Pursuing Phase 1 capital

Volt Resources announced on 25 October that it has appointed Exotix Capital as lead to secure up to US$30m of a Tanzanian bond issue. Exotix Capital is a banking firm with specialist knowledge and a large network of African institutions, family offices and regional credit funds. A US$30m bond issue would satisfy the development capital required to build out Volt’s revised Phase 1 development approach to its Bunyu graphite project (previously named Namangale). Phase 1 is anticipated to produce 20ktpa of graphite products to feed into the expandable graphite, battery-anode and foundry product end-markets. To this end Volt has secured pre-commercial MOU-type agreements for upwards of 20ktpa of graphite products with Chinese customers and downstream graphite processors. We suspend our current forecasts and await Volt’s release of a revised development study to revise our base case valuation for the Bunyu graphite project.