Eagle Graphite is pleased to report that it has signed a non-binding Letter of Intent (“LOI”) to supply high purity graphite from the Black Crystal Quarry in British Columbia, Canada.
Letter of Intent signed for the supply of up to 840 tonnes per year of a specialized grade of graphite;
High specification product to be supplied by Eagle Graphite for 10 years;
Negotiations commence for a binding agreement.
Eagle Graphite has signed a Letter of Intent to supply high purity (>99.95 wt%C), large flake graphite to a purchaser in Asia. Signing of the LOI follows 6 months of extensive testing of graphite samples provided by Eagle Graphite from the the Black Crystal project. At the conclusion of this phase of due diligence (including site visits), the parties have identified a clear pathway forward beginning with the signing of this LOI.
The LOI establishes a non-binding framework for a binding agreement, including pricing, to be negotiated by the end of November, 2019, or such date as the parties find mutually acceptable. Terms include an assurance by Eagle that the identity of the customer remain confidential. There exist no related/affiliated or common directors and/or management between the contracting parties.
Eagle Graphite continues to pursue additional agreements covering diverse end uses to complement existing contracts.
The Company advises that a decision to enter into production would not be based on a feasibility study of minerals reserves demonstrating economic and technical viability. Readers are cautioned that production may not be economically feasible and historically these projects have a much higher risk of economic or technical failure.