NGX Quarterly Report for March 2024

NGX Limited (ASX: $NGX) has released its Quarterly Report for the quarter ending 31 March 2024, highlighting significant progress in the production of Spheronised Purified graphite (SPG) for Active Anode Material (AAM) samples. The company is in a strong financial position with approximately $6.6 million in cash at the end of the quarter and no debt.

Executive Commentary on Graphite Product Qualification

During the quarter, NGX has made substantial strides in the production of Active Anode Material (AAM) as part of the Company's qualification program to qualify concentrate from Malingunde for use in lithium-ion batteries. The program focuses on developing and assessing AAM production technologies across shaping, purification, and coating processes. NGX is collaborating with technology partners to fast-track development and meet projected global demand for active anode materials. The Company aims to produce the most sustainable and environmentally friendly graphite in the world with the quality, operating, and geological advantages of its project base in Malawi.

Summary of NGX Quarterly Report

NGX has achieved significant milestones in the production of Spheronised Purified graphite (SPG) for Active Anode Material (AAM) samples, demonstrating outstanding preliminary results in shaping, purification, and coating processes. The Company is leveraging Malingunde's known superior graphite concentrate characteristics and low-cost profile to maximize value. NGX is focused on fast-tracking AAM production cost-effectively and aims to drive offtake, sale arrangements, and potential strategic participation. Additionally, the Company is engaging in a comprehensive program of community and stakeholder engagement, continuing the social and environmental consent process. NGX's strong financial position provides a solid foundation for its ongoing endeavors.