Hexagon Resources Ltd

Hexagon Resources achieves positive lithium battery test results

The company is well funded following a $7 million institutional share placement last month.

Main access road to the McIntosh Project
Main access road to the McIntosh Project

Hexagon Resources Ltd (ASX:HXG) has revealed impressive initial cell cycling test work results using purified, uncoated spherical graphite sourced from its McIntosh project in Western Australia.

Notably, the results from the test work are comparable to the performance of the highest quality synthetic graphite utilised in battery applications – a sector that Hexagon is targeting.

The results exceeded benchmark reversible capacity levels of 350 mAh/g, attaining up to 363.1 mAh/g –typical of synthetic graphite and advanced grades of natural crystalline spheroidised flake graphite.

Hexagon CR2106 lithium ion cells

Hexagon managing director Mike Rosenstreich said: “These results indicate that we have high-quality crystalline material suitable for lithium ion batteries, indeed, capable of surpassing the attributes of the highest quality synthetic graphites, which still make up 50 to 70% of the anode material in lithium ion batteries.

“This is very significant for Hexagon because a core component of our downstream business strategy is the substitution of synthetic graphite, not only in battery anode and cathode conductivity enhancer materials but also in traditional industrial applications – and we are definitely on track.”

READ: Hexagon Resources shareholders give nod to graphite project joint venture with MinRes

Earlier this week, Hexagon started the definitive feasibility study (DFS) for the McIntosh flake graphite project along with multi-billion dollar joint venture partner Mineral Resources Limited (ASX:MIN).

The DFS follows Hexagon shareholder approval of the joint venture which enables MIN to earn a 51% share of the McIntosh Project by managing and effectively funding all of the development costs of the project to commercial production.

Positive pre-feasibility outcome - already superseded by recent test results!

MIN, as joint venture manager, has approved an initial budget to allow for a comprehensive drilling program of about 12,000 metres to commence in early August 2018 as the first on-ground work for the DFS.

Key near-term objectives of the joint venture include upgrading the existing resource of 21.3 million tonnes grading 4.5% TGC (total graphitic content).

Quick facts: Hexagon Resources Ltd

Price: $0.06

Market: ASX
Market Cap: $17.22 m

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on 12/7/19

2 min read