# SGA: Upstream Definitive Feasibility Study Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/sga-upstream-definitive-feasibility-study--4592edb2-717d-4aff-9e68-a1409efef1d4 Original source: https://www.asx.com.au/asx/v2/statistics/displayAnnouncement.do?display=pdf&idsId=03155063 Publisher: asx Original announcement: 2026-10-20T22:45:00.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-10-20T23:06:25.016Z Atlas analysis updated: 2026-10-20T23:06:25.016Z - 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 Narrative sentiment: 0.80 · Bullish ## Minestarters Atlas 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 factor: DFS confirms robust project economics with strong NPV and IRR. - Positive factor: Large, high-grade Ore Reserve and Mineral Resource support a multi-generational mine life. - Positive factor: Project positioned as a low-cost graphite producer outside of China. - Positive factor: Pilot-scale metallurgical testwork demonstrates viable recoveries and high concentrate grades. - Positive factor: JORC compliant resource and reserve estimates with high confidence categories. - Negative factor: Capital funding for project development is not yet secured. - Negative factor: No binding offtake agreements are currently in place. - Negative factor: Metallurgical recovery for weathered ore is lower than for fresh/transitional material. - Negative factor: 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 Completed** Polarity: positive Story-specific tag Definition: 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 Economics** Polarity: positive Story-specific tag Definition: 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 Life** Polarity: positive Story-specific tag Definition: 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 Costs** Polarity: positive Story-specific tag Definition: 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 Rate** Polarity: positive Story-specific tag Definition: 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 Secured** Polarity: negative Story-specific tag Definition: 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 Agreements** Polarity: negative Story-specific tag Definition: 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 Compliant** Polarity: positive Definition: 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 Reserve** Polarity: positive Definition: 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 Reserve** Polarity: positive Definition: 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 Resource** Polarity: positive Definition: 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 Resource** Polarity: positive Definition: 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 Resource** Polarity: negative Definition: 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 Update** Polarity: neutral Definition: 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 Growth** Polarity: positive Definition: 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 Improvement** Polarity: positive Definition: 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 Signed** Polarity: positive Definition: 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 Recovery** Polarity: positive Definition: 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 Complete** Polarity: positive Definition: 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 Tested** Polarity: positive Definition: 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 Improving** Polarity: positive Definition: 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 Recovery** Polarity: negative Definition: 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 Route** Polarity: neutral Definition: 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-5 [Link to this fact](https://atlas-staging.minestarters.com/news/sga-upstream-definitive-feasibility-study--4592edb2-717d-4aff-9e68-a1409efef1d4#fact-drill-facts-24) Sarytogan North · graphite #### 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 factor: Strong recovery for transition material. - Positive factor: High head grade and concentrate grade. Evidence · table > 78.2 Context: St-5 #### Tags used in scoring **QA/QC Disclosed** Polarity: positive Definition: 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 Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ### St-67 [Link to this fact](https://atlas-staging.minestarters.com/news/sga-upstream-definitive-feasibility-study--4592edb2-717d-4aff-9e68-a1409efef1d4#fact-drill-facts-25) Sarytogan North · graphite #### 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 factor: Excellent recovery for fresh material. - Positive factor: Very high head grade and concentrate grade. Evidence · table > 84.7 Context: St-67 #### Tags used in scoring **QA/QC Disclosed** Polarity: positive Definition: 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 Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ### St-77 [Link to this fact](https://atlas-staging.minestarters.com/news/sga-upstream-definitive-feasibility-study--4592edb2-717d-4aff-9e68-a1409efef1d4#fact-drill-facts-26) Sarytogan North · graphite #### 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 factor: Excellent recovery for transition material. - Positive factor: High head grade and concentrate grade. Evidence · table > 86.5 Context: St-77 #### Tags used in scoring **QA/QC Disclosed** Polarity: positive Definition: 