Evolution Energy (ASX:EV1) has announced the results of testwork on battery anodes made from its graphite ore at Chilalo as “successful.”
The company had a third party entity called BTR to run testwork on bulk concentrate samples from EV1’s Chilalo project.
The potential upside for EV1 holders?: “testwork has confirmed the ability for Chilalo graphite to replicate BTR’s existing premium quality anode materials mass produced by BTR.”
Graphite needs to be spherised at as pure grades as possible before it is converted into a foil – generally in China – which then goes into lithium-ion batteries.
The testwork ultimately forms an early-stage due diligence process ahead of a binding offtake agreement to be inked between BTR and EV1.
““Following the successful due diligence testwork by BTR, this program has sought to advance into the next phase – qualifying Chilalo anode materials into BTR’s premium quality product specifications,” EV1 MD Phil Hoskins said.
“Results of this testwork will determine the anode specifications most suitable to Chilalo concentrate.
“We are confident that anodes derived from Chilalo graphite can qualify into the supply chains of major battery and electric vehicle companies.”
EV1 reported on Monday that anodes made from its Chilalo-sourced graphite had greater compaction and exfoliation strength “than reference products.
Electrode plate rebound was also reported as increased with “long-term-performance being optimised.”
Evolution Energy Minerals shareholders are likely pleased by the news, given that returns are down nearly -70% YoY – despite a bull run on graphite stocks triggered late last year when news of a Chinese graphite export ban hit the international markets.
EV1 last traded at 7.4cps.