Volt Resources Ltd (ASX:VRC) has outlined its plan for 2023, laying out a roadmap of milestones toward a definitive feasibility study (DFS) for the company’s proposed natural graphite active anode plant in the US.
Volt has been developing the Bunyu Natural Graphite Project in Tanzania to service a graphite anode plant for the electric vehicle industry in the United States and discussions are underway with several potential customers.
Execution key to project success
“We are embarking on an exciting journey where market dynamics, global government policies and consumer interests will help us grow,” Volt Resources CEO Prashant Chintawar said.
“Execution will be the key to our success and our shareholders can expect prudent cash management from us.
“We plan to have strong newsflow in 2023 and keep shareholders up to date on our progress across these activities.”
Volt is in discussions with several engineering companies to undertake work on a DFS and expects to announce the active anode plant study manager in the near future.
The company is also leveraging its US subsidiary, Volt Energy Materials LLC, to seek funding of 50% or more of the active anode plant development cost through a US government grant or loan.
Stage 1 development of the Bunyu project will be a key priority for Volt this year, with plans to complete one or more offtake agreements suitable to secure financing and/or financing agreements.
Finally, Volt intends to deliver an update for the 2018 Bunyu Graphite Project Stage 1 Feasibility Study in the near future.