Announcement PDF ASX Release 15 January 2025 Graphite Bull Project - Progress Update • Spheroidised Purified Graphite (SPG) testwork completed by Dorfner Anzaplan GmbH • Second round of Qualification test work by BTR New Material Group underway • Expanded Resource estimation by ERM underway Buxton Resources Ltd (‘Buxton’; ASX:BUX) is pleased update shareholders with recent progress on the Graphite Bull Project. In July 2024, ALS Metallurgy (Perth) produced 129 kg of flake concentrate @ 95.3% TGC from a third bulk sample of RC chips derived from February 2023 scout drilling. This concentrate sample was prepared in order to follow-up the “proof of concept” testwork from flake through to anode by ProGraphite (ASX 25 Jan 2024). Dorfner Anzaplan GmbH have now completed spheronisation testwork on a 20 kg sub-sample of the July 2024 concentrate with final reporting imminent. BTR New Material Group (BTR) reported positive assessment of a small (1.5 kg) sub-sample of the same July 2024 flake concentrate in August 2024 (ASX 26 Aug 2024) and have also indicated positive assessment of the preliminary spheronising results. An ore sample of ~738 kg from 2024 Infill Resource drilling was sent to BTR in late 2024 (ASX 31 Oct 2024). BTR has completed flotation testwork on this material and has since requested additional flake concentrate to facilitate an expanded downstream testwork program through to anode production optimised for an established South Korean cell manufacturer. This downstream testwork, including spheroidization, purification, and anode / cell manufacture, is well underway in-house at BTR with the next round of results expected in February 2025. Geological modelling of the expanded Graphite Bull Resource is now complete, and all assays are in hand. Resource Modelling and Estimates by ERM are well underway, with completion expected by end January 2025. CEO, Marty Moloney, comments, “Buxton’s 100% owned Graphite Bull Project continues to make steady progress towards customer qualification and a Resource update. We’re looking forward to the results from these parallel work streams to enable economic modelling critical to securing industry investment for this Project.” PO Box 661 Nedlands WA 6009 15 Robinson Av Belmont WA 6104 T: 08-9380 6063 E: info@buxtonresources.com.au W: www.buxtonresources.com.au Visit our investor hub: investorhub.buxtonresources.com.au About BTR BTR New Material Group Co., Ltd. (“BTR”) is a fully vertically integrated Chinese anode manufacturer, from upstream natural graphite mining to downstream lithiumion battery materials including anode, cathode and new materials for lithium-ion batteries. BTR has held the top global market share for sale of anode materials for 14 years, and currently has >25% of global anode market share. The company serves major lithium-ion battery manufacturers such as Panasonic, Samsung SDI, LGES, SK on, CATL, and BYD. BTR’s new 80 ktpa anode production plant in Kendal, Centra Java, represents a US$750M investment and started production on August 7th 2024, becoming the first anode production plant operated by Chinese company outside China. Stage 2 (also 80 ktpa) is in construction, with production scheduled for 2026. When completed this single plant will consume ~320 ktpa of fine flake (-100um) graphite feedstock. As of the end of August 2024, BTR has operating anode production capacity of 575,000 tpa. Figure 1: Graphite Bull is ideally located to supply new anode facilities in Asia This announcement is authorised by the Board of Buxton Resources Ltd. For further information, please contact: Martin Moloney Sam Wright Chief Executive Officer Company Secretary marty@buxtonresources.com.au sam@buxtonresources.com.au PO Box 661 Nedlands WA 6009 15 Robinson Av Belmont WA 6104 T: 08-9380 6063 E: info@buxtonresources.com.au W: www.buxtonresources.com.au Visit our investor hub: investorhub.buxtonresources.com.au Competent Persons – Graphite Bull The information in this report that relates to Exploration Results is based on information compiled by Mr Martin Moloney, Member of the Australian Institute of Geoscientists and Society of Economic Geologist. Mr Moloney is a full-time employee of Buxton Resources Ltd. Mr Moloney has sufficient experience which is relevant to the activity being undertaken to qualify as a “Competent Person” as defined in the 2012 edition of the Joint Ore Reserves Committee (JORC) Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Moloney consents to the inclusion in this report of the matters based on the information in the form and context in which it appears. Previously Reported Information – Graphite Bull Project There is information in this announcement relating to exploration results previously announced on: 1. 2. 3. 4. 5. 6. 7. 8. 