International Graphite Limited (IG6) AI Stock Analysis

• Market Cap: AU$12.48M
• Dividend Yield: N/A
• Average Volume (3M): 1.06M
• Price to Earnings (P/E): ―
• Beta (1Y): 0.55
• Revenue Growth: N/A
• EPS Growth: 47.03%
• Country: AU
• Employees: N/A
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Industrial Materials
• EPS (TTM): >-0.01
• Shares Outstanding: 198,157,670
• 10 Day Avg. Volume: 2,149,486
• 30 Day Avg. Volume: 1,060,340
• PEG Ratio: 0.08
• Price to Book (P/B): 0.64
• Price to Sales (P/S): 491.41
• P/FCF Ratio: -2.72
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 51 Neutral
• Price Target: AU$0.06 ▼(-6.67% Downside)
• Action: Reiterated Date: 02/04/26
• Date: Action: Reiterated 02/04/26

The score is held back primarily by weak financial performance (pre-profit with ongoing losses and negative free cash flow), partially offset by a low-leverage balance sheet and moderately improving technical indicators. Valuation offers limited support due to negative earnings and no dividend yield data.

Positive Factors

Balance sheet strength

Low leverage and a sizeable equity base provide financial flexibility for a development-stage miner. With limited debt relative to equity, the company can fund near-term development or raise project finance with less immediate solvency risk, reducing refinancing pressure over the next 2–6 months.

Progress toward commercialization

Revenue generation and a materially smaller loss versus the prior year indicate initial commercial traction and operational de-risking. This trend suggests the cost base is beginning to align with early sales, improving the outlook for scaling revenues and margin recovery as production ramps.

Strategic exposure to battery supply chain

Positioning in purified spherical graphite and downstream anode materials aligns with structural demand from lithium-ion batteries and EVs. Vertical focus on battery inputs supports long-term demand visibility and potential premium pricing as battery supply chains localize and seek secure raw material partners.

Negative Factors

Persistent cash burn

Material negative operating and free cash flows mean the business is still consuming capital to fund operations and development. Continued cash burn requires external funding or dilution, constraining execution flexibility and raising execution risk until revenues scale sustainably.

Very low revenue scale

Revenue remains negligible relative to operating costs, leaving margins deeply negative. Until the company achieves meaningful production volume or higher-priced downstream sales, fixed costs will dominate results and delay sustainable profitability, pressuring capital needs.

Eroding equity and negative returns

Negative returns and declining equity indicate ongoing losses are eroding the capital buffer. If losses persist, the weakened equity base reduces capacity to absorb setbacks, limits borrowing headroom, and increases the likelihood of future capital raisings that dilute shareholders.

International Graphite Limited Business Overview & Revenue Model

Company Description

International Graphite Limited manufactures and supplies downstream graphite products. It offers high and ultra-high purity micronized graphite and battery anode materials for the lithium-ion battery industry. The company also focuses on the exploration and development of the Springdale Graphite Project consisting of two granted exploration licenses, a prospecting license, and an application for an exploration licence in located in Hopetoun, Western Australia. Further, it is involved in the development of commercial downstream processing facilities in Collie, Western Australia. The company was incorporated in 2018 and is based in North Perth, Australia.

How the Company Makes Money

International Graphite Limited makes money through the extraction and sale of graphite concentrates. The company's revenue model primarily revolves around mining operations where they extract natural graphite from their owned or operated mines. After extraction, the graphite is processed and refined, enhancing its quality for various industrial uses. Key revenue streams include the sale of these graphite products to manufacturers in sectors such as electric vehicles, energy storage, and electronics. Additionally, IG6 may engage in partnerships or contracts with end-users and manufacturers, ensuring a steady demand for their products. The demand for graphite is significantly influenced by the growth in electric vehicles and renewable energy sectors, which are major factors contributing to the company's earnings.

International Graphite Limited Financial Statement Overview

Summary

Development-stage financial profile: revenue is only just turning positive (A$18k in FY2025) and losses remain sizable despite improvement (net loss ~A$2.4m vs ~A$4.0m). Balance sheet leverage is low (debt-to-equity ~0.086), but ongoing negative earnings (ROE ~-17%) and material cash burn (FY2025 FCF ~-A$3.3m) are key constraints.

