{ "projectionVersion": "smpt-investigation-1", "projectId": "prj-kz-sarytogan", "corpus": { "revision": "2026-11-03", "legalStatusCutoff": "2026-11-03", "view": "current_corpus_revision", "notice": "Curated corpus revision, not source freshness or historical known-as-of coverage. Financial histories retain their own status dates." }, "project": { "id": "prj-kz-sarytogan", "name": "Sarytogan Graphite Project", "sponsorOrgIds": [ "org-sarytogan" ], "locations": [ { "countryCode": "KZ", "subnational": null, "asStated": "Kazakhstan" } ], "stages": [ "mining" ], "materialIds": [ "graphite" ], "materialAttribution": "tracked_only", "untrackedMaterialsAsStated": [], "evidence": [ { "sourceId": "src-ec-crma-sp-annex-2025-06", "supports": [ "name", "location", "materials", "stages" ], "evidence": "explicit", "locator": "Entry (10)", "note": null }, { "sourceId": "src-ec-crma-sp-decision-2025-06", "supports": [ "sponsors" ], "evidence": "explicit", "locator": "Article 2, row 10", "note": null } ], "notes": null }, "organizations": [ { "id": "org-ebrd", "name": "European Bank for Reconstruction and Development", "nameOriginal": null, "aliases": [ "EBRD" ], "kind": "public_financier", "roles": [ { "role": "provider", "recordId": "fin-ebrd-2025-sarytogan-equity" }, { "role": "provider", "recordId": "fin-ebrd-2026-sarytogan-topup-equity" } ], "evidence": [ { "sourceId": "src-ec-resourceeu-com-945", "supports": [ "name", "kind" ], "evidence": "explicit", "locator": "Section 2.1", "note": "Named as investing equity in Strategic Projects and, with the support of the Commission, launching an equity facility for exploration projects." } ] }, { "id": "org-sarytogan", "name": "Sarytogan Graphite Limited", "nameOriginal": null, "aliases": [], "kind": "company", "roles": [ { "role": "registered_sponsor", "recordId": "prj-kz-sarytogan" }, { "role": "recipient", "recordId": "fin-ebrd-2025-sarytogan-equity" }, { "role": "recipient", "recordId": "fin-ebrd-2026-sarytogan-topup-equity" }, { "role": "designation_holder", "recordId": "dsg-eu-crma-sarytogan" } ], "evidence": [ { "sourceId": "src-ec-crma-sp-decision-2025-06", "supports": [ "name", "kind", "country" ], "evidence": "explicit", "locator": "Article 2, row 10", "note": "Named as a project promoter to which the decision is addressed; the country is read from the promoter's address." } ] } ], "financialInstruments": [ { "id": "fin-ebrd-2025-sarytogan-equity", "eventId": "evt-eu-resourceeu-2025", "instrument": "equity", "valueRole": "commitment", "capitalSource": "public", "projectRelationship": "directly_attributable", "projectId": "prj-kz-sarytogan", "associatedProjectIds": [], "amount": { "value": "5000000", "currency": "AUD", "qualifier": "exact", "amountAsStated": "AUD 5 million (€3 million)", "currencyBasis": "stated", "basisNote": null, "basisLabel": null }, "amountBasis": "current_recorded_terms_not_historical_totals", "provider": "European Bank for Reconstruction and Development", "providerJurisdiction": null, "providerOrgIds": [ "org-ebrd" ], "recipient": "Sarytogan Graphite Limited", "recipientOrgIds": [ "org-sarytogan" ], "programmeId": null, "legalAuthority": null, "facility": null, "locations": [ { "countryCode": "KZ", "subnational": null, "asStated": "Kazakhstan" } ], "materialIds": [ "graphite" ], "stages": [ "mining" ], "currentFinancialStatus": "disbursed", "financialStatusHistory": [ { "status": "contracted", "date": null, "sourceId": "src-ebrd-sarytogan-psd-54699", "note": "EBRD project 54699 is signed, but the source does not state an exact execution date." }, { "status": "disbursed", "date": "2025-02-10", "sourceId": "src-fasken-sarytogan-ebrd-close-2025", "note": "EBRD transaction counsel identifies completion of the two-tranche A$5M equity purchase on 10 February 2025." } ], "legacyPhysicalObservations": [], "terms": [], "statedOutcomes": [], "relationships": [], "evidence": [ { "sourceId": "src-ec-resourceeu-com-945", "supports": [ "instrument", "value_role", "capital_source", "provider", "project", "location", "materials" ], "evidence": "explicit", "locator": "Section 2.1, fourth paragraph", "note": "Commission retrospectively characterizes EBRD equity as around €3.6M. This is not an auditable transaction-level AUD amount or a distinct additional investment." }, { "sourceId": "src-ebrd-sarytogan-equity-2024", "supports": [ "instrument", "value_role", "capital_source", "amount", "provider", "recipient", "project", "location", "stages", "materials" ], "evidence": "explicit", "locator": "Opening paragraphs; AUD 5 