Total Graphite (LSE:TGR) said bench-scale test work has purified its Madagascan graphite to 99.2% fixed carbon using mild reagents, an early result in its downstream development programme.
The company is now optimising the process to reach 99.5% fixed carbon, material that currently sells for up to US$3,500 per tonne, while continuing parallel studies on expandable graphite.
The tests form part of a programme launched 10 September with two research institutes to develop High Purity Graphite and Expandable Graphite from Vatomina samples, alongside a separate Active Anode Material workstream, none of which requires hydrofluoric acid.
The work supports Total Graphite's strategy of moving beyond mined concentrate into specialist products for electric vehicle batteries, energy storage and industrial applications, building toward a final investment decision on a first downstream plant targeted for end-2026 or early 2027.
Potential plant locations remain under review across Madagascar, India and the United States.
"These test results provide further confidence to pursue the strategy of building a vertically integrated graphite business to capture the significant potential downstream value opportunities available for the benefit of our stakeholders," said Christian Dennis, chairman.
He added that the immediate priority remains the optimisation and operational readiness programme at Vatomina ahead of a targeted restart of mining operations from January 2027.