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Energizer Resources Inc.


Energizer Resources Inc. is a mineral exploration and mine development company based in Toronto, Canada, that is developing its 100%-owned, flagship Molo graphite project in southern Madagascar. The company released a robust PEA for Molo in February 2013 and has now initiated a full feasibility study (FS). As part of the FS, Energizer recently completed a pilot plant operation, generating 12 tonnes of finished graphite concentrate for the purposes of evaluation by potential strategic partners. The FS is expected to be completed and released to the market by Q4/14.

The information provided below is from analysts, newsletters and other contributors. Please contact the company and visit its website before making an investment decision.

Expert Comments:

The Mining Report Interview with Kiril Mugerman (3/4/14) "Energizer Resources Inc. is now focusing entirely on graphite. The company has presented a fairly ambitious plan to produce over 80K tons of graphite annually. My worry with Molo is infrastructure. With such high production volume, we expect marketing and logistics could be major risks. That said, based on metallurgical results the company published in 2013, we expect that Energizer will most likely scale down Molo based on improved flake distribution, which could improve the project significantly and reduce these risks." More >

The Mining Report Interview with Stephen Riddle (2/18/14) "Energizer Resources Inc. is determining its expected footprint. By footprint, I mean the typical particle size breakdown of the coarse, medium and fine flake, and the purity level for each. When that is determined, the company can calculate realistic selling prices based on expected volumes.

TMR: Sherritt International Corp., a nickel company, just went into commercial production at the Ambatovy Nickel mine in Madagascar. Does that enhance the chance of Energizer's Molo deposit being developed?

SR: Yes. . .the good news is that the government of Madagascar has become more mining-friendly, in a bid to develop its minerals, job market and value-added products." More >

Henry Lazenby, Mining Weekly (12/17/13) "One of China's primary flake graphite producing regions had been ordered to halt production on environmental grounds, which would take about 10% of the world's flake graphite supply off the market. . .the news, albeit pertaining to the short-term flake graphite outlook, could paint a rosy picture for flake graphite project developers including Energizer Resources Inc., which is developing the Molo project, in Madagascar."

Charlotte McLeod, Resource Investing News (12/17/13) "Energizer Resources Inc. acquired the remaining 25% interest in Molo from its joint venture partner, Malagasy Minerals Ltd. That gives the company 100% of the Molo project."

The Metals Report Interview with Byron King (10/8/13) "If you want a down-to-earth company that's more of a traditional graphite miner, take a look at Energizer Resources Inc. Its deposit is on the island of Madagascar. The deposit is so extensive that you can see it from space on satellite photographs. It originated deep underground and was heated to high temperatures 400M years ago. Now it's all large-flake graphite—and I mean beautiful mineralogy!—exposed at the surface. When I visited, we drove for miles across the scrub of southern Madagascar. The tires kicked up graphite dust. You could do geologic mapping by looking at the termite mounds. The gray mounds were graphite, the brown ones weren't. It's very mineable. In terms of strip ratio, there's virtually no waste.

"Energizer has put together plans for a mining and processing facility, logistics, transport and shipping. The company recently hired two well-known mine builders. The company has had successful bench-scale testing and is building a pilot plant to demonstrate the processing capabilities of the material. The next step is to get together with mid- and downstream users, to understand their needs. Madagascar is far away if you look at the map from North America, but it's also that much closer to major markets in India and East Asia. Plus, Madagascar has a stable government and is relatively mining friendly. . .Energizer [is one] of the most advanced, most attractive graphite mining plays in terms of [its] ability to deliver product to an end user that can then add more value to it." More >

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Henry Lazenby, Mining Weekly (9/9/13) "A series of milestones at its flagship Molo graphite project and recently updated mineral resources had led Energizer Resources Inc. to expect improved economics from a feasibility study currently underway. . .the company's latest metallurgical results were expected to positively impact economics in the PEA, particularly the operating costs, IRR and NPV, with a full feasibility study expected in the fourth quarter. . .mine construction is expected to start in the Q3/14, and production will follow in Q4/15, at rate of 84,000 tons/year."

