GCM Raises $7M as McIntosh Project Posts $235M Post-Tax NPV
Green Critical Minerals has commissioned its first VHD Graphite production module and secured $7 million to drive commercialisation, while its McIntosh Project delivers robust economic metrics.
- VHD Graphite Plant Module 1 commissioned, enabling scalable production
- A$7 million institutional placement secured with Terra Capital as cornerstone
- Computational modelling confirms VHD heat sinks outperform traditional materials
- McIntosh Project PFS shows post-tax NPV8% of A$235 million and 32.5-year mine life
- Collaboration agreement signed with GreenSquareDC and global customer engagement underway
Commercial Production Takes Shape
Green Critical Minerals Ltd (ASX – GCM) marked a significant milestone this quarter with the successful commissioning of the first module of its VHD Graphite Production Plant. This modular facility, designed for scalability, positions the company to ramp up production efficiently in response to growing customer demand for its advanced graphite heat sinks.
The modular approach not only reduces upfront capital intensity but also aligns with GCM’s strategy to expand capacity in measured steps, supporting a smooth transition from pilot to commercial scale. The production of larger graphite blocks up to 300mm square reflects direct customer feedback, underscoring GCM’s market-driven development philosophy.
Strong Financial Backing and Market Validation
Backing this operational progress, GCM secured a well-supported A$7 million institutional placement, attracting respected domestic and offshore investors including Terra Capital as a new cornerstone shareholder. The funds are earmarked to advance VHD technology development through to first revenue, anticipated in early 2026.
Complementing this financial momentum, computational modelling led by Professor Qing Li at the University of Sydney’s Center for Advanced Material Technology has validated the superior thermal performance of GCM’s VHD heat sinks. The modelling demonstrated that VHD heat sinks can handle microchip power loads of 300-400W at operating temperatures between 70-85°C, significantly outperforming conventional materials like aluminium and copper, which manage only 200-250W under similar conditions.
Strategic Partnerships and Global Customer Engagement
GCM’s commercial strategy is further bolstered by a binding collaboration agreement with GreenSquareDC, a leading Australian data centre operator focused on sustainable, AI-ready infrastructure. This partnership aims to explore the commercial viability of specially designed thermal management products tailored for data centre environments.
Customer engagement is progressing globally, with sample testing underway and inbound interest from thermal management providers across Europe, the UK, North America, and Asia. The company is also establishing a North American hub to streamline logistics, order fulfilment, and technical support, reflecting its commitment to global market penetration.
Robust Economics at McIntosh Graphite Project
On the resource front, GCM’s flagship McIntosh Graphite Project in Western Australia delivered a Pre-Feasibility Study (PFS) that exceeded expectations. The study revealed a post-tax net present value (NPV8%) of A$235 million and an internal rate of return (IRR) of 25.3%, supported by a 32.5-year mine life. The updated Mineral Resource Estimate increased modestly to 32.6 million tonnes at 4.25% total graphitic carbon, driven by metallurgical test work and a lowered cut-off grade.
This strong economic foundation underpins GCM’s ambition to become a vertically integrated graphite and technology business, combining resource development with advanced thermal management solutions.
Looking Ahead
With a cash balance of A$5.92 million at quarter-end and ongoing legal proceedings related to the McIntosh Project, GCM is navigating both operational growth and corporate challenges. The next 12 months are poised to be transformative as the company moves from development to revenue generation, scaling production, and expanding its global footprint in thermal management technology.
Bottom Line?
GCM’s blend of technological innovation, strategic partnerships, and solid project economics sets the stage for a pivotal year ahead in graphite and thermal management markets.
Questions in the middle?
- How will prototype testing results from the new VHD heat sinks influence customer adoption and sales timelines?
- What impact could the ongoing legal dispute with NH3 Clean Energy have on the McIntosh Project’s development schedule?
- Can GCM successfully secure high-value channel partnerships in key Asian markets like Korea to accelerate growth?