McIntosh Graphite is reputed to be Australia’s fourth-largest graphite resource with 1.1 million tonnes (mt) of contained graphite. Credit: ivan_kislitsin/Shutterstock.

GCM Graphite, a wholly owned subsidiary of Green Critical Minerals, has secured an 80% stake in the McIntosh graphite project in Western Australia after fulfilling stage three earn-in conditions.

This achievement follows the company’s investment of more than $4m (A$6.13m) in the project over two years.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

Green Critical Minerals completed stages one and two of the staged earn-in agreement in February 2022 after formalising the agreement in a binding term sheet with Hexagon Energy Materials.

The McIntosh graphite project is reputed to be Australia’s fourth-largest graphite resource with 1.1mt of contained graphite. It offers high-purity flake graphite with excellent properties for lithium-ion batteries. The project is well positioned with access to a deep-water port and key customer groups in Asia, Europe and US.

The next phase involves forming an unincorporated JV with Hexagon Energy Materials for the exploration and evaluation of graphite within the project tenements.

Despite agreeing on the terms of a formal JV agreement, Hexagon has refrained from executing it due to ongoing legal proceedings in the Supreme Court of Western Australia.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Hexagon has filed counterclaims stating that GCM Graphite did not adhere to the binding terms sheet during the stage two earn-in, a position that GCM disputes, asserting that it has met all earn-in requirements by investing more than $3m in exploration.

GCM Graphite has responded to the counterclaim with a defence and is prepared to continue legal action if the dispute remains unresolved commercially.

The case was recently subject to a confidential mediation, which has been adjourned. The outcome of these proceedings will determine the future of the JV and the progression of the McIntosh graphite project.