Sarytogan Graphite Limited announced on 2 June 2025 that its metallurgical variability testing has delivered breakthrough results from the Central Graphite Zone. In recent tests, flotation concentrate grades reached between 90.5% and 91.3% Total Graphitic Carbon (TGC), with recoveries ranging from 84.7% to 86.8%. This marks a notable improvement over earlier tests in both the Northern Graphite Zone and combined samples, which produced grades in the 81–85% TGC range. The enhanced performance is attributed to the unique mineralogy of the Central Zone, where pronounced hematite alteration from a nearby granite intrusion has resulted in a more strongly graphitized ore. The higher grades are expected to significantly boost the marketability of the company’s graphite concentrate, previously known as “Micro80C,” opening up broader applications and the potential for improved pricing. These promising results will underpin further metallurgical testing, including additional flotation work on 700kg of milled material, aimed at providing samples for customer evaluation. Meanwhile, ongoing reserve definition drilling with two rigs underlines the company’s commitment to advancing its Definitive Feasibility Study, set for completion by mid-2026. From a market perspective, the technical progress in achieving over 90% TGC is a strong bullish indicator, as it enhances product quality and supports the prospect of attracting higher prices in the competitive graphite market. Investors might view this development as a positive step toward scaling production and consolidating the asset’s value. However, the bearish perspective cautions that transitioning these high-grade laboratory results into consistent commercial-scale performance carries risks, including potential delays in process scale-up and fluctuations in market demand for graphite. Overall, the announcement underscores Sarytogan Graphite Limited’s strides in refining its metallurgical processes and bolstering the economic prospect of one of Kazakhstan’s significant graphite deposits, reinforcing a positive outlook amidst the inherent risks of mining and commodity markets.