TIDMTGR
RNS Number : 3145C
Tirupati Graphite PLC
22 February 2022
22 February 2022
Tirupati Graphite plc
('Tirupati' or the 'Company')
Tirupati Graphene and Mintech Research Centre builds strong new
business pipeline following delivery of its first commercial
contract
Tirupati Graphite plc (TGR.L, TGRHF.OTCQX), the specialist
graphite and graphene company developing sustainable new age
materials, is pleased to announce that, following the initial
announcement on 29 January 2021, Tirupati Graphene and Mintech
Research Centre ('TGMRC') which is owned by Tirupati Speciality
Graphite Private Limited ('TSG'), with which the Company has a
binding acquisition agreement subject to regulatory approvals, has
now successfully developed a mineral processing technology solution
for Optiva Resources Limited ('ORL') a UK registered mining
company.
Highlights:
-- TGMRC has successfully developed a two-stage processing
technology solution for ORL to implement at its Marela Project in
Guinea
-- The process will enhance ORL's extraction of Vanadium,
Titanium, Magnetite ('TVM') at Marela and process these into
saleable concentrates and end products
-- Having previously received an upfront fee, TSG will now
receive a success fee of 5% equity in ORL being 4,578,175 equity
shares and an equal number of transferable warrants with three-year
life
-- The Company notes that prior to success of technology
development for which TGMRC was engaged, ORL raised its last round
of pre-IPO equity capital at GBP0.03 per equity share in 2021,
using which as a multiple the value of the equity TSG will receive
is GBP137,345
-- TGMRC and ORL are currently negotiating on an agreement to
engage around further services and will provide further updates as
appropriate
Further TGMRC Updates:
-- TGMRC has now manufactured its revolutionary
aluminium-graphene composite at relative scale to enable extensive
tests which are currently underway
-- Regular manufacturing of Graphite Oxide and Reduced Graphite
Oxide is now being undertaken at TGMRC for supply to prospective
customers for ongoing product trails in applications ranging from
concrete to composite materials and coatings
-- TGMRC has also been working on and completed a number of
other mineral processing technology development projects
including:
-- Optimisation study for Arcelor Mittal Nippon Steel's 10
million ton per annum iron ore beneficiation plant to enhance the
quality and recovery of concentrate and reduce tailings losses;
-- Recovering of iron values from tailing slimes for JSW Bhushan
Steel & Power's iron ore beneficiation plant; and
-- Mineralogical, Beneficiation, Rheological, and Pelletisation
Studies of Iron Ore Fines and banded hematite quartzite (BHQ) iron
ores, and more
-- Various additional projects are in the pipeline for a range
of mineral process technology development and optimisation studies
for a range of minerals
-- TGMRC is poised to achieve net operating earnings in the
current financial year, its first year since its establishment, and
expect these activities to be earnings enhancing in FY23 for the
Company
Details of the ORL Agreement
As announced on 29 January 2021, TGMRC received an upfront fee
from ORL and now, having successfully developed the process, will
receive a success fee amounting to 4,578,175 equity shares of ORL
and an equivalent number of share warrants with 50% of these
warrants being exercised at the first raise price going forward and
50% to be issued at ORL's IPO price if ORL lists on a recognised
exchange before end of June 2022 and if not they will be priced at
the same price as the first 50%. The warrants have a three-year
life from the date of issue.
Shishir Poddar, Executive Chairman of Tirupati Graphite,
said:
"We are delighted that TGMRC has successfully developed this
processing solution which will enable our client to unlock the full
potential of its Marela TVM project in Guinea.
"TGMRC has demonstrated that it is able to provide beneficial
mineral processing technology solutions as well as the
technological needs required to develop new age materials.
"Building on this success and the pipeline of activity currently
underway with blue chip clients, we expect TGMRC to be an earning
unit standalone."
Charles Douglas-Hamilton, Technical Director of Optiva Resources
Ltd., said:
"Optiva Resources is very pleased with the work carried out by
TGMRC to produce a saleable mixed ilmenite-magnetite concentrate
from the TVM laterites at Marela.
"ORL is now negotiating with TGMRC to advance the work to bulk
sample pilot scale tests to further optimise mineral processing to
extract vanadium, titanium and iron products from Marela. We
commend the TGMRC team for their achievements to date. This is an
exciting time for ORL's shareholders and we look forward to working
with TGMRC to further realise the full potential of the Marela
Project."
Enquiries:
Tirupati Graphite Plc
Puruvi Poddar - Chief of Corporate & Business admin@tirupatigraphite.co.uk
Development +44 (0) 20 39849894
Optiva Securities Limited (Broker)
Ben Maitland - Corporate Finance +44 (0) 20 3034 2707
Robert Emmet - Corporate Broking +44 (0) 20 3981 4173
FTI Consulting (Financial PR) +44 (0) 20 3727 1000
Ben Brewerton / Nick Hennis / Ojasvi Goel tirupati@fticonsulting.com
/ Kelly Smith
https://www.tirupatigraphite.co.uk/
About Tirupati Graphite Plc
Tirupati Graphite Plc is the specialist graphite and graphene
company developing sustainable new age materials. With a unique set
of properties, graphite has diverse applications with multiple
growth streams and graphene forms the new generation of 2D and
advanced materials. The Company places a special emphasis on
"green" applications, including renewable energy and energy
efficiency, energy storage, thermal management, and advanced
materials development, and is committed to ensuring its operations
are sustainable as well.
The Company's operations include primary mining and processing
in Madagascar, where the Company operates two key projects,
Sahamamy and Vatomina; 3,000 tpa of high-quality flake graphite
concentrate with up to 96% purity is currently being produced and
sold to customers globally, with an additional 9,000 tpa capacity
expected to be commissioned soon, planned to increase to 84,000 tpa
by 2024 as per the Company's modular medium-term development
plan.
In India, through Tirupati Speciality Graphite Private Limited
('TSG'), with whom the Company has a binding acquisition agreement
subject to regulatory approvals, Tirupati is developing a suite of
speciality graphite for use in hi-tech applications like
lithium-ion batteries, fire retardants, thermal management, and
composites. Its current operations include the 1,200 tpa Patalganga
Project, focused on manufacturing the Company's trademarked
expandable graphite products CARBOFLAMEX(R) and GrafEN 45545(TM).
TSG is further expanding the Patalganga Project to 4,800 tpa and
developing the 30,000 tpa specialty graphite project in two 15,000
tpa modules which will include capabilities to manufacture
high-purity, expandable, micronized and spherical graphite and
using its unique green processing technologies for the
manufacturing of these advanced materials.
TSG has also established and continues to develop the Tirupati
Graphene and Mintech Research Centre, a state-of-the-art R&D
centre focussed on manufacturing graphene, developing its
applications and advanced materials using graphene, and further
providing environmentally friendly technologies consultancy for
mineral processing.
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