Announcement PDF ASX Release 28 May 2025 Royale Project: Cu-Au Exploration Unleashed • First of three Exploration Licenses granted at the Royale Project • Targeting globally significant Cu-Au discovery • No previous drilling or geochemistry in the Project area • Initial work programs to include geochemistry and geophysical surveys Buxton Resources Ltd (‘Buxton’; ASX:BUX) is pleased update shareholders that the Royale Project, located in the richly endowed Paterson Orogen, is now live, with compelling evidence pointing towards a major Cu-Au discovery opportunity. Figure 1: The Royale Project is located where belts of anomalous felsic intrusives trend into a magnetic high interpreted to outline a pluton that drove the formation of porphyry-style Cu-Au mineralisation. i CEO, Marty Moloney comments, “Buxton’s 100%-owned Royale Project is located along the same cratonic margin that hosts several world-class mineral deposits. At Royale, our target generation has leveraged extensive geological and geophysical data to identify potential for a significant discovery of large-scale copper-gold mineralisation, so it’s fantastic news that exploration will soon commence.” PO Box 661 15 Robinson Av T: 08-9380 6063 This Announcement is supported by a video overview from CEO Marty Moloney available on Nedlands WA 6009 E: info@buxtonresources.com.au Belmont WA 6104 W: www.buxtonresources.com.au Buxton’s InvestorHub Visit our investor hub: investorhub.buxtonresources.com.au Exploration Targeting At the Royale Project, Buxton is targeting porphyry-style mineralisation based on multiple lines of evidence that includes the recognition of a cluster of geochemically distinctive, felsic, Mesoproterozoic intrusives that trend under transported cover to where large (~450 km2), coincident gravity low & magnetic high underlies the Project tenure (Figure 1). This geophysical feature is interpreted to represent a preserved, fertile pluton which outlines an area of higher prospectivity for Cu-Au/Mo deposits (Figure 2). Figure 2: Regional scale porphyry deposit model of Sillitoe (2010) ii. The interpreted level of preservation at the Royale Project is indicated in magenta (see notes below). The potential for porphyry-style mineralization in this region has been recognised by several workers from Geoscience Australia iii and GSWA iv, based on evidence indicating a Mesoproterozoic subduction zone extended from the Musgrave Province through to the Royale Project area along the northern margin of the West Australian Craton (Figure 3). Subduction is the key mechanism for producing porphyry deposits, most of which are exclusively associated with specific intrusive rocks characterised by whole-rock geochemical signatures including high Sr/Y and V/Scv & vi. Numerous samples West of the project area have high values for these ratios (red triangles on Figure 1) indicating that a deposit may be preserved nearby. These deposits would mostly likely have formed directly above the parental pluton (Figure 2). Potential for relatively gold-rich systems is indicated along the second, northerly belt of high K felsic intrusives (yellow circles on Figure 1). 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: Continental scale prospectivity mapping by GA (2007) predicted potential for porphyry style mineralisation based on an inferred magmatic arc extending from the Musgrave Province to the Rudall Province related to the high Sr/Y signature of felsic intrusives from the Mesoproterozoic Krackatinny Supersuite. The prospectivity for porphyry-style mineralisation at the Royale Project is locally supported by several additional geological features, including: • Multiple ages of felsic intrusive activity (at least three having high Sr/Y) indicating a repeatedly active structural corridor vii • Anomalous Cu and Mo in 2017 EIS co-funded drillhole RUD0003 (Figure 4) • Volcanic textures and weak deformation / greenschist metamorphism affecting lithology, veining and mineralisation in RUD0003, and noted from GSWA’s regional mapping. This indicates good potential for preservation of high crustal levels where porphyry deposits form. 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 • Geophysical anomalies, such as discrete magnetic highs surrounded by annular magnetic lows, typical of porphyry alteration zonation (Figure 5) • Major belt-transverse / cross structures (northeast trending lineaments mapped on Figure 5) • Weathering to ~100 metres depth in RUD0003 indicating excellent potential for supergene enrichment processes to improve mining economics • Relatively thin cover - airborne EM (TEMPEST) data indicates that cover is <50 metres thick over most of the Project area, offsetting exploration cost, risk and size/quality-of-prize considerations viii. Figure 4: Tornado uXRF elemental mapping of diamond core from FMG RUD0003 (286.55m depth). This image shows weakly deformed feldspar porphyry with anomalous Cu (chalcopyrite) & Mo disseminations associated with multiple orientations of pyrite and silica-carbonate veining ix. Planned Exploration Program Buxton’s initial exploration program currently includes: • Progressing additional ELs E45/6229 and E45/7017 to grant • Airborne magnetics / MT surveys designed to map elevated