SRG Graphite Inc.

Company Data | Introduction | Projects in Hand | Management
News Update | Chinese

Company Data

Introduction

SRG is a Canadian-based resource company with the goal of creating shareholder value by becoming a leader in the production and delivery of low-cost, quick-to-market, quality graphite. The Company is focused on developing the 100%-owned Lola graphite deposit, which is located in the Republic of Guinea, West Africa.

The Lola Graphite occurrence has a prospective surface outline of 3.22 sq. km of continuous graphitic gneiss, one of the largest graphitic surface areas in the world. Management is also very optimistic about the nickel-cobalt scandium deposit, known as the Gogota deposit, located on the same permit as the Lola graphite deposit.

SRG has an experienced management team with proven track record of success. Over 50 years of combined mining experience in francophone West Africa. SRG is committed to operate in a socially, environmentally and ethically responsible manner.

Increasing Worldwide Demand for Graphite

• Global graphite production has risen more than tenfold, from a base of 100,000 TPA in the early 1900s to an estimated 1.2 MTPA in 2016 at a compound annual growth rate of over 2% according to USGS and the World Steel Association, and by 4% according to P&S Market Research.
• The strong demand for graphite is fuelled by green energy initiatives, including lithium + carbon batteries (hybrid vehicles), solar energy, supra-conductors and nuclear energy. Only high purity crystal flake graphite can be used for Li-ion batteries, fuel cells and other green technologies.
• The graphite market (2.4 MTPA) larger than the nickel market and, 50 times larger than the lithium or rare earth elements markets.

Projects in Hand

(1) Lola Graphite Project, Eastern Guinea, West Africa

The Lola Graphite deposit is located approximately 1,000 kilometers east of Conakry, the capital of the Republic of Guinea. The Lola Graphite occurrence has a prospective surface outline of 3.22 sq. km of continuous graphitic gneiss, one of the largest graphitic surface areas in the world.

• The Lola Graphite deposit is 8.7 km long, and on average 370 meters wide.
• The first 20 meters or so of the deposit are well weathered (lateralized), freeing graphite flakes from the silicate gangue and allowing for easy grinding with optimal recovery of all large and jumbo flakes.
• The graphite mineralization continues at depth >30 meters within the non-weathered sheared gneiss.

Early metallurgical tests demonstrated one of the best flake distributions in the realm of publicly-traded graphite companies with more than 50% of large flake, including 26% jumbo flake. Additionally, most of the large flake graphite can be brought up to the ~93%-97% purity level through simple floatation, which should produce favourable opex and project economics.

The Company filed its preliminary economic assessment (PEA) for its Lola Graphite deposit on August 2nd, 2018. The results of the PEA were positive with a pre-tax IRR of 35% over a 16-year mine life. This report took into consideration the new mineral resource estimate which increased in-situ graphitic carbon by 54% and increased Measured and Indicated resources from 224,118 tonnes to 676,900 tonnes of Cg content at a 3% cut-off-grade, an increase of 201%.

Exploration and Development

• Drilling completed as of October, 2018: 557 DDH (18,037m) and 10 trenches (1,326m)
• The mineral resource updated on June 18, 2018
• 2018 drilling program completed ahead of schedule
• Program extended to cover an additional 3,000m

Project Development

• 2018 drilling program completed ahead of schedule
• PEA announced in July 2018
• Adequately funded until construction
• Project financing discussions with potential lenders ongoing
• Off-take discussions ongoing with several off-takers

(2) Gogota Nickel-Cobalt Project, Guinea

SRG also owns 100% of the Gogota Nickel-Cobalt deposit situated only approximately 5 km away from its Lola Graphite deposit. The Gogota cobalt-nickel occurrence has a prospective surface area of 1.96 sq. km.

• The 2018 maiden resource estimate shows high nickel and cobalt grades. Low MgO in the limonite is observed
• The results showed an Inferred Resource of 44.9 million tonnes of mineralized material grading 1.28% nickel for 573,040 tonnes of contained nickel. The cobalt grade of the resource is 0.13% Co for 59,560 tonnes of contained cobalt. The resource also contains 29.4 g/t of scandium for 1.17 tonnes of contained scandium.
• Several satellites deposits not yet drilled provides upside to the deposit
• Next phase of development under consideration

Proximity to Markets

Guinea, West African is coastal country, at only a few days shipping distance to Europe and to the American east coast, two of the fastest growing markets for high quality natural graphite flakes.

Strong Government Support

• Guinea is a mining oriented country (>15% of GDP)
• 45Mt of bauxite production in 2017, 7.4Bt reserves, 25% of world total
• Mineral rich country: iron ore, gold, diamonds, etc.
• Responsive and responsible ministries of mining, finance and environment
• Permitting process is straightforward and well-documented
• Local government and communities highly supportive of the project

Management

Management and Directors

Benoit La Salle, FCPA, FCA, MBA, Executive Chairman and Director

Mr. La Salle is the former Chairman of Plan International (Canada). Today Mr. La Salle is President & CEO of Windiga Energy, Chairman of Algold Resources Ltd., Executive Chairman of Sama Resources Inc., Executive Chairman of SRG Graphite Inc. and Chairman of the Canadian Council on Africa.

Ugo Landry-Tolszczuk, P.Eng., CFA, President, Chief Operating Officer & Chief Financial Officer

Prior to joining the company, Mr. Landry-Tolszczuk held the position of Director of Operations for Windiga Energy. Prior to this, he held several positions in related fields, including Product Manager for peripherals and Web Controllers for Distech Controls.

