REG - Tirupati Graphite - AGM Notice: Listing Suspension & Business Updates

Tirupati GraphiteAnnouncement

15/07/2025 12:15

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RNS Number : 1514R  Tirupati Graphite PLC  15 July 2025

15 July 2025

Tirupati Graphite plc

('Tirupati' or the 'Company')

Notice of AGM, Listing Suspension Update, and Business Update

 

Tirupati Graphite plc (TGR.L), the specialist flake graphite company and
supplier of the critical mineral for the global energy transition, provides
Notice that it will hold its Annual General Meeting ('AGM') at 10:00 a.m. BST
on 8 August 2025 at the offices of Gowling WLG (UK) LLP, 4 More London
Riverside, London, SE1 2AU, United Kingdom.

 

The Notice of AGM and Proxy Form, which sets out the arrangements for the
meeting and how shareholders may vote and ask questions, have been posted to
the registered shareholders who have elected to receive a hard copy today, and
will be made available on the Company's website, www.tirupatigraphite.co.uk.

 

The Annual Report and Financial Statements for the financial year ended 31
March 2024 which were announced today are also being posted to shareholders.

 

 

Extended Listing Suspension

 

The disruption and delays caused by the continuing denial of access to the
Company's accounting and other IT systems by Mr S Poddar, the previous, now
terminated, CEO, and the outsourced provider controlled by him and Ms P Poddar
(also a director of the Company until December 2024) has severely delayed the
completion of the already overdue accounts for the year ended 31 March 2024
("2024 Accounts"). While the accounting records have been reconstructed, this
has led to a more extended audit process. The filing of the 2024 Accounts
today is therefore a key milestone in overcoming these issues and towards the
Company's shares trading again in the LSE.

 

The Company is required to file its audited accounts to 31 March 2025 ("2025
Accounts") by 31 July 2025, for compliance with its Listing obligations. The
consequence of the delay to the 2024 Accounts and audit, and the
reconstruction of the 2024/25 accounting records that has been required, is
that the 2025 audited accounts will now not be filed by 31 July, and of a
suspension of the Listing of the shares therefore commencing on 1 August 2025.

 

The Directors do not think it would be in the interests of shareholders for
the restoration of the Listing while there is material risk of a suspension
shortly thereafter. Accordingly, it is unlikely that trading in the shares on
the LSE will resume until the 2025 Accounts and related audit are completed.
The Directors believe this will allow for a more orderly market for trading of
the Company's shares.

 

Mr. Poddar and related parties no longer have any involvement in the affairs
of the Group, nor its supply chain arrangements. Following completion of the
2025 Accounts, his actions in denying access to systems should no longer
impact the Company.

 

AGM

Resolutions will be presented at the AGM to provide authority for items to
enable the continued positive progress of the turnaround and realisation of
value for shareholders in the view of the directors.

 

Shareholders are strongly encouraged to vote FOR all the Resolutions proposed
by the Board.

 

Health, Safety and Environmental Performance

 

·    Zero significant incidents or Lost Time Injuries ("LTI's") during the
period 1 January 2025 to 30 June 2025.

·    Health and safety practices around operational activities at the mine
site, and the surrounding concession areas have been reviewed and updated,
with new signage deployed and use of new PPE equipment due to be implemented.

 

Production Reporting Notice

 

The Company has decided that the basis for reporting its production of flake
graphite should be amended henceforth to report figures based only on dry
graphite production, not production after the centrifuge separation phase of
processing. This will be consistent with the volumes that are sellable and
with Resources Estimates. Production measured at the centrifuge stage contains
an element of water added in processing which is subsequently removed on
drying. Accordingly, production since the restart of mining operations on 1
February 2025 is restated as follows: February 351 MTs (previously reported
as 375 MTs), March 371 MTs (previously reported as 388 MTs). Any additional
inventory of wet graphite awaiting drying will not be reported as production
but will be adjusted for in cost of sales at an appropriate production cost.

 

Production guidance for targets to be achieved as part of the ramp up with
additional installed capacity, from end July 2025 and by December 2025, remain
unchanged at 1000 MTs per month rate, and 1,500 MTs per month, respectively.

 

 

Operational Progress Update

 

·    Production from operational restart on 1 February 2025 to 30 June
2025 of 2,064MTs. April production achieved 517MTs. May production 380 MTs;
May was impacted by loss of 10 mining days due to adverse weather involving
unseasonal levels of rainfall; June production 445 MTs; 13 mining days were
lost in June due to adverse weather, planned maintenance, and public holidays.
Ongoing stockpiling Run-of-Mine ore feed to mitigate against production
interruptions caused by future adverse weather has commenced.

·    Grade control drilling was initiated in order to better identify
higher grade ore zones above 2.5% Total Graphite Contained ("TGC"), and ensure
mining is only conducted in appropriate areas.

·    Lighting has been introduced at the mine to enable an
around-the-clock safe mining operation.

·    A new deposit, named "BK6", was prepared for development since March
2025 and mining and stockpiling commenced on 18 June 2025. This area
demonstrates shallow mineralisation and random samples of graphite grades,
above 4% TGC, and expands the Vatomina active mining areas to three:
Tanadava, Old Mine, and BK6.