conductivity related to alteration zones & target-scale structural controls • Geochemical sampling to identify metal anomalism, tied with heavy-mineral concentrate & zircon analysis to identify fertile catchments 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 • Within the area covered by Buxton’s newly granted E45/6231, the “M1 magnetic target” (Figure 5) constitutes a prospect-scale target which will be the focus of these initial exploration activities Figure 5: Reduced to Pole (RTP) magnetics (GSWA statewide image) with lineaments interpreted from GSWA’s gravity “worms” dataset and showing the location of the “M1 magnetic target”, with at-scale comparison (also RTP) to the Alumbrera porphyry copper-gold deposit in Argentina x ---o0o--- 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 – Royale Project The information in this report that relates to Exploration Results is based on information compiled by Mr Martin Moloney. Mr. Moloney, (B. App Sc. Hons) is a Member of the Australian Institute of Geoscientists and Society of Economic Geologists. 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. 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. 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). The exploration results presented in this release relate to diamond core drilled by FMG in 2017 on E45/4530 (now Dead) which are stored at GSWA’s core library in Perth, and which Buxton has sampled & analysed by micro-XRF techniques. Drilling techniques 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. All known details can be found in WAMEX A115509 and related statutory technical reports. The RUD0003 drillhole likely used industry-standard diamond drilling techniques. This drilling was co-funded by the WA Government’s Exploration Incentive Scheme, and the core is therefore now stored at the GSWA core library. FMG did not report drillhole recoveries or measures taken to maximise recovery / ensure representivity. No assay grades are presented in this Release. 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. 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. The total length and percentage of the relevant intersections logged. FMG undertook geological logging for the entirety of RUD0003. This logging is reported in WAMEX A115509 and related statutory technical reports. This logging is qualitative in nature and supported by petrological reporting. If core, whether cut or sawn and whether quarter, half or all core taken. Diamond drilling samples were collected for Buxton from the GSWA core library under sampling approval P1466. 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 If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry. Sub-sampling techniques and sample preparation 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. GSWA technicians used a diamond core saw to provide quarter core or half core HQ / NQ samples from selected drill intervals which were each approximately 15cm long. Each individual grab sample weighed approximately 0.5 kg. The Tornado image presented from RUD0003 is from highly selective sampling and is not representative of the entire drilled interval. This image is included in this Release as geological evidence supporting the proposed prospectivity for porphyry style mineral deposits. Samples were submitted to Portable Spectral Services (PSS) for micro X-Ray Fluorescence (uXRF) analysis using a Bruker M4 Tornado instrument set to the following scanning parameters: Pixel size: 50 μm Voltage:45 kV Current: 600 μA Filter: Empty SpotSize: 20 μm Verification of sampling and assaying Location of data points 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. Not applicable – the release does not present new geophysical data. The verification of significant intersections by either independent or alternative company personnel. Not applicable – the release does not report significant intersections. The use of twinned holes. Not applicable – the release does not include new drilling results. FMG did not drill any twin holes. Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols. Discuss any adjustment to assay data. Unknown - FMG did not specify these details in their statutory reporting. 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. Specification of the grid system used. Quality and adequacy of topographic control. Quality Control and Quality Assurance procedures were not reported by PSS. No assay data are presented. The images presented indicate the presence or absence of the elements reported. FMG note that drillhole coordinates were recorded by handheld GPS. The samples presented in this report come from RUD0003, with coordinates in GDA94, MGA zone 51S. All figures in this report use the GDA2020 datum. The quality of topographic control is deemed adequate for the reconnaissance nature of the results presented. Data spacing for reporting of Exploration Results. 