REG - Tirupati Graphite - Termination of co-CEO

Tirupati GraphiteAnnouncement

19/02/2025 07:00

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20250219:nRSS5929Xa&default-theme=true

RNS Number : 5929X  Tirupati Graphite PLC  19 February 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.

 

 

19 February 2025

Tirupati Graphite plc

 

('Tirupati', or the 'Company' and together with its subsidiaries, the "Group")

 

Termination of co-CEO

 

 

Tirupati Graphite plc (TGR.L), the specialist flake graphite company and
producer of this critical mineral for the global energy transition, announces
that it has terminated the role of Shishir Poddar as co-CEO, with immediate
effect.

 

The Company reserves its right to continue its investigations into all
allegations it has received to date, which may result in further remedial or
legal actions (see 15 January 2025 RNS).

 

Anthony James Nieuwenhuys will assume the role of sole CEO and lead the
Company during the next phase of its development. He is currently in
Madagascar on his second site visit overseeing the continued ramp up of the
restarted production operations at Vatomina and liaising with the ground team,
suppliers and officials.

 

Mark Rollins, Executive Chairman of Tirupati Graphite commented:

 

"I very much look forward to continuing the journey of renewal of our Company,
with the new team and clear leadership of James as CEO. We are well positioned
to take advantage of the favourable market conditions for graphite and further
develop our Company to become one of the leading companies in the sector."

 

 

 

ENDS

 

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

 

 Tirupati Graphite Plc                          

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

 Alastair Bath - Investor Relations            ir@tirupati.co.uk

                                               +44 7356 057 265
 CMC Markets UK Plc (Broker)

 Douglas Crippen                               +44 (0)20 3003 8632
 FTI Consulting (Financial PR)                 +44 (0) 20 3727 1000

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

 

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 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 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          Production paused: 18,000 tpa nameplate capacity
 Madagascar    Vatomina          In Production: 12,000 tpa nameplate capacity
 Mozambique    Montepuez         100,000 tpa permitted, construction-initiated. Currently in Force Majeure
 Mozambique    Balama Central    58,000 tpa permitted, development-ready. Currently in Force Majeure

 

 

 

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  MSCGPUGPPUPAGRR