Tirupati Graphite is demonstrating resilience and strategic foresight, maintaining its ambitious growth trajectory despite a temporary production shortfall in March. The company’s proactive measures and robust planning underscore its commitment to becoming a leading player in the global graphite market.
In March 2025, Tirupati Graphite’s Vatomina project in Madagascar produced 388 metric tons of flake graphite concentrate, slightly below expectations due to plant shutdowns and lower ore grades. However, the company has swiftly addressed these challenges by recommencing grade control and mine planning drilling, which have already yielded promising results indicating higher ore grades. This proactive approach is expected to enhance daily production rates to approximately 25 tons per day, aligning with the company’s production targets.
To further bolster production, Tirupati is relocating two Pre-Concentration Units (PCUs) from its Sahamamy project to Vatomina, with installation scheduled for April. These additions are anticipated to support the company’s goal of achieving a production rate of 1,000 MT per month by July 2025 and 1,500 MT per month by December 2025. The company’s commitment to these targets reflects its strategic planning and operational efficiency.
Financially, Tirupati has made significant strides by securing over £2.5 million through the issuance of 2025 Convertible Loan Notes, surpassing its initial target. The terms of these notes have been revised to a conversion price of 3.75 pence per ordinary share, making them more attractive to investors. Additionally, discussions are underway to extend the maturity date of the £1.8 million 2022 Convertible Notes by one year, with adjusted conversion prices and interest terms.
The company has also resumed the audit of its financial statements for the year ended 31 March 2024, following the implementation of a new accounting system after previous disruptions. This progress is crucial for the anticipated resumption of trading of Tirupati’s shares on the London Stock Exchange, which is expected by late April 2025.
On the sales front, Tirupati has reported strong interest from customers across all product grades. As of 31 March 2025, only 220 MTs of legacy prepaid orders remain outstanding, with production and incurred costs for these orders expected to be completed by mid-April. From that point onward, all sales will contribute to current cash flows, enhancing the company’s financial position.
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.
