Tirupati Graphite (TGR) Investor presentation summary

Strategic positioning and market context

• Operational platform in Madagascar with 18,000 tpa capacity, targeting nameplate by early 2026 and potential to double to 36,000 tpa in 2027.

• Mozambique assets hold over 150 million tonnes of graphite, with Montepuez and Balama Central projects offering globally significant resources and high production potential.

• Complete flake product basket suitable for both industrial and Li-ion battery markets, supporting diversification and market expansion.

• Ex-China supply chains are increasingly prioritized due to new tariffs and export controls, with Western supply chain deals exceeding $900m in Q4 2025.

• Flake graphite demand is projected to rise sharply, with battery applications growing from 32% in 2020 to 86% by 2034.

Operational turnaround and ramp-up

• Vatomina mine operational turnaround initiated in February 2025, with production capacity uplift to over 15 ktpa nearly complete.

• Resupply shipments and equipment upgrades in H1 November 2025 to support continuous operations and production ramp-up.

• Production restart scheduled for December 2025, targeting breakeven levels in Q1 2026 and 1,300+ tons per month from March 2026.

• New management, repaired customer relationships, and £4.8m raised via CLNs in 2025 to support turnaround.

• LSE listing to be reinstated December 2025 post FY25 accounts and fundraise.

Growth platform and portfolio expansion

• Sahamamy project in Madagascar under care and maintenance, with potential for rapid restart to double output.

• Montepuez (100,000 tpa) and Balama Central (58,000 tpa) in Mozambique offer high-grade, permitted, and advanced-stage projects.

• Downstream integration and JV discussions for high-value products, with first facility planned in India.

• Inorganic growth opportunities identified in India, Europe, and East Africa.