EcoGraf’s proposed processing facility. Source: EcoGraf
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  • EcoGraf (EGR) announces its plans to separately list its wholly-owned subsidiary nickel-focused battery minerals company Innogy on the ASX
  • EcoGraf believes that a demerger of Innogy gives its shareholders an opportunity for “unique” exposure to both anode and cathode battery minerals
  • Innogy is set to leverage off EcoGraf’s extensive Tanzanian operating experience in the Kaabunga Nickel Project located in the Karagwe-Ankole Belt
  • The IPO is said to include a priority offer for eligible EcoGraf shareholders, followed by a public offer that is supported by EcoGraf as a major shareholder
  • EGR shares are down 2.83 per cent, trading at 51.5 cents per share

Diversified battery anode materials company EcoGraf (EGR) plans to separately list its wholly-owned subsidiary nickel-focused battery minerals company Innogy on the ASX.

EcoGraf believes that a demerger of Innogy gives its shareholders an opportunity for “unique” exposure to both anode and cathode battery minerals required by a global battery market forecast to expand at over 30 per cent per year through to 2030.

The IPO is said to include a priority offer for eligible EcoGraf shareholders, followed by a public offer that is supported by EcoGraf as a major shareholder.

Innogy is set to leverage off EcoGraf’s extensive Tanzanian operating experience in the northern region, which hosts the Kaabunga Nickel Project located in the Karagwe-Ankole Belt, the largest ready high-grade nickel sulphide deposit in the world.

EcoGraf has been at the region in the last two years, assembling a vast nickel exploration tenement package totalling 4,600 kilometres square including 140 kilometres continuous strike length in the Belt.

The company believes that Innogy is in good standing, especially with EcoGraf’s established relationships with electric vehicle and lithuim-ion battery manufacturers, as the global transition to electric vehicles and clean energy is driving increasing demand for long-term supplies of sustainably produced battery minerals.

Innogy’s strategy is to replicate EcoGraf’s minerals exploration and technical success.

An independent geological review has also identified highly prospective nickel sulphide exploration targets within the ground package. In addition to nickel, all Frontier projects also display prospectivity for gold and other cathode minerals.

Initially, Innogy’s priority will be on the Northern and Southern Frontier Nickel projects but may expand to the Western Frontier and Golden Eagle Gold projects.

Canaccord Genuity has been appointed lead manager to the IPO.

EGR shares are down 2.83 per cent, trading at 51.5 cents per share at 10:55 am AEDT.

EGR by the numbers
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