Northern Graphite CEO Hugues Jacquemin stated, “We took decisive action to manage our cash position to ease the strain on our working capital and provide us with greater flexibility to pursue our growth catalysts.”
The company is working to extend the LDI mine’s life by approximately eight years, with plans to open a new pit by late 2024 or early 2025.
A recent resource estimate indicated 3 million tonnes of resources at an average grade of 6.4% graphitic carbon (Cg), containing around 213,000 tonnes of Cg. Inferred resources totalled 1.4 million tonnes at an average grade of 7.4% Cg.
Despite these operational successes, Northern Graphite faced financial challenges, failing to meet all agreements on its senior secured loan and royalty financing. This resulted in the reclassification of C$22.4 million from non-current to current liabilities. The lender and royalty holder waived all defaults, and discussions are ongoing to…
