# IG6: Annual Report to shareholders Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/ig6-annual-report-to-shareholders--48794fe6-c8b5-4694-b554-624a0facf922 Original source: https://www.asx.com.au/asx/v2/statistics/displayAnnouncement.do?display=pdf&idsId=03146790 Publisher: asx Original announcement: 2026-09-30T08:55:00.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-09-30T09:16:21.630Z Atlas analysis updated: 2026-09-30T09:16:21.630Z - Company: International Graphite Limited - Ticker: IG6 - Exchange: ASX - Region: Unavailable - Primary commodity: Graphite - Secondary commodities: None reported - Document categories: Resource update, Metallurgy, Agreement transaction - Extracted: 2026-09-30 09:16:22 UTC Narrative sentiment: 0.80 · Bullish ## Minestarters Atlas summary International Graphite Limited reported significant progress in its 2026 Annual Report, advancing its graphite processing facilities in Western Australia and Italy. Key achievements include the commencement of construction at the Collie Micronising Facility, the establishment of a binding joint venture with Alkeemia S.p.A. for a European processing hub, and the achievement of high-purity graphite testwork results. The company also secured a $4.4 million placement and signed a Heads of Terms agreement for product sales and feedstock supply with Wogen Pacific Limited, alongside an updated Mineral Resource Estimate for its Springdale Graphite Project. Reasoning: International Graphite Limited has demonstrated substantial progress across its key projects in Australia and Europe, marked by the advancement of processing facilities, successful metallurgical testwork, and the establishment of critical partnerships and funding. While the resource update shows a large inferred component, the overall trajectory is strongly positive for a development-stage company. - Positive factor: Significant progress on multiple projects including construction of the Collie Micronising Facility and establishment of the Alkeemia joint venture. - Positive factor: Achieved high-purity metallurgical testwork results exceeding targets for graphite purification. - Positive factor: Secured strategic partnerships for product sales, feedstock supply, and project development. - Positive factor: Successfully completed a capital raise to support ongoing operations and development. - Negative factor: A significant portion of the Springdale Mineral Resource remains in the Inferred category, indicating lower geological confidence. Low confidence — this extraction should be reviewed alongside the original source. Facts used in scoring: 24 ## Classification and evidence **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: The document provides an updated Mineral Resource Estimate for the Springdale Graphite Project in Table 2. Evidence · text > Table 2: Springdale Mineral Resource estimate. **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: The Mineral Resource Estimate is reported in accordance with the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves' \(the JORC Code\). Evidence · text > Mineral Resource Estimates are reported on an annual basis in accordance with the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves” \(‘JORC Code’\). **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: Mr Peter Langworthy is named as the Competent Person responsible for the exploration targets, exploration results, or mineral resources information. Evidence · text > The information in this announcement which relates to exploration targets, exploration results or mineral resources is based on information compiled by Mr Peter Langworthy. Mr Langworthy is the Principal Consultant and full-time employee of OMNI GeoX Pty Ltd. He is a member of the Australian Institute of Geoscientists \(“AIG”\). Mr Langworthy has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’ \(the JORC Code\). **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: A significant portion of the total resource \(37.7 Mt at 2% cut-off and 20.1 Mt at 5% cut-off\) is classified as Inferred, indicating lower geological confidence. Evidence · table > Inferred Context: 37.7 **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: The Mineral Resource Estimate clearly states two cut-off grades: 2% TGC and 