EcoGraf Activates €2M EIB Grant to Build Investment-Ready Case for Epanko Expansion
Key Takeaways
- The European Investment Bank has granted EcoGraf up to €2 million (A$3.2 million) in technical assistance funding under the EU–OACPS Critical Raw Materials facility, with consultant procurement already advanced and several consultants mobilised.
- Five independent workstreams cover market assessment, waste characterisation, tailings and water management, Mechanical Shaping Facility optimisation, and an integrated expansion roadmap — all structured to feed directly into lender due diligence packages.
- The studies are EIB-appointed and independently conducted, meaning they carry significantly more weight with institutional lenders than internally funded work — a critical distinction for project financing credibility.
- The grant supports EcoGraf's phased development pathway from the Stage 1 base case of 73,000 tpa through to a potential 390,000 tpa at Stage 4, representing a five-fold scale-up.
- The EIB funding complements EcoGraf's recently announced underwritten Share Purchase Plan and the advancing Epanko debt financing programme, reinforcing the company's broader capital strategy.
EcoGraf has commenced activities under its European Investment Bank Technical Assistance grant, marking a meaningful step forward in the company’s vertically integrated battery anode materials strategy. The grant provides up to €2 million (A$3.2 million) in funding for independent technical, environmental, social, and market studies supporting the Epanko Graphite Project’s phased expansion pathway.
The funding is delivered under the “EU–OACPS Technical Assistance Facility on Critical Raw Materials” and aligns with the European Union’s Critical Raw Materials Act. It builds directly on the Stage 1 — 73,000 tpa Bankable Feasibility Study completed in February 2026.
What the €2 million grant covers
The Terms of Reference has established five workstreams addressing technical, environmental, social, and implementation matters. These are not company-funded internal studies — they are EIB-appointed independent assessments, which directly strengthens credibility with future lenders, strategic partners, and investors.
- Market study and European value chain assessment — evaluating global and European demand, supply, and pricing; competitor positioning; supply-chain vulnerabilities; and EcoGraf’s role in supporting European supply diversification.
- Waste characterisation (underway) — supporting expansion studies and ensuring compliance with IFC Performance Standards, Equator Principles, and the Global Industry Standard on Tailings Management (GISTM).
- Epanko tailings, water, and waste management expansion — assessing tailings storage requirements, alternative tailings management options, and integrated water and waste management strategies for future expansion phases.
- Mechanical Shaping Facility optimisation — assessment of configuration, infrastructure, logistics, permitting, throughput alignment, mass balance, yields, and by-product management.
- Expansion readiness and implementation roadmap — an integrated assessment providing a phased implementation roadmap, key milestones, interdependencies, and inputs for financial modelling, lender due diligence, and future investment decisions.
Consultant procurement is well advanced, and a number of consultants are already appointed and mobilised.
Andrew Spinks, Managing Director
“The grant for up to €2 million (A$3.2 million) provides significant support for the next stage of planning across Epanko and our vertically integrated battery anode materials strategy. The independent workstreams will define the scalable development pathways, strengthen technical and support future financing and investment decisions.”
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EcoGraf’s phased development pathway: from 73ktpa to 390ktpa
The technical assistance programme is designed to assess EcoGraf’s scalable development pathway across Stages 2–4, as well as the base case integrated development and expanded case integrated development strategy. The four development cases are:
| Development Case | Production Scale |
|---|---|
| Stage 1 | 73,000 tpa |
| Stage 2 | 130,000 tpa |
| Stage 3 | 260,000 tpa |
| Stage 4 | 390,000 tpa |
The grant workstreams are structured to deliver decision-ready inputs for each of these stages, covering financial modelling, lender due diligence, and investment decision requirements for both Midstream and Downstream developments.
The 390,000tpa production target represents a five-fold scale-up from the Stage 1 base case, and the phased expansion structure is designed to allow each stage to be financed and de-risked incrementally before committing to the next.
Why independent technical studies matter for project financing
For investors unfamiliar with how large mining projects get financed, this distinction matters. A Bankable Feasibility Study is a comprehensive technical document designed to satisfy the requirements of institutional lenders and project finance providers — not just the company’s own board. “Bankable” means the study is of sufficient quality and independence that a bank would be willing to lend money against it.
Lender due diligence takes this further. Before committing capital to a mining project, major lenders commission their own independent reviews of the technical, environmental, and social aspects of the project. Studies that already comply with benchmarks such as the IFC Performance Standards, Equator Principles, and GISTM carry significantly more weight in this process than internally funded work.
By having the EIB appoint and fund the experts conducting these studies, EcoGraf is building the technical foundation that institutional lenders require. This reduces the company’s own development expenditure and, critically, delivers assessments that are independent by design — not just by claim.
The EIB grant workstreams are structured to feed directly into lender due diligence packages, complementing the Epanko debt financing programme that has advanced alongside the Stage 1 BFS as part of EcoGraf’s broader capital strategy.
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What comes next for EcoGraf
- Deliverables from the five workstreams are expected to provide decision-ready inputs for financial modelling, lender due diligence, and investment decisions for Midstream and Downstream developments.
- The EIB funding complements the recently announced underwritten Share Purchase Plan, further supporting the company’s funding for development activities.
- EcoGraf’s vertically integrated strategy spans: the Epanko mine in Tanzania, a Mechanical Shaping Facility in Tanzania, and EcoGraf HFfree® Purification Facilities intended to be located near EV and battery manufacturers in Asia, Europe, and North America.
Felicitas Riedl, EIB Director of the Innovation and Competitiveness Department
“A resilient critical raw materials supply chain starts with well-prepared projects. EIB technical assistance turns project potential into investment-ready opportunities that can support both local economic development and Europe’s clean technology ambitions. The support will contribute to a more diversified graphite supply chain and promote responsible project development in line with international standards.”
Ready to Explore EcoGraf’s Epanko Graphite Project in Depth?
The European Investment Bank’s €2 million (A$3.2 million) technical assistance grant positions EcoGraf’s Epanko Graphite Project with independently verified, lender-ready studies across five critical workstreams — a foundation designed to support a phased scale-up from 73,000 tpa all the way to 390,000 tpa.
For a deeper look at the company’s vertically integrated battery anode materials strategy and the full scope of this development pathway, explore EcoGraf’s project profile on Discovery Alert to stay across the latest milestones as they unfold.