locations for a 25,000tpa purification facility across major battery manufacturing hubs in Asia, Europe and North America, supporting the Company’s strategy of establishing commercial scale EcoGraf HFfree® purification facilities close to key customer markets. The assessment demonstrated strong cost competitiveness across all jurisdictions , with HFfree purification operating costs ranging from approximately US$359/t to US$571/t of spherical purified graphite (SPG), and a base case operating cost of approximately US$478/t SPG. These results confirm the flexibility of the EcoGraf HFfree® process across diverse operating environments and support the Company’s strategy of developing geographically diversified, non - Chinese battery materials supply chains. The assessment also highlighted the strategic advantages of developing purification facilities within major battery manufacturing hubs. While Asia generally offers lower operating costs, Europe and North America provide strategic benefits associated with s upply chain security, localisation requirements and customer demand for transparent, non -Chinese sources of battery anode materials. EcoGraf's flexible development model allows the Company to optimise future facility locations while leveraging its low-cost upstream and midstream platform in Tanzania. Industry Leading Lowest-Cost EcoGraf HFfree® Feedstock Cost $5447 Mechanical Shaping Cost $4198 HFfree Process Cost – base case $478 Estimated Cost (US$/t) $1,441 EcoGraf HFfree® Vertically Integrated Supply Chain Cost Recent market developments, including restrictions on exports of certain dual -use materials from China, have further reinforced global demand for diversified and resilient battery materials supply chains. EcoGraf's strategy of establishing HF free purification facilities across North America, Europe and Asia-Pacific positions the Company to capitalise on this growing demand and support customers seeking secure, sustainable and cost-competitive battery anode material supply. Strategic Partnership with Mitsubishi Chemical Corporation 9 As previously announced, EcoGraf executed a non -binding Memorandum of Understanding ( MOU) with Mitsubishi Chemical Corporation ( MCC), a leading global supplier of battery anode materials. The MOU establishes a framework for ongoing cooperation relating to the supply, qualification and potential long -term commercialisation of natural flake graphite, unpurified spherical graphite (SpG) and purified SPG for MCC's battery anode material operations. 6 Refer ASX announcement dated 29 May 2026 titled “Global Assessment Confirms HF free Process Competitiveness” 7 Refer ASX announcement dated 25 February 2026 titled “Updated Epanko Bankable Feasibility Study” 8 Refer ASX announcement dated 24 March 2025 titled “Engineering Study Completed for Midstream Development” 9 Refer to ASX announcement dated 20 April 2026 titled “Strategic Partnership with Mitsubishi Chemical Corporation for Battery Anode Materials” DOWNSTREAM
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www.ecograf.com.au 10 www.ecograf.com.au ASX: EGR FSE: FMK The MOU builds on an existing Letter of Intent and extensive technical discussions and product evaluation activities undertaken by the parties. Subject to ongoing technical evaluation outcomes, MCC will consider a long -term product sales arrangement for up to 10,000 tonnes per annum of unpurified and/or purified SpG, or approximately 16,500 tonnes per annum of natural flake graphite feedstock. The agreement supports EcoGraf's strategy to develop a vertically integrated battery anode materials business, incorporating the Epanko Graphite Project, a proposed mechanical shaping facility in Tanzania and planned EcoGraf HFfree® purification facilities, including a proposed purification facility in Japan. MCC is Japan's largest chemical corporation and a leading supplier of anode active materials to battery and electric vehicle manufacturers. Intellectual Property & Technology Development Progressing International Patent Protection for Purified Graphite Processing EcoGraf successfully advanced the global protection of its proprietary technology through the formal lodgement of an International Patent Application under the Patent Co -operation Treaty ( PCT). The application is for "A Method For Producing