Tirupati Graphite (TGR) Investor presentation summary

Market opportunity and sector dynamics

• Graphite demand projected to dominate battery minerals through 2050, with 54% share in battery mineral demand by 2035 and at least $7.5 billion investment needed to meet demand.

• US tariffs on Chinese graphite from 2026 and tightening ex-China supply expected to drive price increases and supply security concerns.

• EV sales forecast to reach 27 million units by 2026, supporting robust graphite demand.

• Geopolitical risks and high concentration of graphite supply highlight the need for new, stable sources outside China.

Asset portfolio and production ramp-up

• Operates two projects in Madagascar (Vatomina and Sahamamy) and one in Mozambique, with Madagascar expansion targeting 36,000 tpa by 2026 and Mozambique permitted for 158,000 tpa.

• Vatomina production ramping up to 1,500 MT/month by end 2025, with additional PCUs to boost capacity.

• Mozambique projects add 152MT @ 8.5% TGC, providing long-term supply for EV and industrial markets.

• Product basket diversified by flake size, serving both industrial and EV battery markets.

Financial condition and funding

• Near-term funding of £2.5m targeted via convertible loan notes and equity, with £1.56m received and opportunity for further subscription.

• Cash operating breakeven expected by mid-2025, with EBITDA potential of $6-7m in 2026 at Vatomina.

• Current liabilities at £6.0-9.3m as of January 2025, with agreements in place to restructure and settle key creditor balances.

• Use of funds focused on production ramp-up, creditor settlements, and working capital until breakeven.