Sarytogan Graphite Limited advised that diamond drilling is well advanced at the Sarytogan Graphite Deposit in Central Kazakhstan. Highlights: Established JORC Inferred Mineral Resource of 209Mt @ 28.5% total graphitic carbon (TGC) for 60Mt contained graphite. Sub-soil usage contract extended for 3 years.

4,000m of HQ Diamond Drilling well advanced with the following objectives: Provide drilling coverage across the Central Graphite Zone o Test zones extending outside of the current Mineral Resource. Provide further samples for metallurgical testing. Upgrade Mineral Resource upgrade to Indicated classification.

As of 22 July 2022, 11 holes for 1,019m have been completed. First assay results expected later in the current quarter. Location and Sub-Soil Contract Extension The Sarytogan Graphite Deposit is located in the Karaganda region of Central Kazakhstan.

It is 190km by highway from the industrial city of Karaganda, the 4th city in Kazakhstan. The 2018 Sub-soil usage contract with Kazakhstan's Ministry for Infrastructure, Industry and Resources grants Sarytogan's 100% owned subsidiary Ushtogan LLP exploration rights over the 70km 2 project area. This was recently extended in June 2022 for a further 3 years to June 2025.

Previous Exploration The Sarytogan Graphite Deposit was first explored during Soviet times in the 1980s with sampling by trenching and diamond drilling. Metallurgical testwork at that time successfully produced graphite concentrate using two separate potential processing options. Firstly, sintering of raw ore followed by leaching with 5% sulphuric acid yielding graphite with 91.3% carbon at 90.5% recovery.

A secondary method utilised flotation, then sintering and leaching with 5% sulphuric acid yielding graphite with 98.6% carbon. Further testing is planned and underway to validate these historical results. Diamond drilling and surface sampling resumed after a 30-year hiatus in 2019 to bring the total drilling at that time to 29 diamond drill holes and enable the estimation of an Inferred Mineral Resource of 209Mt @ 28.5% TGC for 60Mt contained graphite by CSA Global.

2022 Drilling Objectives The 2022 drilling program is budgeted for 4,000m of HQ diamond drill cores. As of 22 July 2022, approximately 11 holes for 1,019m have been completed. Drilling coverage will be extended across the Central Graphite Zone, which has previously been mostly informed by samples from surface trenching and limited drilling.

Drillholes have been planned on 400m spaced lines with 100m centres. The drillhole locations will be refined by the results of test pitting and sampling completed in areas of outcropping mineralisation across the Central Graphite Zone. To select the better areas of the deposit for initial mining, it is important to have diamond drill coverage across all mineralised areas and to ensure that the drilling coverage extends to areas where the geological model is for coarser flakes to occur.

For example, east of the Central Graphite Zone, the contact between a granite dome and the graphite mineralisation has been observed in outcrop. The granite dome is interpreted to be the heat source for the contact metamorphism that enriched the graphite mineralisation. The contact zone is hypothesised to be a candidate for higher grade and coarser graphite mineralisation to occur.

This area is outside of the present extent of the Mineral Resource. All drilling is diamond drilling of HQ (63mm) size to collect the best possible samples to assess the physical properties of the mineralisation through logging, petrographic analysis of thin sections, and metallurgical testwork. The drill spacing is expected to be sufficient to upgrade of the Mineral Resource to Indicated classification in places, subject to the results of metallurgical testwork.

Next Steps The results of the drilling program will be released progressively in batches as they become available. The first batch is expected later in the current quarter. Metallurgical testwork is underway and ongoing.

A Mineral Resource update, targeting Indicated classification, is planned to follow the 2022 drilling campaign.