Armadale Capital’s (LSE:ACP) primary interest is its 100pc-owned Mahenge Liandu project in Tanzania– one of the world’s highest-grading, large-flake graphite resources.

Throughout summer 2019, the company’s share price has soared as work completed as part of an ongoing feasibility study (FS) has continued to demonstrate the asset’s market-leading grades and flake size.

All the while, Armadale’s efforts to secure offtake financing arrangements for its project have continued against a backdrop of improving demand for graphite - a key element in the production of electric vehicle batteries.

With several of Armadale’s peers securing highly attractive terms for the offtake of graphite produced at their projects, the economic fundamentals used to date at Mahenge Liandu are looking increasingly conservative.

In the report below, we have analysed the opportunity for shareholder value creation at the organisation in detail.

Please click here to download and read the report in full.