Sarytogan Graphite Limited announced an upgraded Mineral Resource estimate reported according to the JORC Code for the Sarytogan Graphite Deposit in Central Kazakhstan. The Sarytogan deposits are in the western and southwestern limbs of a complex series of northeast and east trending folds. The overall structure is further complicated by later faults and smaller scale folds.

The stratigraphy consisting of volcanic and sedimentary rocks have undergone extensive contact metamorphism with carbonaceous rocks altered into hornfels or underwent significant graphitisation along contacts with granite domes. Graphite-bearing black carbonaceous shale, siltstones and sandstones are overlain by grey- to dark-grey weakly carbonaceous siltstones and sandstones. Exploration has identified two zones of graphitic sediments being the Sarytogan Central and Sarytogan North graphite deposits.

All samples in the 2023 MRE are from vertical diamond drill cores. The sample lengths within graphitic rocks were 2 m or less to match logged lithologies. The sample length in the barren rocks was primarily 3 m. Drill core was half-core sampled while the historical pre-2019 sampling occurred using whole core sampling.

Most core was cut using an electric diamond saw while some of the more friable intervals were split manually. All core for sampling was pre-marked with the cut line, and a consistent side of the core was sent for assay. All samples were dried, weighed, crushed, and milled in accordance with the sample preparation scheme that is considered industry standard.

Sample preparation quality control was conducted with sizing checks, blank sample assays and taking duplicates from coarse rejects. Historical exploration from 1985 to 1987 consisted of trenching and drilling. Trenches were blasted and then dug using a bucket excavator and partially cleaned manually.

The trenches were 0.5- 3.3 m deep (averaging 1.7­1.8 m) and nominally 0.8 m wide. After the logging and sampling, all trenches were rehabilitated. Drilling consisted of pre-collared holes (98 mm and 112 mm diameter) with diamond drilling of 59 mm and 76 mm diameter.

All drill holes were vertical. Since 2019, conventional diamond drilling was completed with mobile drill rigs equipped with double core tubes. Pre collars to 2-4 m depth were completed using 112­132 mm methods, followed by casing, and most of the drilling was undertaken using standard HQ diamond (diameter 96 mm) methods.

In rare cases, in complex geological conditions, the diameter was reduced to NQ size (diameter 76 mm). All drill holes were vertical with downhole surveys were undertaken every 20 m using an inclinometer. Holes were drilled to a depth of between 60-255 m. To maximise core recovery, double tube HQ and NQ core drilling was used.

The drilling was closely monitored to maximise core recovery. During diamond drilling, the length of each drill run and the length of sample recovered was recorded by the driller (driller's recovery). The recovered sample length was cross checked by the geologist's logging of the drill core and recorded as the final recovery.

Average core recoveries for historical drilling and modern drilling are 90% and 98% respectively. No relationship between sample recovery and grade bias has been identified due to loss/gain of fines or washing away of the clay material. It is assumed that the grade of lost material is similar to the grade of the recovered core.

For channel chip sampling, every effort was made to sample systematically across each sample interval with sampling completed by trained geologists.