The company is weighing strategic options — from partnerships to partial divestments — for its Madagascar and Mozambique assets, and has already received an expression of interest.
Total Graphite, the LSE-listed specialist flake graphite company formerly known as Tirupati Graphite, has launched a Portfolio Optimisation Programme to evaluate the strategic options available across its asset base and accelerate development of its larger-scale projects.
The company said the Programme follows what it describes as an advanced stage in the operational turnaround of its Madagascar operations, and is intended to identify the structure best able to unlock value from a diversified portfolio targeting more than 150 million tonnes of graphite resources across four projects.
Graphite is classified as a critical mineral for the energy transition, and supply outside China remains limited. Total Graphite holds one of the larger non-Chinese resource bases among junior developers, spanning producing Madagascar operations and large-scale, higher-grade Mozambique projects.
A formal review of strategic alternatives — and an expression of interest already on the table — signals the company is testing the market’s appetite for these assets at a time when Western battery, defence and industrial buyers are seeking supply security. Any deal could change who develops some of the more advanced graphite resources outside China.
The Announcement
The company said the Board believes it has reached an important inflection point, having repositioned and strengthened its asset base through the operational turnaround in Madagascar, the expansion of production capacity at Vatomina, the advancement of its Mozambique projects and the evaluation of downstream opportunities.
As part of the Programme, the Board and its advisers will evaluate a range of strategic alternatives, described as including funding options to accelerate each asset, the introduction of strategic partners, joint ventures, partial divestments, or the potential sale of individual assets.
Total Graphite noted that an expression of interest relating to certain assets has been received, which it said reflects the progress achieved through the turnaround programme. The company cautioned that discussions remain at an early stage and that there is no certainty any transaction will result.
Significant progress in Madagascar since early 2025 included operational improvements, infrastructure investment and production optimisation at the in-production Vatomina Project, where extensive upgrade work has expanded nameplate capacity from 12,000tpa to 18,000tpa, updated the JORC mineral resource and exploration targets, and reinforced site power and waste management infrastructure.
What Comes Next
The company said it will now engage with interested parties and progress the Programme, assessing the proposals received with a view to maximising value for shareholders. Alongside this, it pointed to two larger-scale workstreams already underway:
- An update to the definitive feasibility study (DFS) for the fully permitted Montepuez project in Mozambique, reflecting current technology and pricing.
- An update to the pre-feasibility study (PFS) for a downstream anode materials facility.
Total Graphite said there can be no certainty the process will result in any transaction, nor as to its timing or terms, and that any deal would remain subject to applicable regulatory, corporate and contractual requirements.
The Projects
The Group’s asset base spans producing and development-stage graphite in two jurisdictions, plus downstream processing options. The figures below are as previously disclosed by the company and remain subject to feasibility, permitting and funding workstreams.
Resource and project figures are as previously announced by the company and remain subject to feasibility, permitting and funding workstreams. The portfolio also includes a US downstream anode facility opportunity (2017 PFS NPV est. $377m, update initiated) and a potential industrial downstream plant under evaluation.
Board Changes
The company announced a series of Board changes with immediate effect to support the next phase of strategic execution. Thomas Hill, currently Chief Financial Officer, has been appointed to the Board as Finance Director, and Andrew Wright joins as a Non-Executive Director, bringing what the company described as legal, mining and energy experience across M&A, capital markets and corporate governance.
Mark Rollins has stepped down as Non-Executive Chairman, citing other full-time commitments. Christian Dennis, a current Non-Executive Director, has been appointed Interim Non-Executive Chairman while a process to appoint a permanent Chairman is conducted. Michael Lynch-Bell has also stepped down from the Board. The company thanked both departing directors for their contributions.
Background
Total Graphite plc, which trades on the London Stock Exchange under the symbol TGR, describes itself as a specialist flake graphite company developing an integrated mine-to-materials supply chain for the energy transition, spanning flake graphite resources, processing capabilities and downstream value-added products. The company says it has spent the past eighteen months repositioning and strengthening its asset base.
The company noted that statements regarding the Programme, potential transactions, the timing of feasibility workstreams and future development are forward-looking, and that there can be no certainty any transaction will result.
Primary source: Total Graphite plc, “Graphite Portfolio Optimisation and Board Changes”, RNS / London Stock Exchange, 8 June 2026 — view announcement.
Supporting references:
• Total Graphite plc (TGR) — Investegate company page
• Resource, capacity and feasibility figures (Vatomina, Sahamamy, Montepuez, Balama Central, US anode facility) as disclosed by the company in the 8 June 2026 RNS.
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