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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. Molo is one of the largest known all-flake graphite deposits in the world and hosts an NI-43-101 compliant Measured resource of 23.62 Mmt grading 6.32% carbon (C), an Indicated resource of 76.75 Mmt grading 6.25% C and an Inferred resource of 40.91 Mmt at 5.78% C, for a combined total of 141.28 Mmt at 6.13%C. Energizer is at the full feasibility stage, and results of the company's recently completed pilot plant operation confirmed that 43.5% of the Molo deposit is classified as the premium-priced large and extra-large flake, with an average purity level in excess of 97%C achieved through standard flotation alone. The company is targeting production in Q2/Q3 of 2016.

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:

Luisa Moreno, Euro Pacific Canada (9/17/14) "Energizer Resources Inc. has announced that it will undertake a brokered private placement to raise $4.8M to fund the production of additional graphite concentrate samples at its Molo project. . .the additional graphite concentrate samples would be required for potential offtake groups and end users of graphite, with which the company is in advanced discussions."

The Mining Report Interview with Filipe Martins (9/9/14) "Energizer Resources Inc. in Madagascar [is my favorite graphite project]. This country has always produced a very high-quality graphite concentrate.

TMR: A few years ago, Energizer touted its Madagascar vanadium deposit. Why the shift in focus to graphite?

Junior explorers must spend wisely, and vanadium is a much smaller market than graphite with more complex metallurgy to crack. The company has taken the right approach in shifting its attention to Molo. Energizer's share price ascribes zero for its vanadium project, which we view as an option investors get for free. Being conservative, I'm saying 2017. This gives Energizer the opportunity to deliver bulk samples to end-users in order to secure a definitive offtake. In my experience, memorandums of understanding rarely translate into anything binding. Ultimately, it will be the end-users who will decide which graphite development project sees production. We think Energizer stands the best chance of securing a definite offtake from end-users and can thus best attract the debt financing Molo will require. It's simple to mine and simple in terms of metallurgy. It has a low strip ratio and doesn't require acid treatment to improve its purity. It has a good flake size distribution and has already produced 13 tons of graphite concentrate. We expect a definite offtake by H1/15." More >

Christopher Ecclestone, Investor Intel (8/21/14) "Energizer Resources Inc.'s switch to graphite from vanadium in a tough financing environment was a smart one, as vanadium is a much longer-fuse story than graphite. . . the company, with its feasibility study imminent, has barged its way to near the front of the pack. . .Energizer is a graphite play with a very doable and advanced project, with no challenging geography to deal with and infrastructure gradually accumulating in the area from work done by other mining companies operating or building in Southern Madagascar. . . .as a bonus, if added value was needed, it comes with a vanadium 'option' embedded within it for future consideration or spin-out."

Jon Hykaway, Stormcrow (8/17/14) "Low overall costs and a large resource make Energizer Resources Inc. a very attractive development-stage graphite project, likely especially attractive to end-users or traders seeking a long-term supplier of pure, natural graphite. We therefore initiate coverage on Energizer with a positive recommendation."

The Gold Report Interview with Simon Moores (6/23/14) "Energizer Resources Inc. in Madagascar has developed its Molo project to an advanced stage and has installed a pilot plant on the site." More >

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Filipe Martins, GMP Securities (6/9/14) "Energizer Resources Inc.'s Molo project is world class in every aspect. . .we are initiating coverage. . .on the belief that the company offers investors best-in-class exposure to high-quality graphite, a market we believe has good long-term supply-demand fundamentals. With more and more developers coming on the scene aiming to stake a claim to the finite pool of capital available to develop and build their respective projects, we think it is necessary to differentiate the likely winners from the losers. With this in mind, we believe Energizer's Molo project stands out as one of the best graphite projects globally because of its flake distribution, low strip and capital intensity."

Emma Hughes, Industrial Minerals (4/24/14) "One company that could stand to benefit from developments like Tesla's Gigafactory is Canada-based Energizer Resources Inc., which is looking to supply flake graphite from its Green Giant project in Madagascar. . .the company's flagship Molo deposit is the second largest confirmed flake graphite resource in the world and the biggest under Canadian NI 43-101 regulations. . .over the last 18 months, exploration work in graphite has been minimal as funding became hard to come by. Energizer used this downtime to progress Molo to the level it is at today. . . it looks like this momentum will continue throughout this year."

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 >

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 Canada (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."

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