Total Graphite Reviews Strategic Options for Madagascar and Mozambique Projects Amid Push to Accelerate Graphite Growth
AIM-listed Total Graphite has launched a portfolio optimisation programme across its Madagascar operations as it seeks to accelerate development, streamline its asset base, and unlock greater value for shareholders.
The move follows significant progress in the operational turnaround of its Madagascar business and continued advancement of its broader graphite growth portfolio.
The company said it has reached an “important inflection point,” supported by strengthened operations at its in-production Vatomina project, expansion of production capacity, progress on its Mozambique graphite assets, and ongoing evaluation of downstream value-added opportunities.
Strategic Review of Asset Portfolio
Under the optimisation programme, the board and its advisers will assess a range of strategic options, including funding structures, introduction of strategic partners, joint ventures, partial asset sales, or potential divestments.
Total Graphite confirmed that it has already received an expression of interest relating to certain assets, although discussions remain at an early stage and no transaction is guaranteed.
The company said the initiative is designed to identify the most effective structure to accelerate development while maximising returns from its diversified graphite portfolio.
Operational Progress in Madagascar
Significant progress has been achieved at the Vatomina project in Madagascar, including operational improvements, infrastructure upgrades, and production optimisation.
As a result, nameplate capacity has increased from 12,000 tonnes per year to 18,000 tonnes per year.
The company has also updated its JORC-compliant resource estimates and strengthened site infrastructure, including power supply and waste management systems.
Over the past 18 months, Total Graphite has focused on repositioning its asset base, improving operational performance, and streamlining its balance sheet.
Mozambique and Downstream Expansion
The company is also advancing its broader growth pipeline, including updates to the definitive feasibility study for the Montepuez graphite project in Mozambique and a prefeasibility study for a downstream anode materials facility.
These initiatives form part of Total Graphite’s strategy to build an integrated mine-to-materials platform supplying global energy transition markets.
Board Changes
Total Graphite has also announced several board changes. CFO Thomas Hill has been appointed Finance Director, while Andrew Wright joins as a Non-Executive Director, bringing experience in mining, energy, governance, and capital markets.
Mark Rollins has stepped down as Non-Executive Chair due to other commitments. Interim leadership has been assigned to Non-Executive Director Christian Dennis, who will serve as Interim Chair while a permanent appointment process is underway.
Michael Lynch-Bell has also stepped down from the board.
The company said it will continue engaging with interested parties as part of the optimisation programme, with a focus on evaluating proposals that enhance shareholder value and support long-term growth.
Total Graphite emphasized that there is no certainty any transaction will result, nor any defined timeline or terms at this stage, and any outcomes will remain subject to regulatory and corporate approvals.
The board reiterated its commitment to disciplined portfolio management and advancing its integrated graphite strategy across Africa.
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