Member Info for Glengarth

Really good news, well done to the team and very happy to see Ghana taking this approach!

Love a management team so aligned with their company and project - buying £900,000 at a price nearly 40% higher than the current market price indicates a strong prospect for the company and I think no one would know the prospects of the company better than it's Management team, in this case, Len. Hats off to him!

GLA

Nicely said HarChris - good points from what sounds like another patient investor who perhaps appreciates that Graphite is not a simple commodity like oil or gold or even copper - hence the term 'specialty' commodity, but which TGR is building a lead over most of the pack now.

Agree it's been a slightly bumpy ride for various reasons, but the company is now in an enviable position. I will add more if I get the chance as it looks as though ramp up is well underway thanks to those prepayments (hard to overstate their importance and significance based on what the RNS actually said) and which will likely result in a majorly upgraded operational and financial profile if the minimum monthly 2,000MT a month of production and sales is met. Will result in some great trading numbers growth again for FY24 vs F23 imo.

Looking forward to the next updates on production progress etc

GLA

Some sensible posts imo, apart from a couple usual ones...(or are they all the same person ;)

First time i've seen a holder say they don't want this downstream acquisition, Skeletor - interesting.

I think it’s majorly important for the Company to have focussed on what it has focussed on as its 2 main priorities - the noise of Gaisan + merry band suggests they lack care about shareholder value (that they were furious about TGR avoiding equity dilution and instead securing the major $1m in prepayments says a lot I think, alluded to as well by HarChris), and a lack willingness to engage constructively with the delays caused by the weather in early 2022 - notice again the tone of Gaisan’s posts today.

The position TGR will be in following the ramp up is much stronger than it has been before now clearly, and getting to that point will have been very hard work on such a little budget - another credit to the team.

The RNS today goes some way to reassure investors imo, but I am supportive of Skeletor's message - and Andii's - that it is about timing and i'm glad TGR is about to have probably the second largest operation of a listed Graphite company outside of China - certainly the strongest performing one financially based on the numbers from previous results if the ramp up is successful over this and the next quarter onwards...a strong foundation allows TGR to go even further imo.

The time to make money in the future is now for TGR's business imo - building market share while SYR is flailing, and others are struggling to finance their projects because they don't have the necessary management experience or the customer pipeline in place, all unlike TGR has and appears to be building on. I'm glad the downstream component is being carefully considered here - I noticed there was also quite a definitive point made in the RNS, not mentioned by the merry band yet, but that was used as a pillar for their allegations and accusations...

DYOR, GLA.

Great news! After this had slipped a bit this is exactly what we needed - well done to ALL and PLL

Well said HarChris.

Gaisan talks about Pranagraf and the downstream as if it is an unknown aspect but the Company mentioned it in its Annual Report multiple times, including about its name change. On page 15 of the Annual Report it stated following the 30,000tpa capacity expansion completion and completion of the Suni Resources Acquisition:

"We are happy to report that achieving this as the main priority during the period, the Company is on a better and stronger foothold from which to pursue its downstream strategy, extend its potential product offering, and market itself and its products better by demonstrating itself to be a reliable and successful supplier of scale to industry and the wider market."

I'd rather take the word of the team responsible for building ex-China's lowest cost, lowest-capital intensive, Graphite producer than any other on the best strategy for developing the Graphite operations and business.

I've made Shishir aware of my concerns if and when they have arisen since Dec 2020, and likewise given him praise where it's been due, and there has been plenty. I'm a long term shareholder - the Company has been listed for under 3 years - the blink of an eye for any serious natural resources company. In spite of all you say Gaisan, the Company is hitting its stride now with the means to ramp up to its stated targets in Q3 - it only adds to my curiosity as to why these concerns are being raised at this moment in time, as others have also raised - seems bizarre as the Company is sounding its most confident in a while and looking well funded. Strange why you and these other "shareholders who want the price to go up" only seem to bash the company's efforts, and think they know better to such an extent that you and they make entirely baseless claims like yours and their claim the equity market was unavailable to TGR - have you seen the absolute state of some of the fundraising activity in the junior segments of the London market in the last 6-9 months? Why are you so angry the company avoided an equity raise?

This group consisting of Gaisan and co. also don’t mention the wider effect of recent market conditions on Graphite companies and early stage miners - just look at the share prices of Syrah Resources, Nouveau Monde Graphite, Renascor resources etc.

Non-dilutive funding like the US$ 1 million pre-payments are a breath of fresh air in this market when the outcome is that Company will grow without dilution as a result, and when lazier, less aligned, managements would have just raised at a massive discount.

Finally Gaisan - from your last post: "Listen to some of the people who know what is really going on" - what do you mean by this? Anonymity is one thing but making veiled threats under that anonymity to other shareholders is another.

Yes indeed CVN!

