Quarterly report update

Quantum Graphite (ASX:QGL) has published its quarterly activities report for the quarter ending 30 September 2024. The report highlights significant progress in the Uley 2 project and partnerships with Sunlands Energy Co. A key development is the receipt of a Letter of Interest (LOI) and a non-binding Indicative Term Sheet from the US EXIM Bank, suggesting a potential funding of up to US$300 million for Project Utile.

Key highlights from the quarterly report

Quantum Graphite (ASX:QGL) made significant strides in the quarter ending 30 September 2024, particularly with its Uley 2 project and partnership with Sunlands Energy Co. A prominent achievement is the potential funding of up to US$300 million from the US EXIM Bank for Project Utile, which aims to develop a comprehensive supply chain from the Uley site to high purity graphite production in South Carolina. The company is also expanding its exploration activities in the Uley region, with new geophysical surveys identifying promising anomalies. Corporate highlights include a cash holding of approximately $2.25 million and a recent equity raise of $1.5 million. Looking forward, Quantum Graphite is focused on the formal funding application process and advancing its joint venture with Sunlands Energy Co. to enhance scalable production processes and thermal storage solutions using Uley 2 graphite.

Executive insights on strategic developments

The receipt of the LOI and non-binding Indicative Term Sheet from the US EXIM Bank marks a significant milestone for Quantum Graphite and the advancement of our Project Utile. This potential funding commitment underscores the strategic importance of establishing a robust supply chain for high purity graphite in the US.