Income Statement

The company is still pre-profit with sizable operating losses across the period, but there are early signs of commercialization. Revenue turned positive in FY2025 (A$18k) after effectively zero revenue in prior years, and losses narrowed versus FY2024 (net loss improved to ~A$2.4m from ~A$4.0m). However, profitability remains very weak with deeply negative operating and net margins in FY2025, reflecting a cost base that is far ahead of current revenue.

Balance Sheet

The balance sheet is a relative strength: leverage is low with debt-to-equity around 0.086 in FY2025, and equity remains sizeable (~A$14.0m) versus total debt (~A$1.2m). That said, returns are negative (FY2025 return on equity about -17%), and equity has trended down from FY2024, indicating ongoing losses continue to erode the capital base over time.

Cash Flow

Cash generation remains a key weakness. Operating cash flow is consistently negative (about -A$2.1m in FY2025), and free cash flow is also negative (about -A$3.3m in FY2025), indicating the business is still consuming cash to fund operations and investment. There is improvement versus FY2024 (free cash outflow reduced from ~-A$5.1m), but cash burn remains material and suggests continued reliance on external funding until revenues scale.

Breakdown	Jun 2025	Jun 2024	Jun 2023	Jun 2022	Jun 2021
Income Statement
Total Revenue	18.12K	0.00	0.00	4.26K	0.00
Gross Profit	18.12K	-194.45K	-73.38K	-30.28K	-5.76K
EBITDA	-1.81M	-3.74M	-2.46M	-2.02M	-2.09M
Net Income	-2.42M	-4.02M	-2.53M	-2.06M	-2.09M
Balance Sheet
Total Assets	17.47M	19.63M	18.10M	18.77M	1.01M
Cash, Cash Equivalents and Short-Term Investments	1.08M	3.33M	2.71M	8.86M	661.15K
Total Debt	1.20M	584.65K	95.78K	94.91K	63.53K
Total Liabilities	3.47M	3.79M	2.38M	981.39K	251.45K
Stockholders Equity	14.00M	15.84M	15.72M	17.79M	754.93K
Cash Flow
Free Cash Flow	-3.28M	-5.15M	-7.83M	-2.31M	-973.86K
Operating Cash Flow	-2.12M	-2.58M	-1.85M	-1.84M	-738.96K
Investing Cash Flow	-71.78K	510.46K	-4.32M	-471.83K	-234.91K
Financing Cash Flow	-58.79K	2.68M	21.20K	10.50M	1.58M

International Graphite Limited Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 0.06
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:IG6, the sentiment is Negative. The current price of 0.06 is below the 20-day moving average (MA) of 0.06, below the 50-day MA of 0.06, and below the 200-day MA of 0.06, indicating a bearish trend. The MACD of >-0.01 indicates Negative momentum. The RSI at 46.32 is Neutral, neither overbought nor oversold. The STOCH value of 62.22 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for AU:IG6.

International Graphite Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
CBE	54 Neutral	AU$118.38M	-40.20	-6.39%	―	―	37.04%
IG6	51 Neutral	AU$12.48M	-5.04	-16.20%	―	―	47.03%
EVG	48 Neutral	AU$16.75M	-3.02	-42.91%	―	―	-4.35%
OLY	46 Neutral	AU$7.91M	-1.39	-217.79%	―	―	43.46%
TON	44 Neutral	AU$14.90M	-2.22	-13.11%	―	―	―
EV1	44 Neutral	AU$11.29M	-1.32	-74.67%	―	―	71.25%

International Graphite Limited Corporate Events

International Graphite Issues New Shares Under Pioneer Investment Agreement

International Graphite Ltd has issued and allotted 1,388,889 fully paid ordinary shares under its Investment Agreement with Pioneer Resources LLC, originally announced in October 2025. The company confirmed the new shares were issued without a prospectus under the Corporations Act’s exemption provisions, stated it is fully compliant with its financial reporting and continuous disclosure obligations, and declared there is no excluded information requiring disclosure, with an application lodged to have the new securities quoted on the ASX, signalling a routine capital management step that supports its funding arrangements without altering existing disclosure expectations for investors.

The most recent analyst rating on (AU:IG6) stock is a Sell with a A$0.07 price target. To see the full list of analyst forecasts on International Graphite Limited stock, see the AU:IG6 Stock Forecast page.

