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ASX-listed and Sweden-based Talga Group (ASX:TLG) has announced a boost to its graphite exploration target.

The company’s Vittangi play – which is set to provide Talga with the ore it needs for a battery anode plant – now boasts a target of 240-350Mt of ore at 20-30% graphite.

Of course, like all exploration targets, this is conceptual in nature (though was informed by a revision of diamond core and geophys data.) The company noted on Thursday the new target excludes an existing MRE of 35Mt of ore at 23.8% graphite.

Talga has reported resilient and increasing demand from markets for anode material, prompting it to launch a “growth plan,” of which today’s target boost is part.

“We are excited to begin defining our project’s larger potential for longer term productivity, both locally within the EU and for export markets,” Talga chief Mark Thompson said.

“The electrification transition of transport and energy storage continues driving growing demand for lithium-ion batteries and related graphite anodes.”

Talga will, this quarter, finalise a scoping study intended to assess the potential of expansion of mining at Vittangi. This comes as graphite prices, while one of the more opaque metals, are still being informed by Chinese export restrictions.

China is the world’s largest graphite producer and its dominance in this value chain saw graphite included into the list of Australia’s critical minerals, and, that of many other countries. Graphite is processed into a foil, which is then used in batteries – the “anode” is actually thin sheets of graphite.

However, while the Federal budget was good news for critical minerals miners in Wednesday trade, Talga traded relatively flat, up 1.49%.

TLG closed on Wednesday at 68cps.

TLG by the numbers
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