Total Graphite has reported encouraging initial drilling results from the Tarandava Block within its Vatomina mining licence in Madagascar, highlighting the potential for additional near-surface graphite resources. The Aim-listed company launched the Madagascar optimisation programme in July as part of a broader strategy to improve geological confidence, strengthen mine planning and assess mineralisation surrounding its existing mining and processing infrastructure.
The initial drilling campaign at Tarandava has covered 587 metres across 17 boreholes. According to Total Graphite, most of the holes intersected graphite-bearing horizons within shallow saprolite and weathered material. The company said the results provide important geological information that could help guide further exploration and resource development across the Vatomina licence.
Two drill holes delivered particularly notable results. Hole VAT-DD26-015 intersected 6.5 metres grading 9.44% total graphitic carbon (TGC) from 15.5 metres downhole. The interval included 5 metres at 11.30% TGC from 16 metres, with an individual 1-metre assay reaching a peak of 18.62% TGC from 19 metres.
Hole VAT-DD26-009 returned 5 metres grading 6.83% TGC from only 6 metres downhole. The interval included 4 metres at 7.89% TGC from 7 metres, while individual assays reached as high as 9.91% TGC.
Project Director Uday Singh said the shallow, higher-grade intersections from the two holes were encouraging and provided additional geological information for the company’s development plans. Total Graphite intends to continue drilling at Tarandava while also conducting infill drilling across established resource areas.
Executive Chairperson Christian Dennis said the programme is focused not only on individual high-grade intersections but also on developing a stronger geological understanding of Vatomina. The company plans to use the additional data to support a more robust and data-driven mine plan.
Following the initial Tarandava work, the next phase of drilling is expected to target known mineralisation at Old Mine, Old Mine Extension and BK6. These areas are important to the company’s near-term mine plan and planned production restart and optimisation efforts.
A second diamond drill rig is expected to be recommissioned during August, allowing drilling activity to expand. The current optimisation programme is expected to continue through the fourth quarter of 2026, followed by an ongoing drilling campaign focused on improving geological confidence and assessing additional resource potential at Vatomina and later Sahamamy.
The 2025 SRK competent person’s report estimated an exploration target of approximately 18 million to 20 million tonnes at an average grade of about 4% TGC at Vatomina, alongside an existing resource base of around 6 million tonnes grading 3.8% TGC.
Product and Chemical Commodity Price Impact
The encouraging drilling results could strengthen Total Graphite’s production outlook by improving confidence in shallow, potentially mineable graphite resources. Higher-grade near-surface mineralisation may reduce future mining complexity and support more efficient feed supply for graphite processing. If subsequent drilling confirms the continuity and scale of these intersections, the company could strengthen its pathway toward production expansion or restart. For chemical commodities tracked by ChemAnalyst, the development is moderately supportive for natural graphite and graphite-based material markets. However, the immediate price impact should remain limited because the results represent exploration-stage resource potential rather than substantial new commercial supply. Confirmed production growth could eventually create downward pressure on graphite prices through increased supply.
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