SGA: Upstream Definitive Feasibility Study
Original announcement by asx on
- Company
- Sarytogan Graphite Limited
- Ticker
- SGA
- Exchange
- ASX
- Region
- Central Kazakhstan
- Primary commodity
- Graphite
- Secondary commodities
- None reported
- Document categories
- Other, Resource update, Metallurgy, Drill results
- Extracted
- 2026-10-20 23:06:25 UTC
Analysis by Minestarters Atlas
Atlas analysis published:
Minestarters Atlas analysis
Summary
Sarytogan Graphite Limited announced the results of its Definitive Feasibility Study (DFS) for the Upstream Sarytogan Graphite Project in Central Kazakhstan, confirming robust economics with a pre-tax NPV8 of US$132.7M and an IRR of 19.8%. The DFS outlines an Ore Reserve of 14.5Mt at 29.1% TGC, supporting a 50+ year mine life, and projects 50,000 tpa of 90% LOI1000 graphite concentrate at a low operating cost of US$364/t. The study de-risks the project development pathway, although financing and offtake agreements are still pending.
Reasoning: The Definitive Feasibility Study (DFS) for the Upstream Sarytogan Graphite Project confirms strong economic viability, a substantial high-grade Ore Reserve, and a long mine life, positioning the company as a key non-Chinese graphite supplier, despite pending financing and offtake agreements.
Positive factors
- DFS confirms robust project economics with strong NPV and IRR.
- Large, high-grade Ore Reserve and Mineral Resource support a multi-generational mine life.
- Project positioned as a low-cost graphite producer outside of China.
- Pilot-scale metallurgical testwork demonstrates viable recoveries and high concentrate grades.
- JORC compliant resource and reserve estimates with high confidence categories.
Negative factors
- Capital funding for project development is not yet secured.
- No binding offtake agreements are currently in place.
- Metallurgical recovery for weathered ore is lower than for fresh/transitional material.
- A significant portion of the total Mineral Resource remains in the Inferred category.
Low confidence — this extraction should be reviewed alongside the original source.
Facts used in scoring: 44
Classification and evidence
DFS Completedpositive · Story-specific tag
No canonical definition is currently available.
Why it applies: The document announces the results of a Definitive Feasibility Study (DFS) for the Upstream Sarytogan Graphite Project.
Evidence · text
“Sarytogan Graphite Limited (ASX: SGA, “the Company” or “Sarytogan”) is pleased to announce the results of the Definitive Feasibility Study (DFS) for the development of the Upstream Sarytogan Graphite Project in Central Kazakhstan.”
Strong Economicspositive · Story-specific tag
No canonical definition is currently available.
Why it applies: The DFS reports a pre-tax NPV8 of US$132.7M, an IRR of 19.8%, and an EBITDA margin of 51%, indicating robust financial performance.
Evidence · text
“Key financial metrics for the upstream project: pre-tax NPV8 US$132.7M or A$189.6M at 70c FX, total capex US$80.5M, total operating cost US$364/t concentrate, IRR 19.8%, and EBITDA margin 51%, based on an average selling price of US$805/t of concentrate.”
Long Mine Lifepositive · Story-specific tag
No canonical definition is currently available.
Why it applies: The Ore Reserve supports a nominal 50+ year mine life, consuming less than 4% of the Mineral Resource, highlighting multi-generational expandability.
Evidence · text
“8.5Mt of the higher-grade component is scheduled for processing over a nominal 50+ year mine life, consuming less than 4% of the 225Mt @ 29.2% TGC Mineral Resource, highlighting multi-generational expandability.”
Low Operating Costspositive · Story-specific tag
No canonical definition is currently available.
Why it applies: The project's operating costs are estimated to be amongst the lowest of non-Chinese graphite mines, at US$364/t concentrate.
Evidence · text
“The Sarytogan project operating costs compare favourably with peer graphite project developers listed on the ASX (Figure 3). The operating cost is estimated to be amongst the lowest of non-Chinese graphite mines, which speaks to the capacity of the project, once constructed, in withstanding the commodity price cycles.”
High Production Ratepositive · Story-specific tag
No canonical definition is currently available.
Why it applies: The DFS plans for 50,000 tpa of graphite concentrate production.
Evidence · text
“50,000 tpa of graphite concentrate at 90% LOI1000 grade”
Capital Not Securednegative · Story-specific tag
No canonical definition is currently available.
Why it applies: The company explicitly states that it has not yet secured the required capital to develop the project.
Evidence · text
“Sarytogan has not as yet secured the required capital to develop the project.”
No Offtake Agreementsnegative · Story-specific tag
No canonical definition is currently available.
Why it applies: The company states that no binding offtake agreements are in place, despite receiving enquiries.
Evidence · text
“No binding offtake agreements are in place. Although the Company has received a number of inbound enquiries and a number of potential customers are conducting product testing there can be no certainty that one or more binding agreements will be reached or that any conditions precedent to any such binding agreements will be satisfied.”
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: The Mineral Resource and Ore Reserve estimates are reported in accordance with the 2012 Edition of the JORC Code.
Evidence · text
“The Mineral Resource estimate has been reported in accordance with the Australasian JORC Code by classification”
Proven Reservepositive
Measured Resource with demonstrated economic viability after applying modifying factors.
Why it applies: The Ore Reserve includes 2.5Mt classified as Proved Reserve.
Evidence · text
“Ore Reserve of 14.5Mt @ 29.1% TGC (Total Graphitic Carbon) estimated, comprising 2.5Mt Proved and 12.0Mt Probable Reserve.”
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: The Ore Reserve includes 12.0Mt classified as Probable Reserve.
Evidence · text
“Ore Reserve of 14.5Mt @ 29.1% TGC (Total Graphitic Carbon) estimated, comprising 2.5Mt Proved and 12.0Mt Probable Reserve.”
Measured Resourcepositive
Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.
Why it applies: The Mineral Resource includes 5.4Mt classified as Measured.
Evidence · table
“5.4”
Context: Measured
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: The Mineral Resource includes 108Mt classified as Indicated.
Evidence · table
“108”
Context: Indicated
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: The Mineral Resource includes 111Mt classified as Inferred, representing a significant portion of the total.
Evidence · table
“111”
Context: Inferred
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: The DFS includes an updated Mineral Resource Estimate for the Central Graphite Zone (2026 MRE) and incorporates the North Graphite Zone (2023 MRE).
Evidence · text
“The DFS considered the Measured and Indicated Mineral Resources from the Central Graphite Zone (CGZ) as estimated by WSP (Consulting Engineers) in February 2026 and the Indicated Mineral Resources from the Northern Graphite Zone (NGZ) as estimated by AMC Consultants in March 2023.”
Contained Metal Growthpositive
True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes.
Why it applies: The Ore Reserve consumes less than 4% of the 225Mt @ 29.2% TGC Mineral Resource, highlighting multi-generational expandability and significant contained graphite potential.
Evidence · text
“consuming less than 4% of the 225Mt @ 29.2% TGC Mineral Resource, highlighting multi-generational expandability.”
Grade Improvementpositive
Average resource grade improved vs prior estimate — better deposit economics.
Why it applies: The Ore Reserve includes a higher-grade component of 8.9Mt @ 31.8% TGC, which is above the overall reserve grade of 29.1% TGC.
Evidence · text
“The Ore Reserve includes a higher-grade component of 8.9Mt @ 31.8% TGC.”
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: Tim Daffern and Dean David are named as Competent Persons responsible for the Ore Reserves, in accordance with JORC Code.
Evidence · text
“The information that relates to Ore Reserves is based on information compiled by Tim Daffern, a Competent Person who is a Fellow of the Australasian Institute of Mining and Metallurgy. Mr Daffern is employed by WSP. Mr Daffern has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Daffern consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.”
High Recoverypositive
Recovery at or above the exceptional band for the commodity and processing route.
Why it applies: The fresh and transitional domains achieved 84% recovery, which is strong for graphite flotation.
Evidence · text
“84% recovery and 90% TGC grade (approximately 91.5% LOI 1000) in the fresh and transitional domains”
Pilot Scale Completepositive
Pilot or demonstration plant testing completed under continuous operation.
Why it applies: Pilot Scale Flotation and regrinding testwork was completed to produce 100kg of concentrate.
Evidence · text
“Pilot Scale Flotation and regrinding to produce 100kg of concentrate at Metallurgy”
Multi-Domain Testedpositive
Variability across ore domains (oxide, transition, fresh) has been addressed.
Why it applies: Variability flotation testing identified separate domains by weathering profile (weathered, fresh, transitional) and tested them.