5% TGC. Evidence · text > 2% TGC cut-off **High Recovery** Polarity: positive Definition: Recovery at or above the exceptional band for the commodity and processing route. Why it applies: Pilot-scale testwork achieved purification above 99.5% carbon and further results exceeded 99.9% TGC, which are exceptional purity levels for graphite. Evidence · text > Pilot-scale testwork achieves purification above 99.5% carbon. **Pilot Scale Complete** Polarity: positive Definition: Pilot or demonstration plant testing completed under continuous operation. Why it applies: The company reported 'Pilot-scale testwork achieves purification' and 'A purification pilot plant is currently under construction'. Evidence · text > Pilot-scale testwork achieves purification above 99.5% carbon. **Multi-Domain Tested** Polarity: positive Definition: Variability across ore domains \(oxide, transition, fresh\) has been addressed. Why it applies: Purification testwork included 'All concentrates tested exceed 99.9% TGC including Springdale material', implying testing of different material sources/domains. Evidence · text > All concentrates tested exceed 99.9% TGC including Springdale material. **Joint Venture Established** Polarity: positive Story-specific tag Definition: No canonical definition is currently available. Why it applies: A binding joint venture and shareholders agreement was signed with Alkeemia to establish a graphite processing hub. Evidence · text > MAY 2026 Alkeemia joint venture established. Binding joint venture and shareholders agreement signed with Alkeemia. **Offtake Agreement** Polarity: positive Story-specific tag Definition: No canonical definition is currently available. Why it applies: Heads of Terms were signed with Wogen Pacific for Collie product sales and feedstock supply, including a minimum of 3,000t/y of micronised graphite. Evidence · text > JUN 2026 Pathway to Asia-Pacific markets established. Heads of Terms signed with Wogen Pacific for Collie product sales and feedstock supply. **Placement** Polarity: neutral Story-specific tag Definition: No canonical definition is currently available. Why it applies: The company successfully concluded a $4.4M share placement. Evidence · text > $4.4M Placement and strategic investment from Xcelsior Capital. **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: the document describes a flotation route \("concentrate"\) ## Extracted facts Stored fact records: 24. Some facts used in scoring do not have a stored record. ## Resource Estimates (16) ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/ig6-annual-report-to-shareholders--48794fe6-c8b5-4694-b554-624a0facf922#fact-resource-facts-0) Springdale Graphite Project · graphite #### Identity - Project: Springdale Graphite Project - Commodity: graphite - Region: australia\_wa - Reported Region: Western Australia - Ticker: IG6 #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Peter Langworthy - Resource group id: resource:6df8677274e6032af8e0 - Deposit or zone: Springdale Central #### Resource Data - Category: indicated - Tonnes: 8800000 - Grade: 7.6 - Grade Unit: % TGC - Contained Metal: 700000 - Contained Unit: t - Cutoff Grade: 2 - Cutoff Unit: % TGC #### Prior Estimate - Resource Date: 2026-06-30 #### Location - Loc. Confidence: high #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This indicated resource at Springdale Central contributes to the overall resource base with moderate grade and tonnage at a 2% TGC cut-off. - Positive factor: Indicated category provides reasonable geological confidence. Evidence · table > 7.6 Context: 8.8 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/ig6-annual-report-to-shareholders--48794fe6-c8b5-4694-b554-624a0facf922#fact-resource-facts-1) Springdale Graphite Project · graphite #### Identity - Project: Springdale Graphite Project - Commodity: graphite - Region: australia\_wa - Reported Region: Western Australia - Ticker: IG6 #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Peter Langworthy - Resource group id: resource:665fc9a24d6286ba3c4f - Deposit or zone: Springdale Central #### Resource Data - Category: inferred - Tonnes: 36200000 - Grade: 6.1 - Grade Unit: % TGC - Contained Metal: 2200000 - Contained Unit: t - Cutoff Grade: 2 - Cutoff Unit: % TGC #### Prior Estimate - Resource Date: 2026-06-30 #### Location - Loc. Confidence: high #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The substantial inferred resource at Springdale Central provides significant long-term potential but requires further drilling to upgrade confidence. - Positive factor: Large tonnage in the inferred category indicates significant potential for future resource growth. - Negative factor: Inferred category has lower geological confidence and cannot be used for economic studies. Evidence · table > 6.1 Context: 36.2 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/ig6-annual-report-to-shareholders--48794fe6-c8b5-4694-b554-624a0facf922#fact-resource-facts-2) Springdale Graphite Project · graphite #### Identity - Project: Springdale Graphite Project - Commodity: graphite - Region: australia\_wa - Reported Region: Western Australia - Ticker: IG6 #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Peter Langworthy - Resource group id: resource:599916d6e5047ca0a519 - Deposit or zone: Mason Bay #### Resource Data - Category: indicated - Tonnes: 2700000 - Grade: 7.1 - Grade Unit: % TGC - Contained Metal: 200000 - Contained Unit: t - Cutoff Grade: 2 - Cutoff Unit: % TGC #### Prior Estimate - Resource Date: 2026-06-30 #### Location - Loc. Confidence: high #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This indicated resource at Mason Bay adds to the overall resource base with moderate grade and tonnage at a 2% TGC cut-off. - Positive factor: Indicated category provides reasonable geological confidence. Evidence · table > 7.1 Context: 2.7 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/ig6-annual-report-to-shareholders--48794fe6-c8b5-4694-b554-624a0facf922#fact-resource-facts-3) Springdale Graphite Project · graphite #### Identity - Project: Springdale Graphite Project - Commodity: graphite - Region: australia\_wa - Reported Region: Western Australia - Ticker: IG6 #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Peter Langworthy - Resource group id: resource:e22cf920155c5c438591 - Deposit or zone: Mason Bay #### Resource Data - Category: inferred - Tonnes: 1500000 - Grade: 6 - Grade Unit: % TGC - Contained Metal: 100000 - Contained Unit: t - Cutoff Grade: 2 - Cutoff Unit: % TGC #### Prior Estimate - Resource Date: 2026-06-30 #### Location - Loc. Confidence: high #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The inferred resource at Mason Bay contributes to the project's potential but requires further work to improve confidence. - Positive factor: Inferred resource adds to the overall potential of the project. - Negative factor: Inferred category has lower geological confidence. Evidence · table > 6.0 Context: 1.5 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/ig6-annual-report-to-shareholders--48794fe6-c8b5-4694-b554-624a0facf922#fact-resource-facts-4) Springdale Graphite Project · graphite #### Identity - Project: Springdale Graphite Project - Commodity: graphite - Region: australia\_wa - Reported Region: Western Australia - Ticker: IG6 #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Peter Langworthy - Resource group id: resource:90646e70dc28e681202b - Deposit or zone: Total #### Resource Data - Category: indicated - Tonnes: 11500000 - Grade: 7.5 - Grade Unit: % TGC - Contained Metal: 900000 - Contained Unit: t - Cutoff Grade: 2 - Cutoff Unit: % TGC #### Prior Estimate - Resource Date: 2026-06-30 #### Location - Loc. Confidence: high #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The total indicated resource at Springdale provides a significant and reasonably confident portion of the overall resource at a 2% TGC cut-off. - Positive factor: Combined indicated resource provides a solid base for future studies. Evidence · table > 7.5 Context: 11.5 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/ig6-annual-report-to-shareholders--48794fe6-c8b5-4694-b554-624a0facf922#fact-resource-facts-5) Springdale Graphite Project · graphite #### Identity - Project: Springdale Graphite Project - Commodity: graphite - Region: australia\_wa - Reported Region: Western Australia - Ticker: IG6 #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Peter Langworthy - Resource group id: resource:d142c938a8b53a719327 - Deposit or zone: Total #### Resource Data - Category: inferred - Tonnes: 37700000 - Grade: 6.1 - Grade Unit: % TGC - Contained Metal: 2300000 - Contained Unit: t - Cutoff Grade: 2 - Cutoff Unit: % TGC #### Prior Estimate - Resource Date: 2026-06-30 #### Location - Loc. Confidence: high #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The total inferred resource at Springdale represents a substantial portion of the project's potential, but its lower confidence category limits immediate economic application. - Positive factor: Large total inferred resource indicates significant exploration upside and long-term potential. - Negative factor: The majority of the total resource is in the inferred category, requiring further drilling to upgrade confidence. Evidence · table > 6.1 Context: 37.7 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/ig6-annual-report-to-shareholders--48794fe6-c8b5-4694-b554-624a0facf922#fact-resource-facts-6) Springdale Graphite Project · graphite #### Identity - Project: Springdale Graphite Project - Commodity: graphite - Region: australia\_wa - Reported Region: Western Australia - Ticker: IG6 #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Peter Langworthy - Resource group id: resource:ca938f8559d75563e82d - Deposit or zone: Springdale Central #### Resource Data - Category: indicated - Tonnes: 5900000 - Grade: 9.6 - Grade Unit: % TGC - Contained Metal: 600000 - Contained Unit: t - Cutoff Grade: 5 - Cutoff Unit: % TGC #### Prior Estimate - Resource Date: 2026-06-30 #### Location - Loc. Confidence: high #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This indicated resource at Springdale Central shows a higher grade at a 5% TGC cut-off, highlighting a more concentrated and potentially valuable portion of the deposit. - Positive factor: Higher grade at a higher cut-off grade indicates a potentially more economic portion of the resource. - Positive factor: Indicated category provides reasonable geological confidence. Evidence · table > 9.6 Context: 5.9 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/ig6-annual-report-to-shareholders--48794fe6-c8b5-4694-b554-624a0facf922#fact-resource-facts-7) Springdale Graphite Project · graphite #### Identity - Project: Springdale Graphite Project - Commodity: graphite - Region: australia\_wa - Reported Region: Western Australia - Ticker: IG6 #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Peter Langworthy - Resource group id: resource:229d1802f039ffb72e01 - Deposit or zone: Springdale Central #### Resource Data - Category: inferred - Tonnes: 19000000 - Grade: 8.6 - Grade Unit: % TGC - Contained Metal: 1600000 - Contained Unit: t - Cutoff Grade: 5 - Cutoff Unit: % TGC #### Prior Estimate - Resource Date: 2026-06-30 #### Location - Loc. Confidence: high #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The inferred resource at Springdale Central, reported at a 5% TGC cut-off, indicates a substantial higher-grade component that warrants further investigation. - Positive factor: Large tonnage in the inferred category at a higher cut-off grade suggests significant potential for higher-grade material. - Negative factor: Inferred category has lower geological confidence. Evidence · table > 8.6 Context: 19.0 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/ig6-annual-report-to-shareholders--48794fe6-c8b5-4694-b554-624a0facf922#fact-resource-facts-8) Springdale Graphite Project · graphite #### Identity - Project: Springdale Graphite Project - Commodity: graphite - Region: australia\_wa - Reported Region: Western Australia - Ticker: IG6 #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Peter Langworthy - Resource group id: resource:3e095c1b6bea9e12883f - Deposit or zone: Mason Bay #### Resource Data - Category: indicated - Tonnes: 2000000 - Grade: 8.3 - Grade Unit: % TGC - Contained Metal: 200000 - Contained Unit: t - Cutoff Grade: 5 - Cutoff Unit: % TGC #### Prior Estimate - Resource Date: 2026-06-30 #### Location - Loc. Confidence: high #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This indicated resource at Mason Bay shows a higher grade at a 5% TGC cut-off, contributing to the project's higher-grade potential. - Positive factor: Higher grade at a higher cut-off grade indicates a potentially more economic portion of the resource. - Positive factor: Indicated category provides