InVert Graphite Limited has secured shareholder approval for a transformative acquisition of a Tanzanian graphite project and rebranded from Dominion Minerals, positioning itself for a strategic relisting on the ASX.
- Shareholders approve acquisition of 100% interest in Tanzanian Morogoro graphite project
- Company changes name from Dominion Minerals Limited to InVert Graphite Limited
- Securities remain suspended pending completion of acquisition and capital raise
- Board appointments and new share classes approved at December 2024 Extraordinary General Meeting
- Company holds $2.04 million cash with estimated five quarters of funding available
Strategic Acquisition in Tanzania
InVert Graphite Limited (ASX:IVG), formerly Dominion Minerals Limited, has taken a significant step towards repositioning itself as a focused graphite exploration and development company. The December 2024 quarter saw the company progress a proposed acquisition of Exceptional Graphite (Aust) Pty Ltd and its Tanzanian subsidiary, Exceptional Graphite Tanzania, which holds prospecting licences covering approximately 386 square kilometres in the Morogoro region of Tanzania. This area is noted for its high-grade graphite mineralisation potential, situated about 200 kilometres west of Dar es Salaam.
The acquisition, subject to multiple conditions including regulatory approvals and capital raising, was overwhelmingly supported by shareholders at an Extraordinary General Meeting held on 20 December 2024. This endorsement reflects investor confidence in the company’s strategic pivot towards critical minerals, particularly graphite, which is increasingly vital for battery and clean energy technologies.
Corporate Restructuring and Governance Enhancements
Alongside the acquisition approval, shareholders sanctioned a suite of resolutions that underpin the company’s new direction. These included the issuance of consideration shares to vendors, creation of new performance share classes, and the adoption of an employee incentive plan. Notably, the company appointed three new directors, Simon Taylor, Andrew Boyd, and Andrew Lawson, signaling a refreshed leadership team equipped to steer the company through its next phase.
The company also officially changed its name to InVert Graphite Limited, a move that aligns its corporate identity with its strategic focus on graphite. This rebranding is a clear signal to the market of the company’s commitment to becoming a key player in the critical minerals sector.
Financial Position and Market Suspension
As of 31 December 2024, InVert Graphite held cash reserves of approximately $2.04 million, with operating and corporate costs managed prudently during the quarter. The company reported no exploration or mining activities during this period, reflecting its transitional phase pending acquisition completion.
The company’s securities remain suspended on the ASX until the acquisition and associated capital raise are finalised, and the company has re-complied with ASX Listing Rules Chapters 1 and 2. The successful completion of these steps will be critical for InVert Graphite to resume trading and unlock shareholder value.
Looking Ahead
Completion of the acquisition hinges on several outstanding conditions, including due diligence, regulatory approvals from Tanzanian authorities, and the formal transfer of exploration licences. The company’s ability to navigate these regulatory and operational milestones will determine the pace at which it can advance exploration and development activities on the Morogoro Project.
InVert Graphite’s strategic shift towards a critical mineral asset in Tanzania positions it well within the growing global demand for graphite, a key component in lithium-ion batteries and renewable energy technologies. The market will be watching closely as the company moves to relist and execute its growth plans.
Bottom Line?
InVert Graphite’s transformation hinges on completing its Tanzanian acquisition and capital raise, setting the stage for a renewed ASX presence and growth trajectory.
Questions in the middle?
- When will InVert Graphite complete the acquisition and relisting process on the ASX?
- What are the exploration timelines and potential resource estimates for the Morogoro graphite project?
- How will the new board and management team shape the company’s strategic direction post-acquisition?