In the 4C there was no update on UK cement trials but we now have some more info. No details as to whether the 3 tonnes of product is revenue generating or still part of R&D. A new trial of enhanced concrete roof tiles has promise. As I have mentioned before concrete and cement is the only thing that can bring in the volume of graphene use to make the company profitable in the near future.

As a profile raise this YouTube video about the collaboration with Halocell on perovskite solar cells has over 240K views and 16K likes but is not going to have the scale of graphene use that concrete and cement has.

Production of 600 tonnes of low carbon PureGRAPH enhanced cement (incorporating circa three tonnes of PureGRAPH CEM) to go ahead in December targeting several client applications. It is anticipated CO2 emissions associated with cement production will reduce by approximately 16% thanks to the partial replacement of carbon intensive clinker. 

Concrete roof tiles containing PureGRAPH enhanced cement to be trialed by specialist precast concrete manufacturer and supplier FP McCann utilising between 40 and 60 tonnes of graphene enhanced cement in the production of thousands of roof tiles. Testing and tile quality assessment will be carried out for approximately five months following their manufacture.

Morgan Sindall to use graphene enhanced cement for ground slabs in London railway infrastructure project

Breedon to construct concrete demonstration site at Hope Cement Works for EV charging infrastructure. Breedon plans to conduct pre-trial equipment inspections at Hope Cement Works this month with production to commence December 2025.

First Graphene Managing Director and CEO Michael Bell said:

We know the cement and concrete sector has one of the highest volume potentials for graphene integration into product, and we're proud to supply three tonnes of our Aqua Dispersed PureGRAPHR to build the foundation of this 600-tonne cement trial. 

While there has been some delay to trial production at this scale, it has allowed our partners to secure appropriate infrastructure projects and construction schedules to put Breedon's GEC to use.

4C gives an update on the delayed Indonesian boot manufacturing order. Still minimal revenue of $179K (from composites/polymers) but at least a reduced cash burn of $750K. Concrete and cement still hold the best revenue potential and the next 4C might show some revenue from South Africa. No update about delayed UK cement trials.

MOU with HZR gave the SP a bit of a bump but another research project for the foreseeable future.

The graphene sales represent the strongest first quarter of a financial year on record for the Company, despite a minor delay to the significant order placed by safety boot manufacturer PT Alasmas Berkat Utama. Commissioning of new equipment designed to permanently manufacture graphene enhanced masterbatches for the safety boots resulted in the delay. The order will now be completed in Q2 FY2026, reflecting a strong Q2 revenue start for the Company. 

South Africa

The PureGRAPH® enhanced product, named KR2-Tech Dry, has become commercially available to the construction sector and will be delivered through local chemicals producer Glade Chemicals Manufacturers CC (Glade).

There has already been significant uptake of the waterproofing additive, including clients such as Revelstone – a major manufacturer and developer of cast stone products based in Cape Town.

This company alone requires circa 2,000 litres of KR2-Tech Dry per month for their stone products.

Up to 10,000 litres of the product is being made monthly since its launch, which followed successful trials conducted in collaboration with Glade, Stellenbosch University and industry partners in South Africa. 

Trials confirmed the PureGRAPH® additive delivers a 48% reduction in water absorption and a 19.2% reduction in oxygen penetration rates compared to standard control mixtures, using a simple dispersion method suitable for ready-mix applications. These improvements significantly enhance the durability and waterproofing performance of concrete.

Collaboration to explore carbon-based material synergies

First Graphene entered a Memorandum of Understanding (MOU) with Perth-based Hazer Group Limited (ASX:HZR)

The collaboration will evaluate how Hazer’s synthetic graphite, produced as a by-product of its hydrogen technology, could complement First Graphene’s flagship PureGRAPH® range. First Graphene will assess HAZER® Process graphite for potential integration into hybrid graphene/graphite formulations.

Held in RL 

There had been no mention of the Kainos process (producing graphene, graphite and hydrogen from fuel feedstock) for a while but another research project funded by Innovate UK for further investigation by Swansea University keeps it alive.

Progressing commercialisation of graphite-producing cavitation technology with a grant of ~A$192,000

Objective is to develop a manufacturing process for making synthetic graphite and pristine graphene

Kainos Technology could deliver a preferred synthetic battery grade graphite source compared to conventional mining and processing

Another research project, this time liquid hydrogen containers. Cost to FGR $115K. Interesting project but hard to get enthused after so many previously announced that never get updated. Still waiting on possible cement revenue.

First Graphene will impart knowledge and expertise of graphene nanoplatelets to manufacture an array of materials tailored for optimal performance in composite pressure vessel (“CPV”) to minimise hydrogen permeation, whilst seeking to introduce other application benefits such as enhanced fire retardancy and inherent strength. The developed CPV storage solution will be integrated, tested and validated by HASL’s hydrogenfueled, unmanned High-Altitude Platform System, used to provide greater broadband and cellular network connectivity from the stratosphere. 

