TIDMTGR
RNS Number : 2291V
Tirupati Graphite PLC
04 April 2023
4 April 2023
Tirupati Graphite plc
('Tirupati', 'TG' or the 'Company')
Operational Update
Delivering 97% Pure Flake Graphite at Vatomina
Tirupati Graphite plc (TGR.L, TGRHF.OTCQX), the specialist
graphite and graphene company developing sustainable new age
materials, provides an update on operations at its Vatomina &
Sahamamy flake graphite projects in Madagascar and announces that
it has successfully achieved commercial production of 97% pure
flake graphite from its Vatomina project in Madagascar.
High Purity Commercial Production
-- Producing high grade, jumbo flakes is technically challenging but provides new opportunities;
-- Certain specialist markets require high-grade flakes which commands premium prices;
-- TG's first container of 97% jumbo flakes >50 mesh size has
now been produced for a German manufacturer of speciality graphite
products;
-- The Company is working towards increasing its high-grade output and associated sales;
-- Targeting c.10% uplift in basket price realisation from
Madagascan production to between US$910 - US$935 per metric tonne
in the fiscal year to March 2024.
Operational Update
-- Operations at both Vatomina and Sahamamy have experienced no
significant impact from the recent cyclone;
-- The ramp up of production at Sahamamy has continued in line
with expectations since the commencement of operations in February
2023; with production in the month to 31 March 2023 remaining in
the guidance range of 800 to 1000 tons;
-- Total production for the quarter ending 31 March 2023 was
however slightly lower than the guidance at c.2400 tons owing to
precautionary shut downs due to adverse weather;
-- We maintain combined production guidance for Q1-FY24: at between 6,100 - 6,500 tonnes;
-- Recent extensive marketing activities have resulted in:
o Regular shipments continuing to the Company's existing
buyers
o Securing new buyers in the United States, Europe and Asia
o Qualification processes underway with other potential
customers in various sectors including: energy storage, electric
vehicles, thermal management, fire safety and other advanced energy
transition products
Shishir Poddar, Executive Chairman, said:
"Achieving commercial production at a grade of 97% is another
significant milestone in Tirupati's continued progress as we
establish ourselves as a leading supplier of flake graphite outside
of China. Our increasing output is timely with a demand supply gap
forecast over the next year and we are well positioned to play our
role in the evolving flake graphite opportunities.
"We have moved on from the difficult times of building a new
mine in a challenging ecosystem. Getting into 'four figures' worth
of monthly production output for the first time in March 2023
depicts our progress as much as getting an 18,000 tpa plant rolling
in the very first month since start off. We will continue to
achieve new milestones in our efforts for building a leadership
position in areas of our expertise and in the best interest of the
Company and its shareholders."
ENDS
For further information, please visit
https://www.tirupatigraphite.co.uk/ or contact:
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 / Karen Muperere tirupati@fticonsulting.com
/ Lucy Wigney
About Tirupati Graphite
Tirupati Graphite Plc is a specialist flake graphite company and
places a special emphasis on "green" applications of flake
graphite, including renewable energy, and energy efficiency, energy
storage and thermal management 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. With the start of commercial production of
its latest 18,000 tpa plant at Sahamamy in March 2023, it now has
an installed capacity of 30,000 tpa high-quality flake graphite
concentrate with up to 97% purity in Madagascar, planned to
increase to 84,000 tpa as per the Company's modular medium-term
development plan.
On 1 April 2023 the Company completed the acquisition of Suni
Resources SA, Mozambique, whose two main assets are (i) the
Montepuez Project which holds the mining licence over an area of
3,667 hectares with JORC 2012 defined reserves & resources of
almost 120 million tonnes; plus (ii) the Balama Central Project,
which has a mining license over 1,543 hectares with JORC 2012
defined mineral reserves and resources of 33 million tonnes. Both
projects have licenses permitting build out to an annual production
of 100,000 and 58,000 tons of flake graphite respectively.
TG believes that the addition of these projects provides the
Company with sufficient resources to achieve its ambition of
satisfying 8% of the estimated global flake graphite demand - of
around 5 million tons per annum - by 2030.
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END
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