Tirupati Graphite is making rapid strides in ramping up production at its Vatomina graphite project in Madagascar, setting ambitious targets for the months ahead. The company remains on course to achieve a monthly production rate of 600 tonnes by April, increasing to 1,000 tonnes by the end of July and reaching 1,500 tonnes per month by December.
February marked the project’s best production month in over a year, delivering 375 tonnes of flake graphite concentrate at purities of up to 96%. The company successfully shipped 100 tonnes of finished product to customers at the end of the month, with a further 280 tonnes awaiting shipment from the Port of Tamatave in early March.
To support its expansion, Tirupati has begun relocating two pre-concentration units from its Sahamamy project to Vatomina. This strategic move will further boost output within two months, reinforcing the company’s commitment to scaling operations. The order book remains strong, with 5,780 tonnes of secured orders for deliveries stretching through March 2025 at an average sales price of $940 per tonne. Demand for Tirupati’s high-quality graphite continues to grow, attracting multiple long-term buyers.
The company is also implementing a new quality control process to enhance production reliability. Additionally, all shipments pre-paid by customers in 2024 are expected to be completed by April, after which all sales will contribute directly to cash flow. Chairperson Mark Rollins has expressed confidence in the company’s progress, particularly since production restarted at Vatomina on February 1. He remains optimistic that new management practices will further improve operational efficiency.
Strengthening Financial Position
Following recent challenges, including the departure of the previous CEO and issues with financial access, Tirupati is reconstructing its accounting records and implementing a new financial system. This will enable the company to publish its financial results for the year ended March 31, 2024, along with interim results for the six months ending September 30, 2024, by April.
With ongoing internal restructuring, Tirupati terminated co-CEO Shishir Poddar on February 19 amid an ongoing misconduct investigation. Anthony James Nieuwenhuys has since been appointed as sole CEO, alongside key senior executive changes to enhance governance and operational oversight.
Despite its shares remaining suspended on the London Stock Exchange pending financial reporting completion, Tirupati aims to resume trading by the end of April. Meanwhile, the company has received commitments of £1.74 million for zero-coupon convertible notes, which are set to convert to ordinary shares at a price of £0.05 per share upon approval. Following this, Tirupati plans an additional share placement to support corporate growth and working capital needs.
Rollins acknowledges the financial challenges but remains focused on positioning Tirupati as a major player in the graphite sector. With evolving market dynamics and rising demand from industrial and energy transition sectors, the company is actively fortifying its foundation for long-term success.
Tirupati Graphite PLC (LON:TGR) is a fully integrated specialist graphite and graphene producer, with operations in Madagascar and Mozambique. The Company is delivering on this strategy by being fully integrated from mine to graphene. Its global multi-location operations include primary mining and processing in Madagascar, hi-tech graphite processing in India to produce specialty graphite, and a state-of-art graphene and technology R&D center to be established in India.
