# Total Graphite appoints Lycopodium for Montepuez project study update

Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/total-graphite-appoints-lycopodium-for-montepuez-project-study-update--9a90c4ef-6f02-4bb3-b0c1-bc49f3f98352

Original source: https://www.mining-technology.com/news/total-graphite-appoints-lycopodium-montepuez-project/

Publisher: miningtechnology

Original announcement: 2026-09-16T18:18:49.471Z

Analysis by Minestarters Atlas

Atlas analysis published: 2026-09-16T18:26:25.898Z

Atlas analysis updated: 2026-10-13T04:03:22.980Z

- Company: Total Graphite

- Ticker: Unavailable

- Exchange: Unavailable

- Region: Mozambique

- Primary commodity: Graphite

- Secondary commodities: None reported

- Document categories: Resource update, Agreement transaction

- Extracted: 2026-09-16 18:26:26 UTC

Narrative sentiment: 0.60 · Bullish

## Minestarters Atlas summary

Total Graphite has engaged Lycopodium Minerals Africa to review the process design, flowsheet, and metallurgical testing for the Montepuez Graphite Project in Mozambique. The review aims to update the feasibility study and optimize project economics ahead of potential construction in 2027.

Reasoning: The appointment of a major consultancy to update feasibility work and re-examine process design is a positive de-risking step toward construction.

- Positive factor: Appointment of Lycopodium to advance feasibility study

- Positive factor: Existing permits for 100,000tpa production

- Positive factor: Significant historical engineering work completed \(60%\)

- Positive factor: Established site infrastructure

- Negative factor: Need to adjust capital expenditure estimates for cost inflation

Facts used in scoring: 1

## Classification and evidence

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: The document discusses the context of updating feasibility work and reviewing existing resource data.

Evidence · text

> Lycopodium will re-examine the process design and flowsheet for the Montepuez site. The review will also consider alternative processing technologies

## Extracted facts

Stored fact records: 1. Some facts used in scoring do not have a stored record.

## Resource Estimates (1)

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/total-graphite-appoints-lycopodium-for-montepuez-project-study-update--9a90c4ef-6f02-4bb3-b0c1-bc49f3f98352#fact-resource-facts-0)

Montepuez Graphite Project · graphite

Historical result

Needs review: historical\_restatement

#### Identity

- Project: Montepuez Graphite Project
- Commodity: graphite
- Region: mozambique
- Reported Region: Mozambique

#### Resource scope

- Estimate type: resource
- Resource group id: resource:e4351737da4ce055c2d3

#### Resource Data

- Category: inferred
- Tonnes: 110500000
- Grade: 8.2
- Grade Unit: % TGC
- Contained Metal: 9.1
- Contained Unit: mt

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Historical: Yes
- Historical Source Date: 2017-10-01T00:00:00.000Z

#### Dates

- Event date: 2026-09-16T00:00:00.000Z

Reasoning: The resource scale is significant for a graphite project.

- Positive factor: Large resource scale

Evidence · text

> Montepuez site is reported to contain 110.5 million tonnes \(mt\) of mineral resources at an average grade of 8.2% TGC, for 9.1mt of contained graphite.

#### Tags used in scoring

**Inferred Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**No QP/CP Disclosure**

Polarity: negative

Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience.

Why it applies: no Qualified or Competent Person is named anywhere in the release

**PFS-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.

Why it applies: the release names the study this estimate supports

**DFS-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

**Stale Estimate**

Polarity: negative

Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding.

Why it applies: effective date is 9.0 years before this release

## How Atlas produces this analysis

Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.