million (€3 million) EBRD shareholding announcement", "note": "Bank directly identifies the A$5M equity investee; stated euro figure is contextual, not summed separately." }, { "sourceId": "src-ebrd-sarytogan-psd-54699", "supports": [ "instrument", "amount", "recipient", "project", "status" ], "evidence": "explicit", "locator": "Project description; Client information; EBRD Finance Summary; Status Signed", "note": "Project 54699 confirms A$5M and the legal investee; signature date is not asserted." }, { "sourceId": "src-fasken-sarytogan-ebrd-close-2025", "supports": [ "amount", "recipient", "status" ], "evidence": "explicit", "locator": "Overview, Closed February 2025; completed 10 February 2025", "note": "Transaction counsel confirms A$5M total closing; its internally inconsistent share-count/price figures are not carried into SMPT." } ], "notes": "This existing EBRD Sarytogan financing row is the original A$5M share purchase, not a new award. EBRD 2024 and project 54699 identify the initial A$5M (€3M approximate) commitment to Sarytogan Graphite Limited; transaction counsel dates completion to 10 February 2025. The European Commission's December 2025 summary reports around €3.6M without identifying component transactions; it remains contextual and is not a separately counted sum. A later, independently paid A$1,396,581.12 follow-on placement is coded separately as fin-ebrd-2026-sarytogan-topup-equity, not rolled into this amount. EBRD is multilateral: no tracked national government receives financing credit." }, { "id": "fin-ebrd-2026-sarytogan-topup-equity", "eventId": "evt-eu-resourceeu-2025", "instrument": "equity", "valueRole": "commitment", "capitalSource": "public", "projectRelationship": "directly_attributable", "projectId": "prj-kz-sarytogan", "associatedProjectIds": [], "amount": { "value": "1396581.12", "currency": "AUD", "qualifier": "exact", "amountAsStated": "A$1,396,581.12 in cash received from EBRD on 30 April 2026", "currencyBasis": "stated", "basisNote": null, "basisLabel": null }, "amountBasis": "current_recorded_terms_not_historical_totals", "provider": "European Bank for Reconstruction and Development", "providerJurisdiction": null, "providerOrgIds": [ "org-ebrd" ], "recipient": "Sarytogan Graphite Limited", "recipientOrgIds": [ "org-sarytogan" ], "programmeId": null, "legalAuthority": null, "facility": null, "locations": [ { "countryCode": "KZ", "subnational": null, "asStated": "Kazakhstan" } ], "materialIds": [ "graphite" ], "stages": [ "mining" ], "currentFinancialStatus": "disbursed", "financialStatusHistory": [ { "status": "contracted", "date": "2025-11-06", "sourceId": "src-sarytogan-ebrd-topup-received-2026", "note": "The 30 April 2026 ASX filing retrospectively reports an EBRD top-up placement agreed 6 November 2025 and amended 18 November 2025, conditional on regulatory and shareholder approvals." }, { "status": "disbursed", "date": "2026-04-30", "sourceId": "src-sarytogan-ebrd-topup-received-2026", "note": "Sarytogan states it received A$1,396,581.12 cash from EBRD on 30 April 2026 after conditions were fulfilled." } ], "legacyPhysicalObservations": [], "terms": [], "statedOutcomes": [], "relationships": [], "evidence": [ { "sourceId": "src-sarytogan-ebrd-topup-received-2026", "supports": [ "instrument", "value_role", "capital_source", "amount", "provider", "recipient", "project", "stages", "status" ], "evidence": "explicit", "locator": "30 April 2026 ASX announcement, p. 1, cash received and top-up placement; approvals paragraphs", "note": "17,457,264 shares at A$0.08, separate from A$5M original. Cash receipt establishes disbursed status; funds support feasibility work, not mine construction." }, { "sourceId": "src-ebrd-sarytogan-followon-2026", "supports": [ "instrument", "provider", "recipient", "project", "stages", "materials" ], "evidence": "explicit", "locator": "Opening paragraphs, follow-on AUD 1.4M equity purchase and use of proceeds", "note": "EBRD separately describes the follow-on, confirming it is incremental and raises bank holding to 18.4%." }, { "sourceId": "src-ebrd-sarytogan-psd-54699", "supports": [ "location" ], "evidence": "explicit", "locator": "Location: Kazakhstan", "note": "Project locale only; EBRD's 2024 project record does not establish this 2026 placement's amount or terms." } ], "notes": "Separate EBRD follow-on share placement with Sarytogan Graphite Limited, agreed conditionally on 6 November 2025 and paid on 30 April 2026. 