The Licence is a category A mining Licence, which is the highest category Licence issued in Sri Lanka. The Licence grants exclusive rights to mine, process and export mined graphite from within the K1 mining area.
“The K1 licence renewal demonstrates our meeting or surpassing the requirements set out by the GSMB as well as the social licence we have developed in Sri Lanka” said Don Baxter, President, and Chief Executive Officer. “With the closing of our recent financing, we are now in position to expedite the generation of positive free cash flows from the exploration and development activities of our high-grade, direct shipping, vein graphite from Sri Lanka.”
Donald K. D. Baxter, P.Eng., CEO of Ceylon Graphite Corp., is a Qualified Person as defined by National Instrument 43-101 (“N.I. 43-101”) guidelines and has reviewed and approved the content of this news release.
Ceylon Graphite is a public company listed on the TSX Venture Exchange, that is in the business of mining for graphite, and developing and commercializing innovative graphene and graphite applications and products. Graphite mined in Sri Lanka is known to be some of the highest grade in the world and has been confirmed to be suitable to be easily upgradable for a range of applications including the high-growth electric vehicle and battery storage markets as well as construction, healthcare and paints and coatings sectors. The Government of Sri Lanka has granted the Company’s wholly owned subsidiary Sarcon Development (Pvt) Ltd. an IML Category A licence for its K1 mine and exploration rights in a land package of over 120km². These exploration grids (each one square kilometer in area) cover areas of historic graphite production from the early twentieth century and represent a majority of the known graphite occurrences in Sri Lanka.