Evidence · text
“variability flotation testing of 20 samples across 2 programs in 2025 and 2026 allowed the identification of separate domains by weathering profile.”
Recovery Improvingpositive
Recovery improved versus a like-for-like prior test program on the same domain and route.
Why it applies: Optimisation tests allowed the target concentrate grade to be lifted from ‘Micro80C’ to ‘Micro90C’ and fresh/transitional domains achieved higher recovery than weathered.
Evidence · text
“the optimisation of the flotation conditions that allowed the target concentrate grade to be lifted from ‘Micro80C’ to ‘Micro90C’ with a product specification of 90% LOI1000 (Refer ASX Announcement 2 June 2025).”
Low Recoverynegative
Recovery below the weak band for the commodity and processing route.
Why it applies: The weathered domain achieved 66% recovery, which is below the strong band for graphite flotation.
Evidence · text
“66% recovery and 88.5% TGC grade (approximately 90% LOI1000) in the weathered domain.”
Mill Routeneutral
Processing via mill or concentrator (CIL, CIP, tank leach, flotation).
Why it applies: The processing method involves a flotation plant to produce graphite concentrate.
Evidence · text
“The DFS process plant is a small throughput flotation plant, designed to produce 50ktpa of 88.5 TGC% (total graphitic carbon) graphite concentrate”
Extracted facts
Stored fact records: 42. Some facts used in scoring do not have a stored record.
Drill Results (20)
St-5Sarytogan North · graphiteIntercept: 12 mView all detailsHide details
Identity
- Hole ID
- St-5
- Project
- Sarytogan North
- Commodity
- graphite
- Region
- kazakhstan
- Reported Region
- kazakhstan
- Ticker
- SGA
Geometry
- Intercept
- 12 m
- From
- 5 m
- To
- 17 m
- Intercept Depth
- 5 m
Classification
- Sample Type
- drill
- Group ID
- St-5:5-17
Location
- Location
- Central Zone
- Easting
- 438228
- Northing
- 5373785
- CRS
- WGS84 UTM Zone 43
- Elevation
- 915 m
- Loc. Confidence
- medium
- Loc. Source
- document
QA/QC
- Laboratory
- Metallurgy Pty Ltd, ALS, KazHydroMed LLP
- QA/QC Disclosed
- Yes
- QA/QC Methods
- standards, blanks, duplicates
Compositing
- Dilution Disclosed
- Yes
Review
- Needs Review
- No
- Interp. Status
- scored
- Historical
- No
Dates
- Event date
- 2026-10-20T00:00:00.000Z
Reasoning: This test on transition material shows strong recovery and high concentrate grade, contributing positively to the overall metallurgical understanding.
Positive factors
- Strong recovery for transition material.
- High head grade and concentrate grade.
Evidence · table
“78.2”
Context: St-5
Tags used in scoring
QA/QC Disclosedpositive
Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods (blanks, standards, duplicates).
Why it applies: qaqc_disclosed is true
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
St-67Sarytogan North · graphiteIntercept: 10 mView all detailsHide details
Identity
- Hole ID
- St-67
- Project
- Sarytogan North
- Commodity
- graphite
- Region
- kazakhstan
- Reported Region
- kazakhstan
- Ticker
- SGA
Geometry
- Intercept
- 10 m
- From
- 17 m
- To
- 27 m
- Intercept Depth
- 17 m
Classification
- Sample Type
- drill
- Group ID
- St-67:17-27
Location
- Location
- Central Zone
- Easting
- 439280
- Northing
- 5374376
- CRS
- WGS84 UTM Zone 43
- Elevation
- 929 m
- Loc. Confidence
- medium
- Loc. Source
- document
QA/QC
- Laboratory
- Metallurgy Pty Ltd, ALS, KazHydroMed LLP
- QA/QC Disclosed
- Yes
- QA/QC Methods
- standards, blanks, duplicates
Compositing
- Dilution Disclosed
- Yes
Review
- Needs Review
- No
- Interp. Status
- scored
- Historical
- No
Dates
- Event date
- 2026-10-20T00:00:00.000Z
Reasoning: This test on fresh material demonstrates excellent recovery and very high concentrate grade, indicating strong metallurgical performance for a key ore type.
Positive factors
- Excellent recovery for fresh material.
- Very high head grade and concentrate grade.
Evidence · table
“84.7”
Context: St-67
Tags used in scoring
QA/QC Disclosedpositive
Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods (blanks, standards, duplicates).
Why it applies: qaqc_disclosed is true
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
St-77Sarytogan North · graphiteIntercept: 4 mView all detailsHide details
Identity
- Hole ID
- St-77
- Project
- Sarytogan North
- Commodity
- graphite
- Region
- kazakhstan
- Reported Region
- kazakhstan
- Ticker
- SGA
Geometry
- Intercept
- 4 m
- From
- 4 m
- To
- 8 m
- Intercept Depth
- 4 m
Classification
- Sample Type
- drill
- Group ID
- St-77:4-8
Location
- Location
- Central Zone
- Easting
- 438426
- Northing
- 5373854
- CRS
- WGS84 UTM Zone 43
- Elevation
- 914 m
- Loc. Confidence
- medium
- Loc. Source
- document
QA/QC
- Laboratory
- Metallurgy Pty Ltd, ALS, KazHydroMed LLP
- QA/QC Disclosed
- Yes
- QA/QC Methods
- standards, blanks, duplicates
Compositing
- Dilution Disclosed
- Yes
Review
- Needs Review
- No
- Interp. Status
- scored
- Historical
- No
Dates
- Event date
- 2026-10-20T00:00:00.000Z
Reasoning: This test on transition material shows excellent recovery and high concentrate grade, further confirming strong metallurgical performance for this ore type.
Positive factors
- Excellent recovery for transition material.
- High head grade and concentrate grade.
Evidence · table
“86.5”
Context: St-77
Tags used in scoring
QA/QC Disclosedpositive
Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods (blanks, standards, duplicates).
Why it applies: qaqc_disclosed is true
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
St-78Sarytogan North · graphiteIntercept: 8 mView all detailsHide details
Identity
- Hole ID
- St-78
- Project
- Sarytogan North
- Commodity
- graphite
- Region
- kazakhstan
- Reported Region
- kazakhstan
- Ticker
- SGA
Geometry
- Intercept
- 8 m
- From
- 4 m
- To
- 12 m
- Intercept Depth
- 4 m
Classification
- Sample Type
- drill
- Group ID
- St-78:4-12
Location
- Location
- Central Zone
- Easting
- 438392
- Northing
- 5373947
- CRS
- WGS84 UTM Zone 43
- Elevation
- 920 m
- Loc. Confidence
- medium
- Loc. Source
- document
QA/QC
- Laboratory
- Metallurgy Pty Ltd, ALS, KazHydroMed LLP
- QA/QC Disclosed
- Yes
- QA/QC Methods
- standards, blanks, duplicates
Compositing
- Dilution Disclosed
- Yes
Review
- Needs Review
- No
- Interp. Status
- scored
- Historical
- No
Dates
- Event date
- 2026-10-20T00:00:00.000Z
Reasoning: This test on transition material shows excellent recovery and high concentrate grade, reinforcing the positive metallurgical characteristics of this ore type.
Positive factors
- Excellent recovery for transition material.
- High head grade and concentrate grade.
Evidence · table
“86.0”
Context: St-78
Tags used in scoring
QA/QC Disclosedpositive
Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods (blanks, standards, duplicates).
Why it applies: qaqc_disclosed is true
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
St-81Sarytogan North · graphiteIntercept: 7 mView all detailsHide details
Identity
- Hole ID
- St-81
- Project
- Sarytogan North
- Commodity
- graphite
- Region
- kazakhstan
- Reported Region
- kazakhstan
- Ticker
- SGA
Geometry
- Intercept
- 7 m
- From
- 4 m
- To
- 11 m
- Intercept Depth
- 4 m
Classification
- Sample Type
- drill
- Group ID
- St-81:4-11
Location
- Location
- Central Zone
- Easting
- 438790
- Northing
- 5373998
- CRS
- WGS84 UTM Zone 43
- Elevation
- 918 m
- Loc. Confidence
- medium
- Loc. Source
- document
QA/QC
- Laboratory
- Metallurgy Pty Ltd, ALS, KazHydroMed LLP
- QA/QC Disclosed
- Yes
- QA/QC Methods
- standards, blanks, duplicates
Compositing
- Dilution Disclosed
- Yes
Review
- Needs Review
- No
- Interp. Status
- scored
- Historical
- No
Dates
- Event date
- 2026-10-20T00:00:00.000Z
Reasoning: This test on transition material shows strong recovery and high concentrate grade, demonstrating good metallurgical performance even with a slightly lower head grade.
