Announcement PDF 23 July 2024 Ms Scarlette de Lavaine Australian Securities Exchange Level 40, Central Park 152-158 St Georges Terrace PERTH WA 6000 Dear Ms de Lavaine, Clarification to Graphite Bull Project Drilling Update Buxton Resources Limited (ASX:BUX) refers to the announcement released on Friday 19 July titled “Graphite Bull Project – Drilling Update”. Although BUX did include the requisite table with Total Graphitic Carbon estimates, it overlooked the inclusion of the host rock, from which these results were obtained, and the required CP statement for the new results under Listing Rule 5.22. An amended announcement is attached. This announcement was authorised for release by: Sam Wright Company Secretary ASX Release 23rd July 2024 Graphite Bull Project – Drilling Update • GB006DD (drilling ongoing) intersects substantial zones of visually logged graphitic core above the target depth • Same highly graphitic zone also exposed at surface by earthworks & interpreted to correlate with 2023 GB001RC (33m @ 18.7% TGC from 11m) • These newly defined graphitic zones lie outside Buxton JORC 2012 Inferred Resource of 4 Mt @ 16.2 % TGC, highlighting another opportunity for resource growth at Graphite Bull Buxton Resources Ltd (‘Buxton’; ASX:BUX) is pleased to announce that ongoing drilling and earthmoving have intersected multiple zones high-grade graphite at the 100% owned Graphite Bull project in Western Australia (Figure 1, 2 & 3). Figure 1: Current drill trace of GB006DD with the location of graphite seams intersected by earthworks (2014 Resource models of steeply South dipping graphitic lodes are projected to surface). Cautionary Statement: Visual estimates of mineral abundance should never be considered a proxy or substitute for laboratory analyses where concentrations or grades are the factor of principal economic interest. Visual estimates also potentially provide no information regarding impurities or deleterious physical properties relevant to valuations. GB006DD is currently at 456.8m depth (planned depth of 650 - 750m) and is just entering the target zone defined by EM plates (Figure 3) and graphitic mineralisation is currently being cored (see last three entries of Table 1). Encouragingly, visual estimates of graphite abundance from geological logging indicates that 32.31 metres of graphitic material has been cored so far, most of which is above a 5% TGC estimated grade (Table 1). A zone of GB006DD graphitic intersections drilled between 269.49 - 324.66 metres downhole (see highlights in Table 1) is located approximately 275 metres down dip and to the southwest from the shallow graphite intersection in GB001RC (33m @ 18.7% TGC from 11m). Highly graphitic zones have also been revealed at surface by ongoing earthworks (see Figure 1, 2). Several of these exposures are located some 280 metres directly up-dip from the GB006DD graphitic zone highlighted in Table 1 & Figure 3. Figure 2: Graphitic material intersected during RC pad preparation earthworks at Graphite Bull, July 2024. Buxton’s CEO Marty Moloney said; “Extension and exploration drilling continue to deliver new graphitic intersections at Graphite Bull. These visual results highlight the multiple opportunities for resource growth at this Project and its increasing potential to be developed into a long-life producer of battery anode concentrate material". These newly drilled and mapped graphitic zones all lie in the hanging wall of Buxton's existing Inferred Resource of 4 Mt @ 16.2 % TGC (purple Resource model blocks on Figure 3) and exemplify the third opportunity for resource growth at Graphite Bull, these being; 1. Along strike from the existing Resource at open pittable depths (e.g. 2023 RC holes ASX 19/03/2024), 2. Below the existing Resource at depths which would require underground mining methods (and therefore a higher cut off grade), and, 3. From shallow zones parallel-to and in the hanging wall of the existing resource which could also be potential open-pit material. Table 1: GB006DD - HQ core intervals with visual estimates of Total Graphitic Carbon (TGC). Hole ID From (m) To (m) Interval (m) Visual TGC Estimate GB006DD 121 121.55 0.55 5-10% GB006DD 121.55 125.69 4.14 >10% GB006DD 269.49 270.62 1.13 5-10% GB006DD 279.15 282.55 3.4 >10% GB006DD 295.52 297.2 1.68 5-10% GB006DD 311.8 314.22 2.42 >10% GB006DD 314.22 316.56 2.34 5-10% GB006DD 322.8 324.55 1.75 >10% GB006DD 383.22 384.32 1.1 5-10% GB006DD 400.5 405 4.5 0-5% GB006DD 443.2 446.7 3.5 5-10% GB006DD 451 452.5 1.5 >10% GB006DD 452.5 456.8 4.3 5-10% Total 32.31 Lithology Ap Ap Ap Ap Ap Ap B Ap Ap Ap Ap Ap Ap Lithology Codes: Ap = Pelitic schist, B = banded quartz-feldspar-biotite gneiss Table 2: Collar location details for GB006DD HoleID GB006DD Easting (m) Northing (m) RL (m) 435135 7172486 385.9 Azimuth (grid) 337.56 Incl. -66.58 Current Hole Depth (m) 456.8 Cautionary Statement Visual estimates of mineral abundance should never be considered a proxy or substitute for laboratory analyses where concentrations or grades are the factor of principal economic interest. Visual estimates also potentially provide no information regarding impurities or deleterious physical properties relevant to valuations. Assays are expected to be reported during September. Figure 3: Cross section through deep diamond hole GB006DD (in progress) showing visual 2023 high power ground EM models and previous drilling. Buxton looks forward to providing regular updates to shareholders on this exciting West Australian natural graphite project. ---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 Competent Persons 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 There is information in this announcement relating to exploration results previously announced on: 1. 2. 3. 4. 5. 6. 24th October 2014 – Buxton significantly expands Graphite Resource at Yalbra 7th February 2023 – Graphite Bull Exploration Update (Ground EM results) 19th April 2023 – Graphite Bull Drilling Assays 23rd October 2023 – Outstanding shallow conductors identified at Graphite Bull 29th April 2024 – Graphite Bull Heritage Clearances Received 9th July 2024 - Drilling Program Commences at Graphite Bull Project 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 (formerly Yalbra) Project is 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 an airborne EM survey, several drilling programs and 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. Forecast battery-related demand (Benchmark Mineral Intelligence) 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. Non-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. Figure 4: Buxton’s Graphite Bull Project is located 750 km north of Perth, and 500 km from the port of Geraldton. About the current diamond drilling program at Graphite Bull The ongoing diamond drilling program aims to test the mineral system at depth where 2023 EM surveying (ASX 07/02/2023) and scout RC drilling (ASX 19/04/2023) indicates there is a significant opportunity to expand the current Resource. The first of the two holes is currently being drilled (GB006DD) will test a position approximately 300 metres below of the existing drilling and down plunge from the outstanding intercept in GB001RC (33m @ 18.7% TGC from 11m, 20m @ 18.3% TGC from 170m). The second hole is planned to test a similar depth around 600 m to the East from GB006DD and down plunge from 2023 RC holes GB003RC (18m @ 16.2% TGC from 145m) and GB004RC 5m @ 24.8% TGC from 20m, 5m @ 19.7% TGC from 34m & 32m @ 17.7% TGC from 49m. The program also provides a platform to establish operations and earthworks ahead of the major program of RC + diamond resource extension and infill drilling which is scheduled to follow these initial deep diamond holes. 