Applied Graphite Technology Secures $300,000 from key investor for Queens Mine Complex Exploration
May 27, 2024 at 12:49 pm
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Applied Graphite Technology Corporation CEO Don Baxter joined Steve Darling from Proactive to announce a significant milestone for the company. Applied Graphite has closed a non-brokered private placement with a strategic investor for $300,000. The net proceeds will be used for the exploration of the Queens Mine Complex graphite project.
Baxter discussed ongoing efforts at the Queen's Mine complex in Sri Lanka, including permitting and rapid progress towards obtaining mining licenses. The company aims to start production by mid to late fall, focusing on extracting high-purity graphite (95% carbon) without the need for extensive processing facilities. This natural graphite is essential for lithium-ion batteries, particularly for the anode component, and has a smaller environmental footprint compared to synthetic graphite.
The high quality and low capital expenditure of Applied Graphite Technologies' product make it attractive for the battery industry, including applications in electric vehicles and stationary storage. Baxter highlighted the proven effectiveness of their graphite in battery anodes, reinforcing the company's strategic importance in the market.
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Applied Graphite Technologies Corporation, formerly Audrey Capital Corporation, is a Canada-based exploration and development company. The Company is engaged in developing the Queens Mine Complex in Sri Lanka. The Company owns a 90% ownership interest in C-Tech Ceylon (Private) Limited, which in turn owns a 100% ownership interest in the Dodangaslanda Graphite Properties in Sri Lanka. The ownership interest consists of the ownership of two lands (D1 and Q2) which are adjacent to the Queenâs Mine, a former graphite producing mine. The Dodangaslanda Graphite Project is located approximately 128 km north east of Colombo, Sri Lanka, and 35 km east north east of Kurunegala, a large regional center. It has historical workings and vein graphite outcrops. Vein graphite is naturally high grade (+95% carbon content in the ground) and does not require primary processing. Testing of vein graphite in lithium-ion battery anodes has shown high capacities, performing better than synthetic graphite.