Tirupati Graphite Regulatory News (TGR)

03 October 2023

Tirupati Graphite plc

('Tirupati', 'TG' or the 'Company')

 

Directorate Change

 

 

Tirupati Graphite plc (TGR.L, TGRHF.OTCQX), the specialist graphite and graphene company developing sustainable new age materials, advises that Rajesh Kedia has resigned as Non-Executive Director of the Company, with immediate effect, to focus on other commitments.

 

The Board is currently in the advanced stages of the process to appoint a new director and will continue to look for suitable candidates for the near future.

 

The Board would like to thank Mr Kedia for his service to the Company and wish him well in his future endeavours.

 

Shishir Poddar, Executive Chairman, said:

 

"On behalf of the Board, we would like to thank Rajesh for his support over the past five years. His contributions in the Company's journey since our early days as an independent non-executive director and expertise as an investment banker have been instrumental in building our strategy and plans over the years.

 

"We are moving quickly to appoint new members on the Board and look forward to updating shareholders as these progress."

 

 

 

ENDS

 

For further information, please visit https://www.tirupatigraphite.co.uk/ or contact:

 

 

About Tirupati Graphite

 

Tirupati Graphite Plc is a specialist flake graphite company and places a special emphasis on "green" applications of flake graphite, including renewable energy, energy efficiency, energy storage and thermal management and is committed to ensuring its operations are sustainable as well. 

 

The Company's operations include primary mining and processing in Madagascar, where the Company operates two key projects, Sahamamy and Vatomina. With the start of commercial production of its latest 18,000 tpa plant at Sahamamy in March 2023, it now has an installed capacity of 30,000 tpa high-quality flake graphite concentrate with up to 97% purity in Madagascar, planned to increase to 84,000 tpa as per the Company's modular medium-term development plan. 

 

On 1 April 2023 the Company completed the acquisition of Suni Resources SA, Mozambique, whose two main assets are (i) the Montepuez Project which holds the mining licence over an area of 3,667 hectares with JORC 2012 defined reserves & resources of almost 120 million tonnes; plus (ii) the Balama Central Project, which has a mining license over 1,543 hectares with JORC 2012 defined mineral reserves and resources of 33 million tonnes. Both projects have licenses permitting build out to an annual production of 100,000 and 58,000 tons of flake graphite respectively.

 

TG believes that the addition of these projects provides the Company with sufficient resources to achieve its ambition of satisfying 8% of the estimated global flake graphite demand - of around 5 million tons per annum - by 2030.