- Northern Graphite (NGC) announced the unaudited sales and operating results from its Lac des Iles (“LDI”) Quebec graphite mine
- During the month of May, Northern shipped 1,085 tonnes and sold 965 tonnes for total revenue of US$1,537,356 at an average price of US$1,593 per tonne
- Has a backlog of orders for 880 tonnes with a value of US$1,528,000
- Northern Graphite is an exploration stage company which engages in the exploration and development of mineral resource properties
- Northern Graphite Corp. (NGC) was down 5.66 per cent, trading at C$0.50 per share at 12:25 pm ET
Northern Graphite (NGC) announced the unaudited sales and operating results from its Lac des Iles (“LDI”) Quebec graphite mine.
The company has recently acquired the mine and is in its first month of operations under Northern’s ownership.
Operational highlights:
- During the month of May, Northern shipped 1,085 tonnes and sold 965 tonnes for total revenue of US$1,537,356 at an average price of US$1,593 per tonne
- Early in June, Northern received a spot order for 152 tonnes of its 80×150/95 grade at US$1,900MT for shipment in July. This shows the market is tightening for this type of product in North America
- Has a backlog of orders for 880 tonnes with a value of US$1,528,000
- Processed 19,701 tonnes of ore with a graphite recovery of 89.5 per cent to produce 1,281 tonnes of final concentrate
- The plant currently operates on a 24 hour/day, 5 days/week cycle. In May, plant availability was 87.2 per cent, primarily due to shutdowns for repairs
Northern has also started to explore the area for additional sources of ore to extend the Lac des Iles mine life.
The average selling price of LDI concentrates has historically been in the order of US$1,500/tonne. This translates into potential annual revenue of US$22.5 million at 15,000tpy and US$37.5 million at 25,000tpy.
Northern has also reached an agreement on a new four-year contract with the approximately 36 union employees who work at LDI. A formal contract is expected to be signed in the coming weeks.
Northern Graphite is an exploration stage company which engages in the exploration and development of mineral resource properties. It aims to become a world leader in producing natural graphite and upgrading it into high value products critical to the green economy.
Graphite is a natural, pure form of carbon and has many industrial uses. It is the largest component of a lithium ion battery (and an important one in fuel cells). It also requires the largest production increase of any battery mineral to meet forecast EV demand.
Northern Graphite Corp. (NGC) was down 5.66 per cent, trading at C$0.50 per share at 12:25 pm ET.