17,457,264 shares at A$0.08; issuer confirms exact A$1,396,581.12 cash receipt. EBRD's separate announcement describes an approximately A$1.4M stake increase to 18.4%. This amount is incremental to original A$5M, not additive to or a breakdown of the Commission's approximate €3.6M retrospective summary. Receipt of equity does not demonstrate construction or delivery at mine. This row uses existing RESourceEU policy event as a contextual cross-reference to EBRD financing; it does not mean that the December 2025 Commission narrative reported completed 2026 cash receipt. Multilateral capital is not attributed to any tracked national government." } ], "nonallocativeAssociations": [], "designations": [ { "id": "dsg-eu-crma-sarytogan", "eventId": "evt-eu-crma-strategic-projects-2025-06", "programmeId": "prg-eu-crma-strategic-projects", "projectId": "prj-kz-sarytogan", "relationship": "project_designation_standing_not_money", "projectNameAsStated": "Sarytogan Graphite Project", "holderOrgIds": [ "org-sarytogan" ], "statusHistory": [ { "status": "recognized", "date": "2025-06-04", "sourceId": "src-ec-crma-sp-decision-2025-06", "note": "Article 1: \"The projects listed in the Annex are recognised as Strategic Projects.\"" } ], "evidence": [ { "sourceId": "src-ec-crma-sp-annex-2025-06", "supports": [ "project", "location", "materials", "stages" ], "evidence": "explicit", "locator": "Entry (10)", "note": null }, { "sourceId": "src-ec-crma-sp-decision-2025-06", "supports": [ "programme", "holders", "status" ], "evidence": "explicit", "locator": "Article 1; Article 2, row 10", "note": null } ] } ], "nativeMilestones": [], "policyContexts": [ { "id": "evt-eu-crma-strategic-projects-2025-06", "relationship": "finance_or_designation_parent", "jurisdiction": "eu", "issuingBody": "European Commission", "titleEn": "Commission Decision recognising 13 critical raw material projects in third countries and overseas countries or territories as Strategic Projects under the Critical Raw Materials Act", "titleOriginal": "Commission Decision of 4.6.2025 recognising certain critical raw material projects located in third countries and in overseas countries or territories as Strategic Projects under Regulation (EU) 2024/1252 of the European Parliament and of the Council", "documentNumber": "C(2025) 3491 final", "date": "2025-06-04", "policyStatus": "in_force", "sourceIds": [ "src-ec-crma-sp-decision-2025-06", "src-ec-crma-sp-annex-2025-06", "src-ec-ip-25-1419" ] }, { "id": "evt-eu-resourceeu-2025", "relationship": "finance_or_designation_parent", "jurisdiction": "eu", "issuingBody": "European Commission", "titleEn": "RESourceEU Action Plan: Accelerating our critical raw materials strategy to adapt to a new reality", "titleOriginal": "RESourceEU Action Plan: Accelerating our critical raw materials strategy to adapt to a new reality", "documentNumber": "COM(2025) 945 final", "date": "2025-12-03", "policyStatus": "active", "sourceIds": [ "src-ec-resourceeu-com-945", "src-ec-ip-25-2891" ] } ], "coannouncedControls": [], "financePackageReferences": [], "unknowns": [ "No project-native source-reviewed industrial milestone is published. Attributed activity in financing histories remains a separate evidence class; no exact milestone date or facility-wide conclusion is inferred.", "Historical amount review is incomplete. Current amounts cannot be read as a time series of earlier commitments.", "Structural links and shared materials do not demonstrate that a government measure caused an industrial outcome." ], "sources": [ { "id": "src-ebrd-sarytogan-equity-2024", "title": "EBRD acquires stake in Sarytogan Graphite Limited", "publisher": "European Bank for Reconstruction and Development", "url": "https://www.ebrd.com/home/news-and-events/news/2024/ebrd-acquires-stake-in-sarytogan-graphite-limited.html", "language": "en", "sourceType": "official", "confidence": "primary", "publishedOn": "2024-08-09", "accessedOn": "2026-10-07" }, { "id": "src-ebrd-sarytogan-followon-2026", "title": "EBRD increases stake in Sarytogan Graphite Limited", "publisher": "European Bank for Reconstruction and Development", "url": "https://www.ebrd.com/home/news-and-events/news/2026/ebrd-increases-stake-in-sarytogan-graphite-limited.html", "language": "en", "sourceType": "official", "confidence": "primary", "publishedOn": null, "accessedOn": "2026-10-07" }, { "id": "src-ebrd-sarytogan-psd-54699", "title": "EBRD Project 54699 — DFF Project C / Sarytogan Graphite Limited", "publisher": "European Bank for Reconstruction and