International Graphite: High grade graphite intersections at Springdale identifies new prospect ‘Springdale Far West’

HIGHLIGHTS

-          Results from nine holes (721m) of RC drilling at SDW_1 has intersected multiple zones of shallow graphite mineralisation over a strike length of over 700m and is open in all directions.

-          Stand out results[i] include:

• 7m @ 13.3% Total Graphitic Carbon (TGC) from 71m downhole, including 4m @ 19.9% TGC from 73m down hole (SGRC0002)
• 5m @ 12.8% TGC from 45m downhole, including 2m @ 25.0% TGC from 47m down hole (SGRC0004)
• 10m @ 9.5% TGC from 36m downhole, including 2m @ 15.0% TGC from 39m down hole (SGRC0006)

-          The area drilled in this program has been named ‘Springdale Far West’ and is located within 500m of the existing Springdale Mineral Resource.

-          Results from drilling to date demonstrate the excellent pathfinding ability of electromagnetic geophysical survey data to target additional graphite proximate to the existing Springdale Inferred Mineral Resource Estimate of 15.6Mt @ 6.0% TGC, including a high-grade component of 2.6Mt @17.5% TGC)[ii].

-          Assay results from further drilling at Springdale are pending and will be released when received.

Commenting on the results IG6 Executive Chairman Phil Hearse stated “These exploration results are exceptional and confirm the use of electromagnetic geophysical survey data to highlight the substantial graphite mineralisation potential across our Springdale tenements and the potential for significant resource growth at the project. We have intersected multiple shallow zones of high-grade mineralisation, which consistent with the existing resource, appears to be amenable to simple open pit mining. I am looking forward to receiving the pending drilling assays and am excited by the prospect of growing the resource inventory at the project to support a long life mining operation feeding our proposed downstream processing facilities supplying battery anode materials and industrial products from Collie.”

Springdale Drilling Program

International Graphite (ASX: IG6) is pleased to announce the results of nine RC exploration holes from drilling at the Springdale Graphite Project (“Springdale” or the “Project”), near Hopetoun and 25km south of Ravensthorpe in Western Australia (Figure 1).

A 7,100m RC and PQ/HQ diamond drilling program comprising an expected 91 RC drillholes (~6,200m) and 12 diamond holes (~900m) was initiated in June 2022.

In part the drilling campaign aims to upgrade the existing Springdale Mineral Resource Estimate from inferred to indicated status and to add to the resource inventory through drilling in areas highlighted by a airborne electromagnetic (“AEM”) geophysical survey previously undertaken (refer Table 3 for details of the existing JORC Mineral Resource Estimate).

To date 39 RC (~2,668m) and 12 diamond holes (~962m) have been completed and assays are pending.

Figure 1: Location of International Graphite projects

The drilling campaign also aims to test several high priority exploration targets within 2.5km of the main Springdale Mineral Resource. An exploration target for Springdale has been estimated as 18-54Mt at 4.0-18.0% TGC, in addition to the existing Mineral Resource[iii].

To date 32 RC holes (~2,558m) have been completed in this drilling campaign. Nine of these holes were drilled in the area previously identified as SDW_1, and now known as Springdale Far West, which is located within 500m of the existing Mineral Resource.

Assay results have been received for the nine RC holes. Figure 2 shows the location of Springdale Far West and figures 3-6 show the cross sections of the nine holes drilled and select assay results.

Table 2 shows significant graphite intervals. Stand out results include:

-          7m @ 13.3% Total Graphitic Carbon (TGC) from 71m downhole, including 4m @ 19.9% TGC from 73m down hole (SGRC0002)

-          5m @ 12.8% TGC from 45m downhole, including 2m @ 25.0% TGC from 47m down hole (SGRC0004)

-          10m @ 9.5% TGC from 36m downhole, including 2m @ 15.0% TGC from 39m down hole (SGRC0006)

Springdale Far West (SDW_1) has been defined by a distinct conductor identified in AEM survey data. Each hole has successfully intersected multiple zones of graphite mineralisation with widths of single zones up to 11m wide (Figure 3-6 and Table 2).

Importantly, this drilling confirms the use of electromagnetic geophysical survey as a highly effective exploration technique to identify and define conductive zones and is particularly suited for high resolution targeting of graphite mineralisation.

Springdale Far West (SDW_1) is the first of at least 7 high priority exploration targets within 2.5km of the main Springdale Mineral Resource that will be tested with ongoing RC drilling programs (Figure 2).

Additional information relating to the drilling program is detailed in the JORC Table 1 in Appendix 1.

Figure 2: Airborne electromagnetic survey image showing conductive material in relation to resource areas and new targets.

Figure 3: Cross-section 1 showing the multiple graphite zones intersected.

Figure 4: Cross-section 2 showing the multiple graphite zones intersected.

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Figure 5: Cross-section 3 showing the multiple graphite zones intersected.

Figure 6: Cross-section 4 showing the multiple graphite zones intersected.

Figure 7: RC drill samples from SGRC0004 with graphite intersections highlighted

Table 1: Drill Collar Data (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.

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

Figure 8: Springdale Graphite Project – tenement outline with Mineral Resource and targets outlined.

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

Phil Hearse

Executive Chairman

For more information please contact:

Robert Hodby

CFO/Company Secretary

[email protected]

+61 407 770 183

Marie Howarth

Media & Communication

[email protected]

+61 412 111 962

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 and reviewed by Mr. Peter Langworthy. 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 and Mr. Langworthy have 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 and Mr. Langworthy 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).

The entire press release can be found here: https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02567401-6A1109332?access_token=83ff96335c2d45a094df02a206a39ff4

[i] Rounded to 1 decimal point.

[ii] Refer to the Company’s Prospectus dated 21 February 2022 as updated by the Supplementary Prospectus dated 4 March 2022 for further details regarding the Mineral Resource Estimate, including the Independent Technical Assessment Report in respect of the Springdale Project..

[iii] Refer ASX Announcement dated 30 May 2022.