Exactly HarChris - definitive terms have been used by these people - and even the poster below admits there is no proof - it’s all part of the campaign they are running, to what end is yet to be seen, but I think RichPixie’s post was quite revealing, and some individual self interest is on display.

Damage is being done to all the interests of shareholders by these people throwing accusations around just to raise their profiles - and if proven wrong by TGR, I expect shareholders will take action against this merry band who are acting as they are - lying is unethical and unprofessional - short sellers and attackers should not get away with baseless accusations (if indeed baseless)!

In the meanwhile if TGR hits the targets it has stated with the cash it now has (thanks to non-dilutive funding these same “supporters” reject as beneficial - why would they have preferred an equity raise, ask yourself that!) then I expect this group’s clamouring to only reach a cresencdo as they will become desperate to cause trouble, made harder by further progress and success of the company they seem to be trying to stop

GLA, many eyes on this now

Hi Andii,

It seems part of this group's strategy to talk down the company, and make claims as they have done like this in public to whip up a frenzy - you just have to think what their end game is, I don't seen anything positive spoken about here or elsewhere by the group. So far, the group appears to include: Natemc (there was a poster called Nate-PI, perhaps the same?), gaisan, possibly tomorrowtoday, Ninja-PE - a merry band.

I would like to know to what end they think they could improve upon the TGR team’s achievements to date - what on earth do they think they can do better at than the TGR team when it comes to Graphite? Compare TGR’s progress with all the other ex-China Graphite companies…..And I think it's precisely because TGR has a strong chance of becoming ex-China's first profitable listed company that they are making these noises now.

Just saw RichPixie’s post below - on the board etc, Shishir stated in his DT interview that now the company is at this stage he is looking at expanding the team. As a long-term shareholder since Dec 2020 as well RichPixie, I think we can agree this is probably a natural course for the company given its growth. To date the company has maintained strict cost discipline - having a fancy board doesn’t automatically mean you do better in the market - just look again at other companies who have large and EXPENSIVE boards that fail to achieve their goals - for many, these NED positions are just a way to extract value for themselves, so it’s important the Company does find the RIGHT people who understand Graphite and the specialty commodity industry, think we can agree on that - but the company must not rush it, must get it right.

They are very specific calls, perhaps one can assume RichPixie is part of the merry band too ;).

If the claims made by this group alluding to impropriety are shown to be false and have damaged value for all other shareholders then….

Largest, lowest cost listed producer outside China* (apart from Syrah but Syrah has its own massive problems)

As a long term investor since December 2020 it’s interesting to note what appears to be co-ordination among posters and some of the claims being made here today.

Hopefully the company can clarify - if false accusations are being made I hope corrective action can be taken against those making them. Saw similar attacks recently against Atlantic Lithium by a short seller arguing their Mining concessions had been gained in a suspect manner which turned out to be completely false but of course the short seller got away with it and the share continues its slow recovery.

Here, they’ve successfully built the largest, lowest cost Graphite producer outside China, no easy feat!, and upon reading they have referred to the downstream in their Annual Report multiple times (worth reading!).

As I said, interested to see where this goes as it is a significant investment for me, and unfortunate to see this attack by other supposed supporters, but holding strong as the company’s operations are seemingly on the up.

GLA

Interesting comments today and recently

Certainly some out there trying something, likely including some of the posters here. Interested to see how this plays out.

For now I suppose we look at the position of the company and can be happy they have avoided dilutive measures to obtain the necessary finance we need for the ramp up in the form of major prepayments - big relief if they hit those targets stated this week - company transforms itself at those target levels. Fingers crossed.

Oil seems to have maintained, if not gained quite sustained strength since the Azule deal landed - if it stays above $85 during the remainder of this quarter could be looking very very good

Also Andii, the RNS states "Notably, the Company already has sufficient finished product inventory required to ensure it satisfies customer requirements in a timely manner..." - so the cost of production for some of the material for these orders is already absorbed = more money available for the ramp up

Yes Gallmat - and all of that is evidently coming, see end of the long form interview last week - talks about expanding the team etc now the company is reaching a vital point. It's all been about cost discipline to date - pretty much all the companies ex-China with fancy boards etc - and massive overheads - have not extracted or sold a single kg after years of promises.

Great thing the Company has developed itself as the leading low-cost producer with great margins, allows for prepayments like this with slight discounts that don't impact the bottom line too much!

Also this line:

· These orders represent c.15% of the quantum of sales the Company expects to make over the six-month period.

- So $7m booked for next 6 months - huge growth?

Outcomes for the Company

· Significant cash-injection into the Company, allowing it to proceed with its ramp-up of production in Madagascar while the Company earns growing sales proceeds each month.

· Smoothing of working capital cash-flows by providing cash instantly for operations, will allow the Company to operate at higher production and utilization rates to help drive stronger sales growth.

