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Nedlands, Australia-based First Graphene Limited (ASX:FGR) is mainly involved in the production and supply of high technology graphene products in Sri Lanka. Its main manufacturing facility is situated in Henderson, near Perth. Commercial applications are now being progressed in composites, elastomers, fire retardancy, construction and energy storage.
Today, on 30 May 2019, the company informed the stakeholders that it had received correspondence from the Department of Health, National Industrial Chemicals Notification and Assessment Scheme (NICNAS). Recently, on 28 May 2019, FGR was informed by NICNAS that its assessment of graphene was complete, and approval would be granted to produce and sell PureGRAPH⢠products in Australia from the companyâs existing production facility which has a capacity of up to 100 tpa.
Applications of PureGRAPH⢠products (Source: Companyâs Annual report 20180
As previously announced in February 2019, First Graphene had made an application to have graphene notified and assessed under NICNAS for listing on the Australian Inventory of Chemical Substances (AICS) for its PureGRAPH⢠graphene products. As per the companyâs announcement on 30 May 2019, the submission had been jointly reviewed by both the NICNAS and the Department of the Environment and Energy.
In addition, the Public Report prepared by NICNAS has been provided to First Graphene, which company has given its acceptance of the report. The Department of the Environment and Energy are yet to revert advising that they are satisfied with the Public Report, and only then will NICNAS issue the certificate enabling First Graphene to commence manufacturing and sale.
This approval places FGR in a unique position of being the only entity with regulatory approval to manufacture and sell graphene powders in Australia. When combined with the previously granted REACH registration, First Graphene is the only entity in the world that holds regulatory approval for the sale of up to 10 tonnes per annum of graphene powders in the UK and Europe and to sell out its capacity of graphene powders in Australia.
Earlier, on 30 April 2019, First Graphene also disclosed its March 2019 Quarterly Report. As per the information provided, First Graphene and Steel Blue announced in January 2019 that they have jointly begun to incorporate graphene into the existing and new materials of Steel Blue footwear.
Besides, the deployment of a Marketing Manager in the United Kingdom proved beneficial for the company with quick dividends paid, with a high level of customer contact and several MoUâs and product development trials being commenced.
Also, during the quarter, a new programme for the Vortex Fluidic Device (VFD) process technology to run at the University of Manchester was initiated. During the programme, a device has been located within the laboratories of First Graphene at the Graphene Engineering & Innovation Centre (GEIC), University of Manchester.
On the corporate front, FGR reported the receipt of AU$ 680,658-refund related to Research and Development in March 2019. Subsequently, after the quarter end, FGR announced it had received firm commitments from institutional and sophisticated investors to place ~23.3 million shares at an issue price of AU$ 0.15 to raise AU$ 3.5 million.
With a market capitalisation of around AU$ 107.24 million and ~ 437.73 million outstanding shares, the FGR stock was trading at a price of AU$ 0.250 with around 4,106,897 shares traded (as on Thursday, 30 May 2019, at AEST 02:37 PM). On 12 April 2019, the company announced that it had been re-classified as from âDiversified Metals & Miningâ to âSpecialty Chemicalsâ by the ASX.
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