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 Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ### St-78 [Link to this fact](https://atlas-staging.minestarters.com/news/sga-upstream-definitive-feasibility-study--4592edb2-717d-4aff-9e68-a1409efef1d4#fact-drill-facts-27) Sarytogan North · graphite #### 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 factor: Excellent recovery for transition material. - Positive factor: High head grade and concentrate grade. Evidence · table > 86.0 Context: St-78 #### Tags used in scoring **QA/QC Disclosed** Polarity: positive Definition: 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 Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ### St-81 [Link to this fact](https://atlas-staging.minestarters.com/news/sga-upstream-definitive-feasibility-study--4592edb2-717d-4aff-9e68-a1409efef1d4#fact-drill-facts-28) Sarytogan North · graphite #### 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 factor: Strong recovery for transition material. - Positive factor: High concentrate grade despite moderate head grade. Evidence · table > 84.7 Context: St-81 #### Tags used in scoring **QA/QC Disclosed** Polarity: positive Definition: 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 Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ### St-94 [Link to this fact](https://atlas-staging.minestarters.com/news/sga-upstream-definitive-feasibility-study--4592edb2-717d-4aff-9e68-a1409efef1d4#fact-drill-facts-29) Sarytogan North · graphite #### 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 factor: Strong recovery for transition material. - Positive factor: Very high head grade and high concentrate grade. Evidence · table > 83.2 Context: St-94 #### Tags used in scoring **QA/QC Disclosed** Polarity: positive Definition: 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 Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ### St-77 [Link to this fact](https://atlas-staging.minestarters.com/news/sga-upstream-definitive-feasibility-study--4592edb2-717d-4aff-9e68-a1409efef1d4#fact-drill-facts-30) Sarytogan North · graphite #### 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 factor: Strong recovery for fresh material. - Positive factor: High head grade and concentrate grade. Evidence · table > 82.3 Context: St-77 #### Tags used in scoring **QA/QC Disclosed** Polarity: positive Definition: 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 Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ### St-73 [Link to this fact](https://atlas-staging.minestarters.com/news/sga-upstream-definitive-feasibility-study--4592edb2-717d-4aff-9e68-a1409efef1d4#fact-drill-facts-31) Sarytogan North · graphite #### 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 factor: Excellent recovery for fresh material. - Positive factor: Very high head grade and concentrate grade. Evidence · table > 86.8 Context: St-73 #### Tags used in scoring **QA/QC Disclosed** Polarity: positive Definition: 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 Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ### St-43 [Link to this fact](https://atlas-staging.minestarters.com/news/sga-upstream-definitive-feasibility-study--4592edb2-717d-4aff-9e68-a1409efef1d4#fact-drill-facts-32) Sarytogan North · graphite #### 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 factor: Strong recovery for fresh material. - Positive factor: High head grade and concentrate grade. - Positive factor: Confirms performance in the Northern Graphite Zone. Evidence · table > 84.5 Context: St-43 #### Tags used in scoring **QA/QC Disclosed** Polarity: positive Definition: 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 Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ### StM-01 [Link to this fact](https://atlas-staging.minestarters.com/news/sga-upstream-definitive-feasibility-study--4592edb2-717d-4aff-9e68-a1409efef1d4#fact-drill-facts-33) Sarytogan North · graphite #### 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 factor: Lower recovery for weathered material. - Negative factor: Lower concentrate grade compared to other samples. Evidence · table > 62.4 Context: StM-01 #### Tags used in scoring **QA/QC Disclosed** Polarity: positive Definition: 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 Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ### StM-01 [Link to this fact](https://atlas-staging.minestarters.com/news/sga-upstream-definitive-feasibility-study--4592edb2-717d-4aff-9e68-a1409efef1d4#fact-drill-facts-34) Sarytogan North · graphite #### 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 factor: Excellent recovery for transition material. - Positive factor: Very high head grade. - Negative factor: Lower concentrate grade compared to other samples. Evidence · table > 88.1 Context: StM-01 #### Tags used in scoring **QA/QC Disclosed** Polarity: positive Definition: 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 Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ### StM-02 [Link to this fact](https://atlas-staging.minestarters.com/news/sga-upstream-definitive-feasibility-study--4592edb2-717d-4aff-9e68-a1409efef1d4#fact-drill-facts-35) Sarytogan North · graphite #### 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 factor: High concentrate grade achieved. - Negative factor: Lower recovery for weathered material. Evidence · table > 60.0 Context: StM-02 #### Tags used in scoring **QA/QC Disclosed** Polarity: positive