Green Critical Minerals exceeds expectations with McIntosh graphite PFS

• Green Critical Minerals McIntosh graphite PFS achieves better than expected results 
• Supports the company’s strategy to become a vertically integrated supplier of advanced graphite products 
• The company’s VHD technology advances at pace, with production facilities operational

Special report: Green Critical Minerals has cleared another hurdle at the McIntosh graphite project with a PFS showcasing robust economics including $25m post-tax NPV, 25.3% IRR and a 32.5-year mine life.

Green Critical Minerals’ (ASX:GCM) PFS outcomes are underpinned by an 11.1Mt ore reserve grading 3.88% total graphitic carbon (TGC), containing 432,101t graphite. 

The PFS outlines a commercial facility producing ~13,500tpa of graphite concentrate, comprising 6,075tpa of graphite concentrate and 7,425tpa of micronised graphite concentrate at a grade of 95% TGC.

It highlights entry into the existing natural flake graphite market and established customer certification of concentrate product exceeding GCM’s expectations in terms of financial metrics. 

McIntosh, the fourth largest graphite resource in Australia, now boasts a resource of 32.6Mt grading 4.25% TGC, an 8% increase on the previous estimate with the cut-off grade reduced to 2%. 

Strategically aligned asset with shifting global dynamics 

GCM managing director Clinton Booth said the company was extremely pleased with the strong results. 

“This represents a significant milestone in advancing McIntosh, with identified markets for its upstream product and the potential for integration into downstream opportunities, including our VHD technology,” he said. 

“Graphite is recognised globally as a critical mineral and recent US policy announcements, particularly actions to reduce dependence on Chinese graphite imports, have sharpened the focus on secure, transparent supply chains.

“With McIntosh, GCM is advancing a project that is not only technically robust, but also strategically aligned with these shifting global dynamics,” he added. 

“This work supports GCM’s dual strategy – to become a vertically integrated supplier of traditional and advanced graphite products and to deliver into global supply chains seeking ESG-compliant and geopolitically reliable sources of graphite.” 

Watch: $7 million to boost VHD tech to first revenue in 2026

GCM’s VHD tech 

GCM recently completed construction and commissioning of its commercial-scale VHD graphite plant, with Module 1 of the modular design now fully operational

Line 2 of the pilot plant was designed so that it could easily be converted into the first module of a scalable, multi-module production plant.

This scalable structure enables a fast and cost-effective approach to expansion through the addition of subsequent modules, aligned with growing customer demand. 

The Very High Density (VHD) graphite blocks offer superior heat transfer and dissipation compared to traditional materials like aluminium and copper, making them ideal for high performance electronics and a range of other sectors like aerospace, defence, medical and manufacturing.

This material is especially important for cooling infrastructure in AI data centres, with GCM collaborating with GreenSquareDC, a leading Australian data centre operator.

GCM has also had a formal request for product samples from a leading European and United Kingdom thermal management solutions provider and is in preliminary discussions with global semiconductor manufacturers. 

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.