Development", "url": "https://www.ebrd.com/home/work-with-us/projects/psd/54699.html", "language": "en", "sourceType": "official", "confidence": "primary", "publishedOn": "2024-08-09", "accessedOn": "2026-10-07" }, { "id": "src-ec-crma-sp-annex-2025-06", "title": "Annex to Commission Decision C(2025) 3491 final: list of Strategic Projects in third countries and overseas countries or territories", "publisher": "European Commission", "url": "https://single-market-economy.ec.europa.eu/document/download/60c576a5-435e-43e6-83de-c81f3652259b_en?filename=C_2025_3491_1_EN_annexe_acte_autonome_part1_v3.pdf", "language": "en", "sourceType": "official", "confidence": "primary", "publishedOn": "2025-06-04", "accessedOn": "2026-09-23" }, { "id": "src-ec-crma-sp-decision-2025-06", "title": "Commission Decision of 4.6.2025 recognising certain critical raw material projects located in third countries and in overseas countries or territories as Strategic Projects under Regulation (EU) 2024/1252 (C(2025) 3491 final)", "publisher": "European Commission", "url": "https://single-market-economy.ec.europa.eu/document/download/808502c2-21c7-4ca8-855f-ff0b528f91c4_en?filename=C_2025_3491_1_EN_ACT_part1_v4.pdf", "language": "en", "sourceType": "official", "confidence": "primary", "publishedOn": "2025-06-04", "accessedOn": "2026-09-23" }, { "id": "src-ec-ip-25-1419", "title": "Commission selects 13 Strategic Projects in third countries to secure access to raw materials and to support local value creation (IP/25/1419)", "publisher": "European Commission", "url": "https://ec.europa.eu/commission/presscorner/detail/en/ip_25_1419", "language": "en", "sourceType": "official", "confidence": "primary", "publishedOn": "2025-06-04", "accessedOn": "2026-09-23" }, { "id": "src-ec-ip-25-2891", "title": "Commission adopts RESourceEU to secure raw materials, reduce dependencies and boost competitiveness (IP/25/2891)", "publisher": "European Commission", "url": "https://ec.europa.eu/commission/presscorner/detail/en/ip_25_2891", "language": "en", "sourceType": "official", "confidence": "primary", "publishedOn": "2025-12-03", "accessedOn": "2026-09-23" }, { "id": "src-ec-resourceeu-com-945", "title": "RESourceEU Action Plan: Accelerating our critical raw materials strategy to adapt to a new reality (COM(2025) 945 final)", "publisher": "European Commission", "url": "https://single-market-economy.ec.europa.eu/document/download/01c448d6-dc93-40d7-9afe-4c2af448d00c_en", "language": "en", "sourceType": "official", "confidence": "primary", "publishedOn": "2025-12-03", "accessedOn": "2026-09-23" }, { "id": "src-fasken-sarytogan-ebrd-close-2025", "title": "Fasken advises EBRD on completed A$5 million Sarytogan Graphite investment", "publisher": "Fasken (transaction counsel to EBRD)", "url": "https://www.fasken.com/en/experience/2025/03/the-european-bank-for-reconstruction-and-development-completes-equity-investment", "language": "en", "sourceType": "other", "confidence": "primary", "publishedOn": null, "accessedOn": "2026-10-07" }, { "id": "src-sarytogan-ebrd-topup-received-2026", "title": "Sarytogan Graphite Limited, ASX announcement: $1.4M Funds received", "publisher": "Sarytogan Graphite Limited / ASX (announcement reproduced by Market Index)", "url": "https://www.marketindex.com.au/asx/sga/announcements/14m-funds-received-6A1323055", "language": "en", "sourceType": "other", "confidence": "primary", "publishedOn": "2026-04-30", "accessedOn": "2026-10-07" } ], "limitations": [ "Policy contexts here parent existing finance or designation records; a shared material or date never creates a causal edge.", "Coannounced controls are announcement siblings only, not project-specific restrictions or effects.", "Direct project attribution and nonallocative association are different. No individual monetary allocation, financial sum or payment conclusion is authorized.", "Financing statuses describe the current corpus revision. Legacy implementation observations require scoped review and are not project-native milestones.", "A milestone's event/target date, publication/access horizon and reviewer date are separate. A planned target is not automatically occurred.", "An absent reviewed milestone means no approved entry in SMPT, not that the facility is inactive or failed.", "Amounts retain current source-stated terms, original currency and exact decimal strings. This packet computes no historical financial totals or project-wide monetary allocation.", "Published source review does not establish independent on-site verification. Source, financial-status, occurrence, target and review dates remain distinct." ] }