Next Graphite, Inc. has entered into a joint venture (JV) agreement with Micron Investments PTY. Ltd. The JV provides capex and operational funding to process on-site graphite. Under the JV with Next Graphite, Micron has agreed to fund a facility to process, test, and commercialize Next Graphite's on-site 140,000 ton heaps.

Additionally, the companies will explore existing adits and visible graphite veins on the property. As part of the agreement, Micron is also providing Next Graphite working capital into the second half of 2016 until the processing plant is up and running. Micron will recover its investment through a farm-out agreement with Next Graphite.