REG - Tirupati Graphite - Offtake Progress

Tirupati GraphiteAnnouncement

04/11/2025 13:45

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RNS Number : 1502G  Tirupati Graphite PLC  04 November 2025

4 November 2025

Tirupati Graphite plc

('Tirupati' or the 'Company')

Offtake Process

 

Tirupati Graphite plc (TGR.L), the specialist flake graphite company and
supplier of the critical mineral for the global energy transition, is pleased
to announce advanced progress in an ongoing offtake supply process.

 

Overview

 

·    Following the restructure of management of the Company in early 2025,
management set about restoring and repairing relationships with existing and
prospective large scale, international customers across various industries.

·    Whereby, as the Company progressed its 2025 turnaround strategy
focused on the Vatomina flake graphite mine in Madagascar, implemented
improved governance standards, and has since affirmed its commitment to being
a responsible supplier of the critical mineral, flake graphite, from its
production assets, work and discussions for offtake(s) arrangements with
leading consumers have been advanced.

·    The Board is pleased to advise it has been notified that the Group's
Madagascar flake graphite from its Vatomina mine has successfully passed
significant qualification test-work and is now entering a final stage with a
leading international supplier of anode materials.

·    Discussions with a leading end-user will now advance onto commercial
term deliberations following the level of qualification success achieved.

·    The Company remains engaged with multiple potential offtakers for
formalising additional offtake arrangements from its current and future
projects.

 

 

Additional Information

 

·    Recognition of the importance of graphite in natural flake and
synthetic form continues to grow for its role in energy storage systems,
notably including electric vehicle batteries for its requirement in active
anode material ("AAM").

·    It is widely known and understood that to date the flake graphite
industry, including primary production and value-added downstream
capabilities, are dominated by China.

·    In recent weeks and months, export restrictions of AAM products have
been implemented in China, and various nations and consumers have taken
significant steps to diversify sources of supply as demand from energy
transition & storage segments is set to grow greatly into the next decade.

·    The Company operates the in-production Vatomina flake graphite mine,
and also has the nearby, low-cost, Sahamamy flake graphite mine on care and
maintenance, pending re-development and operational restart, targeted within
the next two years.

·    Combined, the two mines would produce up to 18,000 tons per annum of
flake graphite material of the standard international flake graphite grade
used in Lithium-ion batteries, from a combined nameplate production of 36,000
tons per annum.

·    The Vatomina mine represents a current source of c.9,000 tons per
annum for potential consumers of this battery-grade flake graphite.

·    The Company has been approached by multiple prospective consumers in
the year to date seeking to source volumes of battery-grade graphite
surpassing the production potential of this grade projected from across its
Madagascar mines beyond the next two years.

·    The Board notes the same battery-grade flake graphite material is
available from its construction-initiated Montepuez flake graphite mine in
Mozambique, subject to its development being completed. The volume available
of this battery-grade graphite material from future production at the
Montepuez mine, according to earlier completed definitive feasibility studies
that envisaged a 100,000 ton per annum operation, and for which the project is
permitted, would be equivalent to approximately 50,000 tons per annum.

 

 

Whilst work and discussions are advancing, there is no certainty that
commercial arrangements will be concluded.

 

 Arun Somani, Chief Executive Officer of Tirupati Graphite Plc, commented:

"We continue to work with prospective partners towards realising the
potential of our graphite asset portfolio. Today's announcement represents a
major milestone, and further updates will follow in due course."

 

 

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
potential combined final nameplate production capacity of 36,000tpa, subject
to ongoing work at Vatomina, and redevelopment of Sahamamy, currently on care
and maintenance. 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.

 

 

 Region / Project             Status                                   Planned / Potential Production Capacity (tpa)  Notes
 Vatomina (Madagascar)        Operating; ramp-up phase                 18,000                                         Primary producing asset, targeting nameplate by early 2026

 Sahamamy (Madagascar)        Care & maintenance; planned restart      18,000                                         Restart under evaluation; low-cost expansion leveraging existing
                                                                                                                      infrastructure & hydropower

 Madagascar Subtotal                                                   ≈36,000                                        Combined near-term production platform

 Montepuez (Mozambique)       Permitted, advanced project              100,000                                        High-grade, large-flake resource; feasibility studies complete

 Balama Central (Mozambique)  Permitted, advanced project              58,000                                         High-grade resource; complementary flake size distribution

 Mozambique Subtotal                                                   ≈158,000                                       Longer-term expansion pipeline

 Group Total Potential                                                 >190,000                                       Longer term fully developed portfolio potential across both jurisdictions

 

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