Name of the Project
Montepuez graphite project.

Location
Cabo Delgado province, northern Mozambique.

Project Owner/s
Natural flake graphite producer and developer Total Graphite acquired the entire issued share capital of Suni Resources, which holds the Montepuez and Balama Central graphite projects, from Battery Minerals in 2023. Total Graphite was formerly known as Tirupati Graphite.

Project Description
Montepuez is permitted to produce up to 100 000 t/y of natural flake graphite concentrate. The preferred value engineering study (VES) development route comprises two modular stages, with Stage 1 targeting about 45 000 t/y to 50 000 t/y of concentrate grading 96.7% total graphitic carbon (TGC), and Stage 2 increasing total capacity to about 99 000 t/y.

The initial Stage 1 mine life is ten years. The February 2017 definitive feasibility study (DFS), which considered a single-stage 100 000 t/y operation, estimated a 30-year mine life.

The Montepuez mineral resource totals 110.5-million tonnes grading 8.2% TGC, containing 9.1-million tonnes of graphite. The project also contains a vanadium credit.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
The February 2017 DFS estimated a net present value, at a 10% discount rate, of $146-million and an internal rate of return of 21.4%, with a payback period of 4.75 years. The October 2017 VES estimated a payback period of less than two years for Stage 1. These historical estimates have not been restated for subsequent cost inflation and are being reviewed and updated.

Capital Expenditure
The October 2017 VES estimated Stage 1 preproduction capital expenditure (capex) at $42.3-million and incremental Stage 2 capex at about $27-million, for total capex of about $69.3-million. The figures are historical, have not been restated for subsequent cost inflation and are subject to the feasibility study update. The February 2017 DFS estimated preproduction capex of $126-million for a single-stage 100 000 t/y operation.

Planned Start/End Date
Initial results from the feasibility work review are targeted for November 2026. Subject to the study update and financing, Total Graphite is targeting the restart of construction in 2027.

Latest Developments
Total Graphite has appointed Lycopodium Minerals Africa to review and update the Montepuez feasibility work, using the modular, two-stage development route set out in the October 2017 VES as the base case.

The initial work will revalidate the existing process design and flowsheet, consider alternative process technologies, assess the adequacy of existing metallurgical testwork, identify gaps in detailed process engineering and assess the early site works. Initial results are targeted for November 2026, after which the company intends to proceed to a second phase to formally update the study for the selected process route before seeking project finance.

About 60% of the detailed design engineering was historically completed. Early site works include a largely completed tailings storage facility, a 100-person base camp, a mobile crusher, power generation units and ancillary infrastructure.

Key Contracts, Suppliers, and Consultants
ThirdWay Africa (capital adviser); and Lycopodium Minerals Africa (feasibility work review and update).

Contact Details for Project Information
Total Graphite, tel +44 20 3984 9894, or email info@totalgraphite.com.