Tirupati Graphite has successfully initiated full-scale mining operations at its Vatomina site, commencing on July 28, 2024. The company's strategic decision to prioritize the extraction of higher-grade flake graphite underscores its commitment to optimizing production and maximizing revenue. This operational milestone marks a significant advancement in Tirupati Graphite's efforts to establish itself as a key player in the global graphite supply chain, particularly within the expanding energy transition sector.

Processing operations at Vatomina began on August 2, 2024, after establishing threshold feed stock at the ore pads for the two pre-concentrate units. Minor issues were resolved between August 2 and 5, 2024, during which 59 tons of >96% grade flake graphite was produced, meeting the target head grade of 3%. Since August 6, 2024, the facility has been operating at a steady 24/7 production rate, achieving a total output of 165 tons over seven consecutive working days.

With a designed operational capacity of 330 days per year, the current run rate at Vatomina translates to an annual production of 7,778 tons, achieving over 97% of the facility's rated capacity at a 3% head grade. The company has chosen to focus exclusively on higher-grade products, reporting that all manufactured products exceed a 96% grade. The company is confident in its ability to reach an annual production target of 8,000 tons from Vatomina, provided there are no disruptions or inefficiencies due to financial constraints. As of August 10, 2024, 140 tons of finished product have been shipped, with an additional 240 tons in transit, keeping the company on track to meet its goal of shipping over 600 tons in August 2024. Goods are being shipped to customers worldwide, and the company will provide additional updates on the realized basket price in due course.

Shishir Poddar, CEO and Managing Director, announced the successful initiation of full-scale mining operations at Vatomina, focusing on high-grade flake graphite to ensure optimal pricing. This targeted approach has enabled the company to lower its overall cost structure while achieving a robust annual production rate of 8,000 tons. By concentrating on high-grade material, Vatomina aims to enhance its operating margins significantly, contributing positively to the Group's financial performance.

In parallel, the company is working on reactivating the Sahamamy project and addressing its immediate and long-term capital needs. Poddar also mentioned that efforts are underway with auditors to finalize and publish the Annual Report, which will facilitate the resumption of share trading. He expressed appreciation for the continued support from shareholders and stakeholders during this period of transition and growth.