Evolution Energy Minerals Limited reported the preliminary results of long-term battery cycling undertaken by the Company's US technology partner. This is the latest stage in the testwork process that has already demonstrated that Chilalo fines have very low levels of Molybdenum and Boron, can be purified to 99.9995% C and when processed into coated spherical graphite, significantly exceeds the specifications of major EV manufacturers. Short-term electrochemical testing has previously demonstrated that the uncoated Chilalo spherical graphite delivered a reversible capacity of 367.65 mAh/g with an irreversible capacity loss of 9.4%.

The surface coated version of the same material preserved the reversible capacity level, demonstrating 367.8 mAh/g, while decreasing irreversible capacity loss to <7%3. In this current testwork stage, the uncoated and coated spherical graphites were tested in a cell design engineered for long-term cycling. The testing, which seeks to verify whether the reversible capacity holds from cycle to cycle, is continuing. Evaluation will gauge the degradation of electrochemical performance as a function of elapsed cycle number.

Cycling is performed in CR2016 coin cells, a generally accepted test vehicle for pre-qualifying graphite for use in lithium-ion battery anodes. Cycling is performed at a C/10 rate, meaning that it takes ten hours to charge the cell and the same to discharge. Therefore, one full cycle lasts approximately one day.

As cycling just recently started, the Company reported the performance of the first twenty cycles, with more updates to follow. For reference, the theoretical capacity of graphite is 372 mAh/g, and many argue that it is nearly impossible to reach this level without specialised testing. Clearly, Chilalo flake comes extremely close to the theoretical capacity in a robust cell design employed in the testwork.

For comparison, the majority of standard-grade lithium-ion battery manufacturers accept spherical graphite as suitable for application in anodes when their reversible capacity is greater than 350 mAh/g. Super-premium graphite must deliver over 360 mAh/g which, if achieved, is suitable for the electrical vehicle and environmentally responsible energy storage markets. Chilalo's spherical graphite easily meets and exceeds both thresholds. Moreover, super-premium battery applications require irreversible capacity loss below 7%, which at 6.95%, Chilalo's surface coated spheroidal graphite achieves.

The super-premium class of active anode materials sells for $18,000 to $22,000 per tonne. Next steps: Cycling tests will continue to be performed until 100 cycles have been completed, over a period of 2-3 months. At this point, long-term cycling performance can be extrapolated.

Sufficient data has already been collected from the commercial verification program undertaken by the Company's US technology partner to commence qualification initiatives of coated battery anode materials with targeted battery manufacturers. The flowsheet adopted by Evolution and its US technology partner. Testwork is ongoing on the purified, non-spherical by-product that did not qualify as usable spheres for battery anode materials, in order to determine suitability for use as a high-value conductivity enhancement in alkaline battery cathodes.

Achieving a high-value commercial application of the non-spherical by-product would substantially improve the economics of the potential downstream battery anode materials plant.