TGR

Total Graphite PLC

Basic Resources First-pass screen £11m

280/1000 Overall fit

AI beneficiary 35% 30

Operating leverage 25% 32

Valuation 25% 30

Downside protection 15% 15

First-pass take

Graphite miner for battery/energy-transition demand, not AI-explicit; severely distressed with £5.9m FY25 loss, production collapsed 69% to 2.2kt, share trading suspended since Aug 2024, going-concern uncertainties dependent on CLN conversion and FCA prospectus approval before March 2026. High customer concentration (3 customers = 62% revenue), minimal tangible assets, and force majeure in Mozambique create severe insolvency risk if financing milestones fail.

Flags

no-ai-exposureloss-makinggoing-concernsuspended-tradingforce-majeurehigh-customer-concentration