Sarytogan Graphite is developing one of the world’s largest, highest-grade graphite resources in Kazakhstan, with EU Strategic Project status, 229Mt at 28.9% TGC, and advanced high-purity products for battery and industrial markets.

Private Placement Offer utilising the company’s Listing Rule 7.1 and 7.1A capacity to raise up to $2.0 million with the ability to take oversubscriptions at an issue price of $0.09 (9 cents).

Discount

• 14.29% discount to last close
• 21.74% discount to 15 day VWAP

Options

1 free attaching option for every 2 shares subscribed for under the placement.

Exercise price of $0.15 expiring 30 months from issue date.

Sarytogan Graphite Limited (ASX: SGA) is advancing a globally significant natural graphite development in Central Kazakhstan. The flagship Sarytogan Graphite Deposit hosts 229Mt at 28.9% TGC, making it one of the world’s highest-grade and largest microcrystalline graphite resources. Its strategic importance has been formally recognised through designation as an EU Strategic Project under the Critical Raw Materials Act. This status elevates Sarytogan within Europe’s supply chain planning and is reinforced by the European Bank for Reconstruction and Development (EBRD) holding a major shareholding and continuing to provide funding support.

• Only ASX graphite company with EU Strategic Project Status, validating its role in Europe’s long-term critical minerals security.
• Strategic institutional backing from the EBRD, increasing its holding to 19.99% and supporting project de-risking and development.
• World-class grade and scale, with 229Mt at 28.9% TGC and consistent 30–40% TGC intercepts underpinning a 60-year mine life.
• Premium product capability, producing >90% concentrates and achieving 99.9992% purity without chemicals, enabling entry into battery and advanced materials markets.
• DFS well underway with Wood and WSP, supported by completed field programs and bulk concentrate generation for customer qualification.
• Highly capital-efficient development pathway, with US$514–518M NPV, 61–67% EBITDA margins and low initial capex confirmed in the PFS.

The Sarytogan deposit exhibits thick, continuous, near-surface mineralisation across the North and Central zones. Reserve definition drilling in 2025 returned numerous intercepts of 30–40% TGC over lengths of up to 50 metres, supporting an Ore Reserve of 8.6Mt at 30% TGC and demonstrating strong geological confidence. Importantly, this reserve underpins a 60-year mine life while drawing from only a small fraction of the total resource, providing multi-generational scalability.

Advanced metallurgical test-work has produced flotation concentrates above 90% C and thermally purified material up to 99.9992% purity without chemical treatment. This capability enables Sarytogan to supply an integrated range of products, including industrial-grade Micro90C, ultra-high-purity fines for advanced energy and industrial applications, and highperformance spherical purified graphite (USPG/CSPG) for lithium-ion battery anodes. Independent 2024 test-work confirmed strong electrochemical performance suitable for EV battery markets.

The 2024 Pre-Feasibility Study outlines a staged development path progressing from beneficiation through thermal purification, spheronisation and coating. This modular approach reduces early capital intensity and delivers compelling project economics, including US$514– 518M pre-tax NPV, 61–67% EBITDA margins, and an initial capex requirement of US$62M.

Sarytogan is progressing a Definitive Feasibility Study with completion targeted for mid-2026. Key engineering contracts have been awarded to Wood and WSP, and major field programs— including trial mining, power and water studies, geotechnical surveys and environmental baselines—are either completed or well advanced. Bulk ore has been shipped for large-scale concentrate production to support customer qualification and downstream process vendor testing.

Kazakhstan provides a competitive operating environment featuring lowest-quartile industrial power costs, skilled labour availability and direct logistics into Europe and Asia. Land for downstream processing has been secured adjacent to a 500 kV substation and a nearby EBRD funded solar farm, supporting a future low-carbon production profile consistent with emerging European battery passport requirements.