Total Graphite (LSE:TGR) has commenced a downstream development programme targeting three higher-value graphite products, the AIM-listed graphite developer said.
The programme covers High Purity Graphite, Expandable Graphite and Active Anode Material, processed from concentrates produced at its Madagascar operations and, in future, from its Mozambique development projects.
Bench-scale purification work is targeting graphite purity of approximately 99.95% carbon for industrial and technical markets, while separate studies will explore expansion for fire protection, sealing and gasket applications, and spheroidisation and coating for lithium-ion battery customer qualification.
Downstream development is being evaluated as two projects: a combined High Purity Graphite and Expandable Graphite facility, and a separate Active Anode Material facility.
The company is targeting a final investment decision by the end of 2026 or early 2027, subject to Board approval, financing and regulatory approvals, with construction to follow.
Potential plant locations under review include Madagascar, India and the United States, weighed against customer proximity, logistics and operating costs.
"By developing capabilities in High Purity Graphite, Expandable Graphite and Active Anode Material, we aim to position the Company to participate across a much larger proportion of the graphite value chain," said Christian Dennis, chairman.
The initial phase will produce laboratory test work, process flowsheets and customer qualification samples ahead of the targeted 2026/2027 investment decision.
News Intelligence what this means for the company
Total Graphite has launched bench-scale development of three higher-value graphite products—High Purity Graphite, Expandable Graphite, and Active Anode Material—targeting a final investment decision by end-2026 or early 2027. The move extends the company's vertical integration strategy beyond raw flake graphite into downstream processing, potentially capturing a larger share of the graphite value chain, particularly for lithium-ion battery anode qualification.
This programme directly advances Total Graphite's stated strategy to move from mine-to-materials integration, but success hinges on customer qualification, financing approval, and execution of two parallel facilities by 2027.
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