InVert Graphite Signs Deal for Tech That Hits 99% Purity in Seconds
InVert Graphite signs binding agreement to acquire RapidGraphite and its breakthrough processing technology
InVert Graphite has announced binding conditional agreements to acquire 100% of RapidGraphite Pty Ltd, the licenceholder of RapidPulse™ technology, a novel graphite processing method developed at Curtin University. The acquisition grants InVert an exclusive, royalty-free, worldwide licence for the technology, plus an option to acquire the intellectual property outright for nil consideration following completion of the transaction. Initial proof-of-concept test work on InVert’s Morogoro graphite samples demonstrated approximately 99% purity and improved crystallinity without acid purification, positioning the company to build a vertically integrated graphite opportunity combining proprietary processing technology with its 100%-owned Morogoro high-grade natural graphite project in Tanzania.
Under the acquisition terms, InVert will issue 33,333,333 fully paid ordinary shares (subject to 12-month voluntary escrow) and 41,666,667 unlisted nil-exercise-price options (convertible upon the later of 12 months and achievement of technical performance milestones, expiring 3 years after issue) to RapidGraphite’s vendors. The Acquisition Options vest upon the later of 12 months and achievement of three technical milestones, all of which must be fulfilled within 24 months after completion: successful commissioning of the Centorr Furnace for pre-pilot testing; achievement of a 100-gram batch of synthetic graphite meeting or exceeding 90% degree of graphitisation at d50 exceeding 10µm; and repeatable batch production achieving 2kg in a 2-week period matching those specifications. RapidGraphite holds an exclusive 15-year licence (commenced December 2025) from Curtin University over the RapidPulse™ technology.
In conjunction with the acquisition, InVert has received firm commitments for a A$2.5 million placement to institutions and sophisticated investors, including A$700,000 committed by existing InVert directors. The placement comprises 83,333,333 fully paid ordinary shares issued at A$0.03 per share, representing a 14.3% discount to the last traded price of A$0.035 on 15 June 2026 and a 13.1% discount to the 15-day volume weighted average price of A$0.0345. Taylor Collison is acting as Lead Manager to the placement.
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Understanding graphite processing and why RapidPulse™ matters
Conventional graphite processing typically uses harsh acid purification and Acheson furnace methods taking up to 30 days to achieve battery-grade specifications. The RapidPulse™ process uses a proprietary catalyst blend to drive rapid, high-temperature conversion of feedstocks to battery-grade graphite, achieving graphitisation temperatures approaching 3,000°C within seconds. The experimental process requires no acid purification, achieving high purity in a single step without the chemical washing required by conventional methods.
The technology has been validated at laboratory scale (Technology Readiness Level 4) and is backed by peer-reviewed scientific publications and independent external technical validation. RapidGraphite expects to benefit from an A$439,664 AEA Ignite grant awarded by the Australian Government to Curtin University to progress the technology from TRL 4 to TRL 5/6 over approximately 12–18 months. A pre-pilot Centorr Furnace capable of processing samples of up to 1kg was commissioned at Curtin University in early to mid 2026, providing the foundation for the next phase of scale-up.
If successfully scaled, this technology could represent a faster, cleaner, potentially lower-cost pathway to battery-grade graphite production versus conventional methods, bypassing the environmentally damaging acid purification step entirely.
Test work results on Morogoro graphite samples
Proof-of-concept testing conducted at Curtin University using InVert’s Morogoro graphite samples provided positive results demonstrating materially improved crystallinity and non-acid purification to approximately 99% purity. Fine-grained material of <106µm particle size and a purity of 97.5% Total Graphitic Carbon was processed through the RapidPulse heat treatment process.
The degree of graphitisation, a measure of crystal perfection that translates directly to improved battery performance, increased substantially post-treatment. Higher graphitisation translates to enhanced electrical conductivity and energy storage capacity in lithium-ion batteries.
| Metric | Pre-Treatment | Post-Treatment |
|---|---|---|
| Total Graphitic Carbon | 97.5% | ~99% |
| Degree of Graphitisation | 90.7% | 98.8% |
| Particle Size | <106µm | <106µm |
The fine-grained material was also incorporated through the heat treatment process into a composite carbon material, demonstrating potential ability to utilise fine waste material from a spheronisation process of standard flake processing into a battery-suitable product. These results suggest InVert’s existing Morogoro resource is compatible with the RapidPulse™ process, supporting the vertical integration thesis.