Positive factors
- Strong recovery for transition material.
- High concentrate grade despite moderate head grade.
Evidence · table
“84.7”
Context: St-81
Tags used in scoring
QA/QC Disclosedpositive
Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods (blanks, standards, duplicates).
Why it applies: qaqc_disclosed is true
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
St-94Sarytogan North · graphiteIntercept: 9 mView all detailsHide details
Identity
- Hole ID
- St-94
- Project
- Sarytogan North
- Commodity
- graphite
- Region
- kazakhstan
- Reported Region
- kazakhstan
- Ticker
- SGA
Geometry
- Intercept
- 9 m
- From
- 4 m
- To
- 13 m
- Intercept Depth
- 4 m
Classification
- Sample Type
- drill
- Group ID
- St-94:4-13
Location
- Location
- Central Zone
- Easting
- 439130
- Northing
- 5374216
- CRS
- WGS84 UTM Zone 43
- Elevation
- 923 m
- Loc. Confidence
- medium
- Loc. Source
- document
QA/QC
- Laboratory
- Metallurgy Pty Ltd, ALS, KazHydroMed LLP
- QA/QC Disclosed
- Yes
- QA/QC Methods
- standards, blanks, duplicates
Compositing
- Dilution Disclosed
- Yes
Review
- Needs Review
- No
- Interp. Status
- scored
- Historical
- No
Dates
- Event date
- 2026-10-20T00:00:00.000Z
Reasoning: This test on transition material shows strong recovery and high concentrate grade from a very high head grade, indicating robust metallurgical performance.
Positive factors
- Strong recovery for transition material.
- Very high head grade and high concentrate grade.
Evidence · table
“83.2”
Context: St-94
Tags used in scoring
QA/QC Disclosedpositive
Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods (blanks, standards, duplicates).
Why it applies: qaqc_disclosed is true
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
St-77Sarytogan North · graphiteIntercept: 8 mView all detailsHide details
Identity
- Hole ID
- St-77
- Project
- Sarytogan North
- Commodity
- graphite
- Region
- kazakhstan
- Reported Region
- kazakhstan
- Ticker
- SGA
Geometry
- Intercept
- 8 m
- From
- 20 m
- To
- 28 m
- Intercept Depth
- 20 m
Classification
- Sample Type
- drill
- Group ID
- St-77:20-28
Location
- Location
- Central Zone
- Easting
- 438426
- Northing
- 5373854
- CRS
- WGS84 UTM Zone 43
- Elevation
- 914 m
- Loc. Confidence
- medium
- Loc. Source
- document
QA/QC
- Laboratory
- Metallurgy Pty Ltd, ALS, KazHydroMed LLP
- QA/QC Disclosed
- Yes
- QA/QC Methods
- standards, blanks, duplicates
Compositing
- Dilution Disclosed
- Yes
Review
- Needs Review
- No
- Interp. Status
- scored
- Historical
- No
Dates
- Event date
- 2026-10-20T00:00:00.000Z
Reasoning: This test on fresh material shows strong recovery and high concentrate grade, confirming good metallurgical performance for this ore type.
Positive factors
- Strong recovery for fresh material.
- High head grade and concentrate grade.
Evidence · table
“82.3”
Context: St-77
Tags used in scoring
QA/QC Disclosedpositive
Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods (blanks, standards, duplicates).
Why it applies: qaqc_disclosed is true
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
St-73Sarytogan North · graphiteIntercept: 9 mView all detailsHide details
Identity
- Hole ID
- St-73
- Project
- Sarytogan North
- Commodity
- graphite
- Region
- kazakhstan
- Reported Region
- kazakhstan
- Ticker
- SGA
Geometry
- Intercept
- 9 m
- From
- 26 m
- To
- 35 m
- Intercept Depth
- 26 m
Classification
- Sample Type
- drill
- Group ID
- St-73:26-35
Location
- Location
- Central Zone
- Easting
- 437986
- Northing
- 5373652
- CRS
- WGS84 UTM Zone 43
- Elevation
- 905 m
- Loc. Confidence
- medium
- Loc. Source
- document
QA/QC
- Laboratory
- Metallurgy Pty Ltd, ALS, KazHydroMed LLP
- QA/QC Disclosed
- Yes
- QA/QC Methods
- standards, blanks, duplicates
Compositing
- Dilution Disclosed
- Yes
Review
- Needs Review
- No
- Interp. Status
- scored
- Historical
- No
Dates
- Event date
- 2026-10-20T00:00:00.000Z
Reasoning: This test on fresh material demonstrates excellent recovery and very high concentrate grade, indicating superior metallurgical performance for this ore type.
Positive factors
- Excellent recovery for fresh material.
- Very high head grade and concentrate grade.
Evidence · table
“86.8”
Context: St-73
Tags used in scoring
QA/QC Disclosedpositive
Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods (blanks, standards, duplicates).
Why it applies: qaqc_disclosed is true
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
St-43Sarytogan North · graphiteIntercept: 10 mView all detailsHide details
Identity
- Hole ID
- St-43
- Project
- Sarytogan North
- Commodity
- graphite
- Region
- kazakhstan
- Reported Region
- kazakhstan
- Ticker
- SGA
Geometry
- Intercept
- 10 m
- From
- 32 m
- To
- 42 m
- Intercept Depth
- 32 m
Classification
- Sample Type
- drill
- Group ID
- St-43:32-42
Location
- Location
- Central Zone
- Easting
- 437482
- Northing
- 5375245
- CRS
- WGS84 UTM Zone 43
- Elevation
- 895 m
- Loc. Confidence
- medium
- Loc. Source
- document
QA/QC
- Laboratory
- Metallurgy Pty Ltd, ALS, KazHydroMed LLP
- QA/QC Disclosed
- Yes
- QA/QC Methods
- standards, blanks, duplicates
Compositing
- Dilution Disclosed
- Yes
Review
- Needs Review
- No
- Interp. Status
- scored
- Historical
- No
Dates
- Event date
- 2026-10-20T00:00:00.000Z
Reasoning: This test on fresh material from the NGZ shows strong recovery and high concentrate grade, confirming good metallurgical performance across different zones.
Positive factors
- Strong recovery for fresh material.
- High head grade and concentrate grade.
- Confirms performance in the Northern Graphite Zone.
Evidence · table
“84.5”
Context: St-43
Tags used in scoring
QA/QC Disclosedpositive
Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods (blanks, standards, duplicates).
Why it applies: qaqc_disclosed is true
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
StM-01Sarytogan North · graphiteIntercept: 10.1 mView all detailsHide details
Identity
- Hole ID
- StM-01
- Project
- Sarytogan North
- Commodity
- graphite
- Region
- kazakhstan
- Reported Region
- kazakhstan
- Ticker
- SGA
Geometry
- Intercept
- 10.1 m
- From
- 0 m
- To
- 10.1 m
- Intercept Depth
- 0 m
Classification
- Sample Type
- drill
- Group ID
- StM-01:0-10.1
Location
- Location
- Central Zone
- Easting
- 438068
- Northing
- 5373764
- CRS
- WGS84 UTM Zone 43
- Elevation
- 909 m
- Loc. Confidence
- medium
- Loc. Source
- document
QA/QC
- Laboratory
- Metallurgy Pty Ltd, ALS, KazHydroMed LLP
- QA/QC Disclosed
- Yes
- QA/QC Methods
- standards, blanks, duplicates
Compositing
- Dilution Disclosed
- Yes
Review
- Needs Review
- No
- Interp. Status
- scored
- Historical
- No
Dates
- Event date
- 2026-10-20T00:00:00.000Z
Reasoning: This test on weathered material shows a lower recovery and concentrate grade, highlighting the metallurgical challenges associated with this ore type.
Negative factors
- Lower recovery for weathered material.
- Lower concentrate grade compared to other samples.
Evidence · table
“62.4”
Context: StM-01
Tags used in scoring
QA/QC Disclosedpositive
Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods (blanks, standards, duplicates).
