Black Swan Graphene Orders Next-Generation Production System to Triple Capacity to 140 Tonnes
Toronto, Ontario--(Newsfile Corp. - June 3, 2025) - Black Swan Graphene Inc. (TSXV: SWAN) (OTCQX: BSWGF) (FSE: R960) ("Black Swan" or the "Company") is pleased to announce that it has ordered its next-generation production unit, a significant milestone in the Company's industrial scale-up strategy and a key element of its broader effort to position itself as a global leader in graphene-enhanced materials.
The Company currently has the capacity to produce up to 40 tonnes of high-quality graphene annually. As part of its growth initiative, the Company is undertaking a significant expansion that will increase its production capacity to 140 tonnes per annum, more than tripling its current capacity. This scale-up will position the Company among the leading graphene producers globally.
The additional production unit will be installed within the Company's existing operational facility located at Thomas Swan & Co. Ltd. ("Thomas Swan") in the UK. This site already comprises a well-established infrastructure, with power and other essential utilities required for expansion. By leveraging the existing site and utilities at the Thomas Swan facility, the Company will be able to minimize capital expenditure, reduce lead times for installation, and accelerate the path to increased commercial output.
This expansion reflects the growing demand for graphene across a range of applications, including composite materials, plastics and coatings. The increased production capacity will not only support existing customer relationships but also enable the Company to meet the requirements of new strategic partners seeking reliable and scalable graphene supply.
Simon Marcotte President and Chief Executive Officer, commented: "This expansion marks a pivotal milestone in our evolution; it is not just an increase in production capacity, but another step toward industrial scale. As demand for our products increases and several customer development programs are advancing, this investment positions us to meet both current and future market needs with confidence."
Existing Facility
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Graphene products
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New Equipment
The GEA Ariete 3160 unit (the "3160") is currently well advanced in its design, engineering and tailored to Black Swan's proprietary specifications. In collaboration with technology partner GEA, a global leader in high-pressure homogenization systems, the equipment is expected to be completed and installed in the short term at the Company's facility in Consett, United Kingdom, marking a pivotal step toward increasing production capacity from the current 40 tonnes annually to an impressive 140 tonnes per year.
The enhanced capacity is being driven by the successful execution of commercial agreements and strategic partnerships across the polymers, concrete, and advanced composites industries, and by an expanding sales pipeline. The new system will not only meet this growing demand but will also maintain critical spare capacity needed to advance customer-tailored development programs, which are instrumental in driving product adoption and long-term revenue growth.
The 3160 is a modular, scalable high-pressure homogenizer designed to handle the production of graphene nanoplatelets at industrial scale. Its development leverages the strong collaboration between Black Swan and GEA, which began over a decade ago. This partnership has produced a robust, proprietary exfoliation process capable of producing high-quality graphene products cost-effectively and reliably - a critical factor in unlocking large-volume applications for this transformational material.
This investment is funded in part by proceeds from the Company's recent equity financing. In addition to the equipment purchase, the funds supported the hiring of key sales and operations personnel, expanding Black Swan's ability to serve clients globally and to deepen commercial engagement.
Michael Edwards, Chief Operating Officer, commented: "Graphene-enhanced materials are moving from promise to deployment, and Black Swan is at the center of that transition. With our Graphene Enhanced Masterbatch™ ("GEM") polymer products now in commercial rollout and our concrete admixtures showing clear sustainability gains, our ability to deliver consistently and at scale is what sets us apart."
Black Swan has already launched seven GEM polymer products, which are being well received by the market, and the concrete admixtures, developed in partnership with Concretene and The University of Manchester's GEIC, are positioned to reduce cement usage and carbon emissions by up to 30%. The new 3160 system will ensure that this growing product portfolio can be delivered at scale and with the consistency demanded by global clients.
Corporate Matters
Black Swan is also pleased to announce that it has entered into an investor relations agreement (the "Agreement") with Equitrend Data Inc. ("Equitrend"), pursuant to which Equitrend will provide investor relations and communications services to the Company in accordance with TSXV policies and subject to the approval of the TSXV.