Purified Graphite" (Patent Family 1), and includes extensive geographic coverage of this application spans across the global regions and countries shown below. EcoGraf is currently awaiting the official patent application number and a copy of the finalised specification from the Patent Office to proceed with the next stages of international patent protection. EcoGraf HFfree® India Patent Granted6 EcoGraf reported The Patent Office, Government of India has granted an India patent for its EcoGraf HFfree® purification technology (Patent Family 1), with patent number 587710 and a 20 -year term expiring on 14 May 2041. The India patent covers use of the Company’s EcoGraf HF free® purification technology across a range of applications relating to the manufacture of battery anode material, high purity graphite products and the recycling of lithium-ion battery anodes. EcoGraf Patent Summary Item Status 1. Method of Producing Purified Graphite Australia Accepted Tanzania, Mozambique and Namibia Granted USA Granted South Africa Accepted India Granted Vietnam Accepted Europe, Malaysia, South Korea Under Examination Patent Co-operation Treaty Under Examination 2. Improved Method of Producing Purified Graphite Australia Granted Canada Filed 6 Refer ASX announcement dated 11 May 2026 titled “EcoGraf HFfree India Patent Granted”
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www.ecograf.com.au 11 www.ecograf.com.au ASX: EGR FSE: FMK EcoGraf HFfree® Purification technology Product Development Following the signing of a partnership agreement with Taiwan’s Long Time Technology ( LTT) to develop EcoGraf HFfree® Purification Facilities across South East Asia and Taiwan, EcoGraf is commencing its Natural Graphite Battery Anode Material ( BAM) Product Development and Qualification Program with LTT 7. The BAM product will be developed in accordance with technical specifications and guidance provided by LTT. Anode Recycling The black mass and anode scrap recycling development program with global battery recycling companies continued during the Quarter. Anode scrap samples were received from partners and underwent detailed physicochemical assessment before and after processing using EcoGraf HFfree® technology. Market Outlook German Government Study Highlights Long-Term Graphite Supply Requirements The German Raw Materials Agency ( DERA) published its updated "Raw Materials for Future Technologies 2026" study in July 2026, projecting unprecedented demand growth for lithium, graphite, and rare earth elements up to 2045. Graphite remains one of the most strategically important raw materials for the energy transition, driven primarily by its critical role in lithium -ion battery anodes for electric vehicles and energy storage systems. View Report: https://tinyurl.com/3bwa8ate Strategic Equity and Offtake Process EcoGraf has launched a strategic equity and offtake process targeting customers, battery and anode manufacturers, trading houses and strategic investors seeking long -term graphite supply and investment opportunities. The process is seeking indicative proposals for offtake, strategic equity, joint ventures, project-level investments and other commercial structures. The process is focused on uncontracted production from Epanko Stages 1 –4, together with future Midstream shaping and Downstream HFfree purification capacity and supports the development of EcoGraf’s vertically integrated battery materials business. The initiative reflects growing interest from customers and strategi c partners in EcoGraf’s integrated development strategy, underpinned by the Epanko Graphite Project, HF free® purification technology and planned Midstream and Downstream facilities. 7 Refer ASX announcement dated 16 March 2026 titled “Partnership with Taiwan’s Long Time Technology ” CORPORATE RECYCLING SEM Photo of Anode Scrap material after purification
