Sarytogan Graphite Limited (ASX:SGA) has announced a pro-rata non-renounceable entitlement offer to raise up to approximately $3,846,004 before costs, issuing one new fully paid ordinary share for every four shares held by eligible shareholders at an issue price of $0.058 per share, together with one free attaching option for every two shares subscribed for and issued.

Key Points

  • Entitlement offer priced at $0.058 per share, representing an approximately 2% discount to the last closing price of $0.059 on 6 November 2026
  • Free attaching New Options exercisable at $0.087 each, expiring three years from their date of issue
  • Offer partially underwritten by GBA Capital for up to $1,000,000
  • Substantial shareholder Mr Dias Sarsenov has agreed to take up his full entitlement, with his investment ranging from approximately $583,000 to $656,000 depending on other shareholder take-up
  • Issue of securities is conditional on the company obtaining the Kazakh Issue Permit

Entitlement Offer Structure and Pricing

The offer is structured on a one-for-four basis, with eligible shareholders entitled to subscribe for one new fully paid ordinary share for every four shares held on the record date of 12 November 2026. The issue price of $0.058 per share represents a discount of approximately 2% to the last closing price of $0.059 on 6 November 2026, and approximately 16% to the 10-day volume weighted average price of $0.069 up to and including that date. One free attaching New Option is included for every two shares subscribed for and issued, with New Options exercisable at $0.087 each on or before three years from their date of issue.

Underwriting and Shareholder Commitments

GBA Capital has agreed to partially underwrite the offer for up to $1,000,000. Substantial shareholder Mr Dias Sarsenov has also agreed to take up his full entitlement, subject to an entitlement cap limiting him to a 19.99% shareholding. Depending on the take-up of entitlement rights by other shareholders, Mr Sarsenov's investment could range from approximately $583,000 to $656,000. The offer is being made under a prospectus lodged with ASIC and ASX on 9 November 2026.

Use of Funds and Offer Timetable

Funds raised, together with existing cash reserves, will be applied to post-Upstream DFS activities at the Sarytogan Graphite Project, downstream battery testing, product qualification, commencement of the Downstream DFS, copper exploration, Kazakhstan operating costs, corporate costs, and working capital. The offer opens on 17 November 2026 and closes at 5:00pm WST on 26 November 2026. Shares are expected to be quoted on a deferred settlement basis from 27 November 2026, with the issue date scheduled for 3 December 2026, subject to obtaining the Kazakh Issue Permit.