Announcement PDF ASX Release 24 October 2024 Record setting 124 m @ 16.6% TGC intersection at Graphite Bull • Assays have been received for 7 holes from the recent drilling program with outstanding results including GB012RC: 124 metres @ 16.6% TGC from 44 metres and GB013RC: 56 metres @ 14.4% TGC from 8 metres • All new intersections come from outside the existing resource (4Mt Inferred @ 16.2% TGC, 7% cutoff) • Complete RC assays expected by mid-November, targeting Mineral Resource Update for December 2024 Buxton Resources Ltd (‘Buxton’; ASX:BUX) is pleased update shareholders that the first batch of assays have been received from recent DD and RC drilling at the Graphite Bull project, located in Western Australia. The results come from 7 of the 29 recently completed drillholes. The stand-out intersection 124 metres @ 16.6% TGC from 44 metres (estimated true thickness 47.7 metres) from GB012RC has set a record for the project on a drilled metres x grade basis, improving upon 2014 drillhole YBRC028: 127m @ 13.4% TGC. See Table 1 for full composited assay results at 5%, 10% and 15% Total Graphitic Carbon (TGC) cutoff grades. High-grade graphite mineralisation has now been assay-confirmed over 240 metres of strike outside of the existing Resource at a drill spacing expected to support Resource classification. Mineralisation is open at depth (see cross sections Figures 1, 2, 3, 4 and map Figure 6). The remaining RC assays are expected mid-November, positioning the Company to deliver a Mineral Resource update with good potential for a significant step-change in the size of the Graphite Bull resource. Separately, preliminary results have been received from structural geologic studies which provide additional confidence for resource modelling. Rehabilitation works have also been completed along with the collection of two ~1,000 kg bulk samples for ongoing qualification testwork. CEO, Marty Moloney, comments, “These thick intersections, the excellent continuity of mineralisation and our improving geological model provide us with great confidence as we work toward a Mineral Resource update and PFS for Graphite Bull. In parallel, we are continuing to undertake qualification testwork with major anode manufacturers. We’re now looking to cement Buxton’s position in the anode material supply chain.” An accompanying video is available on Buxton’s InvestorHub website. 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 Table 1: Composited Total Graphitic Carbon (TGC) assay results from Graphite Bull. Intersections in bold have been quoted in the text. GB006DD has partial assays completed 491 m – 541.96 m. From (m) To (m) Interval (m) Drilled Thickness (m) Estimated True Thickness (m) GB006DD GB012RC GB013RC GB014RC GB015RC GB016RC GB017RC GB006DD GB006DD GB012RC GB013RC GB014RC GB015RC GB015RC GB016RC GB016RC GB016RC GB016RC GB017RC GB006DD GB006DD GB012RC GB013RC GB014RC GB015RC GB016RC GB016RC GB016RC GB016RC GB016RC GB016RC GB017RC 494.04 44 8 25 64 18 14 503.09 529.92 44 8 25 64 124 20 80 162 234 54 504.08 521.95 44 14 25 66 82 98 110 175 192 202 54 532.00 175 88 74 132 246 102 524.95 532.00 168 64 74 90 128 22 120 227 236 102 510.04 523.96 166 56 48 80 87 102 118 183 198 204 77 37.96 131 80 49 68 228 88 21.86 2.08 124 56 49 26 4 2 40 65 2 48 5.96 2.01 122 42 23 14 5 4 8 8 6 2 23 26.9 50.4 50.1 37.0 39.2 169.5 67.8 15.5 1.5 47.7 35.1 37.0 15.0 2.3 1.5 29.7 48.3 1.5 37.0 4.2 1.4 46.9 26.3 17.4 8.1 3.7 3.0 5.9 5.9 4.5 1.5 17.7 PO Box 661 Nedlands WA 6009 15 Robinson Av Belmont WA 6104 Lab TGC Grade (%) 9.1 15.9 10.8 10.7 7.3 6.0 6.1 11.5 14.6 16.6 14.4 10.7 12.6 14.3 10.9 12.9 10.1 12.6 10.4 16.3 17.7 16.7 15.9 17.0 17.7 21.2 22.2 16.9 18.8 17.1 15.1 17.9 TGC % x metres Grade cutoff for composite (TGC %) 346 2080 860 525 494 1378 534 254 29 2058 808 520 328 57 22 515 659 25 497 98 35 2033 666 392 248 106 89 135 150 103 30 412 5% 5% 5% 5% 5% 5% 5% 10% 10% 10% 10% 10% 10% 10% 10% 10% 10% 10% 10% 15% 15% 15% 15% 15% 15% 15% 15% 15% 15% 15% 15% 15% T: 08-9380 6063 E: info@buxtonresources.com.au W: www.buxtonresources.com.au Visit our investor hub: investorhub.buxtonresources.com.au Figure 1: Graphite Bull Project cross Section D-D (refer map below) with assay results from 2024 RC holes and preliminary interpretation of mineralisation continuity. 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 Figure 2: Graphite Bull Project cross Section C-C (refer map below) with assay results from 2024 RC holes and preliminary interpretation of mineralisation continuity. 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 Figure 3: Graphite Bull Project cross Section B-B (refer map below) with assay results from 2024 RC holes and preliminary interpretation of mineralisation continuity. 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 Figure 4: Graphite Bull Project cross Section A-A (refer map below) with visual intercepts from 2024 RC holes plus 2024 Resource zones and Buxton’s preliminary interpretation of mineralisation continuity. 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 ---ooo--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 Figure 5: Graphite Bull Project plan showing recent drilling with visual estimates of graphitic carbon, the existing Resource area. The location of cross sections A-D presented above are indicated in blue. 