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 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. Data spacing and distribution Orientation of data in relation to geological structure Sample security Audits or reviews 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. The results of any audits or reviews of sampling techniques and data. See tables and figures in the body of the release for sample locations. The sampling reported is reconnaissance in nature and is insufficient to establish any degree of geological grade continuity. The degree to which the sampling may bias the actual grade and extent of mineralisation is highly uncertain. FMG do not report the measures taken to ensure sample security. No Project-specific external audits or reviews have been undertaken. 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 granted exploration license E45/6231, and applications E45/6229, E45/7017 which together form the Royale Project. No royalties encumber these tenements. Native Title is held via the Martu and Ngurrara “exclusive” Determination. Buxton has executed a Heritage Protection Agreement with the relevant RNTBC (Jamukurnu-Yapalikurnu Aboriginal Corporation / Western Desert Lands). 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 review of the Department of Planning, Lands and Heritage (DPLH) online ACHIS identified no Aboriginal sites or places within the Project area. 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. No substantive historical exploration for Cu/Au has been undertaken. The Royale Project lies along the northern margin of the West Australian Craton within the Tabletop Terrane, part of the Paleo-Meso Proterozoic Rudall Province. The Project lies in an area of significant flexure and subdued gravity response of the Anketell Regional Gravity Ridge that extends along this margin. The Tabletop Terrane forms a poorly exposed domain in the northeastern part of the Rudall Province, separated from the Talbot and Connaughton Terranes by the regional scale, northwesterly trending Camel–Tabletop Fault Zone (Bagas and Smithies, 1998b). Many of the outcropping rocks in the Tabletop Terrane consist of weakly metamorphosed granitic rocks preserving igneous textures and generally show evidence of significant strain only near discrete faults and shear zones (Maidment, 2017). 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 These felsic intrusive rocks consist of fine- to mediumgrained, equigranular to porphyritic biotite ± hornblende tonalite, monzogranite and leucogranite, with calcalkaline, I-type compositions (Smithies and Bagas, 1998; Bagas, 1999). Smithies and Bagas (1998) noted that tonalites belonging to the ca. 1590–1550 Ma Krackatinny Supersuite from the Tabletop Terrane are Sr-undepleted and Y-depleted (i.e. have a high Sr/Y ratio), in contrast with many Australian Proterozoic granitic rocks, which are commonly Sr-depleted and Y-undepleted. These authors noted that the geochemical characteristics of the tonalites showed similarities with Late Cretaceous to Cainozoic subduction-related granites, and favoured an arc setting for these rocks. Maidment (2017) divided the Krackatinny Supersuite into three compositional groups: a) a sodic, high Sr/Y group; b) a sodic, low Sr/Y suite; and c) a potassic suite. Maidment (2017) concluded that the whole-rock geochemistry for the greenschist to lower amphibolite facies mafic rocks of the Tabletop Terrane suggests that at least some of these might have formed in a subduction setting. However, Gardiner et al. (2018a) interpret the Krackatinny Supersuite to have been generated within an extensional setting with early high Sr/Y magmatism reflecting melting of previously thickened crust based on isotopic data. Payne (2021) reported new field observations, U–Pb zircon geochronology and geochemistry and identified three previously unrecognised Mesoproterozoic magmatic events in the eastern Rudall Province. The Kayilirra Suite formed at ca. 1500 Ma and is a magnesian, calc-alkalic to alkali-calcic and weakly peraluminous suite with a limited SiO2 range of 69–70 wt%. The suite is interpreted to have formed in either a post-tectonic or rift-related setting. The Kalyukuyarra Suite formed at ca. 1185–1165 Ma and was synchronous with a peak in magmatic activity in the along-strike Musgrave Province. 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 The Royale Project tenure is concentrated in the eastern extremity of the Rudall Province where the Tabletop Terrane lies almost entirely undercover. In this area, laterally continuous magnetic features suggest the presence of probable metavolcanic & metasedimentary packages. FMG provide drillhole information in WAMEX A115509 and related statutory technical reports. The samples presented in this report come from RUD0003, with coordinates in GDA94, MGA zone 51S. Hole ID East (m) North (m) RL (m) TD (m) Dip Azi RUD0003 549849 7452388 334 342.5 -60 50 o down hole length and interception depth o hole length 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 Data aggregation methods 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. 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. No data aggregation methods have been applied. 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’). The basis of reporting uXRF assay results is described above. Buxton’s sampling of RUD0003 was highly selective and the results presented are not representative of the entire hole. 