·    As part of the development of BK6 and preparations for the
commencement of operations, a 2.5km road had to be built, followed by
overburden stripping.

·    Two Pre-Concentration Units ("PCUs") were relocated from the Sahamamy
mine to the newly opened BK6 mine area at Vatomina, together with the
installation of water and slurry pumping systems. Installation and
commissioning of PCU3 was completed on 19 June 2025, and installation of PCU4
is 80% complete, with completion of commissioning due to complete over a week
upon finished installation completion, subject to potential weather
interruptions, in July.

·    At the Vatomina final processing plant ("FCU"), a fourth ball
mill was installed, a flotation cell was replaced, and several further
upgrades and adjustments were completed by 20 June 2025 to enhance recoveries.

·    Further upgrades to the dryer system and existing PCUs are underway.

·    Two additional articulated dump trucks ("ADTs") were leased and added
to the mining fleet to optimise mining and overburden stripping.

·    Improved procurement and supply chain management procedures were
implemented to support timely availability of spare parts and consumables on
site, to support uninterrupted production.

·    Quality Control and Quality Analysis equipment and practices have
been upgraded by conducting overdue recalibration of equipment and
standardisation of testing techniques and through the incorporation of
widely-used industry software.

 

 

Operational Outlook

 

·    Commercial production from the reconfigured FCU and 3 x PCU operation
described above commenced from 20 June 2025.

·    Further additions to the mining fleet will be made to further enhance
fuel supply logistics, mine development and ore stockpiling activities.

·    PCU4, located at BK6 is expected to commission and commence
production from the end of the first half of July. Combined, the FCU and 4 x
PCU configuration is targeted to have daily production capacity in the range
of 44-48MTs.

·    Following installation and commissioning of PCU3 and PCU4 at the
greenfield BK6 mining area of Vatomina, management's guidance of achieving
production of some  1,000 tonnes per month of flake graphite from end July
2025 remains on track.

·    With other process modifications planned and underway to increase
throughput in the PCU's, production guidance of 1,500 tonnes per month of
flake graphite by December 2025 is on track.

 

 

Sales Update and Outlook

 

·    All prepaid graphite orders inherited from 2024 under the previous
leadership were settled by production and shipments by May 2025.

·    Sales pipelines continues to grow, with orders for the year to date
since February standing at over 6,000MTs; customer relationships have
gradually been restored and inbound inquiries continue to grow for the
Company's Madagascar and Mozambique natural flake graphite from existing and
prospective customers.

 

Sahamamy Project, Madagascar

 

·    Strategic options to restart operations at the 18,000tpa nameplate
production Sahamamy project in Madagascar are under evaluation, including
possible Joint Ventures and Farm-In arrangements to fund the required capex.

 

Working Capital and Funding

 

·    Following completion of the £4.5 million Convertible Loan Note (CLN)
issue this year, and amendment to the terms of the £0.9 million 2029 CLN
issue, the Company will be able to convert to equity £5.5 million of funding.
The £1.9 million 2022 CLN issue has also been amended to extend its maturity,
as announced on 18 June 2025.

 

 

 

 

 

Mark Rollins, Executive Chairman of Tirupati Graphite Plc commented:

 

"The turnaround has progressed substantially since operations restarted in
February, and our actions stabilised the business and resolved significant
inherited issues in the first half of 2025. With the operational
reconfiguration of the Vatomina project almost complete, focus is now on
continued mitigation of execution risks, delivery of the production ramp up to
1,500MTs per month by December and realisation of cash sales receipts as early
as possible.

 

To enable the successful delivery of the turnaround work programme, the
Directors encourage all shareholders to vote for the resolutions put forward
at the upcoming AGM."

 

 

ENDS

For further information, please
visit https://www.tirupatigraphite.co.uk/ or contact:

 Tirupati Graphite Plc                info@tirupati.co.uk

 Mark Rollins - Executive Chairman    IR@tirupati.co.uk

 Alastair Bath - Investor Relations   +44 7356 057 265

About Tirupati Graphite Plc

 

Tirupati Graphite is a specialist graphite producer and a supplier of the
critical mineral for a decarbonised economy and the energy transition, with
leading low development capital and operating costs. The Company places a
special emphasis on green applications including renewable energy, e-mobility,
energy storage and thermal management, and is committed to ensuring its
operations are sustainable.

 

The Group's operations include primary mining and processing in Madagascar
where the Group operates two key projects, Sahamamy and Vatomina, with a
combined installed final nameplate production capacity of 36,000tpa, subject
to minor capex additions. The Madagascar operations produce high-quality flake
graphite concentrate with up to 97% purity and selling to customers
globally.

 

The Group also holds two advanced stage, world class, natural graphite
projects in Mozambique. Work has already commenced to optimise the economics
for development of the Montepuez graphite project, which is permitted for
100,000tpa production and where substantial construction work has already been
undertaken by the predecessor. A table of the Group's projects is provided
below:

 

 Country       Project           Stage
 Madagascar    Sahamamy          Care & Maintenance: 18,000 tpa final production plant nameplate capacity
 Madagascar    Vatomina          In current production ramp-up to 18,000 tpa capacity by December 2025.
 Mozambique    Montepuez         100,000 tpa permitted, construction-initiated

 Mozambique    Balama Central    58,000 tpa permitted, development-ready

 

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