Transaction Update – Variation of Long Stop Date
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 which is part of UK law by virtue of the European Union (Withdrawal) Act 2018. Upon the publication of this announcement this information is considered to be in the public domain.
Thursday 28 April 2022
Tirupati Graphite plc ('Tirupati' or the 'Company')
Transaction Update - Variation of Long Stop Date
Tirupati Graphite plc (TGR.L, TGRHF.OTCQX), the specialist graphite and graphene company developing sustainable new age materials, announces the following update to its agreement to acquire the entire issued share capital of Suni Resources SA from Battery Minerals Limited as announced on 17 August 2021. The acquisition of Suni Resources will mean that Tirupati will hold the advanced Montepuez and Balama Central graphite projects in Mozambique, alongside associated technical intellectual property related to the assets.
To facilitate the receipt of all necessary Mozambique government approvals for the transaction, all parties have agreed for the Long Stop Date for the transaction to be extended by three months to 29 July 2022, with further extensions possible if required.
The completion of the acquisition is pending regulatory approval and all supporting documentation has been submitted to Mozambique's Minister of Natural Resources and Energy.
Further information is available in Battery Minerals Limited's stock market announcement made earlier today for the Australian market.
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 / Kelly Smith
+44 (0) 20 3727 1000
About Tirupati Graphite
Tirupati Graphite Plc is the specialist graphite and graphene company developing sustainable new age materials. With a unique set of properties, graphite has diverse applications with multiple growth streams and graphene forms the new generation of 2D and advanced materials. The Company places a special emphasis on "green" applications, including renewable energy and energy efficiency, energy storage, thermal management, and advanced materials development, 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; 12,000 tpa installed capacity of high-quality flake graphite concentrate with up to 96% purity is currently being produced and sold to customers globally, planned to increase to 84,000 tpa by end 2024 as per the Company's modular medium-term development plan.
In India, through Tirupati Speciality Graphite Private Limited ('TSG'), with whom the Company has a binding acquisition agreement subject to regulatory approvals, Tirupati is developing a suite of speciality graphite for use in hi-tech applications like lithium-ion batteries, fire retardants, thermal management, and composites. Its current operations include the 1,200 tpa Patalganga Project, focused on manufacturing the Company's trademarked expandable graphite products CARBOFLAMEX® and GrafEN 45545™. TSG is further expanding the Patalganga Project to 4,800 tpa and developing the 30,000 tpa specialty graphite project in two 15,000 tpa modules which will include capabilities to manufacture high-purity, expandable, micronized and spherical graphite and using its unique green processing technologies for the manufacturing of these advanced materials.
TSG has also established and continues to develop the Tirupati Graphene and Mintech Research Centre, a state-of-the-art R&D centre focussed on manufacturing graphene, developing its applications and advanced materials using graphene, and further providing environmentally friendly technologies consultancy for mineral processing.