A$2.5 million placement to fund scale-up programme
InVert has received firm commitments for a A$2.5 million placement (before costs) from institutions and sophisticated investors to advance ongoing and scaled-up graphite trials using the RapidPulse™ technology plus Morogoro project working capital. Existing InVert directors committed A$700,000 of the total placement, signalling management conviction in the acquisition’s strategic value.
| Placement Detail | Value |
|---|---|
| Placement Size (before costs) | A$2.5 million |
| New Shares | 83,333,333 |
| Issue Price | A$0.03 per share |
| Discount to Last Traded Price | 14.3% |
| Discount to 15-Day VWAP | 13.1% |
The A$0.03 issue price per New Share is the same price as InVert’s raising completed under the 2025 Prospectus and Supplementary Prospectus as part of the ASX relisting. Taylor Collison will receive a fee of 6% of the total amount raised (excluding placements to IVG Directors, which incur a fee of 3%) and 4,166,667 unlisted Lead Manager options with an exercise price of A$0.06 each and expiry date of 24 months from allotment.
Completion of the Placement is conditional upon InVert shareholder approval at an upcoming general meeting anticipated within the next two months.
Australian Government grant and Curtin University partnership
RapidGraphite expects to benefit from an A$439,664 AEA Ignite grant awarded by the Australian Government to Curtin University to scale the RapidPulse™ technology, though documents are currently in draft form and not yet executed. The grant programme targets progression from TRL 4 to TRL 5/6 over approximately 12–18 months, with key workstreams including pre-pilot scale production trials in the Centorr Furnace and independent battery-cell validation testing at an accredited testing facility.
Curtin University will become an InVert shareholder as part of the transaction, aligning ongoing research and development interests. RapidGraphite will have access for 24 months to the pre-pilot Centorr Furnace capable of processing 1kg samples, which is installed at Curtin University, for ongoing and scaled-up graphite production trials pursuant to a Research Services and Access Agreement under which RapidGraphite must pay Curtin University a fee of A$100,000 (excluding GST). The intellectual property created under this agreement will be included as part of the assignment to RapidGraphite when RapidGraphite exercises its option to acquire the technology after the acquisition, and will be covered by the exclusive licence from Curtin University in the meantime. The Research Services and Access Agreement is not yet executed, with finalisation a condition precedent to the binding conditional agreements.
Rohan McDougall, Curtin University
“Curtin University is pleased to formalise this partnership with InVert. The development of the RapidPulse™ process highlights our researchers’ capability to address complex industrial and environmental challenges within the critical minerals sector. The ongoing research and development programme, supported by the pilot facilities here at Curtin including the Curtin Venture Studio, established by the Resources Technology and Critical Minerals (RTCM) Trailblazer, plus the Australian Government’s AEA Ignite grant, will be instrumental in the next phase of this technology’s validation. By taking an equity position in the company, the University demonstrates its ongoing support for the continued development and scaling of this novel process from the laboratory to industry.”
Government grant funding and university equity participation provide third-party validation of technology potential and reduce InVert’s capital burden for scale-up.
Commercialisation pathway and technology milestones
The staged development pathway targets progression from TRL 4 (current laboratory validation) to TRL 5/6 (pre-pilot scale demonstration) over approximately 12–18 months, with aspirational objectives to reach TRL 7/8 (pilot-scale production) through collaboration with furnace technology partners. These are aspirational statements and are not intended to be forecasts, as the Company does not yet have reasonable grounds to expect these matters will be achieved.
The 41,666,667 Acquisition Options vest upon the later of 12 months and achievement of three technical performance-based milestones, all of which must be fulfilled within 24 months after InVert acquires RapidGraphite:
- Successful commissioning (by RapidGraphite) of the Centorr Furnace to support pre-pilot testing of the RapidPulse™ technology
- Achievement by RapidGraphite of a 100-gram batch of synthetic graphite via use of the RapidPulse™ technology in the Centorr Furnace that meets or exceeds a 90% degree of graphitisation at a particle size distribution (d50) exceeding 10µm, offering compatibility with both industrial and battery applications
- RapidGraphite achieving repeatable batch production of synthetic graphite via use of the RapidPulse™ technology in the Centorr Furnace matching the above specifications, achieving 2kg of that production in a 2-week period
Dr Jason Fogg, co-developer of the RapidPulse™ technology, will join the InVert team on a full-time basis via a contractor agreement with RapidGraphite (not yet executed, with finalisation a condition precedent) to lead commercialisation of the technology following completion of the acquisition. Dr Jacob Martin and Dr Nigel Marks will continue to contribute to scientific development and scale-up through their roles at Curtin University.