Why it applies: qaqc_disclosed is true
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
StM-01Sarytogan North · graphiteIntercept: 4.7 mView all detailsHide details
Identity
- Hole ID
- StM-01
- Project
- Sarytogan North
- Commodity
- graphite
- Region
- kazakhstan
- Reported Region
- kazakhstan
- Ticker
- SGA
Geometry
- Intercept
- 4.7 m
- From
- 10.1 m
- To
- 14.8 m
- Intercept Depth
- 10.1 m
Classification
- Sample Type
- drill
- Group ID
- StM-01:10.1-14.8
Location
- Location
- Central Zone
- Easting
- 438068
- Northing
- 5373764
- CRS
- WGS84 UTM Zone 43
- Elevation
- 909 m
- Loc. Confidence
- medium
- Loc. Source
- document
QA/QC
- Laboratory
- Metallurgy Pty Ltd, ALS, KazHydroMed LLP
- QA/QC Disclosed
- Yes
- QA/QC Methods
- standards, blanks, duplicates
Compositing
- Dilution Disclosed
- Yes
Review
- Needs Review
- No
- Interp. Status
- scored
- Historical
- No
Dates
- Event date
- 2026-10-20T00:00:00.000Z
Reasoning: This test on transition material shows excellent recovery from a very high head grade, but the concentrate grade is lower, indicating a trade-off or specific processing characteristic.
Positive factors
- Excellent recovery for transition material.
- Very high head grade.
Negative factors
- Lower concentrate grade compared to other samples.
Evidence · table
“88.1”
Context: StM-01
Tags used in scoring
QA/QC Disclosedpositive
Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods (blanks, standards, duplicates).
Why it applies: qaqc_disclosed is true
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
StM-02Sarytogan North · graphiteIntercept: 7.7 mView all detailsHide details
Identity
- Hole ID
- StM-02
- Project
- Sarytogan North
- Commodity
- graphite
- Region
- kazakhstan
- Reported Region
- kazakhstan
- Ticker
- SGA
Geometry
- Intercept
- 7.7 m
- From
- 1 m
- To
- 8.7 m
- Intercept Depth
- 1 m
Classification
- Sample Type
- drill
- Group ID
- StM-02:1-8.7
Location
- Location
- Central Zone
- Easting
- 438107
- Northing
- 5373732
- CRS
- WGS84 UTM Zone 43
- Elevation
- 912 m
- Loc. Confidence
- medium
- Loc. Source
- document
QA/QC
- Laboratory
- Metallurgy Pty Ltd, ALS, KazHydroMed LLP
- QA/QC Disclosed
- Yes
- QA/QC Methods
- standards, blanks, duplicates
Compositing
- Dilution Disclosed
- Yes
Review
- Needs Review
- No
- Interp. Status
- scored
- Historical
- No
Dates
- Event date
- 2026-10-20T00:00:00.000Z
Reasoning: This test on weathered material shows a lower recovery, but a high concentrate grade, suggesting that while less material is recovered, its quality is good.
Positive factors
- High concentrate grade achieved.
Negative factors
- Lower recovery for weathered material.
Evidence · table
“60.0”
Context: StM-02
Tags used in scoring
QA/QC Disclosedpositive
Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods (blanks, standards, duplicates).
Why it applies: qaqc_disclosed is true
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
StM-02Sarytogan North · graphiteIntercept: 8.3 mView all detailsHide details
Identity
- Hole ID
- StM-02
- Project
- Sarytogan North
- Commodity
- graphite
- Region
- kazakhstan
- Reported Region
- kazakhstan
- Ticker
- SGA
Geometry
- Intercept
- 8.3 m
- From
- 12.3 m
- To
- 20.6 m
- Intercept Depth
- 12.3 m
Classification
- Sample Type
- drill
- Group ID
- StM-02:12.3-20.6
Location
- Location
- Central Zone
- Easting
- 438107
- Northing
- 5373732
- CRS
- WGS84 UTM Zone 43
- Elevation
- 912 m
- Loc. Confidence
- medium
- Loc. Source
- document
QA/QC
- Laboratory
- Metallurgy Pty Ltd, ALS, KazHydroMed LLP
- QA/QC Disclosed
- Yes
- QA/QC Methods
- standards, blanks, duplicates
Compositing
- Dilution Disclosed
- Yes
Review
- Needs Review
- No
- Interp. Status
- scored
- Historical
- No
Dates
- Event date
- 2026-10-20T00:00:00.000Z
Reasoning: This test on fresh material shows strong recovery and high concentrate grade, indicating good metallurgical performance for this ore type.
Positive factors
- Strong recovery for fresh material.
- High head grade and concentrate grade.
Evidence · table
“82.7”
Context: StM-02
Tags used in scoring
QA/QC Disclosedpositive
Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods (blanks, standards, duplicates).
Why it applies: qaqc_disclosed is true
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
StM-03Sarytogan North · graphiteIntercept: 8.1 mView all detailsHide details
Identity
- Hole ID
- StM-03
- Project
- Sarytogan North
- Commodity
- graphite
- Region
- kazakhstan
- Reported Region
- kazakhstan
- Ticker
- SGA
Geometry
- Intercept
- 8.1 m
- From
- 41.9 m
- To
- 50 m
- Intercept Depth
- 41.9 m
Classification
- Sample Type
- drill
- Group ID
- StM-03:41.9-50
Location
- Location
- Central Zone
- Easting
- 438146
- Northing
- 5373700
- CRS
- WGS84 UTM Zone 43
- Elevation
- 911 m
- Loc. Confidence
- medium
- Loc. Source
- document
QA/QC
- Laboratory
- Metallurgy Pty Ltd, ALS, KazHydroMed LLP
- QA/QC Disclosed
- Yes
- QA/QC Methods
- standards, blanks, duplicates
Compositing
- Dilution Disclosed
- Yes
Review
- Needs Review
- No
- Interp. Status
- scored
- Historical
- No
Dates
- Event date
- 2026-10-20T00:00:00.000Z
Reasoning: This test on fresh material demonstrates exceptional recovery from a very high head grade, indicating superior metallurgical performance for this ore type.
Positive factors
- Exceptional recovery for fresh material.
- Very high head grade.
Evidence · table
“94.7”
Context: StM-03
Tags used in scoring
QA/QC Disclosedpositive
Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods (blanks, standards, duplicates).
Why it applies: qaqc_disclosed is true
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
StM-04Sarytogan North · graphiteIntercept: 8.5 mView all detailsHide details
Identity
- Hole ID
- StM-04
- Project
- Sarytogan North
- Commodity
- graphite
- Region
- kazakhstan
- Reported Region
- kazakhstan
- Ticker
- SGA
Geometry
- Intercept
- 8.5 m
- From
- 28.7 m
- To
- 37.2 m
- Intercept Depth
- 28.7 m
Classification
- Sample Type
- drill
- Group ID
- StM-04:28.7-37.2
Location
- Location
- Central Zone
- Easting
- 438186
- Northing
- 5373670
- CRS
- WGS84 UTM Zone 43
- Elevation
- 911 m
- Loc. Confidence
- medium
- Loc. Source
- document
QA/QC
- Laboratory
- Metallurgy Pty Ltd, ALS, KazHydroMed LLP
- QA/QC Disclosed
- Yes
- QA/QC Methods
- standards, blanks, duplicates
Compositing
- Dilution Disclosed
- Yes
Review
- Needs Review
- No
- Interp. Status
- scored
- Historical
- No
Dates
- Event date
- 2026-10-20T00:00:00.000Z
Reasoning: This test on fresh material shows moderate recovery, which is lower than other fresh samples, but still achieves a high concentrate grade.
Positive factors
- High head grade and concentrate grade.
Negative factors
- Moderate recovery for fresh material.
Evidence · table
“73.4”
Context: StM-04
Tags used in scoring
QA/QC Disclosedpositive
Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods (blanks, standards, duplicates).
Why it applies: qaqc_disclosed is true
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
StM-05Sarytogan North · graphiteIntercept: 6.2 mView all detailsHide details
Identity
- Hole ID
- StM-05
- Project
- Sarytogan North
- Commodity
- graphite
- Region
- kazakhstan
- Reported Region
- kazakhstan
- Ticker
- SGA
Geometry
- Intercept
- 6.2 m
- From
- 3.9 m
- To
- 10.1 m
- Intercept Depth
- 3.9 m
Classification
- Sample Type
- drill
- Group ID
- StM-05:3.9-10.1
Location
- Location
- Central Zone
- Easting
- 438168
- Northing
- 5373744
- CRS
- WGS84 UTM Zone 43
- Elevation
- 913 m
- Loc. Confidence
- medium
- Loc. Source
- document
QA/QC
- Laboratory
- Metallurgy Pty Ltd, ALS, KazHydroMed LLP
- QA/QC Disclosed
- Yes
- QA/QC Methods
- standards, blanks, duplicates
Compositing
- Dilution Disclosed
- Yes
Review
- Needs Review
- No
- Interp. Status
- scored
- Historical
- No
Dates
- Event date
- 2026-10-20T00:00:00.000Z
Reasoning: This test on transition material shows a very low recovery despite a high head grade, indicating potential challenges in recovering graphite from this specific sample, though the concentrate quality is excellent.
