Collie graphite facility positioned for up to $32.4M revenue as high value product capability locked in
International Graphite (ASX:IG6) has finalised equipment selection for Australia’s first commercial scale graphite micronising facility at Collie, unlocking the capability to produce superfine, high value graphite products beyond the original FEED Study scope.
Based on an illustrative 12-month snapshot at current spot prices, the facility indicates potential annual revenue of $26.0M – $32.4M and potential annual EBITDA of $11.1M – $14.2M, depending on the ultimate finished product sales mix. These figures are explicitly an illustrative snapshot, not a formal financial forecast or guidance.
Construction remains on track, with commissioning targeted for mid-2027.
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What the equipment upgrade unlocks
Construction of the production building and installation of the first milling equipment are due for completion during Q2 2027. Vendor testing of additional milling equipment has been finalised, with orders now being prepared and delivery expected before the end of Q2 2027.
The key development is capability. The facility will now be able to produce a greater range of products than envisaged in the FEED Study, specifically high value superfine materials. Final equipment selection responds to market research, product research and development at the Collie R&D Centre, and ongoing customer engagement.
Production specifications for the facility include:
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Output capability of 4,300 – 6,400 t/y of finished product
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Product sizing between 5µm and 45µm for standard and high grade finished products
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Grade range spanning standard grades (94-95% TGC) and high purity grades (99.0-99.9% TGC)
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A strategy oriented toward maximising margins across product lines based on customer demand, not maximising production volumes
The significance for investors sits in the product mix. Finer finished products command higher potential unit sales prices, meaning the equipment choice is designed to target margin rather than tonnage.
Breaking down the earnings snapshot
The illustrative revenue and EBITDA figures reflect the facility operating today at current spot sales prices. They are sensitive to both pricing and All-In Sustaining Cost (AISC) movements, with EBITDA modelled against ±10% shifts in each variable.
| Metric | Base Case (A$M) | Low (A$M) | High (A$M) |
|---|---|---|---|
| Revenue | $26.0 – $32.4 | — | — |
| EBITDA (base) | $11.1 – $14.2 | — | — |
| EBITDA sensitivity to pricing (±10%) | $11.1 – $14.2 | $8.4 – $11.2 | $13.8 – $17.1 |
| EBITDA sensitivity to AISC (±10%) | $11.1 – $14.2 | $9.5 – $12.7 | $12.7 – $15.7 |
All figures represent a 12-month illustrative snapshot and do not constitute a financial forecast.
On the cost side, key inputs determining total cost of goods sold (COGS) have not changed since completion of the FEED Study. Approximately 75% of COGS are variable, with feedstock sourced from mining operations across five jurisdictions. Processing costs are calculated by reference to process design criteria, equipment capability, vendor testwork, localised power costs, and current labour and freight rates.
The Wogen customer pathway
A non-binding Heads of Terms with Wogen Pacific Limited (Wogen) provides a direct pathway for Collie products to reach established Asia-Pacific customers (refer ASX announcement 25 June 2026).
Wogen intends to source up to 10,000 t/y of flake graphite concentrate to support future feedstock requirements as production at Collie expands. The arrangement addresses two sides of the equation at once, connecting the facility to established customer demand while supporting future feedstock supply as capacity scales.
The Wogen Pacific agreement also grants IG6 access to Wogen’s supply chain finance solutions, adding a capital efficiency dimension that extends well beyond the headline sales and feedstock terms disclosed at signing.
Why graphite micronising matters
Micronising refers to milling graphite into ultra-fine particle sizes, measured in microns (µm), for use in advanced industrial applications. The finer the product, the more specialised its end use.
Finer materials carry a higher potential unit sales price. They also involve lower manufacturing throughput and higher unit production costs, but the trade-off can deliver stronger margins per tonne. This is the logic behind IG6’s decision to orient the facility toward margin rather than volume.
The strategic backdrop matters too. Customers face rising geopolitical threats to their supply chains, creating demand for secure, non-traditional sources of supply. As Australia’s first commercial scale graphite micronising facility, Collie is positioned to serve that demand.
Growth roadmap and government backing
The facility establishes a platform for earnings growth through low cost, capital-efficient expansion and continued product diversification. Operations are set to commence in mid-2027, ramping from one eight-hour shift, five days per week for the first 12 months, building toward 24/7 operations based on conservative market entry assumptions.
Localised graphite purification is being explored, and future integration with the Springdale Graphite Project would provide the Company with its own feedstock supply, building toward a fully integrated Australian graphite processing and manufacturing operation over time.
Localised graphite purification at Collie is supported by ALKEEMIA testwork that achieved 99.91%-99.98% TGC across all seven concentrate samples tested, including Springdale material at the top of that range, results that validate the technical pathway IG6 is now exploring for on-site high purity production.
The organic growth levers include:
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Low capital cost additional production lines
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Product range development and diversification
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Localised graphite purification (under exploration)
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Future Springdale integration for feedstock self-sufficiency
IG6 has received strong support from the Australian and Western Australian Governments, recognising Collie’s importance to national critical minerals capability and regional economic diversification.
Board Authorisation
The announcement was authorised for release by the Board of International Graphite Limited, with Andrew Worland serving as Managing Director and Chief Executive Officer. Localised graphite purification is being explored and future integration with the Springdale Graphite Project would provide the Company with its own feedstock supply, building towards a fully integrated Australian graphite processing and manufacturing operation, over time.
The investment takeaway
The combination of on-schedule construction, expanded high value product capability, illustrative earnings potential, and the Wogen demand and feedstock pathway gives IG6 several routes to build value from a single asset base. Multiple organic growth options sit alongside potential future integration with Springdale.
For investors, the mid-2027 commissioning timeline stands as the near-term catalyst to watch as the Company moves toward first production at Australia’s first commercial scale graphite micronising facility.
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