Milestone-based option vesting aligns vendor incentives with technical achievement, whilst founder involvement de-risks execution.
Strategic rationale and vertical integration thesis
InVert’s strategy combines proprietary processing technology with 100%-owned natural graphite feedstock to create a vertically integrated graphite opportunity. The Morogoro Project comprises approximately 386km² of granted and application-stage exploration ground in Tanzania, prospective for high-grade graphite and strategically located near existing rail, sealed roads and port infrastructure.
Andrew Lawson, Managing Director
“The upcoming acquisition of RapidGraphite is a transformational milestone for InVert. This Curtin University-developed novel RapidPulse™ technology process has demonstrated a potential positive application to our natural graphite, with early testing achieving ~99% purity and battery-grade crystallinity in seconds, entirely bypassing the need for harsh, environmentally damaging acid purification. By pairing this novel technology with our 100%-owned Morogoro project in Tanzania, InVert is rapidly establishing a vertically integrated, and potentially more environmentally sustainable, pathway. We are incredibly proud to welcome Curtin University as a shareholder, which, alongside the Australian Government’s AEA Ignite grant that has been announced, serves as a strong validation of this technology’s potential. We are also thankful for the strong support in the Placement to help fund the next steps in developing this potentially disruptive technology.”
Vertical integration from resource to processed product could enhance margin capture and reduce dependency on third-party processing, whilst the technology’s single-step, non-acid pathway positions InVert for a potentially more environmentally sustainable production model versus conventional methods.
White Hill licence relinquishment focuses resources on core graphite strategy
Following recent laboratory test work on material from the White Hill rare earth element (REE) licences (South Australian exploration licences EL6786 and EL6787), InVert has determined that the project is not prospective for economic REE mineralisation. The Company has lodged an application with the South Australian Department for Energy and Mining to surrender (relinquish) the tenements under the Mining Act 1971 (SA).
The White Hill Licences represented a minor, non-core part of InVert’s portfolio, originally acquired for geographic diversification and potential upside optionality rather than as a primary asset. Relinquishment eliminates all associated holding costs and allows full concentration of capital and technical resources on the core graphite strategy, demonstrating portfolio discipline.
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Transaction conditions and next steps
Completion of the acquisition is subject to satisfaction (or waiver by InVert) of various conditions precedent, including InVert completing due diligence to its sole satisfaction, raising a minimum of A$1.0 million by way of equity capital raising (proposed to be fulfilled via the Placement), receiving all regulatory approvals required or deemed desirable by InVert, InVert shareholder approval for the Placement shares, Consideration Shares, Acquisition Options and any other shareholder approvals required or deemed desirable, execution of agreements with Curtin University and other key parties, all necessary third-party and regulatory consents and change of control approvals, and other ancillary conditions such as delivery of information, data and documentation embodying the RapidPulse™ technology. All conditions precedent are for InVert’s sole benefit and may be waived (in whole or in part) by InVert at its discretion.
InVert has consulted with ASX concerning the acquisition and ASX has confirmed that InVert is not required to obtain shareholder approval under Listing Rule 11.1.2 (substantial change to the nature or scale of activities) or recomply with the requirements in chapters 1 and 2 under Listing Rule 11.1.3.
The Company anticipates convening the general meeting to seek shareholder approvals within the next two months, and (subject to receipt of those shareholder approvals and fulfilment or waiver of the other conditions precedent) anticipates completing the acquisition and the Placement within several weeks after the general meeting.
| Item | Number of Securities |
|---|---|
| Current shares on issue | 419,275,200 |
| Consideration Shares | 33,333,333 |
| Placement Shares | 83,333,333 |
| Pro forma shares post-acquisition and placement | 535,941,866 |
Shareholders should monitor for the general meeting notice; dilution from the Placement and Consideration Shares totals 116,666,666 new shares against a pro forma total of 535,941,866, with milestone-contingent Acquisition Options representing a further potential 41,666,667 shares if technical milestones are achieved.
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