Total Graphite (LSE:TGR) has commenced bench-scale test work as part of its plan to move beyond mining graphite concentrate into higher-value processed materials.
The AIM-listed company, which produces graphite concentrate from its Vatomina operation in Madagascar and has advanced development projects in Mozambique, is working with two research institutes to develop High Purity Graphite (HPG) and Expandable Graphite (EG) from Vatomina samples.
None of the processing routes under evaluation require hydrofluoric acid, the company said, supporting its stated aim of environmentally conscious production.
Initial results are targeted by the end of September, with the programme then expected to move through process optimisation, engineering studies, product qualification and commercial feasibility work.
Total Graphite is targeting completion of the technical and engineering studies needed to support a final investment decision on a first downstream plant by the end of 2026 or early 2027, with potential sites in Madagascar, India and the United States under evaluation.
The update follows the company's 29 July announcement setting out plans for three product streams, HPG, EG and Active Anode Material, aimed at electric vehicle battery and industrial markets.
"It was always our vision to build a mine to market, fully integrated, global scale graphite business", said chairman Christian Dennis, adding that downstream processing offers "significant potential value opportunities" for shareholders.
Separately, the company issued 10.93m new shares at 1p each to three suppliers in settlement of £109,250 owed under contract, taking total voting rights to 779.33m.
News Intelligence what this means for the company
Total Graphite has begun bench-scale laboratory work on high-purity and expandable graphite products, with initial results due by end-September and a final investment decision on a first downstream plant targeted for end-2026 or early 2027. This advances the downstream processing strategy the company announced on 29 July, but remains at an early technical stage; the company is still evaluating processing routes and potential plant locations across Madagascar, India and the United States, with no capital commitment yet made.
The downstream pivot targets higher-margin processed graphite products rather than commodity concentrate, but execution risk is material: bench-scale results must clear technical and commercial hurdles over the next 12 months before any plant investment. This runs in parallel to the Vatomina mine restart (targeted above 1,000 tpm from December 2026), so capital and management bandwidth will be stretched across two major workstreams.
Insights assembled by AI. Editor-reviewed and grounded in tickstock’s coverage and proprietary knowledge graph.
Content is for informational purposes only, not financial advice.