Under the terms of the Agreement, Equitrend will receive total consideration of CAD$300,000 over a three-month period, payable in monthly installments of $100,000 or until the budget is fully expended. The Company may elect to extend the Agreement for an additional three months, under which Equitrend would receive an additional budget of CAD$300,000, payable in monthly installments of $100,000 or until the budget is fully expended.
Pursuant to the Agreement, Equitrend has received a grant of stock options exercisable to purchase 150,000 common shares in the Company ("Common Shares") at a price of $1.00 per share for a period of 5 years (the "Consultant Options"). The Consultant Options vest as to 25% three months from the date of grant and 25% every three months thereafter.
Equitrend's services will include retail investor outreach, Pay-Per-Click campaign development, social media and email marketing, the creation of landing pages, online banner and native advertisements, and other related investor relations activities. These campaigns may be conducted on platforms such as Instagram, Facebook, YouTube, or other digital channels.
The principal of Equitrend is Sam Khabbazian and the company is based in Vancouver, BC, Canada , Email: info@equitrend-data.com, Phone: +1 (888) 269-4724. Neither Mr. Khabbazian nor Equitrend currently have any interest, directly or indirectly in the Company or its securities.
About Black Swan Graphene Inc.
Black Swan is focused on the large-scale production and commercialization of patented high-performance and low-cost graphene products aimed at several volume driven industrial sectors, including concrete, polymers, and others. Black Swan's graphene processing technology was developed by Thomas Swan and Co. Ltd. ("Thomas Swan") over the last decade. Thomas Swan is a United Kingdom-based global chemicals manufacturer with a century-long track record and a reputation for being at the forefront of advanced materials and graphene innovation. Since 2024, Black Swan has launched seven commercially available Graphene Enhanced MasterbatchTM ("GEM") polymer products which are currently being tested by several international clients.
More information is available at: www.blackswangraphene.com.
For more information please contact:
Paul Hardy, Vice President - Corporate Developmentphardy@blackswangraphene.com+1 (416) 844-7365
Black Swan Graphene Inc. on behalf of the Board of Directors
Simon Marcotte, CFA, President & Chief Executive Officer
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward Looking Statements
This news release contains forward-looking statements and forward-looking information (collectively, "forward-looking statements") within the meaning of applicable Canadian legislation. Forward-looking statements are typically identified by words such as: "believes", "expects", "anticipates", "intends", "estimates", "plans", "may", "should", "would", "will", "potential", "scheduled" or variations of such words and phrases and similar expressions, which, by their nature, refer to future events or results that may, could, would, might or will occur or be taken or achieved. All statements in this news release that are not purely historical are forward-looking statements and include statements regarding beliefs, plans, expectations and orientations regarding the future including, without limitation: statements with respect to the expectations of management regarding the Offering; the expectations of management regarding the use of proceeds of the Offering; and the closing of the Offering. Although the Company believes that such statements are reasonable and reflect expectations of future developments and other factors which management believes to be reasonable and relevant, the Company can give no assurance that such expectations will prove to be correct. In making the forward-looking statements in this news release, the Company has applied several material assumptions, including without limitation, that market fundamentals will support the business of the Company as well as in relation to the Offering and Closing thereof. Other factors may also adversely affect the future results or performance of the Company, including general economic, market or business conditions, changes in the financial markets and in the demand for graphene and graphene products, changes in laws, regulations and policies affecting the graphene industry. The ongoing labour shortages, inflationary pressures, fluctuations in interest rates, the global financial climate and geopolitical conflicts in various regions, including Ukraine and the Middle East, are some additional factors that are affecting current economic conditions and increasing economic uncertainty, which may impact the Company's operating performance, financial position, and future prospects. Collectively, the potential impacts of this economic environment pose risks that are currently indescribable and immeasurable. