International Graphite - Final assays top up a sensational 2022-23 drilling result from Springdale Graphite Project

22 August 2023

HIGHLIGHTS

-          Final drill results top up a strong 2022-2023 drilling campaign paving the way for a new Mineral Resource estimate.

-          Standout assays[i] include:

Mason Bay, exploration (21 RC holes)

-          11m @ 11.7% Total Graphitic Carbon (TGC) from 47m downhole including 2m @ 21.9% from 53m downhole (SGRC0240).

-          13m @ 6.4% TGC from 63m downhole including 2m @ 21.1% from 64m downhole (SGRC0240).

-          14m @ 7.8% TGC from 17m downhole including 1m @ 21.2% from 18m downhole (SGRC0241).

-          12m @ 11.6% TGC from 61m downhole including 2m @ 20.1% from 66m downhole (SGRC0241).

-          14m @ 9.6% TGC from 21m downhole including 1m @ 21.7% TGC from 22m downhole (SGRC0242).

-          13m @ 7.7% TGC from 32m downhole including 1m @ 23.7% TGC from 33m downhole (SGRC0243).

-          18m @ 10.0% TGC from 12m downhole including 3m @ 29.5% TGC from 22m downhole (SGRC0251).

-          6m @ 13.3% TGC from 49m downhole including 2m @ 23.8% TGC from 50m downhole (SGRC0254).

Springdale Central, exploration (2 RC holes)

-          3m @ 19.1% TGC from 40m downhole including 2m @ 27.5% TGC from 40m downhole (SGRC0212).

Springdale Western, mineral resource infill / extension drilling (11 RC holes)

-          15m @ 12.4% TGC from 8m downhole including 5m @ 29.0% TGC from 9m downhole (SGRC0236)

-          10m @ 6.7% TGC from 21m downhole including 1m @ 21.2% TGC from 26m downhole (SGRC0237).

-          ~2,438 metres of RC drilling at an average depth of ~77 metres.

International Graphite Limited (ASX: IG6) has released final assay results from its highly successful 2022/2023 drilling campaign at the Springdale Graphite Project.

These results add more evidence of an exceptional discovery at Mason Bay, one of four new graphite deposits identified during the campaign.

Managing Director and CEO Andrew Worland said the Company now had all the data to finalise an updated Mineral Resource estimate for Springdale, which is expected to be available within a fortnight.

“The assay results from both infill and exploration drilling are clear evidence of the enormous graphite potential of our landholdings at Springdale,” Mr Worland said.

“We started with an aeromagnetic survey highlighting seven possible targets (see figure 2). So far, we have only drilled on four of these and each one has returned graphite mineralisation.

“Assay results have been exceptional from the new zones at Springdale Central, which is immediately adjacent to the existing resource, and from Mason Bay, which is just 2km to the east.

“We still have large tracts of prospective land to explore which makes us very excited about the potential for Springdale to support our plans for a  long-term mine-to-market graphite operation in Western Australia.”

Drill collar data and assay results are shown in Table 1 and significant intercepts are shown in Table 2. Figures 3 and 4 show Mason Bay graphite mineralisation in cross section from the areas highlighted in Figure 2. Table 3 shows the current Mineral Resource estimate at Springdale.

Figure 1: Location of International Graphite projects.

Figure 2: Airborne electromagnetic survey (AEM) image showing conductive material in relation to resource areas and new targets at the Springdale Graphite Project.

Figure 3: Cross-section 1 showing multiple graphite zones intersected in the Mason Bay zone.

Figure 4: Cross-section 2 showing multiple graphite zones intersected in the Mason Bay zone.

Table 1: Drill Collar Data for this release (GDA94 MGAz51)

Table 2: Significant Graphite Intervals

Note: Intercepts widths are downhole, calculated with a minimum of 1 metre of internal waste using a 1% TGC cut-off. Including intercepts widths are downhole, calculated with a minimum of 1 metre of internal waste using a 20% TGC cut-off.

Table 3: Springdale Graphite Existing Mineral Resource Estimate Summary (JORC 2012)

This announcement has been authorised for release by the Board of International Graphite Limited.

Andrew Worland

Managing Director CEO

Competent Persons Statement

The information in this announcement which relates to exploration targets, exploration results or mineral resources is based on information compiled by Mr. Darren Sparks. Mr. Sparks is the Principal Consultant and fulltime employee of OMNI GeoX Pty Ltd. He is a member of the Australian Institute of Geoscientists (“AIG”). Mr. Sparks has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’ (the JORC Code). Mr. Sparks consents to the inclusion of the information in this announcement in the form and context in which it appears.

The Competent Person confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement and, in the case of estimates of Mineral Resources, that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed. The form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcement.

About International Graphite

International Graphite is an emerging supplier of processed graphite products, including battery anode material, for the global electric vehicle and renewable energy markets. The Company is developing a sovereign Australian ‘mine to market’ capability, with integrated operations wholly located in Western Australia. The Company intends to build on Australia’s reputation for technical excellence and outstanding ESG performance with future mining and graphite concentrate production from its 100% owned Springdale Graphite Project and commercial scale downstream processing at Collie. International Graphite is listed on the Australian Securities Exchange (ASX: IG6) and Tradegate and Frankfurt Stock Exchange (FWB: H99, WKN: A3DJY5) and is a member of the European Battery Alliance (EBA250) and European Raw Minerals Alliance (ERMA).

For more information please contact:

Robert Hodby

CFO/Company Secretary

[email protected]

+61 407 770 183

Marie Howarth

Media and Communication

[email protected]

+61 412 111 962

[i] All metres and TGC are rounded to 1 decimal point.