Volt Resources (ASX:VRC) intends to advance its strategic initiatives for producing high-purity graphite products and the development of the Bunyu Project in Tanzania, after drawing down $500,000 from an available funding package from the RiverFort Global Opportunities.
The funds will accelerate the development of high-purity graphite products and pilot plant trials for the Alabama Graphite Refinery.
This news comes after Volt conducted a Scoping Study for the refinery where the company’s graphite purification process displays “strong project economics”.
Volt, which has a market capitalisation of $23.42 million, is currently in the testwork phase and proceeding with plans for pilot plant trials, engaging with potential offtake partners, exploring government facilitation, and considering funding options as it moves forward with the project development.
The funds will also support Volt completing the current strategic partner negotiations for the advancement of the stage one Bunyu Graphite Project to the development phase.
Volt notes these discussions focus on reducing capital and operating costs such that the Bunyu Project can be funded and economically developed in the current low graphite price environment.
Executive Chairman Asimwe Kabunga says the company is continuing to make progress with its graphite business strategies.
“With the US Government’s increasing support for in-country downstream processing and non-Chinese sources of critical minerals supply, the current geopolitical environment is favouring Volt’s development business,” Kabunga says.
“For Volt, this development further strengthens the strategic rationale behind our US and Tanzanian production initiatives, as automakers and battery manufacturers now urgently seek secure, compliant alternatives to China-based supply.”
As part of the RiverFort Global Opportunities funding package, $500,000 remains available under the agreement.
Volt Resources is a critical minerals and advanced materials company focused on graphite production.
Write to Aaliyah Rogan at Mining.com.au
Images: Volt Resources