reasonable geological confidence. Evidence · table > 8.3 Context: 2.0 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/ig6-annual-report-to-shareholders--48794fe6-c8b5-4694-b554-624a0facf922#fact-resource-facts-9) Springdale Graphite Project · graphite #### Identity - Project: Springdale Graphite Project - Commodity: graphite - Region: australia\_wa - Reported Region: Western Australia - Ticker: IG6 #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Peter Langworthy - Resource group id: resource:4624c86d692e4214f638 - Deposit or zone: Mason Bay #### Resource Data - Category: inferred - Tonnes: 1100000 - Grade: 6.9 - Grade Unit: % TGC - Contained Metal: 100000 - Contained Unit: t - Cutoff Grade: 5 - Cutoff Unit: % TGC #### Prior Estimate - Resource Date: 2026-06-30 #### Location - Loc. Confidence: high #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The inferred resource at Mason Bay, reported at a 5% TGC cut-off, contributes to the project's potential but requires further work to improve confidence. - Positive factor: Inferred resource adds to the overall potential of the project at a higher cut-off. - Negative factor: Inferred category has lower geological confidence. Evidence · table > 6.9 Context: 1.1 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/ig6-annual-report-to-shareholders--48794fe6-c8b5-4694-b554-624a0facf922#fact-resource-facts-10) Springdale Graphite Project · graphite #### Identity - Project: Springdale Graphite Project - Commodity: graphite - Region: australia\_wa - Reported Region: Western Australia - Ticker: IG6 #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Peter Langworthy - Resource group id: resource:aa2dce536507fb5f77cb - Deposit or zone: Total #### Resource Data - Category: indicated - Tonnes: 7900000 - Grade: 9.3 - Grade Unit: % TGC - Contained Metal: 700000 - Contained Unit: t - Cutoff Grade: 5 - Cutoff Unit: % TGC #### Prior Estimate - Resource Date: 2026-06-30 #### Location - Loc. Confidence: high #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The total indicated resource at Springdale, reported at a 5% TGC cut-off, highlights a significant and higher-grade portion of the resource with reasonable confidence. - Positive factor: Combined indicated resource provides a solid base for future studies with higher grades at a 5% TGC cut-off. Evidence · table > 9.3 Context: 7.9 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/ig6-annual-report-to-shareholders--48794fe6-c8b5-4694-b554-624a0facf922#fact-resource-facts-11) Springdale Graphite Project · graphite #### Identity - Project: Springdale Graphite Project - Commodity: graphite - Region: australia\_wa - Reported Region: Western Australia - Ticker: IG6 #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Peter Langworthy - Resource group id: resource:276e53cf17d47f78be76 - Deposit or zone: Total #### Resource Data - Category: inferred - Tonnes: 20100000 - Grade: 8.5 - Grade Unit: % TGC - Contained Metal: 1700000 - Contained Unit: t - Cutoff Grade: 5 - Cutoff Unit: % TGC #### Prior Estimate - Resource Date: 2026-06-30 #### Location - Loc. Confidence: high #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The total inferred resource at Springdale, reported at a 5% TGC cut-off, represents a substantial higher-grade component that requires further work to improve confidence. - Positive factor: Large total inferred resource at a higher cut-off grade indicates significant potential for higher-grade material. - Negative factor: The majority of the total resource is in the inferred category, requiring further drilling to upgrade confidence. Evidence · table > 8.5 Context: 20.1 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### Fact 13 [Link to this fact](https://atlas-staging.minestarters.com/news/ig6-annual-report-to-shareholders--48794fe6-c8b5-4694-b554-624a0facf922#fact-resource-facts-20) European Expandable Graphite Project · graphite #### Identity - Project: European Expandable Graphite Project - Commodity: graphite - Region: europe - Reported Region: Europe - Ticker: IG6 #### Resource scope - Resource group id: resource:581706c96f6e19dc339e #### Prior Estimate - Resource Date: 2025-07-01 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The co-agreement with Arctic Graphite AS marks a significant step