11 March 2024
Tirupati Graphite plc
('Tirupati', 'TG' or
the 'Company')
Madagascar Exploration
Update
Tirupati Graphite plc (TGR.L,
TGRHF.OTCQX), the specialist flake graphite company and
supplier of the critical mineral for the global energy transition,
is pleased to announce the completion of its exploration and
resource drilling programme at its two Madagascan flake graphite
projects. An updated Competent Persons Report ("CPR") is now
being prepared by SRK Consulting and is expected to be published in
the near term.
Exploration
Programme Overview
·
Completed c.5,000 metres of diamond core drilling,
26,000 metres of auger drilling and 360 running metres of six to
eight metres depth trenching across the two projects as detailed in
the table below:
Exploration activities
executed after 2020 CPR
|
Activity
|
Location
|
Number
|
Meterage
|
|
Assays
|
Meters
|
Graphite
Intercepts
|
Diamond Core Drilling
|
Vatomina
|
85
|
4018.26
|
889,35
|
1307
|
Diamond Core Drilling
|
Sahamamy
|
28
|
803.1
|
191.39
|
52
|
Manual Auger Drill
|
Vatomina
|
1677
|
15093
|
4131
|
788
|
Manual Auger Drill
|
Sahamamy
|
1543
|
11066
|
626
|
452
|
Trenching
|
Vatomina
|
42
|
167.76
|
84.59
|
26
|
Trenching
|
Sahamamy
|
62
|
192
|
Data
under compilation
|
·
Drilling was undertaken using the Company's fully
owned equipment - two diamond core drilling rigs, auger facilities
and earthmoving machinery, used for developing access to
exploration locations and trench cutting.
SRK Consulting is now working to
produce an updated CPR under JORC Code 2012 to update their
existing 2020 report. SRK's leadership team is currently on the
ground for their customary project visit and work continues towards
completion of the updated CPR with the SRK Consulting team
targeting release in due course.
For reference, the JORC Code 2012
resources published under the 2020 CPR across the Company's
Vatomina and Sahamamy Projects are as below:
SRK
Mineral Resource Statement Vatomina Graphite Project, Madagascar,
in accordance with the JORC Code (2012) as of 31 December
2019
Resource Category
|
Quantity
|
Grade
|
|
(Mt)
|
(GC%)
|
Measured
|
-
|
-
|
Indicated
|
3.2
|
4.3
|
Inferred
|
15.2
|
4.7
|
Total Mineral Resource
|
18.4
|
4.6
|
SRK
Mineral Resource Statement Sahamamy Graphite Project, Madagascar,
in accordance with the JORC Code (2012) as of 31 December
2019
Resource Category
|
Quantity
|
Grade
|
|
(Mt)
|
(GC%)
|
Measured
|
-
|
-
|
Indicated
|
1.4
|
4.1
|
Inferred
|
5.7
|
4.2
|
Total Mineral Resource
|
7.1
|
4.2
|
Shishir
Poddar, Executive Chairman, said:
"We are
extremely pleased with the extensive exploration activities
conducted by our team alongside development and operations.
We expect the updated CPR to show a material increase in our
resource numbers underlining the long-term potential of our
currently operating and expanded projects in Madagascar. We look
forward to releasing the updated CPR as soon as it is available,
another activity which aligns with our goal to become the leading
ex-China source of natural flake graphite contributing to the
energy transition economy."
"It is
significant to note that the completion of current exploration
phase reduces our cash use towards exploration and the team and our
resources will be further focussed on achieving our goal of
achieving EBDITA positive results at the corporate level in the
immediate term.
ENDS
For further information, please
visit https://www.tirupatigraphite.co.uk/ or
contact:
Tirupati
Graphite Plc
Puruvi Poddar - Joint Managing
Director
|
admin@tirupatigraphite.co.uk
+44 (0) 20 39849894
|
Optiva
Securities Limited (Broker)
Ben Maitland - Corporate Finance
|
+44 (0) 20 3034 2707
|
FTI Consulting
(Financial PR)
Ben Brewerton / Nick Hennis / Lucy
Wigney
|
+44 (0) 20 3727 1000
tirupati@fticonsulting.com
|
About Tirupati
Graphite
Tirupati Graphite Plc is a specialist Graphite
producer and a supplier of the critical mineral for a decarbonised
economy and the energy transition. The Company places a special
emphasis on green applications including renewable energy,
e-mobility, energy storage and thermal management, and is committed
to ensuring its operations are sustainable.
The Company's operations include primary mining
and processing in Madagascar where the Company operates two key
projects, Sahamamy and Vatomina with a combined 30,000 tpa of
currently installed capacity, producing high-quality flake graphite
concentrate with up to 97% purity and selling to customers
globally.
The Company also holds two advanced stage,
world class, natural graphite projects in Mozambique. Work has
already commenced to optimise the economics for development of the
Montepuez graphite project, which is permitted for 100,000tpa
production and where substantial construction work has already been
undertaken by the predecessor.