Press Release
2024-08-25
GeoReality AB Applies to the EU for Strategic Project Classification for its Sarvisto Graphite Project under the Critical Raw Materials Act (CRMA).
The European Union (EU) has implemented new legislation, the Critical Raw Materials Act (CRMA), aimed at promoting the establishment of new mines within the EU for the production of critical innovation minerals. The legislation seeks to improve the conditions for higher self-sufficiency within the EU for seventeen different minerals identified as particularly important for the technological innovations needed to successfully address our future challenges. Among these seventeen critical innovation minerals is graphite. Graphite is an essential material in the production of batteries needed to electrify our vehicles.
Under the CRMA, companies can apply to have their mining project defined as a Strategic Project. An approved application will grant the project special attention during the permitting process, which is often time-consuming and unpredictable. A Strategic Project can also be given improved opportunities to find financing solutions through European institutions.
Today, GeoReality AB has submitted documentation and applied to have its graphite project, Sarvisto Graphite, approved as a Strategic Project under the Critical Raw Materials Act. The application will be processed during the autumn, and the EU is expected to announce its decision in December 2024. Future graphite production in Sarvisto would enable the company to deliver high-quality graphite to the European battery industry and contribute to a strengthened self-sufficiency of graphite within the EU.
GeoReality AB holds several exploration permits for graphite in Pajala Municipality. The company’s exploration efforts have advanced the furthest in Sarvisto, where an indicated resource (PERC) of 4.2 million tons with a graphite content of 20.7% has been identified. These characteristics make it one of the most interesting graphite deposits within the EU. Continued exploration in Sarvisto and the other nearby exploration permits creates interesting opportunities to expand the company’s mineral resources for graphite.
GeoReality AB is a Swedish exploration company focused on graphite exploration. The company is a wholly owned subsidiary of the privately owned Brexia Business AB. More information can be obtained from Per-Erik Lindvall (+46 70 231 94 00) or via email at [email protected].