IVG: Quarterly Activities Report and Cash Flow Report
Original announcement by asx on
- Company
- InVert Graphite Limited
- Ticker
- IVG
- Exchange
- ASX
- Region
- Tanzania
- Primary commodity
- Graphite
- Secondary commodities
- None reported
- Document categories
- Resource update, Agreement transaction, Capital raise, Metallurgy
- Extracted
- 2026-10-20 23:11:32 UTC
Analysis by Minestarters Atlas
Atlas analysis published:
Minestarters Atlas analysis
Summary
InVert Graphite announced a maiden Inferred Mineral Resource of 32.2 Mt at 8.0% TGC for 2.56 Mt of contained graphite at its Kumba Deposit in Tanzania. The company also completed the acquisition of RapidGraphite Pty Ltd, securing outright ownership of the RapidPulse™ technology for converting graphite to battery-grade material. This was supported by a A$2.5 million placement, positioning the company to advance its vertically integrated graphite strategy.
Reasoning: The company announced a maiden JORC-compliant Inferred Mineral Resource for its Morogoro project, acquired a novel graphite processing technology, and completed a capital raise, all of which are significant milestones for its vertically integrated strategy.
Positive factors
- Maiden resource estimate
- Strategic acquisition of processing technology
- Successful capital raise
- Project located near surface
- High graphite recovery in sighter test
- JORC compliant
Negative factors
- Resource is 100% Inferred
- RapidPulse technology is TRL 4 (lab scale) and novel (risk)
- Sighter metallurgy is historical
Low confidence — this extraction should be reviewed alongside the original source.
Facts used in scoring: 5
Classification and evidence
Maiden Resourceneutral
First formal MRE for the project — establishes baseline but typically exploration-stage with high Inferred component.
Why it applies: The document announces a 'Maiden Mineral Resource Estimate' for the Kumba Deposit.
Evidence · text
“Maiden Mineral Resource Estimate”
All Inferrednegative
100% of resource is Inferred category — very early stage, no engineering confidence.
Why it applies: The resource estimate is explicitly stated as 'all Inferred'.
Evidence · text
“all Inferred”
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: The Mineral Resource Estimate was 'prepared and reported in accordance with the JORC Code 2012'.
Evidence · text
“prepared and reported in accordance with the JORC Code 2012”
QP/CP Signedpositive
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: The Competent Person for the MRE was Ms Elizabeth Haren.
Evidence · text
“The Competent Person was Ms Elizabeth Haren.”
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: The resource is 'Reported at a 4% TGC cut-off'.
Evidence · text
“Reported at a 4% TGC cut-off”
High Recoverypositive · Story-specific tag
Recovery at or above the exceptional band for the commodity and processing route.
Why it applies: The historical sighter test achieved a '95.5% recovery of graphite', which is exceptional for graphite flotation.
Evidence · text
“95.5% recovery of graphite”
Free Millingpositive · Story-specific tag
Simple, clean ore amenable to standard processing without oxidation.
Why it applies: The testwork indicated the potential to produce a product using a 'simple flowsheet'.
Evidence · text
“simple flowsheet”
Bench Scale Onlynegative · Story-specific tag
Only preliminary bench tests completed — no locked-cycle or pilot work.
Why it applies: The RapidPulse™ technology is stated to be at 'Technology Readiness Level (TRL) 4, having been validated at laboratory scale'.
Evidence · text
“RapidPulse™ is currently at Technology Readiness Level (TRL) 4, having been validated at laboratory scale”
Refractory Orenegative · Story-specific tag
Ore requires oxidation/pressure treatment before recovery — a processing and recovery risk.
Why it applies: The RapidPulse™ process is described as a 'novel catalytic graphitisation process' for converting carbon into battery-grade graphite, implying a complex material or process.
Evidence · text
“RapidPulse™ is a novel catalytic graphitisation process”
Mill Routeneutral
Processing via mill or concentrator (CIL, CIP, tank leach, flotation).
Why it applies: the document describes a flotation route ("flotation")
Multi-Domain Testedpositive
Variability across ore domains (oxide, transition, fresh) has been addressed.
Why it applies: 2 distinct composites were tested
Extracted facts
Stored fact records: 5. Some facts used in scoring do not have a stored record.
