Tirupati Graphite (TGR) investor relations material

Executive summary

• Production for the six months ended 30 September 2024 was 838MT of flake graphite, with only the Vatomina project operating intermittently due to operational and funding issues; Sahamamy remained on care and maintenance.

• Revenue fell sharply to £904k from £3.15m year-over-year, with a gross loss of £929k and an operating loss of £1.58m.

• The company faced severe liquidity challenges, accumulating significant creditor arrears, and relied on director loans, a small convertible loan note, and customer prepayments for funding.

• Board and management changes were implemented in late 2024 following shareholder concerns, with new financing and a turnaround plan initiated.

• Shares remain suspended from trading on the LSE pending compliance with financial reporting obligations.

Financial highlights

• Revenue for H1 2024/25 was £904k, down from £3.15m year-over-year.

• Gross loss of £929k (vs. gross profit of £36k prior year); operating loss of £1.58m (vs. £1.81m loss prior year).

• Net loss attributable to owners was £1.90m, compared to a profit of £4.16m in the prior year (which included a £6.14m bargain purchase gain).

• Cash and cash equivalents at period end were £42k, down from £186k at the start of the period.

• Net assets at 30 September 2024 were £21.7m.

Outlook and guidance

• The company expects to publish overdue financial statements for the year ended 31 March 2025 and interim statements for the six months to 30 September 2025 soon.

• Ongoing turnaround strategy includes operational improvements and further financing.

• Resumption of share trading is contingent on financial reporting compliance and FCA prospectus approval.