REG - Tirupati Graphite - Board Restructuring

Tirupati GraphiteAnnouncement

11/12/2024 11:45

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RNS Number : 7160P  Tirupati Graphite PLC  11 December 2024

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.

 

 

11 December 2024

Tirupati Graphite plc

 

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

 

Board Restructuring

 

Tirupati Graphite plc (TGR.L, TGRHF.OTCQX), the specialist flake graphite
company and producer of this critical mineral for the global energy
transition, announces a significant restructuring of its Board of Directors
pursuant to the Board restructuring plan communicated by the Company:

Board Restructuring

 

The Company has appointed Christian St. John-Dennis, Murat Dogan Erden
and Anthony James Nieuwenhuys as Non-Executive Directors, effective
immediately.

This strategic move will enhance the corporate governance of the Company and
strengthen the Company's leadership. Furthermore, it supports the Company's
critical priorities, including the ongoing audit process, securing funding,
and resolving the current trading suspension. Further details about the
appointments are as below:

 

 1.        Anthony James Nieuwenhuys: An experienced CEO of listed mining companies, with
           deep expertise in operational leadership and corporate governance. Mr
           Nieuwenhuys is currently a director and CEO of TSX listed Zeb Nickel Corp and
           Kopanag Gold Empowerment company, having previously been a director of AIM
           listed Eurasia Mining PLC.
 2.        Murat Dogan Erden: A seasoned CFO with extensive experience in debt &
           capital markets, governance, and financial strategy, and an FCA-approved
           Non-Executive Director and Chairman in private equity, specialising in
           sustainable strategies in Africa. Mr. Erden is currently a director of Arch
           Emerging Markets Partners Limited. Mr. Erden was previously a Non-Executive
           Director of the Company from October 2023 to March 2024.
 3.        Christian St.John-Dennis: A recognised Corporate Broker, Mr. Dennis is the
           CEO of Optiva Securities Limited, a FCA regulated Broker in London. Mr.
           Dennis is currently also a Director of Hoxton Spirits Limited. Mr.
           Dennis was previously a Non-Executive Director of the
           Company from April 2017 to July 2023.

Simultaneously, Puruvi Poddar has resigned from her position as a Director
on the Board. Puruvi will continue to contribute to Tirupati's growth in her
capacity as Chief of Corporate & Business Development, where she will
focus on advancing the Company's strategic and commercial initiatives.

The Company has also further identified and is progressing discussions with
potential CFO candidates and Independent Non-Executive Director preferably
with experience of chairing The Audit Committee. The restructured Board will
be working to finalise these together with a planned fundraising as part of
its initial agenda.

Commenting on the restructuring, Michael Lynch Bell, Non-Executive Chairman
of Tirupati, said:

"The decision to restructure the Board stems from our commitment to strengthen
the Board and support Tirupati's financing needs. Once completed we will
concentrate on our growth agenda.

I would like to welcome Christian, Murat and James, who bring a breadth of
expertise, to our Board.

We are also grateful to Puruvi for her invaluable contributions as a Board
Director and are pleased that she will continue to lead our strategic
initiatives as Chief of Corporate & Business Development."

 

 ENDS

 

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

 

 Tirupati Graphite Plc                                                 admin@tirupatigraphite.co.uk

 Puruvi Poddar - Chief of Corporate & Business Development           +44 (0) 20 39849894
 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

 

 

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