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. 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 Previously Reported Information – Graphite Bull Project There is information in this announcement relating to exploration results previously announced on: 1. 2. 3. 4. 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 26th August 2024 – Graphite Bull & Narryer Project - Exploration Update 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. 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 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 potential. Buxton has also recently confirmed the discovery of a new graphite mineral system at the Narryer Project, some 80km south from Graphite Bull. Figure 6: Buxton’s Graphite Bull & Narryer 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 Table 2: Collar location details for 2024 DD and RC holes at Graphite Bull Hole ID Easting (m) Northing (m) RL (m) Azimuth (grid) Incl. Total Depth (m) GB006DD GB007DD GB008RC GB009RC GB010RC GB011RC GB012RC GB013RC GB014RC GB015RC GB016RC GB017RC GB018RC GB019RC GB020RC GB021RC GB022RC GB023RC GB024RC GB025RC GB026RC GB027RC GB028RC GB029RC GB030RC GB031RC 435132 435710 435186 435084 435093 435919 435872 435872 435750 435645 435752 435752 435985 435508 435389 435320 436111 435982 436117 435641 435631 435034 435125 435126 434967 434842 7172481 7172612 7172676 7172668 7172626 7172902 7172922 7172924 7172906 7172865 7172883 7172884 7172918 7172846 7172759 7172722 7172919 7172928 7172886 7172848 7172875 7172776 7172793 7172794 7172762 7172766 386 384 376 383 385 390 387 387 386 383 386 388 386 383 381 380 394 390 394 390 385 383 379 379 382 380 337.56 336.30 345.43 348.01 346.38 348.24 345.78 345.17 345.10 342.68 343.20 345.09 341.22 344.80 344.92 343.63 340.36 343.57 340.56 347.24 344.27 344.76 344.72 164.60 344.09 344.30 -66.58 -60.07 -61.67 -59.40 -60.97 -80.54 -80.31 -55.69 -60.69 -70.36 -75.38 -60.66 -75.49 -65.88 -65.26 -60.99 -61.20 -55.65 -60.54 -76.47 -55.78 -61.16 -67.73 -65.55 -60.53 -61.10 639.20 582.30 150 66 138 120 192 96 90 168 246 180 168 180 192 115 132 84 162 210 96 174 162 131 156 126 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. Diamond core drilling and Reverse Circulation drilling was completed using standard industry best practice. Diamond drilling at Graphite Bull produced HQ diameter core (63.5mm diameter). All core runs are oriented using an Axis Mining Technology Champ Ori tool. Diamond drilling core samples taken from halved or quartered (for duplicate samples) HQ2 core. Samples were cut at approximately 1 m intervals according to recommendations from previous resource estimate reports. Reverse Circulation drilling was completed using standard industry practices. Reverse Circulation drilling produced samples that were collected at one-metre intervals. 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 an approximate 1.5kg 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. 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 was undertaken by ALS Geochemistry in Perth and include Total Graphitic Carbon with other parameters as necessary. 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). Diamond drilling by Topdrill PL used a Sandvik DE880 truck mounted drill rig. Reverse Circulation (RC) drilling by Topdrill PL 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. Sample recovery for DD core loss is recorded by the drillers with any core loss intervals noted on annotated wooden blocks inserted into the core boxes by the driller. Core loss averages 99.5% for the two holes. No significant core loss is recorded in the reported mineralised intervals. 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. PO Box 661 Nedlands WA 6009 15 Robinson Av Belmont WA 6104 Rod counts are routinely carried out and marked on the core blocks by the drillers to ensure the marked core block depths are accurate. T: 08-9380 6063 E: info@buxtonresources.com.au W: www.buxtonresources.com.au Visit our investor hub: investorhub.buxtonresources.com.au RC recoveries were considered good with available air for drill sample recovery being deemed adequate for the ground conditions and depth of sampling undertaken. 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 Full assessment of recovery will be undertaken when the core is transported to BUX’s core processing facility in Perth, with QA/QC of the recovery to be assessed by reconstructing the core into continuous runs in an angle iron cradle. No apparent relationship has been defined between sample recovery and grade based on the various drilling programs to date at Graphite Bull. Logging 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. The total length and percentage of the relevant intersections logged. Diamond Drilling Logging of the diamond drill hole was conducted at the Project site by qualified geologists with sufficient knowledge of the deposit style and the geological terrane the drilling was completed in. Logging of the hole is ongoing with lithology, mineralogy and mineralisation being recorded digitally. Logging completed can be considered qualitative in nature. Once the core is transported to BUX’s core processing facility in Perth, further qualitative logging of the entire hole will be undertaken recording weathering, colour, and