towards establishing a European expandable graphite production facility, diversifying the company's product offerings and geographic reach. - Positive factor: Establishes a strategic partnership for European expansion. - Positive factor: Focuses on value-added expandable graphite products. Evidence · text > JUL 2025 European Expandable Graphite Project. Co-agreement signed to develop a new expandable graphite facility in joint venture. #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### Fact 14 [Link to this fact](https://atlas-staging.minestarters.com/news/ig6-annual-report-to-shareholders--48794fe6-c8b5-4694-b554-624a0facf922#fact-resource-facts-21) Alkeemia / IG6 Joint Venture · graphite #### Identity - Project: Alkeemia / IG6 Joint Venture - Commodity: graphite - Region: italy - Reported Region: Italy - Ticker: IG6 #### Resource scope - Resource group id: resource:604b5f2556ed66ba9835 #### Prior Estimate - Resource Date: 2026-05-01 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The establishment of the Alkeemia joint venture is a highly material development, providing a strategic foothold in the European market for advanced graphite products with significant capital and operational advantages. - Positive factor: Establishes a binding joint venture for a European graphite processing hub. - Positive factor: Leverages Alkeemia’s existing industrial infrastructure for capital efficiency. - Positive factor: Addresses critical minerals supply chain needs in Europe. Evidence · text > MAY 2026 Alkeemia joint venture established. Binding joint venture and shareholders agreement signed with Alkeemia. #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### Fact 15 [Link to this fact](https://atlas-staging.minestarters.com/news/ig6-annual-report-to-shareholders--48794fe6-c8b5-4694-b554-624a0facf922#fact-resource-facts-22) Collie Micronising Facility · graphite #### Identity - Project: Collie Micronising Facility - Commodity: graphite - Region: australia\_wa - Reported Region: Western Australia - Ticker: IG6 #### Resource scope - Resource group id: resource:cade03b1eb5a9864a844 #### Prior Estimate - Resource Date: 2026-06-01 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The Heads of Terms with Wogen Pacific is a highly positive development, providing market access and feedstock security for the Collie facility, significantly de-risking future commercial operations. - Positive factor: Establishes a direct pathway to Asia-Pacific markets for Collie products. - Positive factor: Secures future feedstock supply for expanding production. - Positive factor: Partnership with an experienced global metals and minerals trader. - Negative factor: The agreement is a non-binding Heads of Terms, not a definitive commercial agreement yet. Evidence · text > JUN 2026 Pathway to Asia-Pacific markets established. Heads of Terms signed with Wogen Pacific for Collie product sales and feedstock supply. #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### Fact 16 [Link to this fact](https://atlas-staging.minestarters.com/news/ig6-annual-report-to-shareholders--48794fe6-c8b5-4694-b554-624a0facf922#fact-resource-facts-23) #### Identity - Ticker: IG6 #### Prior Estimate - Resource Date: 2026-08-01 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The $4.4 million placement provides crucial funding for the company's projects and brings a strategic investor, enhancing both financial capacity and industry connections. - Positive factor: Successfully raised $4.4 million to fund ongoing development. - Positive factor: Attracted a strategic cornerstone investor, Xcelsior Capital, strengthening financial backing and expertise. Evidence · text > JUN – AUG 2026 $4.4M Placement and strategic investment from Xcelsior Capital. #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ## Metallurgical Results (8) ### purification [Link to this fact](https://atlas-staging.minestarters.com/news/ig6-annual-report-to-shareholders--48794fe6-c8b5-4694-b554-624a0facf922#fact-metallurgical-facts-12) Alkeemia / IG6 Joint Venture · graphite #### Identity - Project: Alkeemia / IG6 Joint Venture - Commodity: graphite - Region: italy - Reported Region: Italy - Ticker: IG6 #### Test Work - Program Status: detailed - Test Type: purification - Processing