# IVG: Quarterly Activities Report and Cash Flow Report Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/ivg-quarterly-activities-report-and-cash-flow-report--b607ca80-9dd6-46be-b6d9-b78acf587070 Original source: https://www.asx.com.au/asx/v2/statistics/displayAnnouncement.do?display=pdf&idsId=03155065 Publisher: asx Original announcement: 2026-10-20T22:45:00.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-10-20T23:11:31.448Z Atlas analysis updated: 2026-10-20T23:11:31.448Z - 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 Narrative sentiment: 0.80 · Bullish ## Minestarters Atlas 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 factor: Maiden resource estimate - Positive factor: Strategic acquisition of processing technology - Positive factor: Successful capital raise - Positive factor: Project located near surface - Positive factor: High graphite recovery in sighter test - Positive factor: JORC compliant - Negative factor: Resource is 100% Inferred - Negative factor: RapidPulse technology is TRL 4 \(lab scale\) and novel \(risk\) - Negative factor: Sighter metallurgy is historical Low confidence — this extraction should be reviewed alongside the original source. Facts used in scoring: 5 ## Classification and evidence **Maiden Resource** Polarity: neutral Definition: 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 Inferred** Polarity: negative Definition: 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 Compliant** Polarity: positive Definition: 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 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: The Competent Person for the MRE was Ms Elizabeth Haren. Evidence · text > The Competent Person was Ms Elizabeth Haren. **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 resource is 'Reported at a 4% TGC cut-off'. Evidence · text > Reported at a 4% TGC cut-off **High Recovery** Polarity: positive Story-specific tag Definition: 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 Milling** Polarity: positive Story-specific tag Definition: 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 Only** Polarity: negative Story-specific tag Definition: 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 Ore** Polarity: negative Story-specific tag Definition: 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 Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: the document describes a flotation route \("flotation"\) **Multi-Domain Tested** Polarity: positive Definition: 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) ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/ivg-quarterly-activities-report-and-cash-flow-report--b607ca80-9dd6-46be-b6d9-b78acf587070#fact-resource-facts-0) Morogoro Project · graphite #### 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 factor: Maiden Resource - Positive factor: JORC Compliant - Positive factor: QP/CP Signed - Positive factor: Cut-off Disclosed - Positive factor: Project located near surface - Negative factor: All Inferred Evidence · table > 8.0 Context: 32.2 #### 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 ### Fact 2 [Link to this fact](https://atlas-staging.minestarters.com/news/ivg-quarterly-activities-report-and-cash-flow-report--b607ca80-9dd6-46be-b6d9-b78acf587070#fact-resource-facts-1) #### 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 factor: Successful capital raise - Positive factor: Funds ongoing activities Evidence · text > A$2.5 million Placement was completed #### 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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **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 3 [Link to this fact](https://atlas-staging.minestarters.com/news/ivg-quarterly-activities-report-and-cash-flow-report--b607ca80-9dd6-46be-b6d9-b78acf587070#fact-resource-facts-2) #### 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 factor: Strategic acquisition of processing technology - Positive factor: Outright ownership of technology - Negative factor: 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 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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **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 (2) ### flotation [Link to this fact](https://atlas-staging.minestarters.com/news/ivg-quarterly-activities-report-and-cash-flow-report--b607ca80-9dd6-46be-b6d9-b78acf587070#fact-metallurgical-facts-3) Morogoro Project · graphite Historical result Needs review: historical\_restatement #### 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 factor: High Recovery - Positive factor: 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 Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: processing\_route matches the flotation signal ### heat treatment process [Link to this fact](https://atlas-staging.minestarters.com/news/ivg-quarterly-activities-report-and-cash-flow-report--b607ca80-9dd6-46be-b6d9-b78acf587070#fact-metallurgical-facts-4) Morogoro Project · graphite #### 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 factor: Grade Improvement - Negative factor: Bench Scale Only - Negative factor: 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.