Raphaël Beaudoin, P.Eng., Vice President of Operations, Metallurgy & Process Design

Mr. Beaudoin worked as a plant metallurgist at the Minto Mine in the Yukon before joining the Nunavik Nickel Project for Canadian Royalties Inc. in 2012. Mr. Beaudoin participated in the implementation of the Nunavik Nickel concentrator as a plant metallurgist and held several positions including chief metallurgist and concentrator superintendent.

Elias J. Elias, LL.L., LL.B., Vice President of Legal and Corporate Affairs

Mr. Elias has extensive experience in West Africa in both the mining and the energy sectors. He served as General Counsel and Corporate Secretary of Windiga Energy Inc.

Marc-Antoine Audet, Ph.D (Geo.), P.Geo., Lead Geologist, QP and Director

Dr. Audet has over 27 years of geological experience in international nickel laterite exploration and development with major mining companies such as Xstrata Nickel and Falconbridge. Dr. Audet held several positions for Falconbridge in New Caledonia including Chief Geologist and Manager of Resource Estimation and Mine Development. He also served as the Senior Project Geologist and Director of Operations for Falconbridge International Investments Limited in Côte d’Ivoire, West Africa. Today, Dr. Audet serves as President & CEO of Sama Resources.

Mathieu Charette, CPA, CMA, Vice President of Finance & Corporate Controller

Mr. Charette has over thirteen years of experience in financial management, reporting, taxation, budgeting, forecasting and regulatory compliance for private and public companies. He has worked in a financial role with mining companies in West Africa since 2008.

Marc Filion, Ph.D, MBA, Eng., ASC, Independent Director

Marcel Duchesne, Independent Director

Yves Grou, CPA, CA, Independent Director

Rene Lessard, Independent Director

K. Abdoulaye Compaore, Director

Abdoul Aziz Nassa, Director

Please refer to SRG Graphite Inc.'s website www.srggraphite.com for complete biographies.

News Update

On November 27, 2019, SRG Mining Inc. has been formally awarded the mining permit for its Lola graphite project, located near the town of Lola in eastern Guinea, West Africa. The 15-year renewable permit was officially granted by the government of Guinea through presidential decree in conformity with the company's request of March 22, 2019.

On October 24, 2019, SRG Mining Inc. announced that after following the filing of the Project's feasibility study, SRG has diligently worked towards the next stage of development, detailed engineering and construction preparation. To that end, the Company is currently in a bidding process with four recognized engineering groups to determine the best partner to move forward with engineering and then construction using an engineering-procurement-construction management ("EPCM") model.

On August 19, 2019, SRG Mining Inc. announced that it has filed the Feasibility Study (“FS”) for the development of the Lola graphite project in the Republic of Guinea, West Africa, for which the results were announced on July 4th, 2019. The FS was prepared by Montréal-based DRA/Met-Chem, a division of DRA Americas Inc. (“DRA/Met-Chem”). All dollar figures are in United States dollars.

On August 08, 2019, SRG Mining Inc. announced that a US based industrial firm with significant experience in West Africa (the “US-based Partner”) has entered into a Share Purchase Agreement to acquire 8,300,000 of the 24,658,267 common shares held by Sama Resources Inc. (“Sama”) in the share capital of SRG, for an aggregate purchase price of US$5,000,000 (the “Sale”). The Sale shall occur in five equal, monthly tranches and is expected to fully close by December 15, 2019.

On April 09, 2019, SRG Graphite Inc. has released the results of its 200-tonne piloting project at SGS Canada. From the 200 tonnes processed, 12.8 tonnes of graphite flakes were produced at an average grade of 96.8 per cent total carbon (Ct). With this graphite in hand, the company will be better positioned to secure offtake agreements as it continues its sales efforts with its various clients in North America, Europe and Asia.

The company is also pleased to announce that a three-year research agreement has been signed with McGill University to further develop its graphite-processing techniques. Areas of study will include conventional mineral processing technologies and the application of new or existing hydrochemical processes to further purify graphite flakes.

On April 02, 2019, SRG Graphite Inc. has received its environmental conformity certificate from the government of Guinea for its Lola graphite project. This certificate is the only environmental and social permit required to move forward with the construction of the project. With this certificate in hand, the company is now in position to file for its mining licence, another crucial permit required for construction.

On March 14, 2019, SRG Graphite Inc. has provided the final assay results of its 2018 drilling campaign for its Lola graphite deposit in Guinea, West Africa.

Drill results highlights:

• Hole LL39-162665: 21.00 m at 7.74 per cent Cg including 10.50 m at 13.46 per cent Cg, from surface
• Hole LL36-369056: 35.44 m at 5.56 per cent Cg including 20.46 m at 7.93 per cent Cg, from 2.6 m
• Hole LL36-384159: 30.72 m at 6.50 per cent Cg including 19.00 m at 9.25 per cent Cg, from surface
• Hole LL39-085636: 147.45 m at 4.94 per cent Cg including 91.85 m at 6.90 per cent Cg, from 8.4 m
• Hole LL42-037030: 211.65 m at 4.16 per cent Cg including 116.81 m at 6.18 per cent Cg, from 4.8 m

On January 15, 2019, SRG Graphite Inc. announced that it is now producing 95 per cent graphite samples from its metallurgical laboratory at the Lola graphite deposit in Guinea, West Africa.

On November 19, 2018, SRG Graphite Inc. announced the completion and subsequent opening of its metallurgical laboratory near the Lola Graphite Deposit in Guinea, West Africa.

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