Positive factors
- Very high concentrate grade achieved.
Negative factors
- Low recovery for transition material.
Evidence · table
“55.5”
Context: StM-05
Tags used in scoring
QA/QC Disclosedpositive
Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods (blanks, standards, duplicates).
Why it applies: qaqc_disclosed is true
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
StM-09Sarytogan North · graphiteIntercept: 4 mView all detailsHide details
Identity
- Hole ID
- StM-09
- Project
- Sarytogan North
- Commodity
- graphite
- Region
- kazakhstan
- Reported Region
- kazakhstan
- Ticker
- SGA
Geometry
- Intercept
- 4 m
- From
- 0 m
- To
- 4 m
- Intercept Depth
- 0 m
Classification
- Sample Type
- drill
- Group ID
- StM-09:0-4
Location
- Location
- Central Zone
- Easting
- 438197
- Northing
- 5373869
- CRS
- WGS84 UTM Zone 43
- Elevation
- 921 m
- Loc. Confidence
- medium
- Loc. Source
- document
QA/QC
- Laboratory
- Metallurgy Pty Ltd, ALS, KazHydroMed LLP
- QA/QC Disclosed
- Yes
- QA/QC Methods
- standards, blanks, duplicates
Compositing
- Dilution Disclosed
- Yes
Review
- Needs Review
- No
- Interp. Status
- scored
- Historical
- No
Dates
- Event date
- 2026-10-20T00:00:00.000Z
Reasoning: This test on weathered material shows a lower recovery, but a very high concentrate grade, suggesting that while less material is recovered, its quality is excellent.
Positive factors
- Very high concentrate grade achieved.
Negative factors
- Lower recovery for weathered material.
Evidence · table
“60.3”
Context: StM-09
Tags used in scoring
QA/QC Disclosedpositive
Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods (blanks, standards, duplicates).
Why it applies: qaqc_disclosed is true
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
StM-33Sarytogan North · graphiteIntercept: 4 mView all detailsHide details
Identity
- Hole ID
- StM-33
- Project
- Sarytogan North
- Commodity
- graphite
- Region
- kazakhstan
- Reported Region
- kazakhstan
- Ticker
- SGA
Geometry
- Intercept
- 4 m
- From
- 0 m
- To
- 4 m
- Intercept Depth
- 0 m
Classification
- Sample Type
- drill
- Group ID
- StM-33:0-4
Location
- Location
- Central Zone
- Easting
- 439303
- Northing
- 5374332
- CRS
- WGS84 UTM Zone 43
- Elevation
- 928 m
- Loc. Confidence
- medium
- Loc. Source
- document
QA/QC
- Laboratory
- Metallurgy Pty Ltd, ALS, KazHydroMed LLP
- QA/QC Disclosed
- Yes
- QA/QC Methods
- standards, blanks, duplicates
Compositing
- Dilution Disclosed
- Yes
Review
- Needs Review
- No
- Interp. Status
- scored
- Historical
- No
Dates
- Event date
- 2026-10-20T00:00:00.000Z
Reasoning: This test on weathered material shows a very low recovery despite a high head grade, indicating significant challenges in recovering graphite from this specific sample, though the concentrate quality is excellent.
Positive factors
- Very high concentrate grade achieved.
Negative factors
- Low recovery for weathered material.
Evidence · table
“52.5”
Context: StM-33
Tags used in scoring
QA/QC Disclosedpositive
Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods (blanks, standards, duplicates).
Why it applies: qaqc_disclosed is true
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
StM-33Sarytogan North · graphiteIntercept: 6.4 mView all detailsHide details
Identity
- Hole ID
- StM-33
- Project
- Sarytogan North
- Commodity
- graphite
- Region
- kazakhstan
- Reported Region
- kazakhstan
- Ticker
- SGA
Geometry
- Intercept
- 6.4 m
- From
- 22.9 m
- To
- 29.3 m
- Intercept Depth
- 22.9 m
Classification
- Sample Type
- drill
- Group ID
- StM-33:22.9-29.3
Location
- Location
- Central Zone
- Easting
- 439303
- Northing
- 5374332
- CRS
- WGS84 UTM Zone 43
- Elevation
- 928 m
- Loc. Confidence
- medium
- Loc. Source
- document
QA/QC
- Laboratory
- Metallurgy Pty Ltd, ALS, KazHydroMed LLP
- QA/QC Disclosed
- Yes
- QA/QC Methods
- standards, blanks, duplicates
Compositing
- Dilution Disclosed
- Yes
Review
- Needs Review
- No
- Interp. Status
- scored
- Historical
- No
Dates
- Event date
- 2026-10-20T00:00:00.000Z
Reasoning: This test on fresh material demonstrates exceptional recovery and excellent concentrate grade from a very high head grade, indicating superior metallurgical performance for this ore type.
Positive factors
- Exceptional recovery for fresh material.
- Very high head grade and excellent concentrate grade.
Evidence · table
“94.7”
Context: StM-33
Tags used in scoring
QA/QC Disclosedpositive
Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods (blanks, standards, duplicates).
Why it applies: qaqc_disclosed is true
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
StM-35Sarytogan North · graphiteIntercept: 9.6 mView all detailsHide details
Identity
- Hole ID
- StM-35
- Project
- Sarytogan North
- Commodity
- graphite
- Region
- kazakhstan
- Reported Region
- kazakhstan
- Ticker
- SGA
Geometry
- Intercept
- 9.6 m
- From
- 10.7 m
- To
- 20.3 m
- Intercept Depth
- 10.7 m
Classification
- Sample Type
- drill
- Group ID
- StM-35:10.7-20.3
Location
- Location
- Central Zone
- Easting
- 439339
- Northing
- 5374356
- CRS
- WGS84 UTM Zone 43
- Elevation
- 930 m
- Loc. Confidence
- medium
- Loc. Source
- document
QA/QC
- Laboratory
- Metallurgy Pty Ltd, ALS, KazHydroMed LLP
- QA/QC Disclosed
- Yes
- QA/QC Methods
- standards, blanks, duplicates
Compositing
- Dilution Disclosed
- Yes
Review
- Needs Review
- No
- Interp. Status
- scored
- Historical
- No
Dates
- Event date
- 2026-10-20T00:00:00.000Z
Reasoning: This test on transition material demonstrates exceptional recovery and excellent concentrate grade from a very high head grade, indicating superior metallurgical performance for this ore type.
Positive factors
- Exceptional recovery for transition material.
- Very high head grade and excellent concentrate grade.
Evidence · table
“91.1”
Context: StM-35
Tags used in scoring
QA/QC Disclosedpositive
Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods (blanks, standards, duplicates).
Why it applies: qaqc_disclosed is true
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
Resource Estimates (20)
measuredSarytogan Graphite Deposit · graphiteTonnes: 5400000Grade: 28.3Grade Unit: % TGCContained Metal: 1.5Contained Unit: mtView all detailsHide details
Identity
- Project
- Sarytogan Graphite Deposit
- Commodity
- graphite
- Region
- kazakhstan
- Reported Region
- Central Kazakhstan
- Ticker
- SGA
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Tim Daffern, Dean David
- Resource group id
- resource:3c05b23afa8407937847
- Deposit or zone
- Central
Resource Data
- Category
- measured
- Tonnes
- 5400000
- Grade
- 28.3
- Grade Unit
- % TGC
- Contained Metal
- 1.5
- Contained Unit
- mt
- Cutoff Grade
- 17
- Cutoff Unit
- % TGC
Prior Estimate
- Resource Date
- 2026-02-01
Location
- CRS
- WGS84 UTM Zone 43
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-10-20T00:00:00.000Z
Reasoning: The Measured resource in the Central zone provides a high-confidence base for the project, indicating well-established geological understanding and grade continuity.
Positive factors
- Measured category indicates high geological confidence.
- High grade for graphite resource.
Evidence · table
“5.4”
Context: Measured
Tags used in scoring
Measured Resourcepositive
Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.
Why it applies: category is "measured"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
indicatedSarytogan Graphite Deposit · graphiteTonnes: 21400000Grade: 28.8Grade Unit: % TGCContained Metal: 6.2Contained Unit: mtView all detailsHide details
Identity
- Project
- Sarytogan Graphite Deposit
- Commodity
- graphite
- Region
- kazakhstan
- Reported Region
- Central Kazakhstan
- Ticker
- SGA
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Tim Daffern, Dean David
- Resource group id
- resource:2f9398a34c0f8d2077bb
- Deposit or zone
- Central
Resource Data
- Category
- indicated
- Tonnes
- 21400000
- Grade
- 28.8
- Grade Unit
- % TGC
- Contained Metal
- 6.2
- Contained Unit
- mt
- Cutoff Grade
- 17
- Cutoff Unit
- % TGC
Prior Estimate
- Resource Date
- 2026-02-01
Location
- CRS
- WGS84 UTM Zone 43
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-10-20T00:00:00.000Z
Reasoning: The Indicated resource in the Central zone adds significant tonnage with good confidence, supporting further economic studies and potential reserve conversion.
