Temporary suspension of listing
1 August 2023
Tirupati Graphite plc
('Tirupati', 'TG' or the 'Company')
Suspension of listing pending publication of Annual Financial Report
Tirupati Graphite plc, the specialist graphite producer and a supplier of critical minerals for the green transition economy provides the following update in relation to the publication of its Annual Financial Report ("Annual Report").
The Company was required to publish its Annual Report for the financial year ending 31 March 2023 by 31 July 2023. However, the Company's auditors requested additional time beyond the originally planned timetable to complete their audit.
As a result, at the Company's request, the listing of the Company's ordinary shares on the Main Market of the London Stock Exchange will be suspended with effect from 7.30 a.m. on 1 August 2023 pending publication of the 2023 Annual Report.
For further information, please visit https://www.tirupatigraphite.co.uk/ or contact:
Tirupati Graphite Plc
Puruvi Poddar - Chief of Corporate & Business Development
+44 (0) 20 39849894
Optiva Securities Limited (Broker)
Ben Maitland - Corporate Finance
Robert Emmet - Corporate Broking
+44 (0) 20 3034 2707
+44 (0) 20 3981 4173
FTI Consulting (Financial PR)
Ben Brewerton / Nick Hennis / Lucy Wigney
+44 (0) 20 3727 1000
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 3rd 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.