25th July 2014 – 127 metres @ 13.4% TGC – Yalbra Graphite Drilling 24th October 2014 – Buxton significantly expands Graphite Resource at Yalbra 19th April 2023 – Graphite Bull Drilling Assays 25th January 2024 – Anode Testing Success at Graphite Bull Project 25th July 2024 - 84.6m of mineralisation intersected at Graphite Bull Project 26th August 2024 – Graphite Bull & Narryer Project - Exploration Update 24th October 2024 – Graphite Bull: Record Setting 124 m @ 16.6% TGC 31st October 2024 – Company Presentation Validity of Referenced Results Buxton confirms that it is not aware of any new information or data that materially affects the information from previous ASX announcements which has been referenced in this announcement. About the Graphite Bull Project The at-surface, high-grade Graphite Bull Project is located in the Tier 1 mining jurisdiction of Western Australia, Gascoyne region, on granted Exploration License E09/1985. Graphite Bull was acquired by Buxton in 2012 and by 2014 two resource estimates were completed. The Graphite Bull project currently has a JORC (2012) compliant Inferred Resource of 4 Mt @ 16.2 % TGC (ASX 24/10/2014). Due to projected growth of the global Lithium-ion battery market, and the essential part graphite will play in that – graphite is the single largest component of Li-ion batteries – Buxton recommenced work at Graphite Bull in 2022. Work since then has been focused on metallurgical test work through to final product (Activated Anode Material), and increasing Resource confidence and size, with very promising results to date. Benchmark Mineral Intelligence predicts that global capacity of anode material will increase over fivefold between 2024 and the end of the decade, reach over 15Mtpa, a huge increase from the 2.3Mtpa of operational capacity in 2024. This battery-related demand means that by 2027, global graphite production needs to double and that, by 2040, eight times current production will be required to supply the world’s lithium-ion battery anode market. Ex-China battery anode capacity, and investment, is being spurred by US IRA legislation. Graphite Bull is therefore a very attractive project, being a high-grade deposit located in a Tier 1, US FTA mining jurisdiction, with ore materials having demonstrated excellent electrochemical performance and with outstanding Resource growth PO Box 661 Nedlands WA 6009 15 Robinson Av Belmont WA 6104 T: 08-9380 6063 E: info@buxtonresources.com.au W: www.buxtonresources.com.au Visit our investor hub: investorhub.buxtonresources.com.au potential. Buxton has also recently confirmed the discovery of a new graphite mineral system at the Blackhawk Project, some 100 km south from Graphite Bull. Figure 2: Buxton’s Graphite Bull & Blackhawk Projects are located within the Gascoyne / Murchison Region of Western Australia. PO Box 661 Nedlands WA 6009 15 Robinson Av Belmont WA 6104 T: 08-9380 6063 E: info@buxtonresources.com.au W: www.buxtonresources.com.au Visit our investor hub: investorhub.buxtonresources.com.au JORC Table: Section 1 – Sampling Techniques and Data Criteria JORC Code explanation Commentary Sampling techniques Nature and quality of sampling (eg cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down-hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling. Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used. Aspects of the determination of mineralisation that are Material to the Public Report. In cases where ‘industry standard’ work has been done this would be relatively simple (e.g. ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other cases, more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (e.g. submarine nodules) may warrant disclosure of detailed information. The Anzaplan results presented herein were derived from samples from Reverse Circulation drilling. Reverse Circulation drilling produced samples that were collected at one-metre intervals. Metre delineation was controlled by the driller by means of visual marks on the mast chain on rig. A one metre ‘split’ sample was collected in pre-numbered calico bags at the time of drilling using a cone splitter integrated into the drill cyclone to produce a 1-3kg sample, which is considered representative of the full drill metre. The residual material from each metre interval was collected in 600mm x 900mm biodegradable bags preserved at the drill site whilst laboratory analysis is ongoing. All one metre split samples were sent to the laboratory for preparation. Sample weights are recorded on submission to the laboratory. A compositing program was then undertaken under laboratory conditions such that 250g pulp composites were prepared. These composites were generally two-metre samples for mineralised intervals (with some 1m samples where required by QA sampling). Three, four, or five-metre composites were then used either side of the two / one metre intervals for analysis. All 1m pulps and bulk rejects are preserved for further testwork if required. Laboratory analysis for Total Graphitic Carbon was undertaken by ALS Geochemistry in Perth. Drilling techniques Drill type (e.g., core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (e.g. core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc). Reverse Circulation (RC) drilling used a Schramm T685 truck mounted rig (RC). Drill sample recovery Method of recording and assessing core and chip sample recoveries and results assessed. Measures taken to maximise sample recovery and ensure representative nature of the samples. RC recoveries were considered good with available air for drill sample recovery being deemed adequate for the ground conditions and depth of sampling undertaken. Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material. Appropriate measures have been undertaken to maximise sample recovery and ensure the representative nature of samples, including: - Terminating RC holes when recovery amounts are reduced at depth Terminating RC holes when excess water is encountered No apparent relationship has been defined between sample recovery and grade based on the various drilling programs to date at Graphite Bull. Logging PO Box 661 Nedlands WA 6009 Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies. Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography. 15 Robinson Av Belmont WA 6104 Reverse Circulation Drilling For the RC program, chip trays were collected from each one metre interval this was used to log lithology, oxidation and visual graphite content estimate a streak test was used to assist with visual estimates alongside historical samples. T: 08-9380 6063 E: info@buxtonresources.com.au W: www.buxtonresources.com.au Visit our investor hub: investorhub.buxtonresources.com.au The total length and percentage of the relevant intersections logged. Visual estimates for TGC were based on comparison with historic samples from Buxton’s 2014 program, YBRC0018 and YBRC0019 which constituted 276 metres of previously assayed material with grades from 0.1% to 30.9% TGC. This included 52 samples greater than 10% TGC. 19 samples from 5-10% and 87 samples from 0-5%. Samples were noted if they were wet or where recovery was significantly impacted. Photographs of all RC chip trays where then taken at BUX’s core processing facility at the Project, and in Perth and retained on file with the original chip trays stored at BUX’s storage facility in Peth. Logging is considered to be semi-quantitative. The visual logging has been augmented by lithogeochemical analysis using portable XRF data collected on prepared pulps returned from ALS (for the RC samples) and from analyses collected directly on diamond core. Thorough statistical treatment of this data was undertaken, including validation, mitigating closure effects, k-means cluster analysis and principal component analysis to generate a classification that was verified firstly on the core logging and against other quantitative data such as magnetic susceptibility and density dataset. This lithological classification was then utilised by a contract structural geologist, who had undertaken ~2 weeks of surface mapping at Graphite Bull, to develop a 3D solid geology model. Sub-sampling techniques and sample preparation If core, whether cut or sawn and whether quarter, half or all core taken. If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry. For all sample types, the nature, quality and appropriateness of the sample preparation technique. Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples. Measures taken to ensure that the sampling is representative of the in-situ material collected, including for instance results for field duplicate/second-half sampling. Whether sample sizes are appropriate to the grain size of the material being sampled. Reverse Circulation Drilling All RC one-metre sub-samples from drill holes were collected from a cone splitter respectively, to produce an ~15% routine split sample for analysis. Field duplicates were collected for the RC programs. Samples were submitted to ALS Geochemistry for sample preparation and analysis. Samples were pulverised to better than 85% passing -75 micron and analysed for %TGC by C- IR18 method where Graphitic C is determined by digesting sample in 50% HCl to evolve carbonate as CO2. Residue is filtered, washed, dried and then roasted at 425C. The roasted residue is analysed for carbon by oxidation, induction furnace and infrared spectroscopy. This method has a lower detection limit of 0.02% TGC and an upper detection limit of 50% TGC. The sample sizes are considered appropriate for the grain size and abundance levels of the material being sampled. June 2024 ALS Metallurgy Bulk Sample “Bulk3” After ALS Geochemistry reported results for the 1 m splits, the sample residue remaining on site (in green bags) was retrieved and a bulk composite of 988 kg prepared. ALS Metallurgy use a LOI method to determine Total Graphitic Carbon to be 19.0%. Several bench scale tests were run and then a bulk flotation run on remaining material produced 129 kg of 95.3% graphitic carbon flake concentrate. PO Box 661 Nedlands WA 6009 15 Robinson Av Belmont WA 6104 T: 08-9380 6063 E: info@buxtonresources.com.au W: www.buxtonresources.com.au Visit our investor hub: investorhub.buxtonresources.com.au ANZAPLAN Spheronising Testwork A 20 kg sample of the ALS Metallurgy “Bulk3” concentrate sample was provided to ANZAPLAN GMBH in Germany for spheronisation testwork. Pre-grinding was undertaken on a on Netzsch CSM 80. This system from Netzsch combines a mechanical impact mill with a deflector wheel classifier. The material is accelerated by beaters and spun against the grinding track, while a classifier sifts out fine particles. Spheroidization was completed on the Netzsch CSM 165. The Netzsch CSM 165 is a classifier mill that combines a mechanical impact mill with an air classifier. Optimization process parameters were generated for a Spherical Graphite (SG) product with D50 ~18 μm and post spheroidization of SG fines for a potential additional SG product (D50 ~8 μm) which were assessed for Tap Density and BET (Brunauer-Emmett-Teller surface area is a technique for measuring the