Route: hydrofluoric acid purification - Sample: +894 East Africa #### Recovery - Recovery: 99.98 % - Recovery Basis: actual\_test #### Lab - Laboratory: Alkeemia’s specialist graphite laboratories #### Location - Loc. Confidence: medium #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The purification testwork achieved exceptional results, demonstrating the capability to produce high-purity graphite for advanced applications. - Positive factor: Achieved very high purification results, exceeding the 99.9% TGC target. - Positive factor: Pilot-scale testwork confirms the effectiveness of the purification process. Evidence · table > 99.98% Context: +894 ### purification [Link to this fact](https://atlas-staging.minestarters.com/news/ig6-annual-report-to-shareholders--48794fe6-c8b5-4694-b554-624a0facf922#fact-metallurgical-facts-13) Alkeemia / IG6 Joint Venture · graphite #### Identity - Project: Alkeemia / IG6 Joint Venture - Commodity: graphite - Region: italy - Reported Region: Italy - Ticker: IG6 #### Test Work - Program Status: detailed - Test Type: purification - Processing Route: hydrofluoric acid purification - Sample: +890 East Africa #### Recovery - Recovery: 99.98 % - Recovery Basis: actual\_test #### Lab - Laboratory: Alkeemia’s specialist graphite laboratories #### Location - Loc. Confidence: medium #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The purification testwork achieved exceptional results, demonstrating the capability to produce high-purity graphite for advanced applications. - Positive factor: Achieved very high purification results, exceeding the 99.9% TGC target. - Positive factor: Pilot-scale testwork confirms the effectiveness of the purification process. Evidence · table > 99.98% Context: +890 ### purification [Link to this fact](https://atlas-staging.minestarters.com/news/ig6-annual-report-to-shareholders--48794fe6-c8b5-4694-b554-624a0facf922#fact-metallurgical-facts-14) Alkeemia / IG6 Joint Venture · graphite #### Identity - Project: Alkeemia / IG6 Joint Venture - Commodity: graphite - Region: italy - Reported Region: Italy - Ticker: IG6 #### Test Work - Program Status: detailed - Test Type: purification - Processing Route: hydrofluoric acid purification - Sample: -185 Europe #### Recovery - Recovery: 99.96 % - Recovery Basis: actual\_test #### Lab - Laboratory: Alkeemia’s specialist graphite laboratories #### Location - Loc. Confidence: medium #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The purification testwork achieved exceptional results, demonstrating the capability to produce high-purity graphite for advanced applications. - Positive factor: Achieved very high purification results, exceeding the 99.9% TGC target. - Positive factor: Pilot-scale testwork confirms the effectiveness of the purification process. Evidence · table > 99.96% Context: -185 ### purification [Link to this fact](https://atlas-staging.minestarters.com/news/ig6-annual-report-to-shareholders--48794fe6-c8b5-4694-b554-624a0facf922#fact-metallurgical-facts-15) Alkeemia / IG6 Joint Venture · graphite #### Identity - Project: Alkeemia / IG6 Joint Venture - Commodity: graphite - Region: italy - Reported Region: Italy - Ticker: IG6 #### Test Work - Program Status: detailed - Test Type: purification - Processing Route: hydrofluoric acid purification - Sample: -194 East Africa #### Recovery - Recovery: 99.96 % - Recovery Basis: actual\_test #### Lab - Laboratory: Alkeemia’s specialist graphite laboratories #### Location - Loc. Confidence: medium #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The purification testwork achieved exceptional results, demonstrating the capability to produce high-purity graphite for advanced applications. - Positive factor: Achieved very high purification results, exceeding the 99.9% TGC target. - Positive factor: Pilot-scale testwork confirms the effectiveness of the purification process. Evidence · table > 99.96% Context: -194 ### purification [Link to this fact](https://atlas-staging.minestarters.com/news/ig6-annual-report-to-shareholders--48794fe6-c8b5-4694-b554-624a0facf922#fact-metallurgical-facts-16) Alkeemia / IG6 Joint Venture · graphite #### Identity - Project: Alkeemia / IG6 Joint Venture - Commodity: graphite - Region: italy - Reported Region: Italy - Ticker: