Black Swan Stock Price, News & Analysis

Black Swan Graphene Inc. (OTCQX: BSWGF) is a graphene-focused advanced materials company dedicated to the large-scale production and commercialization of patented, high-performance and low-cost graphene products. According to the company, its graphene materials are aimed at several volume-driven industrial sectors, including concrete and polymers, where substantial quantities of graphene are expected to be required.

Black Swan’s graphene processing technology was developed by Thomas Swan & Co. Ltd. ("Thomas Swan") over the last decade. Thomas Swan is described as 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. Black Swan operates a graphene production facility located at the Thomas Swan site in Consett, United Kingdom, which is run under ISO 9001 and ISO 14001 standards and includes a dedicated product development facility with research and development laboratory and pilot equipment. The company states that all products undergo rigorous quality control following a Six Sigma process.

Business focus and graphene product strategy

Black Swan reports that it is focused on the industrial-scale production of graphene nanoplatelets and graphene-enhanced materials. The company emphasizes patented processes for the efficient, continuous and cost-effective production of high-quality, atomically thin two-dimensional materials, including graphene. It highlights a U.S. patent titled "Process for the Continuous Production of Sub-Micron Two-Dimensional Materials Such as Graphene" and a Canadian patent titled "Apparatus and Method for Bulk Production of Atomically Thin 2-Dimensional Materials Including Graphene" as core elements of its intellectual property portfolio. These patents are described as protecting scalable methods and apparatus for bulk and continuous production of graphene and related materials.

A central element of Black Swan’s commercial approach is its Graphene Enhanced Masterbatch™ ("GEM™") product line for the polymer industry. GEM products are graphene-enhanced masterbatches designed to integrate into standard polymer compounding and processing lines. The company states that, since 2024, it has launched seven commercially available GEM polymer products that are being tested by several international clients. Black Swan positions GEM as a way for potential users to access graphene technology with a relatively low-cost entry point and rapid determination of product suitability.

Target markets and applications

According to company disclosures, Black Swan targets several high-volume industrial sectors where graphene’s mechanical, barrier and lightweighting properties are important. These include:

• Polymers and plastics: The company focuses on polypropylene (PP), polyamide (PA), thermoplastic polyurethane (TPU), polylactic acid (PLA), polyethylene terephthalate (PET) and other polymer systems. Reported GEM performance data include improvements in impact resistance, weight reduction, and barrier properties for oxygen and water vapour at low graphene loadings.
• Concrete and construction materials: Black Swan references graphene-based concrete admixtures developed in partnership with Concretene and The University of Manchester’s Graphene Engineering Innovation Centre (GEIC). These admixtures are described as being positioned to reduce cement usage and carbon emissions, with the company highlighting potential reductions in cement usage and associated emissions.
• Consumer packaging: The company reports trials in PET bottles and films, where graphene-enhanced formulations have demonstrated significant improvements in oxygen and water vapour barrier properties. It notes that some customers have indicated that Black Swan’s formulations delivered superior results compared with alternative materials evaluated.
• Mobility and automotive polymers: Black Swan describes development programs in automotive applications using PP and PA polymers, where graphene-enhanced materials have shown improved impact resistance and lightweighting benefits. It also references work with polymer matrices from an industrial polymer manufacturer focused on electric vehicle materials.
• Infrastructure and piping: The company reports trials in polypropylene pipes, highlighting lightweighting or "downgauging" potential that can reduce material usage while maintaining structural integrity.
• Agricultural and bio-based films: Black Swan notes projects with agricultural film manufacturers and sustainability-focused packaging companies, including efforts to enhance the barrier properties of PLA-based consumer packaging.

Production capacity and operations

Black Swan states that it currently has capacity to produce up to 40 tonnes of high-quality graphene nanoplatelets annually at its facility in Consett, United Kingdom. As part of its industrial scale-up strategy, the company has ordered a next-generation production unit, identified as the GEA Ariete 3160 high-pressure homogenizer, tailored to its proprietary exfoliation process. Once installed, this system is expected, according to the company, to increase production capacity to approximately 140 tonnes per year, more than tripling current capacity. Black Swan indicates that this expansion is intended to position it among the larger graphene producers and to support existing and prospective customer programs.

The company describes its exfoliation process as a robust, proprietary method developed over a long-standing collaboration with technology partner GEA, a supplier of high-pressure homogenization systems. By installing additional capacity within the existing Thomas Swan facility, Black Swan notes that it can leverage established infrastructure, power and utilities, which it expects to help minimize capital expenditure and reduce lead times for installation.

