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Applied Graphite Technologies enhances portfolio with acquisition of Queen’s Mine in Sri Lanka

Applied Graphite Technologies (AGT) has recently acquired the Queen’s Mine, a past-producing graphite property located in Sri Lanka. This strategic acquisition positions AGT to further develop its presence in the region, adding to its existing Dodangaslanda Graphite Properties. The combined assets will now be referred to as the Queens Mine Complex (QMC).

The QMC is strategically situated within the renowned vein graphite district of Sri Lanka and boasts historical workings and natural exposures of vein graphite. With a history of extracting high-grade graphite veins, the Queen’s Mine previously achieved a production rate of 20 tonnes per month, with plans to increase annual production capacity to 3,000 tonnes.

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Laboratory testing on the run-of-mine (ROM) tonnes from the Queen’s Mine has revealed high-grade graphite with a carbon content exceeding 95%. The property features underground workings providing access to at least six graphite veins spanning a combined width of 25 meters, with individual veins reaching up to 0.4 meters in thickness.

AGT is committed to prioritizing the development of the QMC, aiming to resume bulk shipments of high-grade vein graphite. This initiative will progress following the completion of mine permitting and further development of the prospect.

In addition to the acquisition, AGT has granted 800,000 stock options with an exercise price of $0.15 to consultants, directors, and officers of the company, valid for a five-year term expiring on March 23, 2029.

AGT President and CEO, Don Baxter, expressed enthusiasm about the acquisition, highlighting the strategic advantage it offers through in-country relationships. Baxter emphasized the importance of demonstrating the potential of their properties to meet the requirements of original equipment manufacturers (OEMs), particularly in the context of battery-ready graphite. The acquisition of the QMC positions AGT to showcase its ability to produce large tonnages to meet the demands of OEMs, further solidifying its foothold in the graphite market.

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