Positive factors
- Indicated category provides reasonable geological confidence.
- High grade for graphite resource.
Evidence · table
“21.4”
Context: Indicated
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
inferredSarytogan Graphite Deposit · graphiteTonnes: 29700000Grade: 28.9Grade Unit: % TGCContained Metal: 8.6Contained Unit: mtView all detailsHide details
Identity
- Project
- Sarytogan Graphite Deposit
- Commodity
- graphite
- Region
- kazakhstan
- Reported Region
- Central Kazakhstan
- Ticker
- SGA
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Tim Daffern, Dean David
- Resource group id
- resource:5f3ecfffc478ad7d6a15
- Deposit or zone
- Central
Resource Data
- Category
- inferred
- Tonnes
- 29700000
- Grade
- 28.9
- Grade Unit
- % TGC
- Contained Metal
- 8.6
- Contained Unit
- mt
- Cutoff Grade
- 17
- Cutoff Unit
- % TGC
Prior Estimate
- Resource Date
- 2026-02-01
Location
- CRS
- WGS84 UTM Zone 43
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-10-20T00:00:00.000Z
Reasoning: The Inferred resource in the Central zone contributes to the overall scale but requires additional drilling to upgrade confidence for use in detailed economic evaluations.
Positive factors
- Adds significant tonnage to the overall resource base.
- High grade for graphite resource.
Negative factors
- Inferred category has lower geological confidence and cannot be used for economic studies without further drilling.
Evidence · table
“29.7”
Context: Inferred
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
indicatedSarytogan Graphite Deposit · graphiteTonnes: 87000000Grade: 29.1Grade Unit: % TGCContained Metal: 25Contained Unit: mtHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Sarytogan Graphite Deposit
- Commodity
- graphite
- Region
- kazakhstan
- Reported Region
- Central Kazakhstan
- Ticker
- SGA
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Tim Daffern, Dean David
- Resource group id
- resource:fac6049d7d2208a9f757
- Deposit or zone
- North
Resource Data
- Category
- indicated
- Tonnes
- 87000000
- Grade
- 29.1
- Grade Unit
- % TGC
- Contained Metal
- 25
- Contained Unit
- mt
- Cutoff Grade
- 15
- Cutoff Unit
- % TGC
Prior Estimate
- Resource Date
- 2023-03-01
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2023-03-27T00:00:00.000Z
Dates
- Event date
- 2026-10-20T00:00:00.000Z
Reasoning: The historical Indicated resource in the North zone contributes substantially to the overall project scale, but its age means it has lower novelty in this release.
Positive factors
- Large Indicated resource provides significant future potential.
- High grade for graphite resource.
Negative factors
- This is a historical estimate from 2023, not updated in the current DFS.
Evidence · table
“87”
Context: Indicated
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 3.6 years before this release
inferredSarytogan Graphite Deposit · graphiteTonnes: 81000000Grade: 29.6Grade Unit: % TGCContained Metal: 24Contained Unit: mtHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Sarytogan Graphite Deposit
- Commodity
- graphite
- Region
- kazakhstan
- Reported Region
- Central Kazakhstan
- Ticker
- SGA
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Tim Daffern, Dean David
- Resource group id
- resource:be53326f726796dbe692
- Deposit or zone
- North
Resource Data
- Category
- inferred
- Tonnes
- 81000000
- Grade
- 29.6
- Grade Unit
- % TGC
- Contained Metal
- 24
- Contained Unit
- mt
- Cutoff Grade
- 15
- Cutoff Unit
- % TGC
Prior Estimate
- Resource Date
- 2023-03-01
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2023-03-27T00:00:00.000Z
Dates
- Event date
- 2026-10-20T00:00:00.000Z
Reasoning: The historical Inferred resource in the North zone contributes to the overall scale but requires additional drilling and is not a new estimate in this release.
Positive factors
- Adds significant tonnage to the overall resource base.
- High grade for graphite resource.
Negative factors
- Inferred category has lower geological confidence and cannot be used for economic studies without further drilling.
- This is a historical estimate from 2023, not updated in the current DFS.
Evidence · table
“81”
Context: Inferred
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 3.6 years before this release
measuredSarytogan Graphite Deposit · graphiteTonnes: 5400000Grade: 28.3Grade Unit: % TGCContained Metal: 1.5Contained Unit: mtView all detailsHide details
Identity
- Project
- Sarytogan Graphite Deposit
- Commodity
- graphite
- Region
- kazakhstan
- Reported Region
- Central Kazakhstan
- Ticker
- SGA
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Tim Daffern, Dean David
- Resource group id
- resource:fedb16397e753ec05b89
Resource Data
- Category
- measured
- Tonnes
- 5400000
- Grade
- 28.3
- Grade Unit
- % TGC
- Contained Metal
- 1.5
- Contained Unit
- mt
- Cutoff Grade
- 15
- Cutoff Unit
- % TGC
Prior Estimate
- Resource Date
- 2026-02-01
Location
- CRS
- WGS84 UTM Zone 43
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-10-20T00:00:00.000Z
Reasoning: The Measured resource provides a high-confidence base for the project, indicating well-established geological understanding and grade continuity.
Positive factors
- Measured category indicates high geological confidence.
- High grade for graphite resource.
Evidence · table
“5.4”
Context: Measured
Tags used in scoring
Measured Resourcepositive
Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.
Why it applies: category is "measured"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
indicatedSarytogan Graphite Deposit · graphiteTonnes: 108000000Grade: 29Grade Unit: % TGCContained Metal: 31Contained Unit: mtView all detailsHide details
Identity
- Project
- Sarytogan Graphite Deposit
- Commodity
- graphite
- Region
- kazakhstan
- Reported Region
- Central Kazakhstan
- Ticker
- SGA
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Tim Daffern, Dean David
- Resource group id
- resource:a64c1bc377247c1d1e02
Resource Data
- Category
- indicated
- Tonnes
- 108000000
- Grade
- 29
- Grade Unit
- % TGC
- Contained Metal
- 31
- Contained Unit
- mt
- Cutoff Grade
- 15
- Cutoff Unit
- % TGC
Prior Estimate
- Resource Date
- 2026-02-01
Location
- CRS
- WGS84 UTM Zone 43
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-10-20T00:00:00.000Z
Reasoning: The Indicated resource adds significant tonnage with good confidence, supporting further economic studies and potential reserve conversion.
Positive factors
- Indicated category provides reasonable geological confidence.
- High grade for graphite resource.
Evidence · table
“108”
Context: Indicated
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
inferredSarytogan Graphite Deposit · graphiteTonnes: 111000000Grade: 29.4Grade Unit: % TGCContained Metal: 33Contained Unit: mtView all detailsHide details
Identity
- Project
- Sarytogan Graphite Deposit
- Commodity
- graphite
- Region
- kazakhstan
- Reported Region
- Central Kazakhstan
- Ticker
- SGA
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Tim Daffern, Dean David
- Resource group id
- resource:352395d2b749428eb3b2
Resource Data
- Category
- inferred
- Tonnes
- 111000000
- Grade
- 29.4
- Grade Unit
- % TGC
- Contained Metal
- 33
- Contained Unit
- mt
- Cutoff Grade
- 15
- Cutoff Unit
- % TGC
Prior Estimate
- Resource Date
- 2026-02-01
Location
- CRS
- WGS84 UTM Zone 43
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-10-20T00:00:00.000Z
Reasoning: The Inferred resource contributes to the overall scale but requires additional drilling to upgrade confidence for use in detailed economic evaluations.
Positive factors
- Adds significant tonnage to the overall resource base.
- High grade for graphite resource.
Negative factors
- Inferred category has lower geological confidence and cannot be used for economic studies without further drilling.
