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In 2024 Buxton Resources completed a 5000m Revese Circulation and Diamond Drilling program aimed and increasing the size and the confidence level in the existing Mineral Resource Estimate at Graphite Bull.   

The updated MRE was prepared by ERM, and has significantly increased the scale of the project, with Total Resources now 20.7 Mt @ 10.8% TGC at a 7% TGC cutoff and contained graphite increasing by 345% to 2.25 Mt (see table).  Excellent continuity of mineralisation is evident, with average thickness of ~45 m over 1.65 km strike. 

Improved confidence from Buxton’s substantive and recent metallurgical, groundwater, environmental, market and mining studies have also led to the Project’s maiden Indicated Resources to be defined which now account for 40% of the total Resource reinforcing the project’s economic potential.

This updated MRE improves the tonnage, thickness, strike extent and geological confidence of the Graphite Bull Project, with numerous shallow drill targets remaining as exploration upside.

The grade & tonnage block model highlights the presence of several shallow, high-grade zones, plus a significant hanging wall zone which are each likely to enhance the flexibility of open pit operations.

Additional opportunities exist to expand the Resource, particularly along-strike at shallow depths where multiple EM conductors remain untested  by modern drilling.  Historic exploration confirms the presence of graphite at several of these targets.

Previous exploration by CEC in the mid-1970s describe the known graphitic mineralisation occuring as lenses in graphitic paragneiss.  This excellent description comes from Shaw, 1975.

The metasediments display a strong east-north-east to west-south-west foliation. This foliation is axial planar to a series of folds which plunge shallowly to the west-south-west. The limbs of the folds have been dislocated by axial planar faulting which has served to divide the area into sharply defined anticlines and synclines. Two sets of fresh dolerite dykes, one axial planar and the other normal to this cut the gneisses.

The axial planar set is in the younger of the two. Migmatites have developed in some of the augen gneisses to the extent that pegmatoid and gneissic textures are equally developed in some areas.

The original stratigraphy is difficult to elucidate due to the faulting, granitization and lateritization. However, the meta-arkose and minor banded iron formation occurs within the anticlinal cores, stratigraphically beneath the quartzite-siltstone-shale sequence which hosts the main graphite occurrences.

Weathering has been very selective in that only the younger, graphite-bearing suite has been affected to any degree. The main graphite occurrence is superficially coated by a karst-like dolocrete capping coloured grey by variable quantities of disseminated graphite flakes. 

Graphite Bull Ore has successfully qualified from ore to Active Anode production with a world leading graphite producer.

Simple floatation produces a high-grade concentrate (>95% TGC) with >90% recovery = low cost & low risk

Excellent concentrate grade and recovery, confirmed by multiple rounds of bulk flotation testwork 

99.97% TGC purity basic alkaline roast at 250°C (no HF)

Spheronising gives excellent shape and size distribution in line with industry expectations (PSD  d90/10 = 2.2)

Concentrate micronised well with relatively little energy input

>50% recovery through to SPG – outstanding result for lab scale equipment, improvements expected with pilot testwork

Charging to 370 mAh/g - the performance (compared to other graphite tested) is good, very stable, almost no degradation.

Micronising, spheronising and purification work has been duplicated at two independent laboratories.

Graphite Bull offers exposure to a high-grade graphite system with proven battery-material relevance. With ore successfully qualified by BTR - the world’s largest lithium-ion battery anode manufacturer - the project has demonstrated full ore-to-anode compatibility, materially strengthening its commercial potential. As Buxton advances strategic development and partnership pathways, Graphite Bull provides leveraged exposure to the growing global battery supply chain.

Stay informed as we continue to unlock value from this emerging critical minerals opportunity.

The project covers an area of 21.6 km2 and is located 250 km northwest of Meekatharra and 500km northeast from the Port of Geraldton. The project is easily accessible via the main Carnarvon Mullewa Road, then via a 23km station track to the abandoned Yalbra Outcamp. Buxton's 100% owned Blackhawk Graphite project also lies 100km to the southwest. Both of these projects are ideally located to supply new anode facilities in Asia through the Port of Geraldton.

Buxton has a 100% interest in Exploration Licence E09/1985 and also has a 100% interest in granted Miscellaneous Licences:

• L09/102, for Groundwater Search, which overlaps and extends 10 km west from E09/1985.

• L09/103, for a (haul) road, pipeline, powerline and a communications facility, which extends between E09/1985 and the Carnarvon–Mullewa Road.

Buxton have undertaken a range of exploration and resource development programs at Graphite Bull including geological mapping, EM surveys, flora, fauna & heritage assessments, several rounds of drilling, petrology, two resource estimates and metallurgy test work. 

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 Capricorn Orogen of Western Australia is a ~1000km long, 500km wide region variably deformed rocks located between the Pilbara and Yilgarn Cratons and records the Palaeoproterozoic assembly of these cratons to form the West Australian Craton, as well as over one billion years of subsequent intercratonic reworking (Johnson et al., 2013).

The Errabiddy Shear Zone contains components of the: Narryer Terrane -granitic gneiss derived from early to late Archaean rocks, and interleaved metasedimentary and mafic to ultramafic igneous rocks, heterogeneously deformed and metamorphosed during the late Archaean. 

S&P Global have a bullish outlook for natural flake graphite market over the medium and longer terms with forecast prices to rise as a supply deficit develops.  Natural flake graphite prices (-100 mesh, 94-95%% TGC) are forecast to rise > 150% by 2030 and ~180% by 2035, when the supply deficit will approach 1.5 Mt (S&P Capital IQ June 2025 Graphite Commodity Briefing Service report – see Figure 2).

Ex-China battery anode capacity, and investment, is also being spurred by US trade policy. Graphite Bull is therefore a very attractive project, being a high-grade deposit located in a Tier 1, US FTA, non FEOC, mining jurisdiction, with ore materials having been successfully proven for use as an Activated Anode Material and a project with outstanding Resource growth potential.  

JORC (2012) compliant Inferred Resource of 20.73 Mt @ 10.8 % TGC, above a 7% cut-off grade with 40% Indicated at 7.61 Mt @ 11.6% TGC - strong potential to be a multi-decade producer >100 ktpa of flake concentrate

Ore proven to Anode production with a world leading Anode Manufacturer

124 m @ 16.6% TGC intersection with high Grades up to 54.5% TGC across the resource

Tier 1 mining district in Western Australia, location well suited to supply anode plants in Asia

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Graphite Bull Announcements