REG - Tirupati Graphite - Appointment of CFO and Audit & Operational Update

Tirupati GraphiteAnnouncement

13/01/2025 16:45

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20250113:nRSM1387Ta&default-theme=true

RNS Number : 1387T  Tirupati Graphite PLC  13 January 2025

The information communicated within this announcement is deemed to constitute
inside information as stipulated under the Market Abuse Regulations (EU) No.
596/2014 which is part of UK law by virtue of the European Union (Withdrawal)
Act 2018. Upon the publication of this announcement, this information is
considered to be in the public domain.

 

 

13 January 2025

Tirupati Graphite plc

 

('Tirupati', 'TG', the 'Group' or the 'Company')

 

Appointment of CFO and Audit & Operational Progress Update

 

Tirupati Graphite plc (TGR.L), the specialist flake graphite company and
producer of this critical mineral for the global energy transition, is pleased
to announce an update on its progress towards completion of its audited report
and accounts for the year ended 31 March 2024, provides an operational update,
and the appointment of a Chief Financial Officer.

 

 

Statutory Audit Progress Update

 

At the initiation of the newly appointed directors, following a meeting with
the statutory auditor, Johnson's Chartered Accountants, work towards the
completion of the statutory audit for the year ended 31 March 2024 has
resumed.

 

The Company will provide an update on the timetable for the release of the
audited report and accounts in due course.

 

 

CFO Appointment

 

The Company has appointed Mr Peter Thomas as Interim Chief Financial Officer,
effective immediately (subject to the execution of a service agreement). To be
based in London, Mr Thomas will immediately prioritise:

·    the completion of the statutory audit of the annual report &
accounts for the year ended 31 March 2024;

·    assisting in closing short term financing arrangements (alongside the
Company's advisors);

·    reaching mutually acceptable agreements with the Company's creditors

·    review of existing, and implement lasting improvements, in financial
systems and reporting;

·    the re-design of the financial function of the Company and establish
a finance team to support its longer-term growth.

 

It is the intention that Mr Thomas will join the Company's Board at an
appropriate time and provide his strategic guidance and oversight to the
Company's overall development.

 

Further details about the Chief Financial Officer appointment:

 

·    Peter Thomas is an experienced CFO/ Finance Director in the energy
and resources sector, having held the positions in various listed and private
companies since 2005. Based in the UK, he has more recently been a
non-executive director and Audit Committee Chairman, currently with
international oil drilling and engineering group, KCA Deutag.

 

·    Peter is a Chartered Accountant and has particular experience in
corporate finance and funding, management of international operations and
capital projects and M&A.

 

·    Peter worked for Enterprise Oil plc as Group Financial Controller,
Group Treasurer with Investor Relations and then Treasurer and Head of
Planning until 2002, then as Chief Financial Officer for Hardman Resources Ltd
in Australia, an ASX and AIM listed company operating principally in Africa
until its successful sale, then as Finance Director for Stratic Energy
Corporation, a Canadian and UK quoted group, CFO at Ophir Energy and regional
CFO for Chief the Abu Dhabi National Energy Company (TAQA).

 

·    He was CFO for private-equity-backed Neptune Energy from 2016 to
early 2019, seeing the company through its $4bn foundational acquisition as a
new venture and the related financings and bolt-on acquisitions. He was then
CFO for Neo Energy before moving to NED, interim and consulting work.

 

 

Operational Update

 

The Company's recently appointed co-CEO, Mr James Nieuwenhuys, is currently on
a site-visit to the Company's projects in Madagascar, where he will:

·    hold meetings with the in-country operational and administrative
teams, and meet with goods and service suppliers in-country;

·    assess and evaluate the current status of the Madagascar projects in
order to prepare for the return of ongoing, continuous, production.

·    Review work towards an updated Competent Persons Report ("CPR") and
JORC resource across the Madagascar projects following a drill programme (see
11 March 2024 RNS) to support future potential expansion capacity upgrades to
meet the growing demand for ex-China flake graphite supplies.

 

The restructured executive team is engaging with existing and prospective
customers in order to co-ordinate a structured restart of operations to meet
existing orders and obtain new orders as a top priority.

 

 

The Company and its advisors will also review opportunities for bringing
vertical integration of advanced graphite processing capabilities into its
business to further add value to its primary flake graphite processing
projects and operations across its substantial graphite project portfolio in
Madagascar and Mozambique, to target supplies of high value goods to
additional fast growing graphite market segments.

 

 

Commenting on the updates and CFO appointment, Mark Rollins, Executive
Chairman of Tirupati Graphite said:

 

"I am extremely pleased at the quick progress the Company is making since the
recent restructuring.

 

Firstly, I would like to warmly welcome the significant addition of Peter to
the team who will be a tremendous asset as the Company navigates its current
position and going forward. Peter will be able to use his experience and skill
to leverage positive change to the Company's finance function and in support
of its current and longer-term objectives as we move through the gears towards
the objective of becoming the leading ex-China flake graphite producer.

 

Secondly, we are excited to have James in-country to meet with the teams and
suppliers there to coordinate an operational reset there, alongside our
executive team so that the Company is well placed to meet customer orders at
this opportune time in global graphite markets.

 

Lastly, we are pleased to advise that work has recommenced with our statutory
auditor after successful meetings were held and all parties are enthusiastic
to expedite the completion and publication of the audited report and accounts
to exit the current suspension of the company's Listing and resume trading of
its shares".

 

ENDS

 

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

 

 Tirupati Graphite Plc                          

 Mark Rollins - Executive Chairman             tirupatigraphitelondon@gmail.com

 Alastair Bath - Investor Relations            +44 7356 057 265
 CMC Markets UK Plc (Broker)

 Douglas Crippen                               +44 (0)20 3003 8632
 Musst / ViTa-Connect (Financial Adviser)       tabrez@vita-connect.co

 Tabrez Khan                                   +44 746 903 3573 / +971 50871 7864

 FTI Consulting (Financial PR)                 +44 (0) 20 3727 1000

 Ben Brewerton / Nick Hennis / Lucy Wigney     tirupati@fticonsulting.com

 

About Tirupati Graphite

 

Tirupati Graphite Plc 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 Company's operations include primary mining and processing in Madagascar
where the Company operates two key projects, Sahamamy and Vatomina with a
combined installed final production nameplate capacity of 30,000tpa, 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 Company 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 Company's projects is provided
below:

 

 Country       Project           Stage
 Madagascar    Sahamamy          Production paused: 18,000tpa nameplate capacity
 Madagascar    Vatomina          In Production: 12,000tpa nameplate capacity
 Mozambique    Montepuez         100,000tpa permitted, construction-initiated
 Mozambique    Balama Central    58,000tpa permitted, development-ready

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  MSCBLGDBIXBDGUX