surface area of powders based on the physical adsorption of an inert gas onto a the sample's surface). Quality of assay data and laboratory tests The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total. For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc. Nature of quality control procedures adopted (eg standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (ie lack of bias) and precision have been established. Verification of sampling and assaying The verification of significant intersections by either independent or alternative company personnel. A combined 68% yield was achieved using this two-step process with highly encouraging Tap density and BET values that indicate the feed concentrate has good process flexibility such that it can utilised for a variety of SG products. ALS Geochemistry run a global quality program which includes inter-laboratory test programs and regularly scheduled internal audits that meet all requirements of ISO/IEC 17025:2017 and ISO 9001:2015. The C-IR18 and LOI methods are considered a (total) graphitic carbon method appropriate for this type of sample material. The release does not include data from geophysical or handheld XRF tools. Quality Control and Quality Assurance procedures implemented to check sampling and assaying precision included duplicate samples using the same sub-sampling technique. Standards and blanks were also included to ensure sampling quality at a rate of 1 in 10. The QA results indicate that an appropriate level of laboratory precision and accuracy has been established. Senior company geological personnel onsite for the entirety of the drilling and logging process. The logging is be validated by a BUX on-site geologist and in Perth and compiled onto the BUX MX Deposit drill hole database Assay data is be imported directly from digital assay files from contract analytical company ALS (Perth) and merged in the Company MX Deposit drill hole database. Data is backed up regularly in off-site secure servers. No new geophysical results are used in exploration results reported. PO Box 661 Nedlands WA 6009 15 Robinson Av Belmont WA 6104 T: 08-9380 6063 E: info@buxtonresources.com.au W: www.buxtonresources.com.au Visit our investor hub: investorhub.buxtonresources.com.au The use of twinned holes. Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols. Discuss any adjustment to assay data. Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation. Location of data points Specification of the grid system used. Quality and adequacy of topographic control. Data spacing and distribution Data spacing for reporting of Exploration Results. Orientation of data in relation to geological structure Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type. If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material. The measures taken to ensure sample security. Sample security Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied. Whether sample compositing has been applied. No historic holes were twinned as part of this program, however the program did include a component of check drilling in the existing Resource area. This program also utilised scissor holes to confirm mineralisation orientation and continuity. Logging and sampling were recorded directly into a digital database (MX Deposit). No adjustments to assay data have been made. The surface hole collar location was initially surveyed using a handheld GPS unit with an expected accuracy of ±6 m for easting and northing with elevation also recorded. The collar positions were subsequently picked up by differential GPS (reported above). Drill path gyroscopic surveys were at 0m and at subsequent 30m downhole intervals to final hole depth using an Axis Gyro tool. All coordinates are presented in GDA2020 / MGA Zone 50 South grid system. Topographic control was provided by a Digital Elevation Model (DEM) derived from the 2024 Drone survey which provided a DEM with a 0.05cm resolution and +/- 0.5m vertical accuracy. The ore samples used as an input to the Bulk 3 metallurgical sample are derived from outside the existing Resource, but from within the area expected to be classified within the upcoming Resource upgrade. This sample is not considered suitable for establishing geological and grade continuity. Samples for the Bulk3 sample feed were targeted based on achieving a maximum amount of resulting flake and was therefore of a slightly higher grade (19.0% TCG) than the 2014 resource grade (16.2% TGC). The orientation of the drilling aimed to reduce sampling bias within the access limitations imposed by topographic relief. The drilling orientation was designed to intersect the interpreted orientation of mineralised zones at a high angle. The chain-of-sample custody is managed by the BUX staff from collection at the rig to the submission of the samples to ALS Limited – Perth for analysis. Samples are being stored at the drill site before being transported and processed at BUX’s secure sample processing and storage facility in Belmont, Perth. Sample reconciliation advice is sent by ALS-Perth to BUX’s Geological Database Administrator on receipt of the samples. Any inconsistences between the despatch paperwork and samples received is resolved with BUX before sample preparation commences. Sample preparation and analysis is