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Always good to remind customers and investors where TGR’s key strengths lie.

Also nice to see a healthy pullback today, which is needed if the shares are to push higher into the 30’s.

Timing is indeed everything. My first purchase was 90p just before the brief run up to ~150p; however I ended up holding all the way back down to a £1 before selling with a small profit. Kept a close eye on the company ever since and I only recently bought back in after the prepayment announcement. Managed to average down at the right time last week and now sitting with a 18p average.

Haven't sold any yet and won't think about doing so for the foreseeable future. The company is only just starting to churn out regular production and the current valuation (IMO) is still far below where it should be.

As one of the only ex-China miners that is actually producing and selling , TGR will be in hot demand given the recent news out of China.

Also, it feels to me like larger buyers have been accumulating over the past week. Every dip seems to be bought and upwards we continue to go. Would love to see a TR1 from a notable investment firm or strategic investor.

Not sure if it's a lack of confidence, but more that a lot of people bought this in the 12-13p range and are now taking some profits after the recent rally.

Hopefully we can settle here for a day or two and churn out most of those lower buyers. That should help to provide a new floor and allow the price to push higher into the mid-20's.

Good point re: the flake size Gallmat and this is why the recent acquisition was so important for TGR management.

They will need capital to build out Montepuez and Balama Central, so I would expect there would be interest from various parties (governments included) to assist with funding this.

This is only the beginning for TGR and it's all about managing the growth sensibly from here. As the business scales they will need more internal expertise and corporate governance, which I know is important for many current shareholders (including myself).

Genghis - the China news is a gamechanger.

They produce 90% of the worlds graphite and any disruption to that supply is major problem for companies that rely on the material. Hence the reason that every non-China based graphite company is suddenly in demand.

Anode and battery manufacturers need security of supply, and any ex-China producer will now be being courted for access to their production. TGR is therefore in the prime position to negotiate further prepayments (to secure access to product) or even strategic investment to increase their output (both in Madagascar & Mozambique).

Respectfully, you're mad if you don't think this has changed the landscape for non-China producers.

Thought this was a good post on Twitter - https://twitter.com/MHMembers/status/1716718822579646551

"I am looking forward to attending the @Tirupatiuk #TGR AGM this week and hearing more on funding options and the board’s plan for restoring confidence to a share that is completely dislocated from the underlying value of the assets and the progress the company has made. The #TGR Chairman took the non-traditional step of inviting individual investors to meet with him during his time in London a few weeks ago. I was one of those lucky enough to spend some more time discussing the business with him. His passion for the business and continued tenacity in growing without diluting shareholders is impressive and differentiated. The company continues to adjust its operations to achieve growth within its current means while exploring every available non-dilutive funding option to accelerate plans. There are many boards who would have continued to plough on and take the ‘easy’ option of a dilutive equity raise with no concern for shareholder value. We give the board credit for acting rationally and hope the AGM (and pre AGM presentation) goes some way to further addressing shareholder concerns."

Strong rise the past two days and I'm here for it. Glad I doubled my position when it was in the 13p range.

People will trade this on the way up (which is fair) but personally I'm holding for gold here. The market cap remains ridiculously low for the size of TGR's resource base and their future production potential. Plus this news re: China will have definitely got institutional buyers (and financiers) interested in TGR.

There much, much more to come in terms of the share price. In time, this will easily be into pound territory and beyond.

All IMO and GLA.

New corporate presentation up on the company website.

https://tirupatigraphite.co.uk/images/Corp%20PPT%201123%20FV.pptx.pdf

Agree with many of the comments here and I doubled my position yesterday. Feeling quite comfortable with the investment and believe the risk/reward is compelling at these levels.

The business is clearly ramping up production and has settled into a more steady rhythm, with healthy margins being maintained along with prices per tonne.

Crazy that the market cap is where it is, when the business is producing far more than this time last year. Obviously BAT selling has a lot to do with that, combined with the issues around the financials/temporary suspension, but from a production perspective the business is only now starting to hit its straps.

Even if they don't increase the yield with the new PCU's, they will still be on track for between 12k - 13k tonnes of production this year, which I believe is enough to generate profits for the period. If that is the case, these funds can be used for reinvestment into the business to fund organic growth.

They do need to improve their corporate communications but that should be a relatively easy fix. Seems like Shishir and the senior team have been so hands on with the mine that they haven't had the headspace to work on the corporate side of the business. Hopefully that improves now that production is more steady state.

Perfect thanks guys - very helpful!

Do we know what the flake size is that Syrah sells? I'd be cautious about assuming TGR can fetch higher prices than other producers, particularly in the current market where prices are down due to oversupply of synthetic graphite from China.

I'd say it's safer to assume somewhere around $600 per tonne for TGR currently, which is still a decent margin for the business given their low operating costs.

