InVert Graphite has secured outright ownership of Curtin University’s RapidPulse technology while advancing a 2.56 million tonne contained graphite resource at Kumba. The company ended September with A$3.2 million in cash, giving it an estimated 5.5 quarters of funding at the latest spending rate.
- RapidPulse technology now owned outright by RapidGraphite
- 32.2Mt Kumba resource at 8.0% TGC, entirely Inferred
- A$2.5 million placement completed
- RapidPulse remains at laboratory-scale TRL 4
- A$3.2 million cash and 5.5 quarters of estimated funding
RapidPulse ownership moves beyond an exclusive licence
InVert Graphite Limited (ASX:IVG) has replaced its exclusive licence to the RapidPulse graphite-processing technology with outright ownership, a potentially important shift as it attempts to build a vertically integrated battery-materials business. Curtin University assigned the technology, associated know-how and improvements to RapidGraphite on 29 September, following InVert’s acquisition of all the issued shares in the company.
The quarter formalised the next step after the completed RapidGraphite acquisition, with InVert now directing its attention to scaled-up trials. RapidPulse is designed to use a proprietary catalyst blend to convert natural graphite and low-cost carbon into battery-grade graphite at high temperatures within seconds. The technology remains at Technology Readiness Level 4, meaning it has been validated at laboratory scale rather than demonstrated in a commercial operating environment.
Centorr Furnace provides the next scale-up test
The commissioning of a pre-pilot Centorr Furnace at Curtin University has satisfied the first of three technical milestones attached to 41,666,667 acquisition options issued to the RapidGraphite vendors. The furnace can process samples of up to 1kg, while two milestones remain and the options vest no earlier than 20 August 2027.
RapidGraphite is also participating in a A$439,664 AEA Ignite program intended to move the technology from TRL 4 towards TRL 5 and 6 over roughly 12 to 18 months. Work includes furnace trials, independent battery-cell testing and the manufacture of a Jet Mill, with delivery expected before the end of the year. InVert has begun establishing a United States subsidiary and preparing applications for US government industrial-base and industry partnership programs, but the filing makes clear that no funding or binding agreement has yet been secured.
Kumba resource anchors the upstream strategy
InVert also reiterated the Kumba maiden resource at its Morogoro project in Tanzania: 32.2 million tonnes grading 8.0% Total Graphitic Carbon for 2.56 million tonnes of contained graphite. The estimate is entirely Inferred, 97% lies within 75 metres of surface, and the resource remains open at depth.
That figure does not yet carry metallurgical assumptions. Initial testwork produced a concentrate grading above 98% with 95.5% graphite recovery, but InVert’s immediate focus is further metallurgy, battery testing and processing Morogoro concentrate through RapidPulse. A sample of fine-grained material increased from 90.7% to 98.8% graphitisation after treatment, while a separate test demonstrated the potential to use fine material that might otherwise be lost during spheronisation. These are test results, not production outcomes.
Placement extends the company’s development runway
InVert raised A$2.5 million during the quarter, issuing 83,333,333 placement shares alongside consideration shares and acquisition options. Cash stood at A$3.198 million on 30 September, after A$454,000 of operating outflows and A$131,000 spent on exploration during the quarter.
On the Appendix 5B calculation, the company had an estimated 5.5 quarters of funding based on relevant quarterly outgoings of A$585,000. That runway is a snapshot rather than a development budget: spending could change as furnace work, battery testing and Morogoro metallurgy progress. The next evidence will come from whether RapidPulse can move beyond laboratory validation and whether Kumba’s resource can support a technically suitable battery product.
Bottom Line?
InVert now owns both the graphite resource and the processing technology, but the investment case still turns on scale-up, battery validation and further metallurgical evidence.
Questions in the middle?
- Can RapidPulse progress from TRL 4 to the targeted TRL 5 or 6 within the AEA Ignite program?
- Will Kumba metallurgy confirm that its near-surface Inferred resource can produce a consistent battery-suitable product?
- How quickly will the A$3.2 million cash balance be drawn down as furnace trials and battery testing expand?