other features of the samples. In addition to the qualitative logging, once the hole has been transferred to BUX’s core processing facility in Broome the core will be logged in a quantitative manner in terms of structure and geotechnical parameters. Photographs of all DD trays will be taken at BUX’s core processing facility at the Project, and in Perth and retained on file with the original core trays stored at BUX’s core library in Peth. Logging to date can be considered sufficient to report the intersection of low grade (trace-5% TGC), moderate (5-10%) and high-grade (>10% TGC) graphite mineralisation based on visually estimates and with reference to previous drillhole samples and results. Logging to be completed at BUX’s core processing facility in Perth will be adequate to support downstream exploration studies and follow-up drilling. 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. 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 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 will be 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. 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. 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. PO Box 661 Nedlands WA 6009 15 Robinson Av Belmont WA 6104 Logging is considered to be semi-quantitative. Diamond Drilling Following core processing at BUX’s core processing facility in Perth, the mineralised intervals will be subsampled into quarter and/or half-core using a wetdiamond-blade core saw and submitted to ALS Limited Perth. All samples to be submitted for assay will be selected from the same side of the core, with exceptions only being for duplicate samples of selected intervals, where quarter-core subsamples will be cut from the half-core. 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. Samples were submitted to ALS Geochemistry for sample preparation and analysis. Samples were pulverised to better than 85% passing -75 micron and analysed for %TC 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. 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 method is 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 Standard and Blank results indicate that an appropriate level of laboratory precision and accuracy has been established. A full investigation into QA performance including field duplicate variation will be undertaken when all assay results are reported in mid-November. T: 08-9380 6063 E: info@buxtonresources.com.au W: www.buxtonresources.com.au Visit our investor hub: investorhub.buxtonresources.com.au Verification of sampling and assaying The verification of significant intersections by either independent or alternative company personnel. 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. 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. 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. 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. Orientation of data in relation to geological structure PO Box 661 Nedlands WA 6009 Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type. 15 Robinson Av Belmont WA 6104 Logging and sampling were recorded directly into a digital database. No adjustments to assay data have been made. The surface hole collar location was surveyed using a handheld GPS unit with an expected accuracy of ±6 m for easting and northing with elevation also recorded. The collar positions have recently been picked up by differential GPS, and these data will be integrated into the database prior to commencing resource estimation. 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 MGA94 / 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. See table in the body of the release for drill hole locations and collar orientations. Diamond Drilling The spacing and distribution of the new Diamond Drilling is considered not suitable for mineral resource estimations at the present time as the program was designed to test the relationship between EM conductors and graphite mineralisation along at depth from the known resource. The results from this drill hole may be utilised in future mineral resource estimations at the discretion of the relevant Competent Person. Reverse Circulation Drilling The spacing and distribution of the new RC drilling is considered suitable for mineral resource and the results from the RC drill holes are intended to be utilised in future mineral resource estimations at the discretion of the relevant Competent Person. The orientation of the drilling aimed to reduce sampling bias within the access limitations imposed by topographic relief. T: 08-9380 6063 E: info@buxtonresources.com.au W: www.buxtonresources.com.au Visit our investor hub: investorhub.buxtonresources.com.au 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 The orientation of the drilling in respect to the interpreted orientation of mineralised zones is presented in the accompanying figures. 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 The results of any audits or reviews of sampling techniques and data. The risk of deliberate or accidental loss or contamination of samples is considered very low. Sampling procedures are identical to those followed by Buxton in 2013/14 which have previously 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 DMIRS 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 are