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www.ecograf.com.au 12 www.ecograf.com.au ASX: EGR FSE: FMK Board and Advisory Appointments Strengthening Leadership to Drive Global Expansion 8 EcoGraf enhanced its leadership team , reinforcing the Company’s technical and commercial capabilities as it scales downstream operations and engages global customers across the United States, Europe, and Asia seeking secure, transparent, and ESG-aligned anode materials. The Company has appointed Mr Sven Olsson as an Independent Non -Executive Director to strengthen its global governance and better serve its rapidly growing European investor base. Based in Germany, Mr Olsson brings more than a decade of board -level experien ce within the resource and technology sectors, alongside deep networks across European capital markets. In tandem with this board appointment, Dr Peter Schuhmacher has joined EcoGraf as an Advisor to the Board to bolster the commercialisation of the Company's HFfree Battery Anode Material (BAM) strategy. Dr Schuhmacher is a highly regarded global battery materials executive with over 30 years of international experience, including his recent role as President of BASF's Battery Materials, Recycling and Catalysts Divis ion. His vast operational expertise and established relationships with premier automotive and battery manufacturers will provide invaluable insights into material qualification, procurement, and long-term supply arrangements. Gold Assets Golden Frontier In-field activities commenced at Golden Eagle, a $9 million farm -in project with AngloGold Ashanti. Following initial community introductions, the AngloGold Ashanti team are part way through a soil sampling program, with first samples dispatched to the lab oratory. The program is expected to be completed during the coming quarter. To compliment the soil sampling program, a drone magnetic geophysical survey across the entire project area is scheduled to be conducted, to aid with drill targeting. During the quarter, the Company presented the Company’s plans for gold exploration at the Southern Frontier Project , to the Tanzanian Mining Commission. Exploration to date at Southern Frontier has delineated a ~3 km target corridor with encouraging high-grade results, including rock chip assays of up to 4.45 g/t Au and stream sediment anomalies up to 8,820 ppb Au9. Information Required Under Listing Rule 5.3 Evaluation and exploration expenditure during the quarter amounted to $1.2 million, which was incurred primarily as a result of the activities at Epanko, described in the above sections. No mining production and development activities were undertaken during the quarter. Payments of $165,000 made to related parties during the quarter in item 6 of Appendix 5B were for directors’ remuneration. Share Capital There were 461,551,214 ordinary fully paid shares and 7,498,895 unlisted incentive performance rights on issue at the end of the quarter. 8 Refer ASX announcement dated 9 July 2026 titled “Board and Advisory Appointments Support Global Expansion ” 9 Refer ASX announcements dated 20 January 2026 titled “EcoGraf Delivers Gold Results and Strategy” and 9 April 2026 titled “Golden Frontier and Investor Presentation”.
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www.ecograf.com.au 13 www.ecograf.com.au ASX: EGR FSE: FMK Stakeholder Engagement EIT RawMaterials Summit 2026 EcoGraf participated in the EIT RawMaterials Summit 2026 in Brussels, a leading European event focused on critical raw materials, battery supply chains and industrial sustainability. The Company engaged with industry leaders, government officials and strategic stakeholders to discuss sustainable graphite supply in supporting Europe's energy transition and battery manufacturing objectives. Christer Mhingo speaking at the EIT RawMaterials Summit 2026 in Brussels on circular economy opportunities and sustainable critical mineral supply chains. German Investor Meeting EcoGraf participated in an investor meeting in Frankfurt hosted by GOLDINVEST, providing shareholders and investors with an update on the Company's development activities, project financing progress and vertically integrated battery anode materials strategy. EcoGraf Managing Director Andrew Spinks and General Manager – Corporate Development John Ciganek engaging with shareholders and investors at the GOLDINVEST investor meeting in Frankfurt, Germany Tanzania Receives Strong International Confidence Signal The IMF's approval of a US$443.9 million disbursement for Tanzania reflects strong international endorsement in the country's economy 10. The approval followed successful IMF reviews of Tanzania's economic reform program, with the IMF noting that “Tanzania’s economy remained resilient recording 5.9% GDP growth in 2025” and complimented the Government for “maintaining macroeconomic stability”. 2026 Conferences and Events Tanzania Geological Society TGS2026 Conference 12 – 17 September 2026 in Mwanza, Tanzania Mines and Money @ IMARC 27 - 29 October 2026 in Sydney, Australia 10 Source: https://medafricatimes.com/46207 -imf-approves-443-9-million-disbursement-to-tanzania-after-successful-programme-reviews.html
