- Sarytogan Graphite (SGA) welcomed more upwards share price momentum on day two of listing, trading as much as 72 per cent above its 20-cent IPO issue price
- The company raised $8.6 million through its IPO which it expects will support two years of exploration
- Sarytogan is built around its namesake graphite project in central Kazakhstan which has an inferred mineral resource of 209 million tonnes at 28.5 per cent TGC
- Former owner of the project Dr Waldemar Mueller is technical director of the newly-listed company and he is the largest shareholder
- Shares in SGA have ended Tuesday’s session trading steady at 32 cents. The company has a $42.39 million market cap
Shares in ASX-newbie Sarytogan Graphite (SGA) have maintained upwards momentum today – at times up more than 72 per cent on the 20-cent IPO issue price.
Sarytogan rocketed into the ASX yesterday as a company built around its “giant” namesake graphite project in central Kazakhstan.
Managing Director and CEO Sean Gregory claims the company has the highest grade and second largest graphite deposit amid its ASX peers.
“It stems back to our vendor and our technical director, Dr Waldemar Mueller,” Mr Gregory said.
“He’s a geologist with 40 years’ experience and he’s also a Kazakh national who happens to live in Perth but has very deep connections throughout Kazakhstan.
“We were able to get hold of this project, which was first discovered by the Russians in the 1980s and it has sat there slumbering – a slumbering giant if you like – and we were finally able to get hold of it and bring it to market.”
The company raised $8.6 million through its IPO, which Mr Gregory said should see it through two years of exploration.
“It’s very early days for the company. We’re still very much in the exploration phase,” he said.
Drilling is underway at the Sarytogan Graphite Project which has an inferred mineral resource of 209 million tonnes at 28.5 per cent total graphitic carbon (TGC) graphite.
More than half the company’s shares (54 per cent) are escrowed for two years from IPO, including 39 per cent which are held by Dr Mueller.
Shares in SGA ended Tuesday’s session trading steady at 32 cents. The company has a $42.39 million market cap.