Annual General Meeting Statement and Result

RNS Number : 5244E

Tirupati Graphite PLC

28 October 2022

 

28 October 2022

Tirupati Graphite plc

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

Annual General Meeting Statement and Result

Tirupati Graphite plc (TGR.L, TGRHF.OTCQX), the specialist graphite company, held its Annual General Meeting ('AGM') today at 10:00 this morning, and all resolutions  proposed in the notice of meeting sent to the shareholders and dated 04 October 2022 were duly passed on a show of hands .  At the meeting, Shishir Poddar, Executive Chairman, made the following comments:

"In the year since our last general meeting, the global race for electric vehicles and energy efficiency has again accelerated, underlying the growth opportunity for us given the contribution graphite makes to these sectors. As such, we are on a sound footing to continue our development. We have crossed the inflection point in our corporate journey with production surpassing the breakeven mark; the team deserves a huge round of applause for their dedicated efforts.

"This year also brought some unforeseen challenges which we had to work to successfully overcome, and in so doing have reviewed and improved what we do in many areas. We remain focused on continuing the fast-track development of our two flake graphite projects in Madagascar, Sahamamy and Vatomina, and we remain on track to increase production and build further capacity towards our target of 30,000 tpa in the near term, and to 84,000 tpa through our modular, step-by-step approach in the following years.

"It is an ambitious aim but we want to be producing 8% of global graphite demand by 2030 when we forecast demand of at least 5 million tons per annum.  To support this, we will continue our efforts to secure further resources through the acquisition of new projects.

" The demand outlook for graphite remains compelling given it is a key component in lithium-ion batteries which will underpin the globe's transition to electric vehicles. We are also seeing increased flake graphite consumption in a range of applications such as fire retardance, thermal management, and advanced materials and composites.

"Graphite is one of the key critical minerals in the energy transition and security of supply outside of China is going to be a growing challenge.  These factors underpin our confidence and excitement for Tirupati's future."

ENDS

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

Tirupati Graphite Plc Puruvi Poddar - Chief of Corporate & Business Development	[e-mail] [phone]
Optiva Securities Limited (Broker) Ben Maitland - Corporate Finance Robert Emmet - Corporate Broking	[phone] [phone]
FTI Consulting (Financial PR) Ben Brewerton / Nick Hennis / Kelly Smith	[phone] [e-mail]

About Tirupati Graphite

Tirupati Graphite Plc is a specialist graphite and graphene company.  The Company places a special emphasis on "green" applications, including renewable energy and 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; 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.

The Company has an acquisition agreement, subject to regulatory approvals, with Tirupati Speciality Graphite Private Limited ('TSG'). TSG operates and is developing a suite of speciality graphite for use in hi-tech applications like lithium-ion batteries, fire retardants, thermal management, and composites. It also operates a technology centre developing advanced materials including graphene and its applications, and mineral processing technology on commercial basis.

 

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