Sarytogan Graphite Limited reported further drilling results from the Sarytogan Graphite Deposit in Central Kazakhstan. Drilling Results Outside of the Mineral Resource Estimate Area: Drilling has now successfully targeted the granite-graphite contact zone observed in outcrop to the north-east of the established Mineral Resource Estimate of the CGZ. This graniteintrusion is understood to be the heat source for the contact metamorphism that enriched the graphitic shales to graphite mineralisation.

Surprisingly, the graphite mineralisation encountered here extended to depths of greater than 200m. As these results extend up 300m north of the previous known extent of the mineralisation and with the significant depths encountered, they have the potential to extend the already giant Inferred Mineral Resource of 209Mt @ 28.5% TGC. Further High-Grade Results from the Central Graphite Zone: Assays have been received for St-67 and St-68 within the CGZ and build on excellent results announced to the ASX on 15th August 2022.

St-67 and St-68 both returned thick high-grade intercepts. An exceptional individual assay result of 2m @ 53.9% TGC within a broader intercept of 21.6m @ 35.6% TGC in ST-67 indicates the potential for extremely-high-grade mineralisation to occur in future drilling discoveries at the Sarytogan Graphite Deposit. Pending Results and Further Drilling: CGZ Metamorphism: Assays are pending from completed drill holes in the south of the CGZ.

Identification of more intense contact metamorphism in this area, as evidenced by the presence of muscovite, sericite, tourmaline, and turquoise minerals in outcrop, suggests the potential for well-developed graphite mineralisation in this area. CGZ Infill drilling: 200m spaced drill lines are planned across the remainder of the CGZ. NGZ Extensional drilling: 5 drill holes are planned to extend the NGZ both to the south and north.

Next Steps for the Sarytogan Graphite Project: Drilling: The addition of the second diamond drill rig has seen productivity improvements on site and the drilling program is forecast to be completed by November 2022. This will enable the Mineral Resource Estimate to be updated in First Quarter 2023, targeting some areas for reporting at the higher Indicated Mineral Resource classification. Metallurgy: Metallurgical test-work including floatation, sintering/roasting, and leaching has commenced at laboratories in Australia and Germany aimed at replicating the historical results where purities of up to 98.6% have been reported.

About Sarytogan: 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 largest city in Kazakhstan. Previous Exploration: The Sarytogan Graphite Deposit was first explored during the Soviet era in the 1980s with sampling by trenching and diamond drilling.

Metallurgical test work utilising floatation, sintering, and leaching successfully produced graphite concentrate of up to 98.6% purity (reported in the 23 February 2022 Prospectus). Further testing is planned and underway to validate these historical results. Diamond drilling and surface sampling resumed after a 30-year hiatus in 2019 that enabled the estimation of an Inferred Mineral Resource of 209Mt @ 28.5% TGC for 60Mt contained graphite by CSA Global.