IG6 #### Test Work - Program Status: detailed - Test Type: purification - Processing Route: hydrofluoric acid purification - Sample: -194 Springdale #### Recovery - Recovery: 99.98 % - Recovery Basis: actual\_test #### Lab - Laboratory: Alkeemia’s specialist graphite laboratories #### Location - Loc. Confidence: medium #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: Exceptional purification results for Springdale material validate its suitability as feedstock for high-purity graphite products, de-risking the project's value chain. - Positive factor: Achieved very high purification results, exceeding the 99.9% TGC target, specifically for Springdale material. - Positive factor: Pilot-scale testwork confirms the effectiveness of the purification process. - Positive factor: Direct technical link established between the Company’s resource and its processing operations. Evidence · table > 99.98% Context: -194 ### purification [Link to this fact](https://atlas-staging.minestarters.com/news/ig6-annual-report-to-shareholders--48794fe6-c8b5-4694-b554-624a0facf922#fact-metallurgical-facts-17) Alkeemia / IG6 Joint Venture · graphite #### Identity - Project: Alkeemia / IG6 Joint Venture - Commodity: graphite - Region: italy - Reported Region: Italy - Ticker: IG6 #### Test Work - Program Status: detailed - Test Type: purification - Processing Route: hydrofluoric acid purification - Sample: +897 Europe #### Recovery - Recovery: 99.93 % - Recovery Basis: actual\_test #### Lab - Laboratory: Alkeemia’s specialist graphite laboratories #### Location - Loc. Confidence: medium #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The purification testwork achieved exceptional results, demonstrating the capability to produce high-purity graphite for advanced applications. - Positive factor: Achieved very high purification results, exceeding the 99.9% TGC target. - Positive factor: Pilot-scale testwork confirms the effectiveness of the purification process. Evidence · table > 99.93% Context: +897 ### purification [Link to this fact](https://atlas-staging.minestarters.com/news/ig6-annual-report-to-shareholders--48794fe6-c8b5-4694-b554-624a0facf922#fact-metallurgical-facts-18) Alkeemia / IG6 Joint Venture · graphite #### Identity - Project: Alkeemia / IG6 Joint Venture - Commodity: graphite - Region: italy - Reported Region: Italy - Ticker: IG6 #### Test Work - Program Status: detailed - Test Type: purification - Processing Route: hydrofluoric acid purification - Sample: +897 Europe #### Recovery - Recovery: 99.91 % - Recovery Basis: actual\_test #### Lab - Laboratory: Alkeemia’s specialist graphite laboratories #### Location - Loc. Confidence: medium #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The purification testwork achieved exceptional results, demonstrating the capability to produce high-purity graphite for advanced applications. - Positive factor: Achieved very high purification results, exceeding the 99.9% TGC target. - Positive factor: Pilot-scale testwork confirms the effectiveness of the purification process. Evidence · table > 99.91% Context: +897 ### purification [Link to this fact](https://atlas-staging.minestarters.com/news/ig6-annual-report-to-shareholders--48794fe6-c8b5-4694-b554-624a0facf922#fact-metallurgical-facts-19) Alkeemia / IG6 Joint Venture · graphite #### Identity - Project: Alkeemia / IG6 Joint Venture - Commodity: graphite - Region: italy - Reported Region: Italy - Ticker: IG6 #### Test Work - Program Status: detailed - Test Type: purification - Processing Route: hydrofluoric acid purification - Sample: +895 East Africa #### Recovery - Recovery: 99.98 % - Recovery Basis: actual\_test #### Lab - Laboratory: Alkeemia’s specialist graphite laboratories #### Location - Loc. Confidence: medium #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The purification testwork achieved exceptional results, demonstrating the capability to produce high-purity graphite for advanced applications. - Positive factor: Achieved very high purification results, exceeding the 99.9% TGC target. - Positive factor: Pilot-scale testwork confirms the effectiveness of the purification process. Evidence · table > 99.98% Context: +895 ## How Atlas produces this analysis Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.