International Graphite Limited: High grade graphite intersections identifies new prospect

HIGHLIGHTS

- Results from 13 holes (1033m) of RC drilling at SDW_5 has intersected multiple zones of shallow graphite mineralisation over a strike length of over 850m and is open in all directions.

- Stand out results [i] include:

17m @ 13.3% Total Graphitic Carbon (TGC) from 28m downhole, including 4m @ 22.0% TGC from 32m down hole (SGRC0010) 8m @ 11.0% TGC from 16m downhole, including 1m @ 45.0% TGC from 20m downhole (SGRC0011) 12m @ 13.7% TGC from 20m downhole, including 2m @ 20.6% TGC from 22m and 2m @ 28.8% TGC from 27m down hole (SGRC0016) 22m @ 20.7% TGC from 38m downhole, including 9m @ 36.2% TGC from 40m down hole (SGRC0018)

- The area drilled in this program has been named ‘Springdale Central and is located within 200m of the existing Springdale Mineral Resource.

- Results continue to demonstrate the excellent pathfinding ability of electromagnetic geophysical survey data to target additional graphite proximal 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 “Springdale Central is the second graphite discovery made by our exploration team from our first drilling campaign at Springdale. The results are exceptional and continue to 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.”

Springdale Drilling Program

International Graphite (ASX: IG6) is pleased to announce the results of a further 13 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).

Figure 1: Location of International Graphite projects

A total of 32 exploration RC holes (~2,558m) have been completed in this drilling campaign at Springdale.

Thirteen of these holes were drilled in the area previously identified as SDW_5, and now known as Springdale Central, which is located within 200m of the existing Mineral Resource.

Assay results have been received for the thirteen RC holes. Figure 2 shows the location of Springdale Central and figures 3-7 show the cross sections of the thirteen holes drilled and select assay results.

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

- 17m @ 13.3% TGC from 28m downhole, including 4m @ 22.0% TGC from 32m down hole (SGRC0010)

- 12m @ 13.7% TGC from 20m downhole, including 2m @ 20.6% TGC from 22m and 2m @ 28.8% TGC from 27m down hole (SGRC0016)

- 8m @ 11.0% TGC from 16m downhole, including 1m @ 45.0% TGC from 20m downhole (SGRC0011)

- 22m @ 20.7% TGC from 38m downhole, including 9m @ 36.2% TGC from 40m down hole (SGRC0018)

Springdale Central (SDW_5) has been defined by a distinct conductor identified in airborne electromagnetic (“AEM”) survey data. Each hole has successfully intersected multiple zones of graphite mineralisation with widths of single zones up to 22m wide (Figure 3-7 and Table 2).

The drilling continues to confirm 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 Central (SDW_5) is the second 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).

These results are extremely encouraging in an area with no previous drilling and show grades that are comparable if not better than the existing Mineral Resource.

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.

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

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

Figure 7: Cross-section 5 showing the multiple graphite zones intersected

Figure 8: RC drill samples from SGRC0016 with graphite intersections highlighted

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

Drilled Hole ID

Easting

Northing

DIP

Azimuth

EOH (m)

Type

SGRC0010

257931.1

6247216.2

28.54

-60

305.00

SGRC0011

257997.68

6247173.47

28.77

-60

305.00

SGRC0012

258062.01

6247126.61

26.37

-60

305.00

SGRC0012A

258062.01

6247126.61

26.37

-60

305.00

SGRC0013

257868.95

6247081.08

27.9

-60

305.00

SGRC0014

257932.9

6247037.13

27.64

-60

305.00

SGRC0015

257732.55

6246963.75

28.96

-60

305.00

SGRC0016

257798.54

6246919.34

29.88

-60

305.00

SGRC0017

257864.9

6246870.31

28.76

-60

305.00

108

SGRC0018

257702.21

6246810.85

30.37

-60

305.00

SGRC0019

257744.46

6246767.83

29.48

-60

305.00

SGRC0020

257545.67

6246624.34

30.48

-60

305.00

SGRC0021

257612.54

6246578.39

29.63

-60

305.00

Table 2: Significant Graphite Intervals

Drilled Holes ID

From (m)

To (m)

Interval (m)

Average Grade (%TGC)

SGRC0010

13.3

SGRC0010 including

22.0

SGRC0010

2.1

SGRC0011

6.1

SGRC0011

11.0

SGRC0011 including

45.

SGRC0011

7.1

SGRC0011 including

26.9

SGRC0012A

1.6

SGRC0012A

8.8

SGRC0012A including

30.3

SGRC0012A

10.8

SGRC0013

29.0

SGRC0014

4.9

SGRC0014

9.6

SGRC0014 including

35.2

SGRC0014

1.6

SGRC0015

7.6

SGRC0015

3.4

SGRC0015

2.3

SGRC0015

3.7

SGRC0015

7.9

SGRC0015

1.1

SGRC0015

7.0

SGRC0015

8.1

SGRC0016

7.5

SGRC0016

13.7

SGRC0016 including

20.6

SGRC0016 including

28.8

SGRC0016

5.6

SGRC0016

1.3

SGRC0017

11.1

SGRC0017

2.8

SGRC0017

1.8

SGRC0017

10.5

SGRC0017 Including

22.4

SGRC0018

3.7

SGRC0018

11.0

SGRC0018

20.7

SGRC0018 including

36.2

SGRC0018 including

22.7

SGRC0018

10.6

SGRC0018 including

22.1

SGRC0019

11.7

SGRC0019 including

20.7

SGRC0020

1.6

SGRC0020

1.5

SGRC0020

1.3

SGRC0020

9.9

SGRC0020 including

36.8

SGRC0021

3.6

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. %TGC rounded to 1decimal place.

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

Domain

Tonnes (Mt)

Density (t/m3)

Graphite (TGC%)

Classification

High-grade

2.6

2.1

17.5

Inferred

Low grade

13.0

2.2

3.7

Inferred

Total

15.6

2.2

6.0

Inferred

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

robert.hodby@internationalgraphite.com.au

+61 407 770 183

Marie Howarth

Media & Communication

marie.howarth@internationalgraphite.com.au

+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).

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[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..