Tirupati Graphite (TGR) Investor presentation summary

Strategic positioning and market opportunity

• Third largest ex-China graphite producer with projects in Madagascar and Mozambique, targeting industrial and EV markets.

• Global graphite demand is set to dominate battery minerals through 2050, with significant capex required to meet future needs.

• US tariffs on Chinese graphite and supply security concerns are expected to drive up ex-China graphite prices.

• Madagascar and Mozambique projects provide a diversified product basket, serving both large and small flake graphite markets.

• Downstream processing potential aims to capture higher value in the supply chain.

Operational progress and production outlook

• Madagascar's Vatomina project is in production and expanding, with Sahamamy on care and maintenance.

• Production ramp-up targets 1,500 MT/month by end of 2025, with cash operating breakeven expected mid-year.

• February 2025 saw the highest monthly production in 14 months; order book stands at 5,780 tonnes at $940/MT.

• Mozambique projects add 158,000 tpa permitted capacity, complementing Madagascar's large flake output.

• EBITDA potential from Vatomina estimated at $6-7 million in 2026, with margins improving as capacity increases.

Financial condition and funding

• Near-term funding of up to £2.5 million via convertible loan notes and warrants to support ramp-up and working capital.

• £1.7 million subscribed and £1.1 million received; further £0.8 million targeted by mid-March.

• Total current liabilities as of January 2025 estimated at £9.3 million, with plans to settle creditors and restructure notes.

• Placing of up to 27 million shares planned, subject to shareholder approval and audit completion.

• Cash flow breakeven anticipated mid-2025, with additional equity and note conversions planned.