HyPStore is designed to facilitate a disruptive solution for the production and storage of liquid hydrogen, enabling a new generation of mechanically robust impermeable tanks with enhanced safety through integration of leak-before-break (“LBB”) and a range of other innovative features. The project will explore hydrogen gas production through a novel plastic recycling process developed by ASL known as Flash Joule Heating (“FJH”), before the hydrogen is purified and compressed into liquid.

HyPStore brings together Australian and UK expertise to develop and commercialise novel lightweight impermeable cryogenic all-composite (Type-V) tanks for the safe storage of liquid hydrogen.

Grant supplements project delivery The project cost of approximately $3.72 million is supported to the tune of $1.73 million through Innovate UK’s UK - Australia Renewable Hydrogen Innovation Partnership Programme (“RHIPP”) and commences in July 2024 for a duration of approximately 21 months.

First Graphene is one of nine entities involved in the consortia and will contribute approximately $382,000 towards the project, of which $267,000 will be directly received by FGR through RHIPP. This funding will support the Company’s pivotal project role focused on developing graphene enhanced resins to reduce hydrogen permeability and increase strength in composite systems.

Driven by growing demand for safe production, storage and transportation of hydrogen as a highly sustainable source of clean energy in transportation sectors, HyPStore is led by Manchester-based Graphene Innovations Manchester (“GIM”). Other industry players include Australian Sunlight Group (“ASL”) (small QLD based ag pipe recycler) , aerospace industrial partners Slingsby Advanced Composites (Our state-of-the-art advanced composites facility in North Yorkshire has consistently been awarded top supplier status by long-standing customers, including BAE Systems, Rolls-Royce and Lockheed Martin, for our ability to deliver on time and to the highest quality and safety standards.) and Hydrogen Aircraft Services Ltd. (“HASL”)(small UK consultancy). Universities involved include Queen Mary University of London (“QMUL”), Brunel University London (“BUL”), University of Melbourne (“UoM”), and University of Southern Queensland (“UniSQ”).

Another announcement but today's has sparked a bit of interest with the SP up 40% at time of writing (admittedly off a low base). Efficiency improvements could help wider adoption if the graphene can be supplied at lower cost. Still waiting on a decent sized order.

Significant efficiency improvements achieved at Henderson graphene manufacturing facility

Highlights

New German-made Retsch mill enables 60% improvement in downstream process efficiency and makes milling process 67% more cost effective

A faster, more efficient drying facility with Micrea microwave due to be commissioned in mid-2024 to further improve the production process and save labour and energy costs

Optimisation trials and equipment supported through Federal Government Manufacturing Modernisation Fund Grant

Overall improvements in plant efficiency over the past 12 months include 32% improvement in the production rate, 25% reduction in power costs and greater ability to provide a wider range of graphene products to meet customer requirements.

"Increased interest and demand for PureGRAPH® 5 means the Company is taking commensurate steps to ensure capacity to supply what has been historically an expensive product to make and requires a long processing time."

Held in RL

As predicted SPP for $5M at 19% discount to 5 day VWAP 3% of raise to broker, not underwritten.

Funds raised to be used to accelerate the commercialisation of FGR’s highly successful graphene-enhanced cement and concrete solutions

No details on how it is being spent.

Issue of up to approximately 78,125,000 Shares at an issue price of A$0.064 per Share. ~13% dilution

Last gasp, will be interesting to see what the take up is.

Disc Held in RL

Black swan graphene a UK/Canadian producer aiming for a selling price of $8-10 per kg which is substantially less than FGR. Also targeting the concrete market. Looks like FGR is rapidly losing is first mover advantage.

FGR Held in RL

FGR gets a mention on Matt Ferrell's Youtube channel 990K subscribers and 172K views for this video. Explaining the use in concrete, cement and silicon anode research from 6mins-9mins.

Good to raise the companies profile.

Disclosure: I hold FGR (largest holding outside of Strawman and a near 100% return) and still believe in my thesis despite being frustrated with the pace of progress. It is a product with benefits across a wide range of applications and therefore a large addressable market, the production method is scalable, the company has a degree of first mover advantage but the management have been unable to meet projected progress.

First Graphene has promised much but not delivered expected sales in the last 2 years despite predicting positive cash flow by the end of 2019 and working with a reported 50+ possible customers.

They have a process that is scalable and produces consistent graphene (https://app.sharelinktechnologies.com/announcement/asx/e4a9f3377f8f8d89fb6f63ea6a592a31) of varying platelet size that can suit different applications. 

