REG - Tirupati Graphite - Madagascar Exploration Update

Tirupati GraphiteAnnouncement

11/03/2024 07:00

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RNS Number : 2479G  Tirupati Graphite PLC  11 March 2024

 

11 March 2024

Tirupati Graphite plc

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

 

Madagascar Exploration Update

 

Tirupati Graphite plc (TGR.L, TGRHF.OTCQX), the specialist flake graphite
company and supplier of the critical mineral for the global energy transition,
is pleased to announce the completion of its exploration and resource drilling
programme at its two Madagascan flake graphite projects.  An updated
Competent Persons Report ("CPR") is now being prepared by SRK Consulting and
is expected to be published in the near term.

 

Exploration Programme Overview

 

·    Completed c.5,000 metres of diamond core drilling, 26,000 metres of
auger drilling and 360 running metres of six to eight metres depth trenching
across the two projects as detailed in the table below:

 

 Exploration activities executed after 2020 CPR

 Activity               Location  Number  Meterage                           Assays
                        Meters            Graphite Intercepts
 Diamond Core Drilling  Vatomina  85      4018.26              889,35        1307
 Diamond Core Drilling  Sahamamy  28      803.1                191.39        52
 Manual Auger Drill     Vatomina  1677    15093                4131          788
 Manual Auger Drill     Sahamamy  1543    11066                626           452
 Trenching              Vatomina  42      167.76               84.59         26
 Trenching              Sahamamy  62      192                  Data under compilation

 

·    Drilling was undertaken using the Company's fully owned equipment -
two diamond core drilling rigs, auger facilities and earthmoving machinery,
used for developing access to exploration locations and trench cutting.

 

SRK Consulting is now working to produce an updated CPR under JORC Code 2012
to update their existing 2020 report. SRK's leadership team is currently on
the ground for their customary project visit and work continues towards
completion of the updated CPR with the SRK Consulting team targeting release
in due course.

 

For reference, the JORC Code 2012 resources published under the 2020 CPR
across the Company's Vatomina and Sahamamy Projects are as below:

 

SRK Mineral Resource Statement Vatomina Graphite Project, Madagascar, in
accordance with the JORC Code (2012) as of 31 December 2019

 

 Resource Category       Quantity  Grade
                         (Mt)      (GC%)
 Measured                -         -
 Indicated               3.2       4.3
 Inferred                15.2      4.7
 Total Mineral Resource  18.4      4.6

 

SRK Mineral Resource Statement Sahamamy Graphite Project, Madagascar, in
accordance with the JORC Code (2012) as of 31 December 2019

 

 Resource Category       Quantity  Grade
                         (Mt)      (GC%)
 Measured                -         -
 Indicated               1.4       4.1
 Inferred                5.7       4.2
 Total Mineral Resource  7.1       4.2

 

Shishir Poddar, Executive Chairman, said:

 

"We are extremely pleased with the extensive exploration activities conducted
by our team  alongside development and operations. We expect the updated CPR
to show a material increase in our resource numbers underlining the long-term
potential of our currently operating and expanded projects in Madagascar. We
look forward to releasing the updated CPR as soon as it is available, another
activity which aligns with our goal to become the leading ex-China source of
natural flake graphite contributing to the energy transition economy."

 

"It is significant to note that the completion of current exploration phase
reduces our cash use towards exploration and the team and our resources will
be further focussed on achieving our goal of achieving EBDITA positive results
at the corporate level in the immediate term.

 

ENDS

 

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

 

 Tirupati Graphite Plc

 Puruvi Poddar - Joint Managing Director     admin@tirupatigraphite.co.uk

                                             +44 (0) 20 39849894
 Optiva Securities Limited (Broker)

 Ben Maitland - Corporate Finance            +44 (0) 20 3034 2707

 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. 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 30,000 tpa of currently installed capacity, producing 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.

 

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