TORONTO, ON / ACCESSWIRE / June 30, 2023 / Gratomic Inc. ("Gratomic", "GRAT," or the "Company") (TSXV:GRAT)(OTCQX:CBULF)(FSE:CB82) announces that commercial commissioning has begun at its Aukam Graphite mine in Namibia to prepare the first 100 tonnes of product to send customers for final inclusion into value-added applications. Aukam's primary focus in product development has been to become one of the first projects in the world to successfully introduce Vein Graphite into anode on a large scale. The Company succeeded in achieving this milestone with the assistance of its partner Graphex Technologies LLC. Through independent testing, Graphex was able to verify the suitability of Vein Graphite and its degree of graphitization as suitable for anode inclusion (see the Company's Press Release dated June 8, 2023).
Over the next four to six months, Gratomic will be calibrating the Aukam Processing Plant on a scale large enough to meet exact end-user specifications. This program is the final step before commencing full operation of the facility. Once the plant is wholly operational and optimized, the Company will focus on fine-tuning costs to ensure the best outcome for all parties involved. The cost optimization phase will involve installing a solar power station on site to reduce the overall power cost and ESG footprint.
The past four months have seen ground crews working tirelessly to accomplish this momentous achievement. The Company thanks all its employees and upper management for the late nights and countless hours of overtime to meet the required deadlines three days ahead of schedule.
Gratomic is becoming a pioneer in the mining industry by demonstrating that through innovation, determination, and perseverance, mining companies such as itself can successfully transition to operation without the aid of debt, streaming, or royalty instruments that generally result in strenuous economics in the early days of mining.
Gratomic has recently appointed a reputable sales representative in Europe to sell all the non-anode material the Company produces over the duration of mining activity at Aukam.
Gratomic also wishes to take this opportunity to thank the Namibian government for its endless support in providing the opportunity to transition successfully to this critical juncture. You have proven to be a worthy ally in the investment community. We also support the Namibian legislative change banning exports of unprocessed critical minerals, citing that it is important for mining companies to maximize creating value within the borders of the country.
Arno Brand, President and CEO of Gratomic, stated, "It is truly unbelievable that we were able to transition to this enormous achievement for the Company. It has suffered greatly under tough market conditions in the past 18 months. Nonetheless, we were determined to persevere without losing sight of out goal despite any challenges thrown at us. To the shareholders, your backing has given us the means necessary to achieve our objectives. We are indebted to you for your continued support and humbled by your commitment to help us realize our vision."
Gratomic wishes to emphasize that no Preliminary Economic Analysis, Preliminary Feasibility Study, or Feasibility Study has been completed to support any level of production. In fact, no mineral resources, let alone mineral reserves demonstrating economic viability and technical feasibility, have been delineated on the Aukam property.
The Company is working towards completing a Feasibility Study (FS) on the Aukam Processing Plant. The study, its recommendations, and their subsequent implementation, will provide conclusions and recommendation at a FS level of comfort about scaling-up the existing processing plant to a commercial facility that can produce the desired concentrate grades and production rates.
Gratomic wishes to emphasize that the supply of graphite is conditional on bringing the Aukam Project to production phase, and for any graphite produced meeting certain technical and mineralization requirements.
No mineral resources, let alone mineral reserves demonstrating economic viability and technical feasibility, have been delineated on the Aukam property. The Company is not in a position to demonstrate or disclose any capital and/or operating costs that may be associated with the processing plant until the Feasibility Study is completed.
The Company advises that it has not based its production decision on even the existence of mineral resources, let alone on a Preliminary Feasibility Study or Feasibility Study of mineral reserves, demonstrating economic and technical viability. As a result, there may be an increased uncertainty about achieving any particular level of mineral recovery or the cost of such recovery, including increased risks associated with developing a commercially mineable deposit.
Historically, such projects have a much higher risk of economic and technical failure. There is no guarantee that production will begin as anticipated or at all, or that anticipated production costs will be achieved.
Failure to commence production would have a material adverse impact on the Company's ability to generate revenue and cash flow to fund operations. Failure to achieve the anticipated production costs would have a material adverse impact on the Company's cash flow and future profitability.
Gratomic is a multinational company with projects in Namibia, Brazil, and Canada. The Company is focused on becoming a leading global graphite supplier and aims to secure a strong position in the EV battery supply chain. With the continued development of its flagship Aukam project and further exploration on the Company's Capim Grosso property, Gratomic sets itself apart by seeking out unique top-quality assets around the world. True to its roots, the Company will continue to explore graphite opportunities displaying potential for development.
Large quantities of high-quality vein graphite have been shipped for testing to confirm its viability as an anode material. Gratomic is confident that the test results will provide a unique competitive advantage in its desired target markets. The Company will continue to update the public on the status of these tests and will provide results as soon as they become available.
The Company has formed a collaboration agreement with Forge Nano. With its patented ALD coating, this cooperation is a key element in supporting Gratomic's strategies towards the value-added phases of producing graphite for anode applications, namely micronization, spheronization, and coating, making Gratomic graphite a preferred choice for use in lithium-ion batteries.
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This news release contains forward-looking statements that relate to future events or future performance and reflect management's current expectations and assumptions. Such forward-looking statements reflect management's current beliefs and are based on assumptions made by and information currently available to the Company. Investors are cautioned that these forward-looking statements are neither promises nor guarantees and are subject to risks and uncertainties that may cause future results to differ materially from those expected. These forward-looking statements are made as of the date hereof, and except as required under applicable securities legislation, the Company does not assume any obligation to update or revise them to reflect new events or circumstances. All of the forward-looking statements made in this press release are qualified by these cautionary statements and by those made in our filings with SEDAR in Canada (available at www.sedar.com).
SOURCE: Gratomic Inc.
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