Total Graphite appoints Lycopodium to update Montepuez feasibility study
Original announcement by proactiveinvestors on
- Company
- Total Graphite PLC
- Ticker
- TGR
- Exchange
- Unavailable
- Region
- Mozambique
- Primary commodity
- Graphite
- Secondary commodities
- Carbon
- Document categories
- Resource update
- Extracted
- 2026-09-09 08:33:02 UTC
Analysis by Minestarters Atlas
Minestarters Atlas analysis
Summary
Total Graphite has appointed Lycopodium to update the feasibility study for its Montepuez graphite project in Mozambique. The project holds a mineral resource of 110.5 million tonnes at 8.2% total graphitic carbon, with initial review results expected in November 2026.
Reasoning: The appointment of a specialist consultant to update a feasibility study is a positive de-risking step toward construction, though the reliance on 2017 cost data introduces some economic uncertainty.
Positive factors
- Appointment of Lycopodium to update feasibility study
- Existing mineral resource of 110.5 Mt
- Modular development route provides clear path to production
Negative factors
- 2017 cost figures have not been restated for inflation
- Project requires significant capital for construction
Facts used in scoring: 2
Classification and evidence
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: The document discusses the appointment of a consultant to update the feasibility study and mentions existing resource figures.
Evidence · text
“appointed Lycopodium to review and update the feasibility work on its Montepuez project”
Extracted facts
Stored fact records: 2. Some facts used in scoring do not have a stored record.
Resource Estimates (2)
inferredMontepuez · carbonTonnes: 110500000Grade: 8.2Grade Unit: %View all detailsHide details
Identity
- Project
- Montepuez
- Commodity
- carbon
- Region
- mozambique
- Reported Region
- Mozambique
- Ticker
- TGR
Resource Data
- Category
- inferred
- Tonnes
- 110500000
- Grade
- 8.2
- Grade Unit
- %
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-09T00:00:00.000Z
Reasoning: Large resource base reported.
Positive factors
- Significant tonnage and grade
Evidence · text
“Montepuez holds mineral resources of 110.5 million tonnes at 8.2% total graphitic carbon”
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
No QP/CP Disclosurenegative
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
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PFS-Supportingneutral
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-Supportingneutral
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
inferredMontepuez · graphiteTonnes: 9100000Grade Unit: tView all detailsHide details
Identity
- Project
- Montepuez
- Commodity
- graphite
- Region
- mozambique
- Reported Region
- Mozambique
- Ticker
- TGR
Resource Data
- Category
- inferred
- Tonnes
- 9100000
- Grade Unit
- t
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-09T00:00:00.000Z
Reasoning: High contained graphite volume reported.
Positive factors
- High contained metal volume
Evidence · text
“equivalent to 9.1 million tonnes of contained graphite”
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
No QP/CP Disclosurenegative
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
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PFS-Supportingneutral
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-Supportingneutral
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
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.