Madagascar Exploration Update

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/ or contact:

Tirupati Graphite Plc Puruvi Poddar - Joint Managing Director	[e-mail] [phone]
Optiva Securities Limited (Broker) Ben Maitland - Corporate Finance	[phone]
FTI Consulting (Financial PR) Ben Brewerton / Nick Hennis / Lucy Wigney	[phone] [e-mail]

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.

 

END