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. Readers are cautioned that forward-looking statements are not guarantees of future performance or events and, accordingly, are cautioned not to put undue reliance on forward-looking statements due to the inherent uncertainty of such statements. The Company does not undertake any obligation to update such forward‐looking information whether because of new information, future events or otherwise, except as expressly required by applicable law.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/254289

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lease liabilities 386,321 330,758 Total current liabilities 1,101,693 953,466 Long-term debt and finance lease obligations, net of current maturities 2,413,620 1,582,758 Deferred income taxes 646,905 596,850 Operating lease liabilities, net of current portion 434,707 111,100 Insurance accruals, net of current portion 33,143 30,046 Other long-term liabilities 69,380 57,832 Total liabilities 4,699,448 3,332,052 Total shareholders' equity 3,508,670 3,015,381 Total liabilities and shareholders' equity $ 8,208,118 $ 6,347,433 Casey's General Stores, Inc. and Subsidiaries Condensed Consolidated Statements of Cash Flows (Dollars in thousands) (Unaudited) Twelve months ended April 30, 2025 2024 Cash flows from operating activities: Net income $ 546,520 $ 501,972 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 403,647 349,797 Amortization of debt related costs 2,312 1,111 Change in excess replacement cost over LIFO inventory 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Repurchase of common stock and payment of related excise taxes (734 ) (104,898 ) Tax withholdings on employee share-based awards (25,580 ) (18,512 ) Net cash provided by (used in) financing activities 755,994 (239,984 ) Net increase (decrease) in cash and cash equivalents 120,180 (172,387 ) Cash and cash equivalents at beginning of the period 206,482 378,869 Cash and cash equivalents at end of the period $ 326,662 $ 206,482 SUPPLEMENTAL DISCLOSURES OF CASH FLOWS INFORMATION Twelve months ended April 30, 2025 2024 Cash paid during the period for: Interest, net of amount capitalized $ 86,598 $ 63,449 Income taxes, net 89,771 105,000 Noncash investing and financing activities: Purchased property and equipment in accounts payable 46,427 45,617 Summary by Category (Amounts in thousands) Three months ended April 30, 2025 Prepared Food & Dispensed Beverage Grocery & General Merchandise Fuel Other Total Revenue $ 391,655 $ 1,021,938 $ 2,438,937 $ 140,228 $ 3,992,758 Gross profit $ 226,406 $ 355,990 $ 307,836 $ 35,788 $ 926,020 57.8 % 34.8 % 12.6 % 25.5 % 23.2 % Fuel gallons sold 818,641 Three months ended April 30, 2024 Revenue $ 356,895 $ 900,480 $ 2,276,586 $ 66,054 $ 3,600,015 Gross profit $ 207,443 $ 310,170 $ 253,612 $ 26,848 $ 798,073 58.1 % 34.4 % 11.1 % 40.6 % 22.2 % Fuel gallons sold 694,989 Summary by Category (Amounts in thousands) Twelve months ended April 30, 2025 Prepared Food & Dispensed Beverage Grocery & General Merchandise Fuel Other Total Revenue $ 1,611,762 $ 4,143,887 $ 9,776,033 $ 409,217 $ 15,940,899 Gross profit $ 937,440 $ 1,452,008 $ 1,236,694 $ 126,261 $ 3,752,403 58.2 % 35.0 % 12.7 % 30.9 % 23.5 % Fuel gallons sold 3,196,852 Twelve months ended April 30, 2024 Revenue $ 1,461,600 $ 3,727,394 $ 9,402,071 $ 271,848 $ 14,862,913 Gross profit $ 858,295 $ 1,270,527 $ 1,116,671 $ 102,418 $ 3,347,911 58.7 % 34.1 % 11.9 % 37.7 % 22.5 % Fuel gallons sold 2,828,669 Prepared Food & Dispensed Beverage Prepared Food & Dispensed Beverage Same-store Sales Margin Q1 Q2 Q3 Q4 Fiscal Year Q1 Q2 Q3 Q4 Fiscal Year F2025 4.4 % 5.2 % 4.7 % 1.5 % 3.5 % F2025 58.3 % 58.7 % 57.8 % 57.8 % 58.2 % F2024 5.9 6.1 7.5 8.8 6.8 F2024 58.2 59.0 59.6 58.1 58.7 F2023 8.4 10.5 5.0 4.9 7.1 F2023 55.6 56.7 57.3 56.8 56.6 Grocery & General Merchandise Grocery & General Merchandise Same-store Sales Margin Q1 Q2 Q3 Q4 Fiscal Year Q1 Q2 Q3 Q4 Fiscal Year F2025 1.6 % 3.6 % 3.3 % 1.8 % 2.3 % F2025 35.4 % 35.6 % 34.2 % 34.8 % 35.0 % F2024 5.2 1.7 2.8 4.3 3.5 F2024 34.1 34.0 33.9 34.4 34.1 F2023 5.5 6.9 5.8 