Evidence · table
“111”
Context: Inferred
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
provenSarytogan Graphite Deposit · graphiteTonnes: 153000Grade: 30.5Grade Unit: %Contained Metal: 31Contained Unit: ktView all detailsHide details
Identity
- Project
- Sarytogan Graphite Deposit
- Commodity
- graphite
- Region
- kazakhstan
- Reported Region
- Central Kazakhstan
- Ticker
- SGA
Resource scope
- Estimate type
- reserve
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Tim Daffern, Dean David
- Resource group id
- resource:eba73015b5c6ea2bb3e1
- Deposit or zone
- Central Deposit
Resource Data
- Category
- proven
- Tonnes
- 153000
- Grade
- 30.5
- Grade Unit
- %
- Contained Metal
- 31
- Contained Unit
- kt
Prior Estimate
- Resource Date
- 2026-10-21
Location
- CRS
- WGS84 UTM Zone 43
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-10-20T00:00:00.000Z
Reasoning: The Proved Reserve in the Central Deposit (Weathered) demonstrates high confidence in economic extraction with a strong grade and concentrate quality.
Positive factors
- Proved Reserve indicates high confidence in economic extraction.
- High grade for graphite reserve.
- High concentrate grade.
Evidence · table
“153”
Context: Proved (Weathered)
Tags used in scoring
Proven Reservepositive
Measured Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "proven"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
provenSarytogan Graphite Deposit · graphiteTonnes: 1358000Grade: 31.1Grade Unit: %Contained Metal: 354Contained Unit: ktView all detailsHide details
Identity
- Project
- Sarytogan Graphite Deposit
- Commodity
- graphite
- Region
- kazakhstan
- Reported Region
- Central Kazakhstan
- Ticker
- SGA
Resource scope
- Estimate type
- reserve
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Tim Daffern, Dean David
- Resource group id
- resource:2a9b8a52173e0143bd47
- Deposit or zone
- Central Deposit
Resource Data
- Category
- proven
- Tonnes
- 1358000
- Grade
- 31.1
- Grade Unit
- %
- Contained Metal
- 354
- Contained Unit
- kt
Prior Estimate
- Resource Date
- 2026-10-21
Location
- CRS
- WGS84 UTM Zone 43
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-10-20T00:00:00.000Z
Reasoning: The Proved Reserve in the Central Deposit (Fresh) represents a high-confidence, high-grade component of the reserve, crucial for project economics.
Positive factors
- Proved Reserve indicates high confidence in economic extraction.
- Very high grade for graphite reserve.
- Excellent concentrate grade.
Evidence · table
“1,358”
Context: Proved (Fresh)
Tags used in scoring
Proven Reservepositive
Measured Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "proven"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
probableSarytogan Graphite Deposit · graphiteTonnes: 639000Grade: 31.9Grade Unit: %Contained Metal: 137Contained Unit: ktView all detailsHide details
Identity
- Project
- Sarytogan Graphite Deposit
- Commodity
- graphite
- Region
- kazakhstan
- Reported Region
- Central Kazakhstan
- Ticker
- SGA
Resource scope
- Estimate type
- reserve
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Tim Daffern, Dean David
- Resource group id
- resource:82f0f6e2757dbfab00c7
- Deposit or zone
- Central Deposit
Resource Data
- Category
- probable
- Tonnes
- 639000
- Grade
- 31.9
- Grade Unit
- %
- Contained Metal
- 137
- Contained Unit
- kt
Prior Estimate
- Resource Date
- 2026-10-21
Location
- CRS
- WGS84 UTM Zone 43
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-10-20T00:00:00.000Z
Reasoning: The Probable Reserve in the Central Deposit (Weathered) adds to the economically extractable material with good confidence and strong grades.
Positive factors
- Probable Reserve indicates good confidence in economic extraction.
- High grade for graphite reserve.
- High concentrate grade.
Evidence · table
“639”
Context: Probable (Weathered)
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
probableSarytogan Graphite Deposit · graphiteTonnes: 4526000Grade: 32.2Grade Unit: %Contained Metal: 1221Contained Unit: ktView all detailsHide details
Identity
- Project
- Sarytogan Graphite Deposit
- Commodity
- graphite
- Region
- kazakhstan
- Reported Region
- Central Kazakhstan
- Ticker
- SGA
Resource scope
- Estimate type
- reserve
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Tim Daffern, Dean David
- Resource group id
- resource:e8606bbae707246a3b90
- Deposit or zone
- Central Deposit
Resource Data
- Category
- probable
- Tonnes
- 4526000
- Grade
- 32.2
- Grade Unit
- %
- Contained Metal
- 1221
- Contained Unit
- kt
Prior Estimate
- Resource Date
- 2026-10-21
Location
- CRS
- WGS84 UTM Zone 43
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-10-20T00:00:00.000Z
Reasoning: The Probable Reserve in the Central Deposit (Fresh) is a substantial, high-grade component of the reserve, significantly contributing to the project's economic viability.
Positive factors
- Probable Reserve indicates good confidence in economic extraction.
- Very high grade for graphite reserve.
- Excellent concentrate grade.
Evidence · table
“4,526”
Context: Probable (Fresh)
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
provenSarytogan Graphite Deposit · graphiteTonnes: 309000Grade: 24.7Grade Unit: %Contained Metal: 49Contained Unit: ktView all detailsHide details
Identity
- Project
- Sarytogan Graphite Deposit
- Commodity
- graphite
- Region
- kazakhstan
- Reported Region
- Central Kazakhstan
- Ticker
- SGA
Resource scope
- Estimate type
- reserve
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Tim Daffern, Dean David
- Resource group id
- resource:17277bf7de6fbc98c65d
- Deposit or zone
- Central LG Stockpiles
Resource Data
- Category
- proven
- Tonnes
- 309000
- Grade
- 24.7
- Grade Unit
- %
- Contained Metal
- 49
- Contained Unit
- kt
Prior Estimate
- Resource Date
- 2026-10-21
Location
- CRS
- WGS84 UTM Zone 43
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-10-20T00:00:00.000Z
Reasoning: The Proved Reserve in Central LG Stockpiles (Weathered) provides additional economically viable material, enhancing the project's overall resource base.
Positive factors
- Proved Reserve indicates high confidence in economic extraction.
- Economically viable low-grade material adds to project flexibility.
Evidence · table
“309”
Context: Proved (Weathered)
Tags used in scoring
Proven Reservepositive
Measured Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "proven"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
provenSarytogan Graphite Deposit · graphiteTonnes: 727000Grade: 25Grade Unit: %Contained Metal: 152Contained Unit: ktView all detailsHide details
Identity
- Project
- Sarytogan Graphite Deposit
- Commodity
- graphite
- Region
- kazakhstan
- Reported Region
- Central Kazakhstan
- Ticker
- SGA
Resource scope
- Estimate type
- reserve
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Tim Daffern, Dean David
- Resource group id
- resource:b3b07138cb6bcb3143af
- Deposit or zone
- Central LG Stockpiles
Resource Data
- Category
- proven
- Tonnes
- 727000
- Grade
- 25
- Grade Unit
- %
- Contained Metal
- 152
- Contained Unit
- kt
Prior Estimate
- Resource Date
- 2026-10-21
Location
- CRS
- WGS84 UTM Zone 43
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-10-20T00:00:00.000Z
Reasoning: The Proved Reserve in Central LG Stockpiles (Fresh/Trans) provides additional economically viable material with good concentrate quality, enhancing project flexibility.
Positive factors
- Proved Reserve indicates high confidence in economic extraction.
- Economically viable low-grade material adds to project flexibility.
- High concentrate grade.
Evidence · table
“727”
Context: Proved (Fresh/Trans)
Tags used in scoring
Proven Reservepositive
Measured Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "proven"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
probableSarytogan Graphite Deposit · graphiteTonnes: 643000Grade: 24Grade Unit: %Contained Metal: 98Contained Unit: ktView all detailsHide details
Identity
- Project
- Sarytogan Graphite Deposit
- Commodity
- graphite
- Region
- kazakhstan
- Reported Region
- Central Kazakhstan
- Ticker
- SGA
Resource scope
- Estimate type
- reserve
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Tim Daffern, Dean David
- Resource group id
- resource:54a77f6eb07cba41fc62
- Deposit or zone
- Central LG Stockpiles
Resource Data
- Category
- probable
- Tonnes
- 643000
- Grade
- 24
- Grade Unit
- %
- Contained Metal
- 98
- Contained Unit
- kt
Prior Estimate
- Resource Date
- 2026-10-21
Location
- CRS
- WGS84 UTM Zone 43
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-10-20T00:00:00.000Z
Reasoning: The Probable Reserve in Central LG Stockpiles (Weathered) contributes to the overall economically viable material, adding flexibility to the mine plan.
Positive factors
- Probable Reserve indicates good confidence in economic extraction.
- Economically viable low-grade material adds to project flexibility.