Definition: 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 Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ### StM-02 [Link to this fact](https://atlas-staging.minestarters.com/news/sga-upstream-definitive-feasibility-study--4592edb2-717d-4aff-9e68-a1409efef1d4#fact-drill-facts-36) Sarytogan North · graphite #### 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 factor: Strong recovery for fresh material. - Positive factor: High head grade and concentrate grade. Evidence · table > 82.7 Context: StM-02 #### Tags used in scoring **QA/QC Disclosed** Polarity: positive Definition: 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 Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ### StM-03 [Link to this fact](https://atlas-staging.minestarters.com/news/sga-upstream-definitive-feasibility-study--4592edb2-717d-4aff-9e68-a1409efef1d4#fact-drill-facts-37) Sarytogan North · graphite #### 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 factor: Exceptional recovery for fresh material. - Positive factor: Very high head grade. Evidence · table > 94.7 Context: StM-03 #### Tags used in scoring **QA/QC Disclosed** Polarity: positive Definition: 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 Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ### StM-04 [Link to this fact](https://atlas-staging.minestarters.com/news/sga-upstream-definitive-feasibility-study--4592edb2-717d-4aff-9e68-a1409efef1d4#fact-drill-facts-38) Sarytogan North · graphite #### 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 factor: High head grade and concentrate grade. - Negative factor: Moderate recovery for fresh material. Evidence · table > 73.4 Context: StM-04 #### Tags used in scoring **QA/QC Disclosed** Polarity: positive Definition: 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 Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ### StM-05 [Link to this fact](https://atlas-staging.minestarters.com/news/sga-upstream-definitive-feasibility-study--4592edb2-717d-4aff-9e68-a1409efef1d4#fact-drill-facts-39) Sarytogan North · graphite #### 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 factor: Very high concentrate grade achieved. - Negative factor: Low recovery for transition material. Evidence · table > 55.5 Context: StM-05 #### Tags used in scoring **QA/QC Disclosed** Polarity: positive Definition: 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 Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ### StM-09 [Link to this fact](https://atlas-staging.minestarters.com/news/sga-upstream-definitive-feasibility-study--4592edb2-717d-4aff-9e68-a1409efef1d4#fact-drill-facts-40) Sarytogan North · graphite #### 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 factor: Very high concentrate grade achieved. - Negative factor: Lower recovery for weathered material. Evidence · table > 60.3 Context: StM-09 #### Tags used in scoring **QA/QC Disclosed** Polarity: positive Definition: 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 Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ### StM-33 [Link to this fact](https://atlas-staging.minestarters.com/news/sga-upstream-definitive-feasibility-study--4592edb2-717d-4aff-9e68-a1409efef1d4#fact-drill-facts-41) Sarytogan North · graphite #### 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 factor: Very high concentrate grade achieved. - Negative factor: Low recovery for weathered material. Evidence · table > 52.5 Context: StM-33 #### Tags used in scoring **QA/QC Disclosed** Polarity: positive Definition: 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 Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ### StM-33 [Link to this fact](https://atlas-staging.minestarters.com/news/sga-upstream-definitive-feasibility-study--4592edb2-717d-4aff-9e68-a1409efef1d4#fact-drill-facts-42) Sarytogan North · graphite #### 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 factor: Exceptional recovery for fresh material. - Positive factor: Very high head grade and excellent concentrate grade. Evidence · table > 94.7 Context: StM-33 #### Tags used in scoring **QA/QC Disclosed** Polarity: positive Definition: 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 Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ### StM-35 [Link to this fact](https://atlas-staging.minestarters.com/news/sga-upstream-definitive-feasibility-study--4592edb2-717d-4aff-9e68-a1409efef1d4#fact-drill-facts-43) Sarytogan North · graphite #### 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 factor: Exceptional recovery for transition material. - Positive factor: Very high head grade and excellent concentrate grade. Evidence · table > 91.1 Context: StM-35 #### Tags used in scoring **QA/QC Disclosed** Polarity: positive Definition: 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 Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ## Resource Estimates (20) ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/sga-upstream-definitive-feasibility-study--4592edb2-717d-4aff-9e68-a1409efef1d4#fact-resource-facts-2) Sarytogan Graphite Deposit · graphite #### 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 factor: Measured category indicates high geological confidence. - Positive factor: High grade for graphite resource. Evidence · table > 5.4 Context: Measured #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/sga-upstream-definitive-feasibility-study--4592edb2-717d-4aff-9e68-a1409efef1d4#fact-resource-facts-3) Sarytogan