The Sarytogan Graphite Deposit is in the Karaganda region of Central Kazakhstan. It is 190km by highway from the industrial city of Karaganda, the 4th largest city in Kazakhstan (Fi.

The project is designated as a Strategic Project under the European Union’s Critical Raw Materials Act, validating Sarytogan’s natural graphite deposit as world class and highlights our vital role in supplying sustainable critical raw materials to Europe for battery and other strategic uses.

The Sarytogan Graphite Deposit was first explored in the 1980s with sampling by trenching and diamond drilling. Sarytogan’s 100% owned subsidiary Ushtogan LLP resumed exploration in 2018. The Mineral Resource Estimates (MREs) for the project stand at 225Mt @ 29.2% TGC including 5.4Mt of the Measured category (refer ASX Announcement 16 February 2026).

Sarytogan has produced flotation concentrates at higher than 90% TGC (refer ASX Announcement 2 June 2025) and further upgraded the concentrate up to 99.9992% C “five nines purity” by thermal purification, without any chemical pre-treatment (refer ASX Announcement 5 March 2024). Sarytogan envisages three product types:
• Microcrystalline graphite at up to 90% C for traditional uses,
• Ultra-High Purity Fines (UHPF) for advanced industrial use including batteries, and
• Spherical Purified Graphite (USPG and CSPG) for use in lithium-ion batteries.

A Pre-Feasibility Study (PFS) was completed in August 2024 that outlined a staged development plan to match market penetration, minimise initial capital expenditure and deliver attractive financial returns.

An Ore Reserve of 8.6 Mt @ 30.0% TGC was estimated using the Guidelines of the 2012 Edition JORC Code (refer ASX announcement 12 August 2024).