Battery anode developer Graphinex is preparing for execution readiness at its Esmeralda Project in Queensland, following the state government declaring the asset as a ‘prescribed project’ in November 2025.
Speaking to Mining.com.au, CFO Tom Bell says for 2026, the company is focusing on progressing key approvals and stakeholder engagement, as well as advancing engineering and optimisation work.
“The goal is to keep building project confidence and move Esmeralda into development next year,” Bell says.
Graphinex also intends to continue strategic partner and customer discussions. Subject to approvals, the company is targeting a final investment decision and to begin construction in late 2026.
The Esmeralda Project involves developing an open-pit graphite mine and processing facility located about 70km south of Croydon, alongside a graphite refinery in Townsville to produce battery-anode materials. The integrated mine-to-refinery operation represents an investment of potentially more than $1.3 billion.
A clearer pathway
The Queensland Government’s prescribed project declaration ensures the project proceeds without unnecessary delays.
Bell says the declaration recognises the strategic importance of Esmeralda and helps create a clearer, more coordinated pathway through government assessment and approvals.
“Its an important step in de-risking delivery and strengthening confidence in our development timeline,” he tells this news service.
During 2025, the company secured an Export-Import Bank of the US letter of interest for $1.3 billion – which is the largest single financial commitment under the US-Australia Critical Minerals Framework.
Graphinex also opened its Townsville battery anode hub demonstration plant, while achieving coordinated and prescribed project status, as reported.
“Collectively, these milestones strengthened Graphinex’s positioning as the leading high-energy anode supplier into global battery anode supply chains,” the CFO says.
Bell adds an ongoing challenge the company faced as an explorer and developer is the requirement to meet the same expectations as much larger operators across approvals, studies, financing, and stakeholder engagement – often with fewer resources.
“We’ve been able to keep progressing because of strong support from Queensland and federal governments, including recognition of Esmeralda’s importance and practical backing that helps accelerate the pathway from a development project to construction,” he says.
The natural anode growth market over the next decade is forecast to increase 133% in terms of supply and 489% in terms of demand. Graphinex plans to supply battery anode to Europe, Japan, Korea, and the US.
Write to Aaliyah Rogan at Mining.com.au
Images: Graphinex
