Sarytogan secures $3.6M from Kazakh tycoon Dias Sarsenov to accelerate graphite project, strengthen logistics, and expand European supply chain.
ASX-listed explorer Sarytogan Graphite has secured a significant boost by attracting prominent Kazakh businessman and high-net-worth investor, Dias Sarsenov. The company announced it has successfully raised $3.6 million through a private placement that will help accelerate development of its flagship graphite project in Kazakhstan.
The funding will be primarily directed toward advancing the definitive feasibility study (DFS) of the large-scale deposit while also supporting efforts to build a critical minerals supply chain into Europe. Following completion of the placement, Sarsenov will hold a 19.99% stake in Sarytogan, positioning him as the second-largest shareholder in the company. The deal was structured at 8 cents per share for 45.2 million shares, aligning with the company’s prevailing market price.
This milestone represents more than just financial backing. By securing an influential local investor with extensive transport and logistics expertise, Sarytogan strengthens its operational foundations. Sarsenov’s family holds a majority interest in Eastcomtrans LLP, the largest operator of rail rolling stock in Kazakhstan and Central Asia. Considering that logistics and transportation costs are often pivotal to mining economics, Sarytogan’s alignment with a transport-sector leader could provide the company with a strategic advantage in moving bulk graphite to global markets.
As part of the agreement, Sarsenov, or a nominee he appoints, will take a seat on Sarytogan’s board. However, the board position comes with a condition: if his shareholding falls below 15%, the seat must be vacated. To demonstrate commitment, he has already placed a 5% deposit of $180,000, with the balance expected by the end of September pending formal approval from Kazakhstan’s Ministry of Industry and Construction.
Managing director Sean Gregory emphasized the significance of the investment, noting that it aligns with Kazakhstan’s ambition to play a greater role in supplying critical raw materials to Europe and beyond. The entry of a major Kazakh investor alongside European stakeholders enhances the project’s credibility and local support.
Sarytogan’s graphite project is already gaining international recognition. With a resource of 229 million tonnes at 28.9% total graphitic carbon (TGC) and an ore reserve of 8.6 million tonnes at 30% TGC, the deposit is shaping up as one of the most promising in the world. Last year, the European Union designated the project as being of strategic importance under its Critical Raw Materials Act. This was further reinforced when the European Bank for Reconstruction and Development (EBRD) invested $5 million for a 17.3% stake in the company.
Following the Sarsenov placement, Sarytogan has extended an option for the EBRD to increase its investment to maintain its current holding. If accepted, this could bring in an additional $755,000, subject to approvals. The EU, with its proximity to Kazakhstan and rising demand for high-purity graphite used in battery production, is seen as a natural future offtake partner.
Sarytogan’s deposit has already demonstrated exceptional material qualities, producing concentrates with more than 90% carbon and achieving ultra-high “five nines” purity of 99.9992% without chemical pre-treatment. With funding secured, potential additional support from EBRD, and its DFS moving forward toward a targeted completion in mid-2026, Sarytogan is firmly positioning itself as a critical graphite supplier to the European market.