The Metals Report Interview with Dave Forest (9/3/13) "Energizer Resources Inc.'s Manga Vanadium project is a different type of deposit, but the grade and size look like they would be comparable economically [to South African vanadium projects]. The biggest question there is the economics of the infrastructure, and we haven't seen the scale of development yet that would give us a complete indication of what that's going to look like. But, certainly, if that aspect of the project can be managed, Energizer could be a very viable source of vanadium supply." More >

Charles Skidmore, Beat the Market (8/29/13) "Energizer Resources Inc.'s Green Giant demonstrates potential 'top graphite mine' qualities. . .this summer's recent news of excellent flake distributions and high purity have sealed Green Giant as a future mine site. . .Green Giant has the best of all world: purity, flake distribution and tonnage. . .and not even the Chinese will be able to pump out high-purity graphite as inexpensively as Energizer will be able to at Green Giant."

Henry Lazenby, Mining Weekly (7/31/13) "Energizer Resources Inc. this week said it had produced graphitic carbon with a purity of greater than 99.9% from a finished concentrate of the company's flagship Molo flake graphite deposit. . .these preliminary results suggested that, essentially, all carbon contained in the samples was present in the form of graphitic carbon. To Energizer, this further confirmed that the flake graphite from Molo is of the highest quality."

Luisa Moreno, Euro Pacific Capital (7/30/13) "Energizer Resources Inc. achieved ultra-high purity of greater than 99.9% graphitic carbon. This preliminary test was done to assess the ability to upgrade the Molo graphite to an ultra-pure concentrate. . .the company expects to confirm that it can produce good-quality, high-purity (99.9%) natural flake graphite at lower cost compared to peers, using conventional processing methods."

Morning Coffee (7/30/13) "Ultra-high purity leads to powerful surge: shares of Energizer Resources Inc. surged higher after the company announced that it has achieved greater than 99.9% graphitic carbon from a finished concentrate of the company's flagship Molo flake graphite deposit in Madagascar. . .based on the results, the development of a comprehensive hydrometallurgical process flow sheet will now begin, which will be completed over the next 60–90 days and will be conducted in adherence to the technical guidelines of a full feasibility study. These studies are part of a series of ongoing metallurgical optimization tests targeted at further enhancing both the capex and opex numbers presented in the company's PEA from January 2013."

The Metals Report Interview with Simon Moores (5/28/13) "Energizer Resources Inc. has its asset, its project and a lot of information gathered already. Energizer has to get the word out and go to the market to get funding. I think management is focusing on that. . .in other news, Energizer is planning on making an agreement with the nearby Sakoa Coal Field project that would allow Energizer to purchase 'over-the-fence' power and share infrastructure, reducing its operating costs. Logistics is a major factor, particularly in somewhere like Madagascar. If the company can team up with a much larger operation, then it will be a compelling project." More >

Henry Lazenby, Mining Weekly (4/4/13) "According to Energizer Resources Inc.'s sensitivity analysis, in a worst-case scenario, where the opex had shot up to $628.10/t and the market price for graphite had fallen to $1,173/t, the Green Giant project still had an IRR of 23.7%. . .the company said it was looking to fast-track project development, and had indeed done so, having completed a technical report delineating the resource in December, and published the PEA in February, all within 15 months of making the discovery in November 2011."

The Metals Report Interview with Chris Berry (3/26/13) "Energizer Resources Inc. is currently focused on its Molo graphite deposit in Madagascar and has achieved several milestones over the past year. The company released an NI 43-101 resource report showing an extremely large deposit with significant grades, including an Indicated total of 83 Mt at 6.36% Cg and an Inferred total of 40 Mt at 6.3% Cg. A PEA was also recently published, which used relatively conservative numbers. The company has a number of partnerships in place that can help navigate the path to production. Overall, Energizer has done a great deal of work in a relatively short period of time. At first glance, the economics look promising. Now the company needs to refine them and think about the next challenges, namely offtakes and financing." More >

The Critical Metals Report Interview with Byron King (12/18/12) "In May, I went to Energizer Resources Inc. in Madagascar, off the coast of Southern Africa, to its Green Giant project. The geology is stunning—the project is located in the old core of a mountain range, buried miles deep about 350 million years ago. Now it's uplifted and eroded away with a graphite outcropping at the surface. The graphite-bearing landscape is vast. In fact, it's visible from space. The mineability is relatively simple. There's not a developed mining infrastructure in Madagascar, but all you need is earth-moving equipment and trucks. It's within proximity to the coastline and to being able to ship it out and export it to wherever it needs to go.

