- Gratomic (GRAT) has signed a memorandum of understanding with Millennium Metals to supply graphite over a 60-month period
- It will supply up to 1,200 tons of graphite per month at a price between US$2,700 and US$8,000
- Gratomic continues to move its business toward production and expects to obtain an NI 43-101 technical report to ascertain Aukam’s economics
- Millennium is the world’s first spot market enabling direct investment in technology metals
- Gratomic is a graphite supplier with projects in Namibia, Brazil and Canada
- Gratomic (GRAT) is unchanged trading at $1.28 per share
Gratomic (GRAT) has signed a memorandum of understanding with Millennium Metals.
The agreement, which includes an undisclosed buyer, will see the company supply graphite over 60 months beginning upon commercial production at its Aukam Graphite Project in Namibia.
Gratomic plans to supply 600 tons of graphite SG16 uncoated per month for three months, increasing to 1,200 tons (coated or uncoated) per month thereafter.
The companies’ indicative term sheet signed on February 8, 2022, defines a fixed price of US$2,700 per ton for graphite SG16 uncoated and US$8,000 per ton for graphite SG16 coated.
They intend to enter into a long-form agreement including a shared profit contract within six months.
The Aukam Graphite Project can accommodate 20,000 tons per year with a possible expansion of up to 45,000 tons.
Gratomic continues to move its business toward production and expects to obtain an NI 43-101 technical report to ascertain Aukam’s economics.
“Bringing a buyer into the partnership between Gratomic and Millennium continues to build our vision of creating opportunities and becoming a lead player in the electric vehicle battery sector with the right partners,” stated Arno Brand, Gratomic’s President and CEO.
“We intend on becoming the landmark market for technology metals globally, with full coverage of the periodic table and full transparency,” added Petur Georgesson, Millennium’s CEO. “It’s a new level of freedom and democracy both for investors and producers to get access to a direct trading market without any intermediaries and with the full transparency and accessible information regarding the sustainability requirements demanded by the public.”
Millennium Metals is the world’s first spot market enabling direct investment in technology metals. It caters to an increasing number of EV battery manufacturers and OEMs.
Gratomic is a graphite supplier with projects in Namibia, Brazil and Canada.
Gratomic (GRAT) is unchanged trading at $1.28 per share as of 11:15 am EST.