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www.ecograf.com.au 14 www.ecograf.com.au ASX: EGR FSE: FMK News and Media Summary EcoGraf participated in EIT Raw Materials Summitt in Brussels with Christer Mhingo joining a panel discussion with GTK EcoGraf conducted an Interview with GOLDINVEST after the Investor Meeting in Frankfurt, Germany Featured in GOLDINVEST article ‘Challenging China’s dominance: EcoGraf secures key patent in India’ Covered by Discovery Alert for Appointing NMB Bank for Epanko Graphite Project Compensation EcoGraf released a short video covering its activities with Duma TanzGraphite and the local community for World Environment Day Covered by Discovery Alert for Confirming HFfree Process Cost Competitiveness for Battery Graphite Supply Chain EcoGraf released monthly Market News updates capturing the latest Company updates and media EcoGraf attended and presented at an Investor Meeting in Frankfurt, Germany hosted by GOLDINVEST
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www.ecograf.com.au 15 www.ecograf.com.au ASX: EGR FSE: FMK Mineral Tenements at Quarter End Notes for Mineral Tenements at Quarter End table – PL 13700/2025, PL13701/2025 and PL 13702.2025 form the Golden Eagle Project and are subject of the AngloGold Ashanti 5-year farm-in agreement, refer ASX announcement 17 December 2025. This announcement is authorised for release by the Board of EcoGraf Limited. For further information, please contact: INVESTORS Andrew Spinks Managing Director T: +61 8 6424 9002 Epanko MRE summary The MRE (announced to ASX on 11 March 2024) was carried out by ERM Sustainable Mining Services team (previously CSA Global) (ERM), EcoGraf’s long-term Resource Consultant. The Mineral Resource has been classified in accordance with the JORC (2012) Code and is shown in Table 1. Table 1 – March 2024 Mineral Resource Estimate for the Epanko Deposit >5.5% TGC JORC Classification Tonnage (Mt) Grade (%TGC) Contained Graphite (Kt) Measured 32.3 7.8 2,500 Indicated 55.7 7.5 4,200 Measured + Indicated 88.0 7.6 6,710 Inferred 202.8 7.2 14,310 Total 290.8 7.2 21,010 Notes for Table 1: Tonnage figures contained within Table 1 have been rounded to nearest 100,000. % TGC grades are rounded to 1 decimal figure. Abbreviations used: Mt = 1,000,000 tonnes, Kt = 1,000 tonnes. Rounding errors may occur in tables. License Area (km2) Ownership interest Acquired/disposed during the quarter Location SML 733/2025 18.48 86% No change Mahenge, Tanzania PL 7907/2012 26.42 0% Conversion in progress Arusha, Tanzania PL 9331/2013 2.76 100% No change Mahenge, Tanzania PL 10388/2014 2.57 100% No change Mahenge, Tanzania PL 10390/2014 2.81 100% No change Mahenge, Tanzania PL 11081/2017 2.08 100% Surrendered Arusha, Tanzania PL 11082/2017 20.77 100% Surrendered Arusha, Tanzania PL 11143/2017 2.62 100% Surrendered Arusha, Tanzania PL 11598/2021 17.12 100% No change Mahenge, Tanzania PL 11837/2022 297.36 100% No change Kagera, Tanzania PL 11839/2022 299.63 100% No change Ulanga, Tanzania PL 11840/2022 288.87 100% No change Ulanga, Tanzania PL 11841/2022 298.26 100% No change Kagera, Tanzania PL 11915/2022 216.94 100% No change Kagera, Tanzania PL 13700/2025 298.91 100% No change Manyara, Tanzania PL 13701/2025 246.22 100% No change Manyara, Tanzania PL 13702/2025 30.1 100% No change Manyara, Tanzania
