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Tirupati Graphite PLC (LSE:TGR, OTCQX:TGRHF), in an operations update, told investors that the Vatomina project in Madagascar operated intermittently between August and September, in line with available resources.
Production during the period amounted to 620 tons of flake graphite, all exceeding a 96% grade.
The company sold and shipped 740 tons of material, generating revenue of $660,415, achieving an average basket price of $892.45 per metric ton - the highest to date for the project.
An additional 60 tons of larger flake grades, expected to earn $63,400, are pending shipment.
It noted that it received approximately $80,000 in VAT refunds in September and a further $50,000 in early October, with more refunds anticipated from the roughly $2 million owed.
"We are thankful to the Government of Madagascar and the British Embassy in Madagascar for their support in releasing the VAT refunds due to us, which has helped improve our liquidity constraints," chief executive Shishir Poddar said in a statement.
"We are also thankful to our creditors who have stood by us in these stressed times as we navigate to streamline our business and return to growth."
Poddar added: "As the only London-listed flake graphite producer, we are committed to overcoming the constraints and to delivering the clear growth potential we have, synchronising with growing demand for this critical mineral."
In terms of financing, Tirupati said it is progressing with discussions for both immediate working capital needs and long-term growth. Advanced negotiations are underway with a strategic investor for funding to support production ramp-up to 2,000 - 2,400 tons per month.
The company added that it is also in talks with a Middle East Sovereign Fund regarding the development of its Montepuez project in Mozambique, and it has initiated outreach to potential U.S. investors.