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. See text and figures in body of release. Balanced reporting The reporting presented in this Release is intended to demonstrate the presence of mineralisation styles supporting the hypothesis that porphyry-style mineral deposits are present within the Project area. Buxton’s full Tornado uXRF results can be found in the WAMEX A132157 and indicate that the highlighted elements (Cu and Mo) were mapped in other samples. Whilst Mo is at “trace” levels in all other samples, Cu is notably higher in the sample from 85m depth. All exploration data which may be meaningful and material to the interpretation of the drilling results is presented within this release. 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; potential deleterious or contaminating substances. Further work The nature and scale of planned further work (e.g. tests for lateral extensions or depth extensions or large-scale step-out drilling). See text and figures in body of release. Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive. See figures in body of release. 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 Cautionary Note Regarding Forward-Looking Information This Announcement contains forward-looking statements and forward-looking information within the meaning of applicable Australian securities laws, which are based on expectations, estimates and projections as of the date of publication. This forward-looking information includes, or may be based upon, without limitation, estimates, forecasts and statements as to management’s expectations with respect to, among other things, the timing required to execute the Company’s programs, and the length of time required to obtain permits, certifications and approvals. Wherever possible, words such as “anticipate”, “believe”, “expect”, “intend”, "should", "intend", “may” and similar expressions have been used to identify such forward-looking information. Forwardlooking information is based on the opinions and estimates of management at the date the information is given, and on information available to management at such time. Forward-looking information involves significant risks, uncertainties, assumptions, and other factors that could cause actual results, performance or achievements to differ materially from the results discussed or implied in the forward-looking information. These factors, including, but not limited to, fluctuations in currency markets, fluctuations in commodity prices, the ability of the Company to access sufficient capital on favourable terms or at all, changes in national and local government legislation, taxation, controls, regulations, political or economic developments in Australia or other countries in which the Company does business or may carry on business in the future, operational or technical difficulties in connection with exploration or development activities, employee relations, the speculative nature of mineral exploration and development, obtaining necessary licenses and permits, contests over title to properties, especially title to undeveloped properties, the inherent risks involved in the exploration and development of mineral properties, the uncertainties involved in interpreting drill results and other geological data, environmental hazards, industrial accidents, limitations of insurance coverage and the possibility of project cost overruns or unanticipated costs and expenses, and should be considered carefully. The information and data used in this Announcement was provided by various sources, including third parties. It is presented "as is" and may not be completely accurate or reliable. Investors are advised to independently verify the data and seek expert advice before making decisions based on it. Many of these uncertainties and contingencies can affect the Company’s actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, the Company. Prospective investors should not place undue reliance on any forward-looking information. Although the forward-looking information contained on in this Announcement is based upon what management believes, or believed at the time, to be reasonable assumptions, the Company cannot assure prospective purchasers that actual results will be consistent with such forward-looking information, as there may be other factors that cause results not to be as anticipated, estimated or intended, and neither the Company nor any other person assumes responsibility for the accuracy and completeness of any such forward-looking information. The Company does not undertake, and assumes no obligation, to update or revise any such forwardlooking statements or forward-looking information contained herein to reflect new events or circumstances, except as may be required by law. No stock exchange, regulation services provider, securities commission or other regulatory authority has approved or disapproved the information contained 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 The image shows the Winnecke 1992 BHP magnetic survey (GSWA MAGIX R60544) filtered to highlight deep features by using an Upward Continuation filter set to simulate a survey height of 10 km. The mag high correlates with a gravity low, which together indicate a felsic pluton is present in the top 5-10 km of crust. Inset is a schematic from: i Loucks, R. R. 2021, Deep entrapment of buoyant magmas by