Sarytogan Graphite Limited — March 2026 Quarterly Note
Sarytogan continues to advance its Kazakhstan graphite project with measurable progress across resource definition, permitting, metallurgy, and early-stage customer engagement. The updated Mineral Resource Estimate (MRE) is the key milestone this quarter, with Measured tonnes reported for the first time — a critical input into the DFS targeted for mid‑2026.
The Central Graphite Zone is now reported at 56.6 Mt @ 28.8% TGC, including 5.4 Mt @ 28.3% TGC in the Measured category. Including the Northern Zone, total resources stand at 225 Mt @ 29.2% TGC, placing Sarytogan in the upper tier of global natural graphite deposits by both grade and scale. The scale and grade support the potential for a long‑life operation, with Reserve conversion to follow through the DFS.
Permitting continues to advance, with the water licence now secured alongside the mining licence, environmental permit, downstream land lease, and power allocation. Baseline biodiversity surveys are complete on the mining licence, with corridor studies underway. ERM has completed a gap analysis against international lender standards, and a supplementary ESIA is planned for 2H 2026 as part of the project financing pathway.
On the technical front, ~100 kg of concentrate suitable for downstream processing has been produced. 75 kg is being shipped to the United States for purification, spheronisation, and battery testing, with the balance allocated to industrial evaluation and classification. This marks the shift from laboratory-scale work to early-stage product qualification, which is essential for progressing offtake discussions. Engagement with potential customers across the battery and industrial supply chain is ongoing.
Funding progressed during the quarter, with completion of the A$3.6M Sarsenov investment, offsetting a prior US$1M advance. An additional A$1.4M EBRD top‑up is expected imminently. Quarter‑end cash was A$2.7M, with further funds pending. SD Capital Advisory has been appointed to support the broader project financing strategy. Near‑term funding appears sufficient for study progression, with project‑level financing to follow the DFS.
The Baynazar copper prospect continues to demonstrate early-stage potential, with a 0.5% Cu anomaly defined over a ~600 m diameter area. Further drilling is planned subject to funding, though the project remains non‑core to the graphite development pathway.
Overall, Sarytogan is progressing through the standard development pathway with incremental de‑risking across resource confidence, permitting, and metallurgical validation. Near‑term catalysts include DFS completion, downstream test results from the United States, and advancement of customer qualification. Longer‑term value realisation will depend on successful project financing, Ore Reserve conversion, and execution of offtake agreements.
DISC: IRL