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. 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. 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). Diamond drilling produced HQ diameter core (63.5mm diameter). All core runs are oriented using an Axis Mining Technology Champ Ori tool. 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 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. Drilling techniques Drill sample recovery 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. Analyses will be undertaken by ALS Geochemistry, samples received 278/02/23, in Wangara and include Total Graphitic Carbon and Total Carbon. Drill hole GB006DD is currently being drilled by Topdrill PL using a Sandvik DE880 trick mounted drill rig. No core loss is recorded in the reported mineralised intervals. Rod counts are routinely carried out and marked on the core blocks by the drillers to ensure the marked core block depths are accurate. 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 is seen between sample recovery and grade. 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. 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. 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. Logging to be completed at BUX’s core processing facility in Perth will be adequate to support downstream exploration studies and follow-up 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. 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. Not applicable, the release does not include laboratory assay results. 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. Not applicable, the release does not include data from geophysical or handheld XRF tools. Verification of sampling and assaying 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. In addition to duplicate samples (detailed above), Quality Control and Quality Assurance (QA/QC) procedures included insertion of standards (three different standards each certified for TGC at three different abundance levels appropriate for the Graphite Bull mineralisation) and blanks which were inserted every 20 samples. 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. Once the core is processed at BUX’s core processing facility in Perth. The logging will be validated by a BUX on-site geologist and compiled onto the BUX MX Deposit drill hole database Assay data will 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. The use of twinned holes. Location of data points Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols. Logging and sampling were recorded directly into a digital database. Discuss any adjustment to assay data. Not applicable, the release does not include laboratory assay results. The surface hole collar location was surveyed using a handheld Garmin GPS unit with an expected accuracy of ±6m for easting and northing with elevation also recorded. 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. Data spacing and distribution No new geophysical results are used in exploration results reported. No historic holes were twinned as part of this program. 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. Drill path gyroscopic surveys were at 0m and at subsequent 30m downhole intervals to final hole depth using an Axis Gyro tool. All surface surveying was completed using a handheld GPS to 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 drill tables for drill hole location. This spacing and distribution 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. Orientation of data in relation to geological structure Sample security 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 orientation of the drilling is not expected to introduce sampling bias. All drill holes have intersected the mineralisation at a sufficient angle to the strike and dip of the mineralised units. 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 drillsite before being transported and processed at IGO’s core processing facility in Perth. To date no samples have been sent to ALS Limited – Perth for analysis. The diamond drill core will be wet cut using a diamond blade and sampled at BUX’s core processing facility in Perth by BUX staff and contractors. Diamond drill core samples will be placed in prenumbered calico bags and further secured in green plastic sample bags with cable ties. The samples are further secured in a bulk bag and delivered to the ALS Perth by contractor freight service. 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 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. 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. Geology Deposit type, geological setting and style of mineralisation. 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. 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 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 See the body of the release for drillhole data as compiled by Buxton. o elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar o dip and azimuth of the hole o down hole length and interception depth Data aggregation methods Relationship between mineralisation widths and intercept lengths 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. 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. 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 visual estimates of graphite abundance were used to manually select the intercepts listed in Table A, which contain material with estimated graphite content above 5% and which contain material above 10%. The intercept intervals have been selected so as to contain minimal (<10%) internal dilution (material less than 5% visual estimated TGC). No weighted averages are reported and a high-grade cutoff of 10% visually estimated TGC has been used. No reporting of metal equivalent values has been included in this release. The drillhole reported in this announcement commenced at -66.58 degrees toward the northnorthw