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LONDON - Tirupati Graphite plc (LSE:TGR) announced Tuesday that its shares will likely remain suspended from trading until the completion of its fiscal 2025 accounts, extending beyond the previously expected timeline due to ongoing accounting challenges.
The specialist flake graphite company, which filed its delayed 2024 annual report today, said the suspension will officially begin August 1 when it misses the July 31 deadline for submitting its 2025 accounts. The company cited continued disruption caused by its former CEO, Mr. S. Poddar, who allegedly denied access to accounting systems, forcing the reconstruction of financial records.
"The Directors do not think it would be in the interests of shareholders for the restoration of the Listing while there is material risk of a suspension shortly thereafter," the company stated in its announcement.
Operationally, Tirupati reported production of 2,064 metric tons of flake graphite from its Madagascar operations between February 1 and June 30, 2025. The company has revised its production reporting methodology to count only dry graphite output rather than including moisture content from earlier processing stages.
Production faced setbacks in May and June due to adverse weather conditions, with 10 and 13 mining days lost respectively. Despite these challenges, the company maintained its guidance of reaching 1,000 metric tons monthly production by late July and 1,500 metric tons monthly by December.
The company also highlighted the development of a new deposit called "BK6" at its Vatomina site, which began mining operations on June 18. This area reportedly shows graphite grades above 4% Total (EPA:TTEF) Graphite Contained.
Tirupati will hold its Annual General Meeting on August 8 in London, where shareholders will vote on resolutions aimed at supporting the company’s ongoing turnaround efforts.
The announcement was based on a press release statement from the company.
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