The quality of the graphite is quite high. We were doing our own bench-scale modeling while I was there. We had crushers and grinders. We put material in and pulled it out. Just at the bench scale, without any fancy laboratory equipment or advanced separation, we were getting about 14% graphite concentrations out of rock samples that I picked up off the ground. It has immense volumes, very significant qualities and nice grades. The next big issues for graphite are who the customers will be, where this graphite will go and what people will do with it. That's what goes into the secret sauce of a graphite play." More >

Jennings Capital Inc. (12/5/12) "On December 3, Energizer Resources Inc. announced results of the maiden NI 43-101 resource estimate for one of the prospects within its 261,190-acre Green Giant natural-flaked graphite resource. . .two high-grade zones discussed above have a combined total Indicated resource of 60.17 Mmt. . .with significant tonnage at a higher grade: 9% versus 6% C. Recall that on November 1, 2012, Energizer announced it received assay results from its remaining 23 diamond drill holes and 8 trenches, which the company believed validated the potential size of the Molo deposit at between 80–120 Mmt."

The Gold Report Interview with Jason Hamlin (12/5/12) "I also like Energizer Resources Inc. This company recently completed a drill program of more than 47 holes over 9,000m. It included the largest intersection of graphite ever reported: 421m grading 6.18 carbon, including the valuable jumbo-flake graphite at 93% purity. Plus, the mineralization is exposed at the surface, which means you can build a low-cost open-pit mine. In addition to possibly sitting on the world's largest graphite deposit, Energizer also has one of the world's largest vanadium deposits. Its PEA, expected by year-end, could well be the catalyst to push Energizer's stock price higher." More >

Deborah Bacal, Proactive Investors (12/3/12) "Shares in Toronto-based Energizer Resources Inc. advanced after it unveiled Monday an NI 43-101 resource estimate for its giant Molo graphite deposit in Madagascar, part of its aptly-named Green Giant project. . .Indicated resources at the Molo deposit consist of 84.04 Mmt, grading 6.36% carbon (C), above a 2% C cut-off grade, with inferred resources totaling 40.34 Mmt grading 6.29% C. The junior miner recently grabbed the attention of Euro Pacific Canada, with the Toronto-based brokerage adding Energizer to its watch list last month and rightly predicting between 80 to 100 Mmt of graphite at Molo."

The Critical Metals Report Interview with Simon Moores (9/25/12) "Energizer Resources Inc. is the leading company in Madagascar. . .the company is about to announce a huge resource there. The deposit is at surface, so the mining side is easy. The company is working out the infrastructure, power and water, which will be the project's lynch pin—it's planning to team up with much larger projects nearby, including a big coal mine. The deposit will be more than 100 million tons (Mt), which will be the largest proven resource in the world. . .the announcement of the resource financing should be the next catalyst. It's already in the leading pack of development companies, but when it comes out with a huge resource on the order of 100 Mt, that will strike a chord with the Canadian investors, who are focused on grade and size." More >

Jessica Roberts, Industrial Metals (7/19/12) "Energizer Resources Inc. is working towards an NI 43-101 compliant resource for its Molo graphite, and drill results already obtained for Molo indicate a potential resource of 100 Mt graphite, grading 6–10% carbon (7–10 Mt graphite concentrate). If confirmed, Molo alone would enable Energizer to produce enough graphite to meet current and expected demand for decades."

The Critical Metals Report Interview with Glen Jones (6/26/12) "I like Energizer Resources Inc. It has the Green Giant project in Madagascar. Its vanadium property is already at the prefeasibility stage, and the company has found 17 graphitic zones on the property. Investors get vanadium and graphite in one." More >

Matthew Keevil, The Northern Miner (6/25/12) "By the standards of the graphite world, Energizer Resources Inc.'s Molo is impressive due to its potential size, grade and flake caliber. . .it is not hard to imagine the company meeting its resource target of 80–100 Mt at grades between 6% and 10% carbon. . .in a bid to expedite Molo's development, the company has partnered with South African project manager DRA International, which has extensive experience operating in the region. . .Energizer Resources' Fotsy deposit has demonstrated potential with intersects of 12.2% carbon over 5m, 7% carbon over 12m and 5.2% carbon over 34m."

Christopher Skidmore, Beat the Market (6/25/12) "Energizer Resources Inc. is one of the companies that has held up best in the industry. . .the company is expecting initial assays from the resource delineation program, which if as expected, will confirm what we already know. Results of assays could push the Energizer into the $0.40 to $0.50 range for a trade and if the markets don't completely fall apart this summer, there is potential for the company to buck the overall trend of the market and continue to head toward 52-week highs by the end of the year."