7.1 6.3 F2023 33.9 33.3 34.0 33.0 33.6 Fuel Gallons Fuel Margin Same-store Sales (Cents per gallon, excluding credit card fees) Q1 Q2 Q3 Q4 Fiscal Year Q1 Q2 Q3 Q4 Fiscal Year F2025 0.7 % (0.6 )% 1.8 % 0.1 % 0.1 % F2025 40.7 ¢ 40.2 ¢ 36.4 ¢ 37.6 ¢ 38.7 ¢ F2024 0.4 — (0.4 ) 0.9 0.1 F2024 41.6 42.3 37.3 36.5 39.5 F2023 (2.3 ) 0.3 (0.5 ) — (0.8 ) F2023 44.7 40.5 40.7 34.6 40.2 RECONCILIATION OF NET INCOME TO EBITDA We define EBITDA as net income before net interest expense, income taxes, depreciation and amortization. EBITDA is not considered to be a GAAP measure, and should not be considered as a substitute for net income, cash flows from operating activities or other income or cash flow statement data. This measure has limitations as an analytical tool, and should not be considered in isolation or as substitutes for analysis of our results as reported under GAAP. We strongly encourage investors to review our financial statements and publicly filed reports in their entirety and not to rely on any single financial measure. We believe EBITDA is useful to investors in evaluating our operating performance because securities analysts and other interested parties use such calculations as a measure of financial performance and debt service capabilities, and it is regularly used by the Company for internal purposes including our capital budgeting process, evaluating acquisition targets, assessing performance, and awarding incentive compensation. Because non-GAAP financial measures are not standardized, EBITDA, as defined by us, may not be comparable to similarly titled measures reported by other companies. It therefore may not be possible to compare our use of this non-GAAP financial measure with those used by other companies. The following table contains a reconciliation of net income to EBITDA for the three and twelve months ended April 30, 2025 and 2024: (In thousands) Three Months Ended April 30, Twelve Months Ended April 30, 2025 2024 2025 2024 Net income $ 98,307 $ 87,020 $ 546,520 $ 501,972 Interest, net 27,916 14,494 83,951 53,441 Federal and state income taxes 29,351 25,168 165,929 154,188 Depreciation and amortization 107,443 92,344 403,647 349,797 EBITDA $ 263,017 $ 219,026 $ 1,200,047 $ 1,059,398 NOTES: Gross Profit is defined as revenue less cost of goods sold (exclusive of depreciation and amortization) Inside is defined as the combination of Grocery and General Merchandise and Prepared Food and Dispensed Beverage This release contains statements that may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including those related to expectations for future periods, possible or assumed future results of operations, financial conditions, liquidity and related sources or needs, business and/or integration strategies, plans and synergies, supply chain, growth opportunities, performance at our stores. There are a number of known and unknown risks, uncertainties, and other factors that may cause our actual results to differ materially from any results expressed or implied by these forward-looking statements, including but not limited to the execution of our strategic plan, the integration and financial performance of acquired stores, wholesale fuel, inventory and ingredient costs, distribution challenges and disruptions, the impact and duration of the conflict in Ukraine or other geopolitical disruptions, as well as other risks, uncertainties and factors which are described in the Company's most recent annual report on Form 10-K and quarterly reports on Form 10-Q, as filed with the Securities and Exchange Commission and available on our website. Any forward-looking statements contained in this release represent our current views as of the date of this release with respect to future events, and Casey's disclaims any intention or obligation to update or revise any forward-looking statements in the release whether as a result of new information, future events, or otherwise. Corporate information is available at this website: Earnings will be reported during a conference call on June 10, 2025. The call will be broadcast live over the Internet at 7:30 a.m. CDT. To access the call, go to the Events and Presentations section of our website at No access code is required. A webcast replay of the call will remain available in an archived format on the Events and Presentations section of our website at for one year after the call. CASY-IR View source version on Contacts Investor Relations Contact:Brian Johnson (515) 446-6587 Media Relations Contact: Katie Petru (515) 446-6772