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www.ecograf.com.au 16 www.ecograf.com.au ASX: EGR FSE: FMK Forward looking statements Various statements in this announcement constitute statements relating to intentions, future acts and events. Such statements are generally classified as “forward looking statements” and involve known and unknown risks, uncertainties and other important fa ctors that could cause those future acts, events and circumstances to differ materially from what is presented or implicitly portrayed herein. The Company gives no assurances that the anticipated results, performance or achievements expressed or implied in these forward-looking statements will be achieved. Production targets and financial information Production targets and forecast financial information derived from the production targets, included in this announcement is extracted from the updated Bankable Feasibility Study released on 25 February 2026 titled “ Updated Bankable Feasibility Study” and is based off Ore Reserves derived from Mineral Resources comprised of 43% Measured Resources and 57% Indicated Resources for a 22 -year life of mine. No Inferred Resources have been included in the Ore Reserve and the production targets. Inferred Resources have only been mined incidentally with the Measured and Indicated Resources and treated as waste for scheduling purposes The Company confirms that all material assumptions underpinning the production targets and forecast financial information derived from the production targets set out in the previous market announcement continue to apply and have not materially changed. Competent Persons’ Statements The information in this announcement that relates to Exploration Results is based on, and fairly reflects, information compiled by Mr. David Drabble. Mr Drabble is a full-time employee of EcoGraf Ltd and is a Member of the Australasian Institute of Mining and Metallurgy (#307348) and has sufficient experience relevant to the style of mineralisation and type of deposit under consideration as well as to the activity that is undertaken to qualify as Competent Person as defined in the 2012 Edition of the Australasian Code for the Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code). The Exploration Results for the Golden Frontier Project and Hazina Prospect was first announced on 20 January 2026 titled “ EcoGraf Delivers Gold Results and Strategy”. The Company confirms that it is not aware of any new information or data that materially affects the information included in the previous market announcement. The information in this announcement that relates to Mineral Resources is based on, and fairly reflects, information compiled by Mr. David Williams and Mr. David Drabble. Mr. David Williams is a full -time employee of ERM and is a Member of the Australian Institute of Geoscientists (# 4176) ( RPGeo). Mr. David Drabble is a full -time employee of EcoGraf Ltd and is a Member of the Australasian Institute of Mining and Metallurgy (#307348). Mr David Williams and Mr David Drabble have sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which they are undertaking to qualify as Competent Persons as defined in the JORC Code. The information that relates to the Mineral Resources was first announced on 11 March 2024 titled “ 127% Increase in the Epanko Mineral Resource ” and the Company confirms that it is not aware of any new information or data that materially affects the information included in the previous market announcement and all material assumptions and technical parameters underpinning the estimates continue to apply and have not materially changed. The information in this announcement that relates to the Ore Reserve has been compiled by Mr Steve O'Grady. Mr O'Grady, who is a Member of the Australasian Institute of Mining and Metallurgy (#201545), is a fulltime employee of Intermine Engineering and produced the Mining Reserve estimate ba sed on data and geological information supplied by Mr Williams. Mr O'Grady has sufficient experience that is relevant to the estimation, assessment, evaluation and economic extraction of Ore Reserve that he is undertaking to qualify as a Competent Person as defined in the JORC Code. The information and relates to the Ore Reserve was first announced on 25 February 2026 titled “ Updated Epanko Bankable Feasibility Study ” and the Company confirms that it is not aware of any new information or data that materially affects the information included in the previous market announcement and all material assumptions and technical parameters underpinning the estimates, including production targets and forecast financial information derived from the production targets in the relevant market announcement continue to apply and have not materially changed. Stay Connected Follow EcoGraf on LinkedIn, X, Facebook and YouTube and sign up to the Company’s mailing list for the latest announcements, media releases and market news. JOIN OUR MAILING LIST