The Critical Metals Report Interview with Byron King (6/12/12) "Energizer Resources Inc. [makes] an exceptional case for the future. . .its [Madagascar site] is an astonishingly large deposit of super-high-grade graphite. Every time Energizer drills another hole, it finds more, usually better data that improves the overall quality. In terms of the development logistics, I think it is extremely do-able at a fairly low cost. . .its vanadium and graphite are practically co-terminus within the same deposits and the same claims; I have seen the drill cores. When Energizer realized it was sitting on top of a super, world-class graphite deposit, it changed the focus of its development plan from vanadium to graphite. I think the vanadium deposits will be developed in due course. But graphite gives the company more bang for the buck, and a heck of a lot sooner." More >

Christopher Skidmore, Beat the Market (6/11/12) "Energizer Resources Inc. confirmed 200+ Mt tonnage potential at Molo. . .the company is materially undervalued. . .and will be the leader when it comes to mining graphite. Do not miss out on this once-in-a-lifetime opportunity investing in the cream of the crop of graphite stocks; with the qualities that Molo has, it is easy to see that Energizer will be the low-cost producer in the industry."

Greg Klein, Resource Clips (6/11/12) "On June 4, Energizer Resources Inc. and Malagasy Minerals Ltd. announced five graphite intersections on the Molo deposit of their joint venture property in Madagascar. Intersections came to 434m, 295m, 220m, 150m and 51m. . .metallurgical analysis of previous Molo samples showed jumbo-flake, +50 mesh graphite at an average purity of 93% carbon that can be liberated through simple crushing." Resource Clips >

Australian Journal of Mining (6/7/12) "Canadian miner Energizer Resources Inc. reported positive results from drilling at its Green Giant graphite joint venture in Madagascar. It intersected 434m of graphite mineralization during a recent program that drilled five holes on the Molo deposit. . .analysis of previous drill cores, conducted at two different laboratories, confirmed the Molo deposit contains jumbo-flake (+50 mesh) graphite at an average purity of 93% carbon, which can be easily liberated through simple crushing. . .the company aims to enter production in 2015."

Christopher Skidmore, Beat the Market (6/4/12) "Ever since Energizer Resources Inc. announced it made a major discovery of a flake graphite camp in Madagascar, Green Giant has been an intriguing grassroots graphite discovery to watch develop. The company has drill-tested four discoveries, all which have the 'right stuff' to start a graphite mine; Energizer recently announced results of Molo, which were so good, no results from any graphite company to date compare."

Chris Berry, Morning Notes (5/30/12) "A notable example of discovery in graphite is Energizer Resources Inc., which drilled 106m of 8.44% carbon on its Molo deposit in Madagascar."

The Critical Metals Report Interview with Stephen Riddle (5/29/12) "From experience, I know the quality of graphite that comes out of Madagascar has been extremely good, so I'd like a company that can mine it cost-effectively and set up a production plant there. Energizer Resources has found some good deposits in Madagascar. . .that could be one good area for graphite in the future." More >

Christopher Skidmore, Beat the Market (5/24/12) "Energizer Resources Inc. is targeting the Molo graphite discovery for fast-track mine development. Early indications are that this company can be producing a base product of large-flake graphite averaging 93% purity within 12–18 months. . .So far, there is no company that has results remotely comparable to Energizer's discovery of this high-grading graphite camp in Madagascar. . .the project is littered with high-grade graphite at surface with the heart of the Molo zone being absolutely massive. . .this deposit has the potential to be a low-cost producer for years to come."

Ron Struthers, Struthers Resource Stock Report (5/7/12) "Energizer Resources Inc. has a large deposit in Madagascar that is advanced with 29 drill holes and metallurgy done, decent large flake at 93% purity."

Simon Moores, Industrial Minerals (5/4/12) "There's a handful of companies that you saw today that are quite advanced, probably more advanced than people realize. You look at Energizer Resources Inc. . .companies like that are very serious about a single project. Those companies have got a very good chance of succeeding. . .graphite has a very bright future." Resource Clips >

Beat the Market (4/30/12) "Not only has Energizer Resources Inc. delivered the most impressive results to date of any company drilling in this emerging sector, the company is far ahead of anyone else on the production curve establishing milestones which hint that the Green Giant project, specifically the Molo deposit, will be fast tracked to production over the next 18 to 24 months. . .the company has quietly identified a graphite camp at Green Giant and is materially undervalued, considering they have in combination one of the largest and highest-grading vanadium deposits in the world."

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