Business
Northern Graphite Announces First Quarter 2023 Results
Ottawa, Ontario--(Newsfile Corp. - May 31, 2023) - Northern Graphite Corporation (TSXV: NGC) (OT...
About this update from Northern Graphite Corporation
[{"type":"text","content":"Northern Graphite Announces First Quarter 2023 ResultsOttawa, Ontario--(Newsfile Corp. - May 31, 2023) - Northern Graphite Corporation (TSXV: NGC) (OTCQB: NGPHF) (FSE: 0NG) (XSTU: 0NG) (the \"Company\" or \"Northern\") is pleased to provide an operating summary and financial highlights for the three month period ended March 31, 2023. The Company's Financial Statements and Management's Discussion and Analysis are available on SEDAR and on our website.Operational Highlights for the first quarter include:Mine-to-Market Strategy: The Company announced its mine-to-market strategy which consists of developing one of the world's largest battery anode material (\"BAM\") facilities in Baie-Comeau, Québec with 200,000 tonnes per year (\"tpy\") of capacity. The Company also announced the signing of an agreement to acquire a 33.33% ownership interest and the majority of voting rights (50.1%) in NeoGraf Solutions, LLC (\"NeoGraf\"), a US based company focused on the manufacturing of specialty value added products made from natural graphite.Mining and Development Projects: The Company's Lac des Iles (\"LDI\") mine in Québec produced 2,966 tonnes of graphite concentrate with a recovery rate of 91.6%;Following the exercise of its option to acquire 100% of the Mousseau West graphite project in Québec in the fourth quarter of 2022, in March 2023, the Company increased size of the project by an additional 101.6 hectares to a total of 590.5 hectares;Following the decision to relocate the Okorusu plant directly to the Okanjande mine site in Namibia, the Company is completing an updated PEA which it expects to release this quarter. It includes plans for a 31,000 tpy processing plant that will be ready for production in late 2024.Executive Officer Appointments and Additions to Board of Directors: Gregory Bowes was appointed Chairman of the Board effective January 1, 2023. He was previously Executive Chairman. Frank O'Brien-Bernini has been named Chair of the Environmental, Social, Governance (ESG) and Nominating Committee.Kirsty Liddicoat was appointed as Chief Operating Officer, and Dave Marsh as Chief Technical OfficerSubsequent to March 31, 2023, Pav Jordan has been appointed Vice-President of CommunicationsFinancial Highlights for the first quarter include:Revenue of $4.0 million generated from 1,813 tonnes of graphite con...