What Reflex Advanced Materials does

Reflex Advanced Materials Corp. is a junior mineral exploration company incorporated in British Columbia, Canada in June 2021 and publicly traded on the CSE (RFLX), OTCQB (RFLXF), and Frankfurt Stock Exchange (HF2). The company historically focused on developing domestic U.S. specialty mineral supply infrastructure, with its primary asset being the Ruby Graphite Project in Beaverhead County, Montana — a past-producing graphite mine that operated from 1902 to 1948 and was, per company materials, the only known combined U.S. source of flake and vein graphite. Reflex achieved 99.999% graphitic carbon purity from preliminary metallurgical testing on Ruby material using conventional thermal purification and entered a partnership with American Energy Technology Company (AETC) to produce coated spherical purified graphite (CSPG) for lithium-ion battery anodes targeting North American EV and energy storage manufacturers. The company's stated business model was B2B direct sales with a 24-month qualification cycle to battery and high-tech industrial customers, with a four-year production target of 10,000 tons per year of custom-processed graphite.

The company's strategic position has materially deteriorated. In January 2024, it divested its ZigZag Lake Lithium Property in Ontario to Integral Metals Corp. for C$400,000 cash plus 1,000,000 shares. In September 2025, the optionor terminated the Ruby Graphite option agreement, leaving Reflex without rights to its core asset. CEO Paul Gorman resigned in October 2025 and was replaced by interim CEO DJ Bowen, alongside a 10:1 share consolidation. The company remains pre-revenue with no commercial production, has no published pricing, and has been funding operations through a series of small private placements (ranging from C$100,000 to C$1.5M) and debt-for-share settlements. Recent filings describe the company as continuing to "evaluate all available options to capitalize and advance its business," consistent with a shell or pre-pivot posture.

Name

Reflex Advanced Materials

Legal name

Reflex Advanced Materials Corp.

Website

https://reflexmaterials.com

Company type

Public

Founded year

2021

Operating status

Operating

Headcount range

11–50 employees

Short description

Reflex Advanced Materials Corp. is a pre-revenue junior mineral exploration company historically focused on reactivating U.S. natural graphite production from its Ruby Graphite Project in Montana for battery manufacturers. Following the 2025 termination of its primary asset option and CEO resignation, the company is evaluating new strategic options.

Ownership category

akta.pro rank

Product category

Specialty Minerals & Graphite Mining

NAICS

Crushed and Broken Granite Mining and Quarrying (212313)

SIC

Mining & Quarrying Of Nonmetallic Minerals (No Fuels) (1400)

akta.pro primary industry

Natural Graphite Mining & Concentrates (IMAKAFAD)

akta.pro secondary industry

Synthetic Graphite Feedstocks (Petroleum Needle Coke & Pitch) (IMAKAFAE)

Keywords

• Natural graphite mining
• Graphite processing
• Battery anode materials
• Specialty minerals
• Lithium-ion battery materials

Headquarters

HQ city

Vancouver

HQ country

Canada

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Operations, Supply Chain, Technology or R&D, Marketing or Sales, Others

Revenue model

1. Graphite Sales (Future): Pre-revenue exploration company. Currently in exploration and development phase with the Ruby Graphite Project. Expected to generate revenue through sale of graphite concentrate and custom processed graphite products (micronized, spheronized, purified, and coated) to battery manufacturers and other industrial customers.

Go-to-market motion2 records

Distribution channels2 records

Marketing channels6 records

Core offering

Reflex Advanced Materials is a mineral exploration company developing domestic natural graphite supply for North American manufacturers. Its primary asset was the Ruby Graphite Project in Beaverhead County, Montana — the only known combined U.S. flake and vein graphite source. The company processes raw graphite concentrate into high-purity (up to 99.999% graphitic carbon) and downstream products including Coated Spherical Natural Graphite (CSPG) for lithium-ion battery anodes used in electric vehicles and energy storage.

Product overview

Reflex Advanced Materials Corp. is a mineral exploration company focused on developing domestic graphite supply chain infrastructure for North American manufacturers. The company's primary asset is the Ruby Graphite Project in Montana, featuring both flake and vein graphite deposits—the only combined U.S. source of both graphite types. The company processes graphite concentrate into various forms including Coated Spherical Purified Graphite (CSPG) for lithium-ion battery anodes. The ZigZag Lithium Property in Ontario was divested in January 2024. The product portfolio centers on transforming raw graphite material from the Ruby project into market-ready battery materials through partnerships with processing facilities.