International Graphite Lists Additional 1.39 Million Shares on ASX

International Graphite Limited, listed on the ASX under the ticker IG6, has announced the quotation of an additional 1,388,889 ordinary fully paid shares on 2 February 2026, expanding its listed capital base. The new securities, issued as part of previously disclosed transactions, underscore the company’s ongoing use of equity markets to support its corporate and funding activities, with potential implications for existing shareholders through a modest dilution and increased liquidity in the stock.

The most recent analyst rating on (AU:IG6) stock is a Sell with a A$0.07 price target. To see the full list of analyst forecasts on International Graphite Limited stock, see the AU:IG6 Stock Forecast page.

International Graphite Accelerates Global Processing Strategy with New Facilities, Partnerships and Funding

International Graphite has reported progress across multiple projects as it advances its strategy to establish a global graphite processing business capable of producing more than 10,000 tonnes per year of finished materials by 2027. The company has secured development approval and land for its Collie Micronising Facility in Western Australia, advanced its European expandable graphite project through a processing IP and technology agreement and positive techno-economic evaluation, and entered a letter of intent with Italian chemical producer ALKEEMIA for toll purification services to deliver 99%+ graphite products. Pilot-scale carbon coating trials for battery anode development have commenced with CarboPhite at the University of Melbourne, while up to $3 million in working capital has been secured and graphite industry specialist Aidan Nania has been appointed as an executive director, collectively strengthening the company’s operational capabilities, financial position and role in diversifying global graphite supply outside China.

The most recent analyst rating on (AU:IG6) stock is a Hold with a A$0.08 price target. To see the full list of analyst forecasts on International Graphite Limited stock, see the AU:IG6 Stock Forecast page.

International Graphite Appoints New Director Linked to German Processing JV

International Graphite Ltd has appointed Aidan Nania as a director effective 13 January 2026, and lodged an initial director’s interest notice confirming he currently holds no direct shareholding in the company. Nania is a director and shareholder of Arctic Graphite AS and Graphite Investment Partners LLC (GIP), which have a co‑operation agreement with International Graphite to develop an expandable graphite processing facility in Germany; under this agreement, if the parties proceed with an incorporated joint venture and GIP delivers key project milestones including permits, supply and offtake contracts, and non‑dilutive funding for at least half of the capital cost, International Graphite has agreed, subject to shareholder approval, to issue GIP shares equal to a 12.5% stake in the company, potentially diluting existing shareholders but strengthening its project development and funding platform in Europe.

The most recent analyst rating on (AU:IG6) stock is a Hold with a A$0.06 price target. To see the full list of analyst forecasts on International Graphite Limited stock, see the AU:IG6 Stock Forecast page.

International Graphite Strengthens Board with Appointment of Graphite Industry Veteran Aidan Nania

International Graphite Limited has appointed graphite industry specialist and financier Aidan Nania as an Executive Director, strengthening its board with expertise that spans the graphite supply chain from exploration and mining to downstream, value-added production. Nania, a founder and director of Arctic Graphite AS and former director and major shareholder of Skaland Graphite AS, has been closely involved in securing processing technology rights for the company’s European expandable graphite project and in arranging a purification toll-treatment agreement in principle with Italian chemical firm Alkeemia. His appointment is intended to support International Graphite’s transition from project development into downstream production and international growth, underpinning its strategy to build a scalable, capital-efficient graphite processing platform in Europe and enhance long-term value creation for shareholders.

The most recent analyst rating on (AU:IG6) stock is a Hold with a A$0.06 price target. To see the full list of analyst forecasts on International Graphite Limited stock, see the AU:IG6 Stock Forecast page.

International Graphite Secures Approval for Collie Facility

International Graphite Limited has received Development Approval for a downstream graphite processing facility in Collie, Western Australia. This milestone supports the company’s strategic goal of an integrated graphite production operation, and work is now underway to finalize architectural designs and engineering for construction, highlighting their commitment to advancing graphite processing in the region.

International Graphite Partners with Alkeemia for Graphite Purification Services

International Graphite Limited has signed a non-binding letter of intent with Alkeemia S.p.A for graphite purification tolling services. This partnership allows International Graphite to access up to 50% of Alkeemia’s initial processing capacity at their new Industrial Graphite Purification Plant, which is set to begin operations in early 2026. This collaboration is expected to significantly reduce capital expenditure and operational risks for International Graphite as it scales its operations. Alkeemia plans to expand its purification capacity to 20,000 t/y by 2030, and both companies are exploring further integration to enhance capital and operating efficiencies.