Evidence · table
“643”
Context: Probable (Weathered)
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
probableSarytogan Graphite Deposit · graphiteTonnes: 2159000Grade: 25Grade Unit: %Contained Metal: 453Contained Unit: ktView all detailsHide details
Identity
- Project
- Sarytogan Graphite Deposit
- Commodity
- graphite
- Region
- kazakhstan
- Reported Region
- Central Kazakhstan
- Ticker
- SGA
Resource scope
- Estimate type
- reserve
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Tim Daffern, Dean David
- Resource group id
- resource:b2d71d2f85309e63c61d
- Deposit or zone
- Central LG Stockpiles
Resource Data
- Category
- probable
- Tonnes
- 2159000
- Grade
- 25
- Grade Unit
- %
- Contained Metal
- 453
- Contained Unit
- kt
Prior Estimate
- Resource Date
- 2026-10-21
Location
- CRS
- WGS84 UTM Zone 43
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-10-20T00:00:00.000Z
Reasoning: The Probable Reserve in Central LG Stockpiles (Fresh/Trans) provides a significant amount of economically viable material with good concentrate quality, enhancing project flexibility.
Positive factors
- Probable Reserve indicates good confidence in economic extraction.
- Economically viable low-grade material adds to project flexibility.
- High concentrate grade.
Evidence · table
“2,159”
Context: Probable (Fresh/Trans)
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
probableSarytogan Graphite Deposit · graphiteTonnes: 19000Grade: 28.5Grade Unit: %Contained Metal: 3Contained Unit: ktView all detailsHide details
Identity
- Project
- Sarytogan Graphite Deposit
- Commodity
- graphite
- Region
- kazakhstan
- Reported Region
- Central Kazakhstan
- Ticker
- SGA
Resource scope
- Estimate type
- reserve
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Tim Daffern, Dean David
- Resource group id
- resource:cc7dca4b94ae299ba2a3
- Deposit or zone
- North Deposit
Resource Data
- Category
- probable
- Tonnes
- 19000
- Grade
- 28.5
- Grade Unit
- %
- Contained Metal
- 3
- Contained Unit
- kt
Prior Estimate
- Resource Date
- 2026-10-21
Location
- CRS
- WGS84 UTM Zone 43
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-10-20T00:00:00.000Z
Reasoning: The Probable Reserve in the North Deposit (Weathered) adds a small but high-grade component to the overall reserve.
Positive factors
- Probable Reserve indicates good confidence in economic extraction.
- High grade for graphite reserve.
Evidence · table
“19”
Context: Probable (Weathered)
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
probableSarytogan Graphite Deposit · graphiteTonnes: 2168000Grade: 31.7Grade Unit: %Contained Metal: 577Contained Unit: ktView all detailsHide details
Identity
- Project
- Sarytogan Graphite Deposit
- Commodity
- graphite
- Region
- kazakhstan
- Reported Region
- Central Kazakhstan
- Ticker
- SGA
Resource scope
- Estimate type
- reserve
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Tim Daffern, Dean David
- Resource group id
- resource:a25ee424da67e75c4cb8
- Deposit or zone
- North Deposit
Resource Data
- Category
- probable
- Tonnes
- 2168000
- Grade
- 31.7
- Grade Unit
- %
- Contained Metal
- 577
- Contained Unit
- kt
Prior Estimate
- Resource Date
- 2026-10-21
Location
- CRS
- WGS84 UTM Zone 43
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-10-20T00:00:00.000Z
Reasoning: The Probable Reserve in the North Deposit (Fresh/Trans) is a significant, high-grade component of the reserve, contributing strongly to project economics.
Positive factors
- Probable Reserve indicates good confidence in economic extraction.
- Very high grade for graphite reserve.
- Excellent concentrate grade.
Evidence · table
“2,168”
Context: Probable (Fresh/Trans)
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
probableSarytogan Graphite Deposit · graphiteTonnes: 600000Grade: 23Grade Unit: %Contained Metal: 91Contained Unit: ktView all detailsHide details
Identity
- Project
- Sarytogan Graphite Deposit
- Commodity
- graphite
- Region
- kazakhstan
- Reported Region
- Central Kazakhstan
- Ticker
- SGA
Resource scope
- Estimate type
- reserve
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Tim Daffern, Dean David
- Resource group id
- resource:b1e8e200723a55dc8e48
- Deposit or zone
- North LG Stockpiles
Resource Data
- Category
- probable
- Tonnes
- 600000
- Grade
- 23
- Grade Unit
- %
- Contained Metal
- 91
- Contained Unit
- kt
Prior Estimate
- Resource Date
- 2026-10-21
Location
- CRS
- WGS84 UTM Zone 43
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-10-20T00:00:00.000Z
Reasoning: The Probable Reserve in North LG Stockpiles (Weathered) provides additional economically viable material, enhancing the project's overall resource base.
Positive factors
- Probable Reserve indicates good confidence in economic extraction.
- Economically viable low-grade material adds to project flexibility.
Evidence · table
“600”
Context: Probable (Weathered)
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
probableSarytogan Graphite Deposit · graphiteTonnes: 1206000Grade: 25.6Grade Unit: %Contained Metal: 259Contained Unit: ktView all detailsHide details
Identity
- Project
- Sarytogan Graphite Deposit
- Commodity
- graphite
- Region
- kazakhstan
- Reported Region
- Central Kazakhstan
- Ticker
- SGA
Resource scope
- Estimate type
- reserve
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Tim Daffern, Dean David
- Resource group id
- resource:af246747ac4e1508d016
- Deposit or zone
- North LG Stockpiles
Resource Data
- Category
- probable
- Tonnes
- 1206000
- Grade
- 25.6
- Grade Unit
- %
- Contained Metal
- 259
- Contained Unit
- kt
Prior Estimate
- Resource Date
- 2026-10-21
Location
- CRS
- WGS84 UTM Zone 43
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-10-20T00:00:00.000Z
Reasoning: The Probable Reserve in North LG Stockpiles (Fresh/Trans) provides additional economically viable material with good concentrate quality, enhancing project flexibility.
Positive factors
- Probable Reserve indicates good confidence in economic extraction.
- Economically viable low-grade material adds to project flexibility.
- High concentrate grade.
Evidence · table
“1,206”
Context: Probable (Fresh/Trans)
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
Metallurgical Results (2)
flotationSarytogan Graphite Project · graphiteRecovery: 84 %View all detailsHide details
Identity
- Project
- Sarytogan Graphite Project
- Commodity
- graphite
- Region
- kazakhstan
- Reported Region
- Central Kazakhstan
- Ticker
- SGA
Test Work
- Program Status
- detailed
- Test Type
- flotation
- Processing Route
- flotation
- Sample
- Fresh and Transitional domains
Recovery
- Recovery
- 84 %
- Conc. Grade
- 90
- Conc. Grade Unit
- % TGC
Lab
- Laboratory
- Metallurgy Pty Ltd, ALS, KazHydroMed LLP
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-10-20T00:00:00.000Z
Reasoning: The 84% recovery and 90% TGC concentrate grade for fresh and transitional ore are strong results for flotation, indicating good metallurgical performance for the primary ore types.
Positive factors
- Strong recovery for fresh and transitional ore.
- High concentrate grade achieved.
- Multi-domain testing provides confidence in variability.
Evidence · text
“84% recovery and 90% TGC grade (approximately 91.5% LOI 1000) in the fresh and transitional domains”
Tags used in scoring
Mill Routeneutral
Processing via mill or concentrator (CIL, CIP, tank leach, flotation).
Why it applies: processing_route matches the flotation signal
flotationSarytogan Graphite Project · graphiteRecovery: 66 %View all detailsHide details
Identity
- Project
- Sarytogan Graphite Project
- Commodity
- graphite
- Region
- kazakhstan
- Reported Region
- Central Kazakhstan
- Ticker
- SGA
Test Work
- Program Status
- detailed
- Test Type
- flotation
- Processing Route
- flotation
- Sample
- weathered domain
Recovery
- Recovery
- 66 %
- Conc. Grade
- 88.5
- Conc. Grade Unit
- % TGC
Lab
- Laboratory
- Metallurgy Pty Ltd, ALS, KazHydroMed LLP
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-10-20T00:00:00.000Z
Reasoning: The 66% recovery for weathered ore is lower than for fresh/transitional material, indicating a potential challenge for this domain, though the concentrate grade remains high.
Positive factors
- High concentrate grade achieved.
- Multi-domain testing provides confidence in variability.
Negative factors
- Lower recovery for weathered ore compared to fresh/transitional.
Evidence · text
“66% recovery and 88.5% TGC grade (approximately 90% LOI1000) in the weathered domain.”
Tags used in scoring
Mill Routeneutral
Processing via mill or concentrator (CIL, CIP, tank leach, flotation).
Why it applies: processing_route matches the flotation signal
How Atlas produces this analysis
Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.