Differentiator

Problem solved

Functional benefit

Products and services

• CSPG (Coated Spherical Purified Graphite) High-purity coated spherical natural graphite processed through micronization, spheronization, purification, and carbon coating of Ruby graphite concentrate, intended for use as anode material in lithium-ion batteries for electric vehicles. Produced in partnership with American Energy Technology Company (AETC).
• 99.999% Pure Graphite Concentrate Ultra-high-purity graphitic carbon (Cg) achieved through conventional thermal purification of Ruby Graphite material, suitable for lithium-ion batteries, energy storage applications, nuclear industry use, and other high-value industrial applications requiring consistent quality.

Quantifiable outcome

• 99.999% graphitic carbon purity achieved using conventional thermal purification process without flotation circuits
• +2 more outcomes

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Four partnerships are on record, tiered minor and core.

• Integral Metals Corp.minorStrategic or Co-development Partner · 8 January 2024Sold 100% interest in the ZigZag Lake Lithium Property to Integral Metals Corp. for $400,000 cash and 1,000,000 common shares. This transaction concluded Reflex's involvement with the ZigZag property.
• Falcon Drilling Corp.coreImplementation/ SI/ Consulting Partner · 10 August 2023Engagement of Falcon Drilling Corp. to undertake the planned summer 2023 initial drill program at Ruby Graphite Project. Falcon provides drill equipment, highly trained drill crews, and mobilization services with state-of-the-art diamond drill rigs designed for efficient moves between sites with minimal environmental disturbance.
• American Energy Technology Company (AETC)coreTechnology or Integration · 5 July 2023Partnership with American Energy Technology Company (AETC) for complete analysis of quality and viability of graphite material from the Ruby Graphite Project. AETC is conducting metallurgical testing including purification, sizing (micronization), shaping (spheronization), and carbon coating to produce coated spherical natural graphite (CSPG) for Li-ion batteries.
• Childs Geoscience Inc.coreImplementation/ SI/ Consulting Partner · 26 June 2023Engagement of Childs Geoscience Inc. for managing the initial drill program at Ruby Graphite Deposit. CGI manages drilling, logs core, performs detailed inspection, selects samples for laboratory analyses, and formulates structural model and ore-body grade delineation. Also conducting other geological studies including geophysical surveys and technical reports.

Scale indicators6 records

Recent moves8 records

Expansion highlights3 records

Direct peers

• Northern Graphite: Canadian natural graphite developer (Lac des Iles mine and Bissett Creek project) supplying battery-grade graphite. Highly comparable as a North American-focused natural graphite junior targeting lithium-ion battery customers, the same end-market as Reflex.
• Nouveau Monde Graphite: Quebec-based developer of the Matawinie graphite project with integrated micronization, spheronization and coating capacity for battery anodes. Directly comparable as a North American natural graphite miner pursuing CSPG qualifications with battery OEMs.
• Graphite One: Alaska-based developer of the Graphite Creek deposit pursuing a U.S. domestic graphite supply chain for the EV/energy storage market. Closely comparable strategy of serving North American battery manufacturers with natural flake graphite.
• Westwater Resources: U.S.-focused graphite developer with the Coosa Project in Alabama planning battery-grade processing for U.S. customers. Comparable as a domestic natural graphite junior targeting the same battery-grade anode opportunity as Reflex.
• Lomiko Metals: Canadian junior developing the La Loutre flake graphite project in Quebec with downstream processing plans. Comparable as a small-cap North American natural graphite developer with similar end-customer profile.
• Focus Graphite: Canadian junior developing the Lac Knife flake graphite deposit in Quebec with battery-grade processing plans. Comparable as a small-cap North American natural graphite developer pursuing similar lithium-ion battery end-markets.

Broad incumbents

• Syrah Resources: Operator of the Balama natural graphite mine in Mozambique and the Vidalia active anode material facility in Louisiana. Comparable as a large-scale natural graphite producer with explicit strategy of supplying battery-grade material into the U.S. market.

Emerging players

• Talga Group: Swedish-Australian developer of natural graphite anode material (Vittangi project) with in-house coating technology. Comparable as a vertically integrated natural graphite-to-CSPG developer targeting EV OEMs.
• Eagle Graphite: British Columbia-based small-cap natural graphite producer (Blackwater project) selling concentrate to industrial and battery customers. Comparable as a North American natural graphite junior with a similar scale profile to Reflex.

Regional players

• Black Rock Mining: Tanzania-focused natural flake graphite developer (Mahenge project) with offtake agreements to battery customers. Comparable as a junior developer of high-purity flake graphite for lithium-ion battery anodes, though operating in a different geography.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat3 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/MaterialsReflex
• Facebookfacebook.com/ReflexMaterials
• LinkedInlinkedin.com/company/reflex-advanced-materials

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Funding overview

Funding rounds4 records

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Reflex Advanced Materials