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Rule 5.5 ASX Listing Rules Appendix 5B (17/07/20) Page 1 + See chapter 19 of the ASX Listing Rules for defined terms. Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report Name of entity EcoGraf Limited ABN Quarter ended (“current quarter”) 15 117 330 757 30 June 2026 Consolidated statement of cash flows Current quarter $A’000 Year to date (12 months) $A’000 1. Cash flows from operating activities - - 1.1 Receipts from customers 1.2 Payments for - (90) (a) exploration & evaluation (b) development - - (c) production - - (d) staff costs (327) (1,452) (e) administration and corporate costs (763) (2,922) 1.3 Dividends received (see note 3) - - 1.4 Interest received 52 298 1.5 Interest and other costs of finance paid - - 1.6 Income taxes paid - - 1.7 Government grants and tax incentives Proceeds from FY25 research and development tax incentive - 1,671 1.8 Other Product marketing and development, net of proceeds received commencement of the AngloGold Ashanti farm-in agreement (200) (432) 1.9 Net cash from / (used in) operating activities (1,238) (2,927) 2. Cash flows from investing activities - - 2.1 Payments to acquire or for: (a) entities (b) tenements - - (c) property, plant and equipment - (16)
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Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report ASX Listing Rules Appendix 5B (17/07/20) Page 2 + See chapter 19 of the ASX Listing Rules for defined terms. Consolidated statement of cash flows Current quarter $A’000 Year to date (12 months) $A’000 (d) exploration & evaluation (1,169) (5,078) (e) investments - - (f) other non-current assets - - 2.2 Proceeds from the disposal of: - - (a) entities (b) tenements - - (c) property, plant and equipment - - (d) investments - - (e) other non-current assets - - 2.3 Cash flows from loans to other entities - - 2.4 Dividends received (see note 3) - - 2.5 Other (provide details if material) - - 2.6 Net cash from / (used in) investing activities (1,169) (5,094) 3. Cash flows from financing activities - - 3.1 Proceeds from issues of equity securities (excluding convertible debt securities) 3.2 Proceeds from issue of convertible debt securities - - 3.3 Proceeds from exercise of options - - 3.4 Transaction costs related to issues of equity securities or convertible debt securities - - 3.5 Proceeds from borrowings - - 3.6 Repayment of borrowings - - 3.7 Transaction costs related to loans and borrowings - - 3.8 Dividends paid - - 3.9 Other (repayment of share plan loans) - 643 3.10 Net cash from / (used in) financing activities - 643 4. Net increase / (decrease) in cash and cash equivalents for the period 4.1 Cash and cash equivalents at beginning of period 6,225 11,202 4.2 Net cash from / (used in) operating activities (item 1.9 above) (1,238) (2,927) 4.3 Net cash from / (used in) investing activities (item 2.6 above) (1,169) (5,094)
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Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report ASX Listing Rules Appendix 5B (17/07/20) Page 3 + See chapter 19 of the ASX Listing Rules for defined terms. Consolidated statement of cash flows Current quarter $A’000 Year to date (12 months) $A’000 4.4 Net cash from / (used in) financing activities (item 3.10 above) - 643 4.5 Effect of movement in exchange rates on cash held (2) (8) 4.6 Cash and cash equivalents at end of period 3,816 3,816 5. Reconciliation of cash and cash equivalents at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts Current quarter $A’000 Previous quarter $A’000 5.1 Bank balances 82 112 5.2 Call deposits 1,234 1,113 5.3 Bank overdrafts - - 5.4 Other (Term deposits) 2,500 5,000 5.5 Cash and cash equivalents at end of quarter (should equal item 4.6 above) 3,816 6,225 6. Payments to related parties of the entity and their associates Current quarter $A'000 6.1 Aggregate amount of payments to related parties and their associates included in item 1 165 6.2 Aggregate amount of payments to related parties and their associates included in item 2 - Note: if any amounts are shown in items 6.1 or 6.2, your quarterly activity report must include a description of, and an explanation for, such payments.
