Sarytogan Graphite Limited (ASX: SGA) has announced the receipt of $2,049,417 in cash from Kazakh investor Dias Sarsenov. Sarytogan Graphite is focused on developing its namesake graphite deposit in Kazakhstan and is also progressing copper porphyry exploration at its Baynazar and Kopa projects. This investment is part of a Share Subscription Agreement where Mr. Sarsenov agreed to invest A$3,617,405 to subscribe to 45,217,557 shares at A$0.08 per share, initially announced on 19 August 2025.
Previously, Steinhardt Holding NV, a related party of Mr Sarsenov, advanced US$1M (A$1,537,988) as an interest-free loan to facilitate the timely awarding of key contracts for the Definitive Feasibility Study. The recent cash injection represents the balance of the A$3.6M Sarsenov equity investment, offsetting the prior loan amount. All necessary approvals for the investment have been secured from Kazakhstan’s Ministry of Industry and Construction (MIC) earlier this month.
Sarytogan shareholder approval, initially received at the AGM on 13 November 2025, has expired. The company will now use its ASX Listing Rule 7.1 and 7.1A placement capacity to issue the agreed 45,217,557 shares to Mr Sarsenov. Following the share issuance, Sarytogan plans to appoint Mr Sarsenov to the Board.
In addition to this investment, Sarytogan is progressing with a top-up placement with the European Bank for Reconstruction and Development (EBRD) for 17,457,264 shares at $0.08, totalling $1,396,581. Approvals from the MIC and a ‘no objection notification’ from Australia’s Foreign Investment Review Board (FIRB) have been received, with Sarytogan Shareholder approval to be considered at the EGM on 25 March. The Definitive Feasibility Study for the upstream development of the Sarytogan Graphite Project remains on track for completion in mid-2026.