completed at one of the ALS laboratories in Perth. Audits or reviews PO Box 661 Nedlands WA 6009 The results of any audits or reviews of sampling techniques and data. 15 Robinson Av Belmont WA 6104 The risk of deliberate or accidental loss or contamination of samples is considered very low. Sampling procedures are essentially identical to those followed by Buxton in 2013/14 which have previously T: 08-9380 6063 E: info@buxtonresources.com.au W: www.buxtonresources.com.au Visit our investor hub: investorhub.buxtonresources.com.au been reviewed and found to be adequate by an independent resource geologist. JORC Table: Section 2 – Reporting of Exploration Results Criteria JORC Code explanation Commentary Mineral tenement and land tenure status Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings. BUX have a 100% interest in exploration license E09/1985. Exploration done by other parties Geology The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area. Acknowledgment and appraisal of exploration by other parties. Deposit type, geological setting and style of mineralisation. A 0.75% Gross Revenue Royalty was granted under a Tenement Sale Agreement dated 31 March 2016, between Montezuma Mining Company Ltd (“Montezuma”) and Buxton Resources Limited. This royalty is currently held by Electric Royalties Ltd (TSXV:ELEC & OTCQB:ELECF). The tenement is in good standing with DEMIRS and there are no known impediments for exploration on this tenement. Numerous exploration parties have held portions of the area covered by BUX tenure previously. The only substantive historical exploration for graphite was undertaken by CEC in 1974 – see WAMEX report A6556. No other parties were involved in the exploration program that generated data that was used in this release. The Graphite Bull Project area lies within the Errabiddy Shear Zone, situated at the contact between the Glenburgh Terrane of the Gascoyne Province and the Narryer Terrane of the Yilgarn Carton, on the southwestern margin of the Capricorn Orogen. The known graphitic mineralisation occurs as lenses in graphitic paragneiss assigned to the Quartpot Pelite. This unit has been interpreted to have been deposited between 2000 Ma and 1985 Ma in a fore-arc setting to the Dalgaringa continental margin arc (part of the Glenburgh Terrain), and subsequently deformed between 1965–1950 Ma during the Glenburgh Orogeny within the Errabiddy Shear Zone which represents the suture between the colliding Pilbara–Glenburgh and Yilgarn Cratons. Drill hole Information A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes: o easting and northing of the drill hole collar o elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar o dip and azimuth of the hole All units at Graphite Bull show evidence for metamorphism in the amphibolite to granulite facies, with the production of voluminous leucosomes and leucogranites within the pelitic lithologies. Sample for the Bulk3 composite were derived from 2023 RC drillholes as follows. Hole ID East GB003RC 435490 North Azi Dip Depth range 7172797 349 -75.5 145 - 156m 196 - 210m GB004RC 435914 7172922 348 -69.0 o down hole length and interception depth Data aggregation methods PO Box 661 Nedlands WA 6009 o hole length If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case. In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (e.g. cutting of high grades) and cut-off grades are usually Material and should be stated. 15 Robinson Av Belmont WA 6104 20 - 38m 67 - 77m GB005RC 434070 7172922 349 -80.0 122 - 128m No reporting of composites or metal equivalent values has been included in this release. T: 08-9380 6063 E: info@buxtonresources.com.au W: www.buxtonresources.com.au Visit our investor hub: investorhub.buxtonresources.com.au Where aggregate intercepts incorporate short lengths of high grade results and longer lengths of low grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail. The assumptions used for any reporting of metal equivalent values should be clearly stated. Relationship between mineralisation widths and intercept lengths These relationships are particularly important in the reporting of Exploration Results. If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported. If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (eg ‘down hole length, true width not known’). Diagrams Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported. These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views. Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results. Balanced reporting Well-drilled graphite mineralisation, and modelling of Ground EM results, indicate that graphite mineralisation has a consistently steep dip (75-85 degrees) toward the south-southeast. Drillholes have been planned approximately normal to this direction. however folding and faulting results in local variation documented by analysis of recent surface structural mapping and logging of orientated diamond drilling core. See text and figures in body of release. The basis of reporting mineralised intervals is described above. The release is considered comprehensive and balanced with respect to assays and visually estimated grades and widths intersected in the drilling program. Other substantive exploration data Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potenti