Graphite Deposit · graphite #### 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 factor: Indicated category provides reasonable geological confidence. - Positive factor: High grade for graphite resource. Evidence · table > 21.4 Context: Indicated #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/sga-upstream-definitive-feasibility-study--4592edb2-717d-4aff-9e68-a1409efef1d4#fact-resource-facts-4) Sarytogan Graphite Deposit · graphite #### 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 factor: Adds significant tonnage to the overall resource base. - Positive factor: High grade for graphite resource. - Negative factor: 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 Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/sga-upstream-definitive-feasibility-study--4592edb2-717d-4aff-9e68-a1409efef1d4#fact-resource-facts-5) Sarytogan Graphite Deposit · graphite Historical result Needs review: historical\_restatement #### 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 factor: Large Indicated resource provides significant future potential. - Positive factor: High grade for graphite resource. - Negative factor: This is a historical estimate from 2023, not updated in the current DFS. Evidence · table > 87 Context: Indicated #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Stale Estimate** Polarity: negative Definition: 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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/sga-upstream-definitive-feasibility-study--4592edb2-717d-4aff-9e68-a1409efef1d4#fact-resource-facts-6) Sarytogan Graphite Deposit · graphite Historical result Needs review: historical\_restatement #### 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 factor: Adds significant tonnage to the overall resource base. - Positive factor: High grade for graphite resource. - Negative factor: Inferred category has lower geological confidence and cannot be used for economic studies without further drilling. - Negative factor: This is a historical estimate from 2023, not updated in the current DFS. Evidence · table > 81 Context: Inferred #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Stale Estimate** Polarity: negative Definition: 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 ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/sga-upstream-definitive-feasibility-study--4592edb2-717d-4aff-9e68-a1409efef1d4#fact-resource-facts-7) Sarytogan Graphite Deposit · graphite #### 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 factor: Measured category indicates high geological confidence. - Positive factor: High grade for graphite resource. Evidence · table > 5.4 Context: Measured #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/sga-upstream-definitive-feasibility-study--4592edb2-717d-4aff-9e68-a1409efef1d4#fact-resource-facts-8) Sarytogan Graphite Deposit · graphite #### 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 factor: Indicated category provides reasonable geological confidence. - Positive factor: High grade for graphite resource. Evidence · table > 108 Context: Indicated #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/sga-upstream-definitive-feasibility-study--4592edb2-717d-4aff-9e68-a1409efef1d4#fact-resource-facts-9) Sarytogan Graphite Deposit · graphite #### 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 factor: Adds significant tonnage to the overall resource base. - Positive factor: High grade for graphite resource. - Negative factor: 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 Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### proven [Link to this fact](https://atlas-staging.minestarters.com/news/sga-upstream-definitive-feasibility-study--4592edb2-717d-4aff-9e68-a1409efef1d4#fact-resource-facts-10) Sarytogan Graphite Deposit · graphite #### 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 factor: Proved Reserve indicates high confidence in economic extraction. - Positive factor: High grade for graphite reserve. - Positive factor: High concentrate grade. Evidence · table > 153 Context: Proved \(Weathered\) #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### proven [Link to this fact](https://atlas-staging.minestarters.com/news/sga-upstream-definitive-feasibility-study--4592edb2-717d-4aff-9e68-a1409efef1d4#fact-resource-facts-11) Sarytogan Graphite Deposit · graphite #### 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 factor: Proved Reserve indicates high confidence in economic extraction. - Positive factor: Very high grade for graphite reserve. - Positive factor: Excellent concentrate grade. Evidence · table > 1,358 Context: Proved \(Fresh\) #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/sga-upstream-definitive-feasibility-study--4592edb2-717d-4aff-9e68-a1409efef1d4#fact-resource-facts-12) Sarytogan Graphite Deposit · graphite #### 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 factor: Probable Reserve indicates good confidence in economic extraction. - Positive factor: High grade for graphite reserve. - Positive factor: High concentrate grade. Evidence · table > 639 Context: Probable \(Weathered\) #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/sga-upstream-definitive-feasibility-study--4592edb2-717d-4aff-9e68-a1409efef1d4#fact-resource-facts-13) Sarytogan Graphite Deposit · graphite #### 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 factor: Probable Reserve indicates good confidence