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Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report ASX Listing Rules Appendix 5B (17/07/20) Page 4 + See chapter 19 of the ASX Listing Rules for defined terms. 7. Financing facilities Note: the term “facility’ includes all forms of financing arrangements available to the entity. Add notes as necessary for an understanding of the sources of finance available to the entity. Total facility amount at quarter end $A’000 Amount drawn at quarter end $A’000 7.1 Loan facilities - - 7.2 Credit standby arrangements - - 7.3 Other (please specify) - - 7.4 Total financing facilities - - 7.5 Unused financing facilities available at quarter end - 7.6 Include in the box below a description of each facility above, including the lender, interest rate, maturity date and whether it is secured or unsecured. If any additional financing facilities have been entered into or are proposed to be entered into after quarter end, include a note providing details of those facilities as well. 8. Estimated cash available for future operating activities $A’000 8.1 Net cash from / (used in) operating activities (item 1.9) (1,238) 8.2 (Payments for exploration & evaluation classified as investing activities) (item 2.1(d)) (1,169) 8.3 Total relevant outgoings (item 8.1 + item 8.2) (2,407) 8.4 Cash and cash equivalents at quarter end (item 4.6) 3,816 8.5 Unused finance facilities available at quarter end (item 7.5) - 8.6 Total available funding (item 8.4 + item 8.5) 3,816 8.7 Estimated quarters of funding available (item 8.6 divided by item 8.3) 1.59 Note: if the entity has reported positive relevant outgoings (ie a net cash inflow) in item 8.3, answer item 8.7 as “N/A”. Otherwise, a figure for the estimated quarters of funding available must be included in item 8.7. 8.8 If item 8.7 is less than 2 quarters, please provide answers to the following questions: 8.8.1 Does the entity expect that it will continue to have the current level of net operating cash flows for the time being and, if not, why not? Answer: No. The cash flows reported for the quarter include annual prepayments and increased costs associated with progressing due diligence workstreams for the debt financing program. As certain due diligence activities, such as technical and environmental, have tapered down with the completion of major works, it is anticipated the expenditure for the next quarter will be lower. Expenditure will be managed to prioritise the strategic equity and offtake request for proposal (RFP) process and activities committed to progress the Resettlement Action Plan. Additionally, the Company has the ability to manage and adjust discretionary costs in line with available funding.
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Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report ASX Listing Rules Appendix 5B (17/07/20) Page 5 + See chapter 19 of the ASX Listing Rules for defined terms. 8.8.2 Has the entity taken any steps, or does it propose to take any steps, to raise further cash to fund its operations and, if so, what are those steps and how likely does it believe that they will be successful? Answer: As the Company progresses the development of its business, particularly the Epanko Project, various avenues of funding have been initiated including the previously announced senior secured loan facility of up to US$105 million for the Epanko Development. There are also ongoing discussions with strategic equity and offtake partners as part of the RFP process. In addition, the Company has received grant funding from the European Investment Bank, which provides up to €2 million (A$3.2 million) in technical assistance to advance activities across the business. The Company maintains continuous dialogue with financiers and potential investors to raise capital, which is primarily driven by market conditions, and is confident it will be able to raise sufficient capital when required. 8.8.3 Does the entity expect to be able to continue its operations and to meet its business objectives and, if so, on what basis? Answer: Yes, refer to 8.8.1 and 8.8.2 above Note: where item 8.7 is less than 2 quarters, all of questions 8.8.1, 8.8.2 and 8.8.3 above must be answered. Compliance statement 1 This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A. 2 This statement gives a true and fair view of the matters disclosed. Date: 30 July 2026 Authorised by: The Board of EcoGraf Limited Notes 1. This quarterly cash flow report and the accompanying activity report provide a basis for informing the market about the entity’s activities for the past quarter , how they have been financed and the effect this has had on its cash position. An entity that wishes to disclose additional information over and above the minimum required under the Listing Rules is encouraged to do so. 2. If this quarterly cash flow report has been prepared in accordance with Australian Accounting Standards, the definitions in, and provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and AASB 107: Statement of Cash Flows apply to this report. If this quarterly cash flow report has been prepared in accordance with other accounting standards agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent standards apply to this report. 3. Dividends received may be classified either as cash flows from operating activities or cash flows from investing activities, depending on the accounting policy of the entity. 4. If this report has been authorised for release to the market by your board of directors, you can insert here: “By the board”. If it has been authorised for release to the market by a committee of your board of directors, you can insert here: “By the [name of board committee – eg Audit and Risk Committee] ”. If it has been authorised for release to the market by a disclosure committee, you can insert here: “By the Disclosure Committee”. 5. If this report has been authorised for release to the market by your board of directors and you wish to hold yourself out as complying with recommendation 4.2 of the ASX Corporate Governance Council’s Corporate Governance Principles and Recommendations, the board should have received a declaration from its CEO and CFO that, in their opinion, the financial records of the entity have been properly maintained, that this report complies with the appropriate accounting standards and gives a true and fair view of the cash flows of the entity, and that their opinion has been formed on the basis of a sound system of risk management and internal control which is operating effectively.