Resource Estimates (3)
inferredMorogoro Project · graphiteTonnes: 32200000Grade: 8Grade Unit: %Contained Metal: 2560000Contained Unit: tView all detailsHide details
Identity
- Project
- Morogoro Project
- Commodity
- graphite
- Region
- tanzania
- Reported Region
- Tanzania
- Ticker
- IVG
Resource scope
- Estimate type
- resource
- Effective date
- 2026-09-25T00:00:00.000Z
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Elizabeth Haren
- Resource group id
- resource:052a8f6bce0e38cdc965
- Deposit or zone
- Kumba Deposit
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 32200000
- Grade
- 8
- Grade Unit
- %
- Contained Metal
- 2560000
- Contained Unit
- t
- Cutoff Grade
- 4
- Cutoff Unit
- %
Prior Estimate
- Resource Date
- 2026-08-31
Location
- Loc. Confidence
- medium
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-10-20T00:00:00.000Z
Reasoning: This is a maiden JORC-compliant Inferred Mineral Resource for the Kumba Deposit, establishing a significant graphite inventory near surface, though entirely in the inferred category.
Positive factors
- Maiden Resource
- JORC Compliant
- QP/CP Signed
- Cut-off Disclosed
- Project located near surface
Negative factors
- All Inferred
Evidence · table
“8.0”
Context: 32.2
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
Fact 2View all detailsHide details
Identity
- Region
- tanzania
- Reported Region
- Tanzania
- Ticker
- IVG
Resource scope
- Effective date
- 2026-09-25T00:00:00.000Z
- Reporting standards
- jorc
- Ownership percent
- 100 %
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-10-20T00:00:00.000Z
Reasoning: The successful completion of a A$2.5 million placement provides funding for ongoing activities, including the advancement of the RapidPulse™ technology.
Positive factors
- Successful capital raise
- Funds ongoing activities
Evidence · text
“A$2.5 million Placement was completed”
Tags used in scoring
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Fact 3View all detailsHide details
Identity
- Region
- tanzania
- Reported Region
- Tanzania
- Ticker
- IVG
Resource scope
- Effective date
- 2026-09-25T00:00:00.000Z
- Reporting standards
- jorc
- Ownership percent
- 100 %
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-10-20T00:00:00.000Z
Reasoning: The acquisition of RapidGraphite Pty Ltd and its RapidPulse™ technology is a strategic move towards vertical integration, securing a novel process for battery-grade graphite production, though the technology is still at an early TRL.
Positive factors
- Strategic acquisition of processing technology
- Outright ownership of technology
Negative factors
- Technology is novel and at TRL 4 (lab scale)
Evidence · text
“InVert Graphite completed the acquisition of RapidGraphite Pty Ltd (“RapidGraphite”).”
Tags used in scoring
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Metallurgical Results (2)
flotationMorogoro Project · graphiteRecovery: 95.5 %Historical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Morogoro Project
- Commodity
- graphite
- Region
- tanzania
- Reported Region
- Tanzania
- Ticker
- IVG
Test Work
- Program Status
- preliminary
- Test Type
- flotation
- Processing Route
- flotation
- Sample
- test sample from Kumba
Recovery
- Recovery
- 95.5 %
- Recovery Basis
- actual_test
- Conc. Grade
- 98
- Conc. Grade Unit
- %
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2025-03-14T00:00:00.000Z
Dates
- Event date
- 2026-10-20T00:00:00.000Z
Reasoning: Historical sighter metallurgical testwork on Kumba material showed high graphite recovery and concentrate grade using a simple flowsheet, indicating good processing potential.
Positive factors
- High Recovery
- Free Milling
Evidence · text
“The test sample from Kumba gave a 95.5% recovery of graphite and a concentrate grade of over 98%”
Tags used in scoring
Mill Routeneutral
Processing via mill or concentrator (CIL, CIP, tank leach, flotation).
Why it applies: processing_route matches the flotation signal
heat treatment processMorogoro Project · graphiteHead Grade: 97.5Head Grade Unit: %View all detailsHide details
Identity
- Project
- Morogoro Project
- Commodity
- graphite
- Region
- tanzania
- Reported Region
- Tanzania
- Ticker
- IVG
Test Work
- Program Status
- preliminary
- Test Type
- heat treatment process
- Processing Route
- RapidPulse™ heat treatment
- Sample
- Fine-grained material of <106μm
Recovery
- Head Grade
- 97.5
- Head Grade Unit
- %
- Conc. Grade
- 99
- Conc. Grade Unit
- %
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-10-20T00:00:00.000Z
Reasoning: Laboratory testing of the novel RapidPulse™ technology on Morogoro graphite successfully upgraded purity from 97.5% to 99%, demonstrating potential for battery-grade material, though this is at an early TRL.
Positive factors
- Grade Improvement
Negative factors
- Bench Scale Only
- Novel Processing
Evidence · text
“Fine-grained material of <106μm and a purity of 97.5% Total Graphitic Carbon was processed through the RapidPulse™ heat treatment process to provide a 99% purity graphite”
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.