Partnership and distribution model

Black Swan’s commercial model emphasizes collaboration with masterbatch manufacturers and regional distribution partners rather than direct management of end-user supply chains. The company has announced non-exclusive distribution and sales agreements with multiple partners, including:

• Thomas Swan & Co. Ltd.: In addition to providing the production site and underlying graphene processing technology, Thomas Swan has been appointed as a non-exclusive global distributor and reseller of Black Swan’s graphene nanoplatelets and GEM products for the polymer additive market. The agreement also provides Black Swan with access to multiple global warehouse locations, including regions where Thomas Swan has a presence.
• Ferro South Africa (Pty) Ltd: Black Swan has entered into a non-exclusive distribution and sales agreement under which Ferro distributes and resells GEM products and graphene nanoplatelet solutions across South Africa, leveraging Ferro’s network in industrial, packaging, automotive and polymer sectors.
• METCO Resources in India: A non-exclusive distribution agreement with METCO Resources covers the promotion and distribution of graphene nanoplatelets and GEM products across India’s industrial, packaging, automotive and construction sectors.
• Masterbatch and compounding partners: The company has referenced early non-exclusive partnerships with masterbatch firms such as Hubron International Ltd, Broadway Colours Ltd and Modern Dispersions Inc. It notes that feedback from masterbatch companies, supported by the Graphene Engineering Innovation Centre, indicates that Black Swan’s graphene is well-suited for masterbatch applications due to dispersion characteristics.

Through this network, Black Swan aims to focus on producing high-quality graphene powder and GEM products while partners handle downstream logistics, regional warehousing and customer relationships. The company presents this approach as a way to streamline logistics, support rapid qualification and adoption, and concentrate internal resources on product development and innovation.

Intellectual property and quality framework

Black Swan highlights its intellectual property portfolio as a key differentiator. The company reports that it holds a U.S. patent covering a process for the continuous production of sub-micron two-dimensional materials such as graphene, and a Canadian patent covering an apparatus and method for bulk production of atomically thin two-dimensional materials including graphene. These patents are described as protecting scalable, high-volume production processes that support the company’s focus on cost-effective industrial supply.

The company also emphasizes its quality and operational standards. It notes that its production facility operates under ISO 9001 and ISO 14001 certifications and that products are subject to Six Sigma-based quality control procedures. In addition, Black Swan states that its product development efforts have involved independent verification and collaboration with the Graphene Engineering Innovation Centre, particularly regarding polymer composite performance.

GEM performance characteristics

In its communications, Black Swan provides examples of GEM performance metrics in selected polymer systems. These include reported improvements in impact resistance, weight reduction and barrier properties at specific graphene loading levels. The company presents these results as evidence that its graphene-enhanced masterbatches can deliver performance gains while maintaining compatibility with standard compounding equipment and processes. It also notes that GEM masterbatches with higher graphene loading ratios are available in various polymers, enabling customers and partners to tailor formulations.

Black Swan further indicates that its GEM products are designed to offer a combination of technical performance and commercial viability. It states that the products are intended to provide price-performance improvements without disrupting existing supply chains, and that the masterbatch format allows customers to integrate graphene into existing production workflows without special dispersion techniques or additives.

Corporate profile and capital markets

Black Swan Graphene Inc. is listed on the TSX Venture Exchange under the symbol "SWAN" and trades on the OTCQX market under the symbol "BSWGF". The company also references a Frankfurt Stock Exchange listing under the symbol "R960". It describes itself as focused on volume-driven industrial sectors and notes that it has engaged in equity financing and investor outreach initiatives to support its production expansion and commercial activities.

According to the company, it is working with numerous customers and joint project partners across different markets, including consumer packaging, automotive, agricultural films, bio-based packaging and water bottle applications. It cautions that there can be no assurance that all initiatives will result in sales, but presents these activities as part of its broader effort to advance toward high-volume production and commercialization of graphene-enhanced materials.

Summary

Overall, Black Swan Graphene Inc. portrays itself as an advanced materials company focused on scaling up patented graphene production technologies and commercializing graphene nanoplatelets and graphene-enhanced masterbatches for high-volume industrial applications. Its model combines proprietary production processes, a quality-focused manufacturing base at the Thomas Swan facility, and a network of masterbatch and regional distribution partners to support adoption across polymers, concrete and related sectors.