# Total Graphite appoints Lycopodium to update Montepuez feasibility study Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/total-graphite-appoints-lycopodium-to-update-montepuez-feasibility-study--a8bcc212-ab4d-4258-80af-e4d466f94c90 Original source: https://www.proactiveinvestors.com/companies/news/1098264/total-graphite-appoints-lycopodium-to-update-montepuez-feasibility-study-1098264.html Publisher: proactiveinvestors Original announcement: 2026-09-09T08:31:12.683Z Analysis by Minestarters Atlas Atlas analysis published: Unknown date Atlas analysis updated: Unknown date - 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 Narrative sentiment: 0.40 · Bullish ## Minestarters Atlas 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 factor: Appointment of Lycopodium to update feasibility study - Positive factor: Existing mineral resource of 110.5 Mt - Positive factor: Modular development route provides clear path to production - Negative factor: 2017 cost figures have not been restated for inflation - Negative factor: Project requires significant capital for construction Facts used in scoring: 2 ## 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 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) ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/total-graphite-appoints-lycopodium-to-update-montepuez-feasibility-study--a8bcc212-ab4d-4258-80af-e4d466f94c90#fact-resource-facts-0) Montepuez · carbon #### 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 factor: 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 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 Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/total-graphite-appoints-lycopodium-to-update-montepuez-feasibility-study--a8bcc212-ab4d-4258-80af-e4d466f94c90#fact-resource-facts-1) Montepuez · graphite #### 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 factor: High contained metal volume Evidence · text > equivalent to 9.1 million tonnes 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 Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **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 ## 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.