International Graphite - More high grade graphite assays from Springdale Graphite Project drilling

HIGHLIGHTS

-          Assay results from 12 diamond (962m) and 39 RC infill holes (2,421m) confirm the interpreted high grade graphite domains and support the block model performance of the existing Springdale Graphite Project Mineral Resource Estimate.

-          Standout diamond drilling results[i] include:

-          4.6m @ 11.1% Total Graphitic Carbon (TGC) from 81.6m downhole (SGDD0002).

-          10.1m @ 13.0% TGC from 88m downhole including 2.0m @ 22.5% TGC from 89.0m downhole (SGDD0002).

-          8.8m @ 8.3% TGC from 22.0m downhole (SGDD0003).

-          2.5m @ 13.0% TGC from 57.5m downhole (SGDD0003).

-          1.8m @ 10.1% TGC from 64.8m downhole (SGDD0003).

-          8.6m @ 14.8% TGC from 9.4m downhole, including 1.6m @ 32.4% TGC from 15.2m downhole and 2.7m @ 13.8% TGC from 39.5m downhole including 1.0m @ 24.4% TGC from 40.2m downhole (SGDD0006).

-          3.1m @ 21.0% TGC from 35.9m downhole including 1.0m @ 36.2% TGC (SGDD0007).

-          7.2m @ 18.3% TGC from 16.8m downhole including 2.5m at 40.1% TGC (SGDD0008).

-          23.0m @ 9.6% TGC from 10m downhole including 4.0m @ 26.3% TGC, 1.0m @ 15.0% TGC from 36m downhole and 4.2m @ 9.2% TGC from 40.1m downhole (SGDD0009).

-          3.2m @ 15.8% TGC from 51.9m downhole (SGDD0010).

-          19m @ 5.7% TGC from 53m downhole including 1.3m @ 32.6% TGC from 59.3m downhole (SGDD0011).

-          Current drilling at Springdale is focussed on further infill of the existing mineral resource and expanding drilling at the newly identified prospect at Springdale Central (SDE_1).

25 January 2023 – International Graphite Limited (ASX: IG6) has added yet another tranche of strong assay results from ongoing drilling at the Springdale Graphite Project, in Western Australia.

Managing Director and CEO Andrew Worland said: “Every phase of our drill program at Springdale has identified either new areas of high-grade mineralisation or confirmed the existing high-grade zones.

“These diamond drill results give us great confidence about the quality and potential of the Springdale resource and its capacity to sustain a shallow, long life open pit mining operation.

“The data from this drilling provides key geological input that will be used in the next stage of resource modelling as we progress mining studies and feasibility assessment.”

Springdale Drilling Program

International Graphite Limited (ASX: IG6) is pleased to announce the results of a further 12 diamond drilling and 39 RC holes from drilling within the existing mineral resource area at the Springdale Graphite Project (“Springdale” or the “Project”), near Hopetoun and 25km south of Ravensthorpe in Western Australia (Figure 1).

The 12 diamond drilling holes outlined in this release were completed in the high grade domains of the mineral resource block model at the northern and southern end of the western half of the existing Springdale Mineral Resource.

Figure 1: Location of International Graphite Projects.

The RC holes were spaced north to south to further validate the block modelling of the Springdale Mineral Resource. Figure 2 highlights the location of the drilling. Figures 3 and 4 show cross sections of diamond holes 6, 7 and 12 and RC holes 27, 28 and 29 respectively.

Table 1 shows the existing Springdale Mineral Resource Estimate of 15.6Mt @ 6.0% TGC, including a high-grade component of 2.6Mt @ 17.5% TGC. Table 2 and Table 3 detail the locations of the drill holes and significant assay results.

All drilling undertaken at Springdale continues to be shallow to a maximum of 100-125 metres with all holes remaining open at depth. Infill drilling will continue at Springdale through February 2023 at which point, following the receipt of assay results, the Company expects to have sufficient data from its program to complete a new mineral resource estimate for Springdale that would support mining studies and feasibility assessment.

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

Table 1: Springdale Graphite Mineral Resource Estimate Summary (JORC 2012)[ii]

Figure 3: Cross section of IG6 diamond holes numbered 6, 7 and 12.

Figure 4: Cross section of IG6 RC holes numbered 27, 28 and 29.

Table 2: Drill Collar Data for this release (GDA94 MGAz51)

Table 3: 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.

This announcement has been authorised for release by the Board of Directors 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).

Link to the original news:

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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.

[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 prepared in respect of the Springdale Graphite Project.