We will soon find out though and very much looking forward to the next update.

Agree HarChris - certainly a great opportunity for those with cash to start a position/top-up.

This BAT overhang won't last forever and it's a minor bump along the road for TGR shareholders. By this time next year, I do believe the SP will be multiples of where it is today.

BB - the reason the SP is so low is that Battery Minerals are selling their recently acquired shares. I've just read their latest annual report and they definitely need cash, so it doesn't surprise me that they are liquidating most of their holding.

Not much the Poddar's or any current shareholder can do about that. This is a thinly traded stock and a big seller will have an outsized effect on the price.

We just have to wait until they stop selling - either by choice or because they've run out of shares. Once that happens, we should see a swift snap back.

My view is that the Batt situation is a great opportunity for long term investors to build a position. They're only selling because they need the money for their own business, not because they don't believe in TGR's prospects. I watched the Battery Minerals presentation that was posted a few days ago, and the speaker (not sure if it was CEO or not) seemed quite bullish on TGR and their medium term prospects.

That doesn't mean they won't sell shares, but the recent drop is clearly a result of them needing cash for their own business.

The resignation of another NED does give me some pause for thought. Although sometimes board changes can be beneficial before the next phase of growth. Let's see how the new appointments look and (more importantly) how long they remain with TGR.

For what it's worth, I've topped up again over the last few days. Current average is 21.7p so I'm happy with that. Once TGR is selling through 30,000 tonnes per annum, I do believe the SP will be multiples of where it is today.

Near term cash remains a concern but the prepayments will have unlocked production in the short term. The VAT receivable from the Govt also shouldn't be far away.

GLA.

For me, it's hard to see any bid less than £10 being entertained. If the business was in a worse position in December and they rejected the Turkish bid, why would they sell for less than £10 now that things have stablised? It doesn't really make sense.

In terms of the trading update - it was largely in line with my expectations and it's good to see that the business can still turn a profit when the market had a weak quarter. Inventory is reducing, profitability is increasing, and cost efficiencies are being realised. Essentially, they are laying the foundation for sustainable growth once the market improves.

I don't think we should expect a material improvement in profits, cashflow, and net debt until the middle of FYE24. There's still a bunch of old stock to get through and Jose mentioned that P1 will still be affected by discounting. However, once this is cleared then the newness of the range can be improved (which should increase revenues) and the business can fully pivot to the new commercial model.

It also seems that the new products they're launching are selling through quickly - which means that the company still knows how to resonate with their target market.

All in all, I'm feeling good about my investment and will continue to enjoy the ride. It definitely won't be smooth sailing, but I do think the business is on the right track and there'll be an eventual re-rate north of £10 per share.

As PDS2023 has said, the majority of the put options expired out of the money and hence MA wasn't required to purchase shares. He didn't sell any of his 10.58% ordinary shareholding.

The puts make it seem like he owns 18.29%, when in fact he only goes to that level if the share price drops and the put holders exercise their options, therefore requiring MA to buy the agreed amount of shares off them.

Hi Gaisan - appreciate the feedback and your points are noted. Of course the company has room for improvement and I would also like to see more NED's and a full time CFO.

Am I right to assume you're running the #FreeTirupati Twitter account?

Thanks for the balanced post Crocqman.

Clearly no one likes to see the SP dropping day after day; however the volume is light and it seems to me that there is a motivated seller (perhaps the recently departed NED) who is driving the recent block sales.

There's no getting away from the fact that TGR need to deliver over the coming quarters; however filling the time in between with negativity doesn't really help anyone. I fully expect production and sales to continue increasing, and with that will come improving investor sentiment.

For me, the key is to monitor the graphite price and market demand for natural flake. This is particularly important given the rise of synthetic graphite production in China. Per the article below, this is forecast to dampen prices over the next few years but the long term trend is positive for ESG friendly natural graphite (sold to markets outside of China).

https://www.fastmarkets.com/insights/graphite-market-outlook-five-key-factors-to-watch

So the demand will be there and I don't foresee any issues with TGR selling through 100-200k tonnes per annum. How they fund that ramp up is another matter and I do expect a mix of debt and equity financing in due course.

Snkj68 - 100% agree with you.

There's zero chance the Poddar's try to take the company private. It doesn't make any sense for a growing business to cut off their access to the public market, particularly given how hard it is to list in the first place.

The SP isn't the business and the market can value the company however it wants based on current information and general sentiment. I know having a low valuation makes it harder (and more dilutive) to raise cash, but I don't think it's a valid reason for taking a business private.

The best thing the Poddars can do is continue ramping up production and sales, get some new non-exec directors, and finalise the acquisition of TSG. Those will certainly improve sentiment and get the SP moving north again.