Sarytogan Graphite Delivers 99.99% Pure Battery-Grade Graphite in Trials
Key Takeaways
- Sarytogan's 2026 pilot-scale trials produced approximately 30kg of CSPG, USPG, and UHPF with purity exceeding 99.99%C — materially above the industry-typical 99.95% benchmark.
- Tap densities of 0.99–1.26 g/cm³ were achieved across cuts 0–7, with AETC stating that readings above 1.2 g/cm³ are very rare in the battery industry.
- Spheroidization yield surged from 54% in 2023-24 to up to 97.7% in 2026, a step-change improvement that directly reduces processing waste and improves economics.
- A 5kg CSPG sample is being shipped to a leading European battery prototyping organisation for assembly and testing in 5Ah large-format pouch-cell lithium-ion batteries — a significant scale-up from prior coin-cell tests.
- The Upstream DFS is in its final stages and planned for publication next quarter, with the Downstream DFS to follow incorporating these 2026 pilot results.
Sarytogan’s scaled-up graphite trials deliver battery-grade results that exceed industry benchmarks
Sarytogan Graphite has produced approximately 30kg of Ultra High Purity Fines (UHPF), Uncoated Spherical Purified Graphite (USPG), and Coated Spherical Purified Graphite (CSPG) at pilot scale, with quality metrics materially improved from its 2023-24 tests and exceeding typical lithium-ion battery industry requirements.
Two headline numbers stand out. Purity came in at greater than 99.99%C, well above the industry-typical 99.95%, and tap densities reached 0.99–1.26 g/cm³ across cuts 0–7. American Energy Technologies Company (AETC), the Illinois-based laboratory that conducted the trials, reports that tap densities above 1.2 g/cm³ are very rare in the battery industry.
The immediate next step is shipping a 5kg CSPG sample to a leading European battery prototyping organisation for assembly and testing in 5Ah large-format pouch-cell lithium-ion batteries, a significant scale-up from the successful coin-cell tests conducted in 2023-24. Sarytogan holds a Strategic Project designation under the European Union’s Critical Raw Materials Act, underscoring the strategic relevance of its deposit.
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Q1 FY27 downstream test results at a glance
Sarytogan’s 2026 pilot-scale trials show improvement across every key quality metric compared to both industry benchmarks and its own prior results.
| Metric | Units | Industry Typical | Sarytogan 2023-24 | Sarytogan 2026 |
|---|---|---|---|---|
| Grade | %C (LOI 950) | 99.95% | Up to 99.9992% | >99.99% |
| Tap Density | g/cm³ | 1.0 | 0.9–1.0 | 0.99–1.26 |
| d50 sizes | micron | 5–25 | 12–32 | 4–12 |
| Spheroidization Yield | % | 50%–60% | 54% | Up to 97.7% |
The spheroidization yield improvement is the standout result, rising from 54% in 2023-24 to up to 97.7% in the 2026 tests. Three additional data points are worth flagging for investors:
- Tap densities of 0.99–1.26 g/cm³ across cuts 0–7, compared to 0.9–1.0 g/cm³ previously, with AETC attributing the exceptional results to the special nature of the Sarytogan graphite ore.
- d50 sphere sizes of 4–12 micron, smaller than the prior 12–32 micron results and at the smaller end of the industry-typical range of 5–25 micron, a characteristic associated with faster charging.
- Even off-cut fines not selected for USPG and CSPG are planned to be utilised as UHPF, attracting premium pricing.
What is spherical purified graphite and why does it matter for lithium-ion batteries?
CSPG, or Coated Spherical Purified Graphite, is the premium end-product for lithium-ion battery anodes. When graphite particles are spheroidized (shaped into small balls) and coated with soft carbon, they become Active Anode Material (AAM) — the component inside a battery that holds and releases lithium ions during charging and discharging.
Three physical characteristics determine how well the material performs. First, shape. Spherical particles pack together more efficiently than irregular flakes, which improves energy density — more active material fits in the same volume of battery.
Second, tap density — a measure of how tightly packed the spheres are per unit of volume. Higher tap density means more energy can be stored in a given battery cell. Sarytogan’s 2026 results of 0.99–1.26 g/cm³ substantially exceed the prior results of 0.9–1.0 g/cm³, and AETC has stated that readings above 1.2 g/cm³ are very rare in the battery industry.
Third, sphere size. Smaller spheres allow lithium ions to move in and out of the anode material more quickly, which translates to faster charging. Sarytogan’s d50 results of 4–12 micron are meaningfully smaller than the 2023-24 range of 12–32 micron and sit at the smaller end of the industry-typical range.
A structural advantage of Sarytogan’s flowsheet reinforces all three metrics. By purifying the graphite before spheroidizing it (the so-called “inverted flowsheet”), any particles that do not make the cut for USPG or CSPG are still high-purity material that qualifies as UHPF.
From coin cells to pouch cells: the path to customer qualification
The development arc for Sarytogan’s downstream products follows a clear sequence: small-scale coin-cell tests in 2023-24 validated the electrochemical performance of the USPG and CSPG, and the 2026 pilot-scale results now set the stage for large-format battery testing and formal customer qualification.
The near-term milestones in sequence are:
- A 5kg CSPG sample to be shipped to a leading European battery prototyping organisation for manufacture and testing in 5Ah large-format pouch-cell lithium-ion batteries.
- Samples of UHPF and CSPG to be prepared for prospective battery customers for qualification testing.
- Micro90C samples already with potential foundry and recarburizer customers in Europe.
- Upstream DFS to be published next quarter.
- Downstream DFS to follow, incorporating these results and adding to the value framework established by the Upstream study.
The three product streams (Micro90C, UHPF, and CSPG) are advancing simultaneously, reflecting the company’s stated strategy of placing “as many carbon units into as many markets as possible.”
Managing Director Sean Gregory described the significance of the milestone and the path forward:
Sean Gregory, Managing Director
“These scaled up purification, spheroidization, and coating results are an important step forward in the development of Sarytogan’s downstream graphite products. Small sphere sizes with ultra-high tap densities are highly prized in the lithium-ion battery for their associated fast-charging and high-energy-densities respectively. The electrochemical performance of the CSPG produced will be tested shortly, with large-format form-factored pouch-cell battery tests at a leading European battery prototyping organisation, a significant scale up since the successful 2023-24 tests. This will all feed into a Downstream DFS that is planned to follow and add significant value to the Upstream DFS to be published next quarter.”
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The Sarytogan investment case: world-class resource backing premium downstream products
The downstream product milestone is grounded in a resource base of considerable scale. Sarytogan’s Mineral Resource Estimate stands at 225Mt @ 29.2% TGC (Total Graphitic Carbon), comprising 5.4Mt of Measured, 108Mt of Indicated, and 111Mt of Inferred material across the Central and North graphite zones. The project holds a Strategic Project designation under the EU’s Critical Raw Materials Act, which the company describes as validating the deposit’s world-class nature and its role in supplying sustainable critical raw materials to Europe.
The three-product strategy (Micro90C for industrial markets, UHPF for advanced industrial and battery uses, and CSPG for lithium-ion battery anodes) is designed to maximise the number of revenue streams from each tonne of ore processed. That diversification spans markets from traditional lubricants and foundry applications through to EV battery manufacturing.
For investors tracking near-term news flow, the Upstream DFS is described as being in its final stages and is planned for publication next quarter. The Downstream DFS is planned to follow, incorporating the 2026 pilot-scale results reported in this announcement.
The Upstream DFS is advancing with external institutional backing, with EBRD funding for the DFS providing a significant financing milestone that supports the project’s development timeline ahead of the Downstream study.
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