“??PureGRAPH® is consistently high quality graphene platelets. Previous work by Professor Losic’s group has shown these can be “tailored” for end users by functionalising the platelets with specific chemicals. This demonstrates the versatility and unique nature of PureGRAPH® products.”

They recently developed an easily dispersible mix.

(https://app.sharelinktechnologies.com/announcement/asx/6696ca9653bc9d62ad1f56246bff0cff)

“Pre-dispersed graphene additive in a water solution allows easier mixing and dispersion into water and solvent-based formulations.”

They were the first Australian company to register for bulk sales in Australia and are also registered for Europe bulk sales.

The benefits of using small amounts of graphene are significant in improving strength, abrasion and fire resistance in a range of applications.

Current products using FGR graphene include swimming pools, work boots, mining bucket liners “62-week trial showed a 6x longer life for liners due to significantly reduced abrasion wear rates” (https://app.sharelinktechnologies.com/announcement/asx/f634b7c2ef606499d38e84e2af94758f) and concrete

“The compressive and flexural strength of cement-based mortars improves by 34.3% and 26.9% respectively  Benefits extend into Recycled Aggregate Concrete (RAC) with an increased compressive and tensile strengths by 43.9% and 24.1%  Significant sustainability benefits with an approximate 40% reduction in water permeability (https://app.sharelinktechnologies.com/announcement/asx/3551cd573b16aeaa287aabe950787338 ).

They have a strong research base with a couple of universities (Manchester, Adelaide) and an interesting spin off VFD to produce graphene oxide and another for possibly blue hydrogen.

“The results provide the potential of being able to provide bespoke graphene oxide for varying applications.” (https://app.sharelinktechnologies.com/announcement/asx/bc74e957ee0ccf639f5a028ac88af4d6 )

“Metal oxide coated graphene is shown to be an effective catalyst for next-generation hydrogen fuel cells  Graphene materials could replace high-cost platinum catalysts”

(https://app.sharelinktechnologies.com/announcement/asx/8d85c4fda578b964de73cbbfafa30439 )

“Dr. Richard Price (Kainos Innovation Ltd), the inventor of the technology, which directly converts low-cost hydrocarbon feedstocks to graphene materials and hydrogen gas is actively engaged with the First Graphene team. “

UK Patent Office have confirmed that an exclusively licensed, process patent will be granted in the United Kingdom 

(https://app.sharelinktechnologies.com/announcement/asx/70aa7406fbe5574504edaa7fd7db28eb )

They have a significant amount of high quality graphene already produced and this is theoretically their big advantage over other producers. Theoretically plants could be built on site to provide large scale production where needed as the uptake grows.

A significant number of Options are about to expire and many holders are angry over a recent placement which makes the options not worth taking up at current share price.

An imminent agreement with a large South American steel producer Gerdau has missed the deadline suggested by a director.

“Gerdau S.A. to be the exclusive distributor for FGR’s range of products in defined territories and end applications in the Americas.  Distribution territories will include Brazil, South America and potentially the USA  NYSE-listed Gerdau (NYSE:GGB) is Brazil's largest steel producer and one of the leading producers of long steel in the Americas and of special steel in the world, “ (https://app.sharelinktechnologies.com/announcement/asx/a2e655e8d1829d95cd725bec09806e5c )

So what is the problem? Various possibilities have been raised.

Need for long term testing before being acceptable for use in large scale applications.

Unclear cost benefits when items last much longer.

Cheaper, lower quality graphene being chosen for point of difference marketing use in products eg. clothing.

Poor marketing ability from the company.

Certainly there has been real frustration from shareholders over the lack of explanation behind missing proposed deadlines and the lack of updates positive or negative.

“Firestop™ product offers a new approach to fire retardant coatings which facilitates fire protection using thinner coatings – reducing both coating material consumption and labour costs during application • Test work continues to demonstrate that First Graphene FireStop™ outperforms existing fire-retardant coatings.” (https://app.sharelinktechnologies.com/announcement/asx/0f181e7253fc54146fa84c1becc6679f )

Last update was 10/2020 

“First Graphene and TPR2 have entered into an NDA to complete due diligence with the view to commercialisation of PureGRAPH® enhanced fire retardant coatings.”

(https://app.sharelinktechnologies.com/announcement/asx/2202bff80e9903fa19669386714a0e90 )

As a Chemist all the science adds up and I believe that the commercialisation of graphene will happen. I strongly hope that a Perth based, Australian company will be at the forefront and not lose its lead in this exciting technology.

I am not sure about a valuation as current sales could multiply many times with 1 or 2 substantial deals but no idea of a timeline. 

Arrowhead valuation and detailed report Feb 2021 in a broad range 0.25 -0.52

https://firstgraphene.net/wp-content/uploads/2021/03/First-Graphene-ABID-Report-26-February-2021.pdf