London-listed Tirupati Graphite produced around 388 tonnes of flake graphite concentrate in March at its Vatomina project in Madagascar, falling short of monthly targets due to plant shutdowns and lower-than-expected ore grades.
To address this, grade control and mine planning drilling resumed in late March following the repair of the company’s drilling rig.
Early results from the new drilling campaign have shown encouraging ore grades, supporting the company’s aim to reach daily production rates of 25 tonnes using two pre-concentration units (PCUs).
Tirupati is currently relocating a third and fourth PCU from its Sahamamy operation to Vatomina, with installation expected this month.
The company has maintained its production targets of 1,000 tonnes per month by July and 1,500 tonnes per month by December. Customer demand across all graphite product grades remains strong.
As of March 31, 220 tonnes of legacy prepaid orders—paid for under previous management—are still to be fulfilled, with completion expected by mid-April. Future sales will then directly contribute to current cashflows.
Tirupati also confirmed that the audit of its delayed 2024 financial statements has resumed after the company had to rebuild its accounting systems following loss of IT access under the former CEO.
Meanwhile, the company’s zero-coupon convertible notes offering has attracted over £2.5 million in subscriptions, with £1.56 million received to date and the remainder due by April 15. The placement remains open for further subscriptions until 17:00 on April 11.