· Cash-receipts from larger monthly sales are set to be received in a waterfall manner of growing receipts as a result of their payment periods.

· The Company's ability to grow its market share faster in respect of the supply of natural Graphite should also be enhanced as it becomes a more visible partner of choice for customers.

· The Company's graphite products are entering more supply chains associated with the decarbonisation of the global economy, enhancing the visibility and recognition of the Company's Sustainability strategy and the emphasis the Company has placed on lowering the carbon footprints of its flake graphite.

Great dealmaking by TGR once again! And they've avoided equity dilution! Ramp-up well and truly underway!

GLA

Wow, finally, now that is a hell of an RNS:

https://www.londonstockexchange.com/news-article/TGR/tirupati-receives-prepayments/16077629

Going to be some burnt today for sure after that:

Tirupati Receives Prepayments to Support Production Ramp-up

Shishir Poddar, Executive Chairman, said:

"Today marks a significant milestone in Tirupati's journey and reflects a step up in the Company's financial and operating profile.

"Since we completed the significant expansion at our Madagascan operations, increasing our production capacity to 30,000tpa, we have been advancing discussions with multiple new customers, leveraging our decades of experience in the Graphite industry, to ensure they recognise Tirupati's scale and position as a leading provider of natural graphite outside of China.

"The prepayments announced today will significantly support our working capital requirements and provide suppliers and customers with confidence allowing us to maintain a strong pipeline of business."

Highlights

· Tirupati's preference has been to meet its working capital needs for ramping up of operations through non-dilutive arrangements.

· The Company has now successfully closed deals with certain existing clients in the United States and Europe with 100% upfront prepayment for orders placed.

· As a result, the Company has received c.US$ 1 million net of prepayment.

· The orders are to be shipped over a six-month period.

· These orders represent c.15% of the quantum of sales the Company expects to make over the six-month period.

· A discount of between 7 - 15% has been applied to the price in return for the pre-payments and which also reflects recent market price softening.

· The Company continues to ship goods to its other customers alongside and to realise proceeds thereof as per terms agreed with the respective buyers.

· The current average realisation period from shipment for the Company's other clients varies between 30 to 45 days.

· Accordingly, the Company expects to receive sufficient cash proceeds from its sales going forward to maintain the growth trajectory of its production and sales.

· The Company will use the funds to bridge gaps in cash requirements for ramping up its production and sales with targets as announced in RNS dated 8 August 2023.

· Going forward the Company will continue to focus on strengthening its cash position through other non-dilutive opportunities.

· Notably, the Company already has sufficient finished product inventory required to ensure it satisfies customer requirements in a timely manner, and also to allow the Company to take the benefits of the spot market and further business development purposes as we ramp up production.

Tbc

Surprised as well - but we just require some patience - Dale and his team know what they are sitting on and have done for a long time. Portugal will do very well out of it and has the opportunity to play a central role in the decarbonisation of Europe - exciting times imo, if a little tedious at times!

I think even more poignantly, without the structure and entrepreneurial drive behind TGR the projects would not have got off the ground! just look at how hard all the other would-be developers are finding it, years and years of delays and not a kg sold.

Within 3 years of listing capacity is now 30,000tpa an increase by a factor of 10X and resource of the company is now >12million tonnes, an increase by a factor of 12X.

TGR seems to be nearly profitable - (I don't think Syrah resources has had an operating profit for years, whereas TGR has since almost its start) - and no other listed graphite producers outside China are anywhere close.

Gross margins are excellent at just under 50%

First mover advantages, market share winning etc all included. 2022 was an unlucky year as is well documented that caused a setback, as is well documented, but the company innovated and now has an even more streamlined and efficient producing operating in Madagascar as a result - not bad! but of course the mud continues to be slung.

GLA

It's almost like they're entrepreneurs!

How large was MZ's shareholding of facebook in its infancy? how much was he paid? UK market appetite must improve for growth businesses and we know the downstream is being evaluated following the focus that was required on the primary side which is running along nicely though!

Page 15 of the Annual Report "We are happy to report that achieving this as the main priority during the period, the Company is on a better

and stronger foothold from which to pursue its downstream strategy, extend its potential product offering, and market

itself and its products better by demonstrating itself to be a reliable and successful supplier of scale to industry and

the wider market."

Page 33 "A subcommittee of Independent NEDs of the Board was constituted by the Company in March 2022. It used independent advisors for evaluating the regulatory hurdles and possibilities. The Company is working on finding

appropriate solution for the business integration of the downstream business."

Page 40: "Having achieved its first two targets of reaching 30,000tpa capacity in Madagascar and completing the

acquisition of Suni Resources, The Company has at hand the task of progressing the downstream and

advanced materials business considering appropriate arrangements with TSG....The Company remains engaged for successful integration on the downstream and advanced materials space which would complement the company’s primary flake graphite business"

GLA