in economic extraction. - Positive factor: Very high grade for graphite reserve. - Positive factor: Excellent concentrate grade. Evidence · table > 4,526 Context: Probable \(Fresh\) #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### proven [Link to this fact](https://atlas-staging.minestarters.com/news/sga-upstream-definitive-feasibility-study--4592edb2-717d-4aff-9e68-a1409efef1d4#fact-resource-facts-14) Sarytogan Graphite Deposit · graphite #### 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 factor: Proved Reserve indicates high confidence in economic extraction. - Positive factor: Economically viable low-grade material adds to project flexibility. Evidence · table > 309 Context: Proved \(Weathered\) #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### proven [Link to this fact](https://atlas-staging.minestarters.com/news/sga-upstream-definitive-feasibility-study--4592edb2-717d-4aff-9e68-a1409efef1d4#fact-resource-facts-15) Sarytogan Graphite Deposit · graphite #### 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 factor: Proved Reserve indicates high confidence in economic extraction. - Positive factor: Economically viable low-grade material adds to project flexibility. - Positive factor: High concentrate grade. Evidence · table > 727 Context: Proved \(Fresh/Trans\) #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/sga-upstream-definitive-feasibility-study--4592edb2-717d-4aff-9e68-a1409efef1d4#fact-resource-facts-16) Sarytogan Graphite Deposit · graphite #### 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 factor: Probable Reserve indicates good confidence in economic extraction. - Positive factor: Economically viable low-grade material adds to project flexibility. Evidence · table > 643 Context: Probable \(Weathered\) #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/sga-upstream-definitive-feasibility-study--4592edb2-717d-4aff-9e68-a1409efef1d4#fact-resource-facts-17) Sarytogan Graphite Deposit · graphite #### 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 factor: Probable Reserve indicates good confidence in economic extraction. - Positive factor: Economically viable low-grade material adds to project flexibility. - Positive factor: High concentrate grade. Evidence · table > 2,159 Context: Probable \(Fresh/Trans\) #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/sga-upstream-definitive-feasibility-study--4592edb2-717d-4aff-9e68-a1409efef1d4#fact-resource-facts-18) Sarytogan Graphite Deposit · graphite #### 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 factor: Probable Reserve indicates good confidence in economic extraction. - Positive factor: High grade for graphite reserve. Evidence · table > 19 Context: Probable \(Weathered\) #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/sga-upstream-definitive-feasibility-study--4592edb2-717d-4aff-9e68-a1409efef1d4#fact-resource-facts-19) Sarytogan Graphite Deposit · graphite #### 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 factor: Probable Reserve indicates good confidence in economic extraction. - Positive factor: Very high grade for graphite reserve. - Positive factor: Excellent concentrate grade. Evidence · table > 2,168 Context: Probable \(Fresh/Trans\) #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/sga-upstream-definitive-feasibility-study--4592edb2-717d-4aff-9e68-a1409efef1d4#fact-resource-facts-20) Sarytogan Graphite Deposit · graphite #### 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 factor: Probable Reserve indicates good confidence in economic extraction. - Positive factor: Economically viable low-grade material adds to project flexibility. Evidence · table > 600 Context: Probable \(Weathered\) #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/sga-upstream-definitive-feasibility-study--4592edb2-717d-4aff-9e68-a1409efef1d4#fact-resource-facts-21) Sarytogan Graphite Deposit · graphite #### 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 factor: Probable Reserve indicates good confidence in economic extraction. - Positive factor: Economically viable low-grade material adds to project flexibility. - Positive factor: High concentrate grade. Evidence · table > 1,206 Context: Probable \(Fresh/Trans\) #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ## Metallurgical Results (2) ### flotation [Link to this fact](https://atlas-staging.minestarters.com/news/sga-upstream-definitive-feasibility-study--4592edb2-717d-4aff-9e68-a1409efef1d4#fact-metallurgical-facts-22) Sarytogan Graphite Project · graphite #### 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 factor: Strong recovery for fresh and transitional ore. - Positive factor: High concentrate grade achieved. - Positive factor: 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 Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: processing\_route matches the flotation signal ### flotation [Link to this fact](https://atlas-staging.minestarters.com/news/sga-upstream-definitive-feasibility-study--4592edb2-717d-4aff-9e68-a1409efef1d4#fact-metallurgical-facts-23) Sarytogan Graphite Project · graphite #### 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 factor: High concentrate grade achieved. - Positive factor: Multi-domain testing provides confidence in variability. - Negative factor: 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 Route** Polarity: neutral Definition: 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.