BUXTON RESOURCES LIMITED — Capital/Financing Update 2023

May 16, 2023

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ASX Release 17[th] May 2023

GRAPHITE BULL UPDATE – Metallurgy, Drilling

• An excellent 92.1% recovery into 96.7% TGC con for Bulk Sample #2

• Bulk run to generate >10 kg of concentrate commencing this week

• Preparations underway for a 5,000 metre drill program in June/July

• Results further support Graphite Bull’s emergence as one of Australia’s highest quality graphite projects

Buxton Resources Ltd (ASX:BUX) is pleased to update shareholders on progress at Buxton’s 100% owned Graphite Bull project, Gascoyne Region, WA.

Testwork on Bulk Sample #2 from Graphite Bull begun in April by Independent Metallurgical Operations (IMO) in Perth is now complete. The drillcore tested is similar to Bulk Sample #1 in head grade and depth down-hole, but is mostly from different drillholes approximately 100 metres west along strike from Bulk #1.

Rock types and grain sizes differ from Bulk #1; this second bulk sample has de-risked the impacts of some variability within the deposit, and is providing more concentrate for additional downstream testwork. Comminution testwork is also being conducted by IMO.

Flotation results were outstanding with Bulk #2 responding even better than Bulk #1 (results ASX 13/3/23) to a similar, optimised, but fairly simple float protocol.

An overall TGC recovery of 92.09% was achieved into a concentrate grading 96.72% TGC , a recovery higher than that achieved for Bulk #1. Size fractions in concentrate were slightly finer, as follows;

IMO 6564 (Bulk #2)	Mass	TGC	TGC
Size Fraction (µm)	Distribution (%)	Grade (%)	Distribution (%)
>75	21.24	97.85	21.49
38-75	28.32	97.46	28.54
20-38	17.13	96.89	17.16
<20	33.31	95.27	32.81
Calculated Head	100	96.72	100

Processing 80 kg of Bulk #2 by IMO is scheduled to begin within days. Concentrate product from that should be dispatched by early July, for downstream testwork by Dorfner Anzaplan to commence in August.

PO Box 661 Suite 1, First Floor T. 08-9380 6063 www.buxtonresources.com.au Nedlands WA 6009 14-16 Rowland Street E. info@buxtonresources.com.au Subiaco WA 6008

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Concentrate from Bulk #1 has already been in process at ProGraphite in Germany for nearly four weeks. Micronising, spheronising and purification results are expected in mid-July, with electrochemical testwork complete by end August.

A flora and fauna field survey was completed by Ecologica Environment over Buxton’s entire tenure holding at Graphite Bull during late April. Final reporting is underway, but early indications are that none of the plant communities within the survey area are considered to be significant. Similarly for vertebrate fauna, no species of significance were recorded, and all habitat types identified are considered common on a local and regional scale.

For project location, see Figure 1 below.

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Figure 1: Location of Buxton’s Graphite Bull Project, 750km north of Perth.

Buxton is taking a measured approach to de-risking Graphite Bull. Continuing exceptional metallurgical performance combined with the outstanding Resource upside recently demonstrated (ASX 7/2/23, 22/2/23, 2/3/23, 19/4/23) has now triggered preparations for an initial 5,000 metre drill program to be completed in June/July. That work will mainly be focused on extending the known Resource, with some infill and “exploration” holes included.

Demand for Li-ion batteries, fuel cells and other graphite-intensive renewables technology continues to escalate, pushing the global graphite market into deficit for the first time in modern history (see Figure 2 below). Buxton looks forward to providing regular updates to shareholders on this exciting WA graphite project.

PO Box 661 Suite 1, First Floor T. 08-9380 6063 www.buxtonresources.com.au Nedlands WA 6009 14-16 Rowland Street E. info@buxtonresources.com.au Subiaco WA 6008

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Figure 2: Graphite Market Balance

For further information, please contact:

Eamon Hannon Sam Wright Managing Director Company Secretary ehannon@buxtonresources.com.au sam@buxtonresources.com.au

About the Graphite Bull Project

The at-surface, high-grade Graphite Bull (formerly Yalbra) Project is in the Tier 1 jurisdiction of Western Australia, Gascoyne region, on granted Exploration License E09/1985. Graphite Bull was acquired by Buxton in 2012; by 2014 an airborne EM survey, several drilling programs and two resource estimates were completed. The Graphite Bull project currently has a JORC (2012) compliant Inferred Resource of 4 Mt @ 16.2 % TGC (ASX 24/10/2014).

Due to projected growth of the global Lithium-ion battery market, and the essential part graphite will play in that – graphite is the single largest component of Li-ion batteries – Buxton recommenced work at Graphite Bull in 2022. Work since then has been focused on metallurgical testwork through to final product (Purified Spheronised Graphite), and increasing the Resource confidence and size, with very promising results to date.

Forecast battery-related demand (Benchmark Mineral Intelligence) means that by 2027, global graphite production needs to double; by 2040, eight times current production will be required to supply the world’s lithium-ion battery anode market. Graphite Bull is therefore a very attractive project, being a high-grade deposit located in a Tier 1 mining jurisdiction, with outstanding Resource growth potential.

T. 08-9380 6063 www.buxtonresources.com.au E. info@buxtonresources.com.au

Suite 1, First Floor 14-16 Rowland Street Subiaco WA 6008

PO Box 661 Nedlands WA 6009

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Competent Persons

The information in this document that relates to Exploration Results is based on information compiled by Mr Eamon Hannon, Fellow of the Australasian Institute of Mining and Metallurgy, and a full-time employee of Buxton Resources Limited. Mr Hannon has sufficient experience which is relevant to the activity being undertaken to qualify as a “Competent Person” as defined in the 2012 edition of the Joint Ore Reserves Committee (JORC) Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Hannon consents to the inclusion in this document of the matters based on the information in the form and context in which it appears.

The information in this document that relates to metallurgical test work managed by Independent Metallurgical Operations Pty Ltd (IMO) is based on, and fairly represents, information and supporting documentation reviewed by Mr Peter Adamini, BSc (Mineral Science and Chemistry), who is a Member of The Australasian Institute of Mining and Metallurgy (AusIMM). Mr Adamini is a fulltime employee of IMO, who has been engaged by Buxton Resources Ltd to provide metallurgical consulting services. Mr Adamini has approved and consented to the inclusion in this document of the matters based on his information in the form and context in which it appears.

JORC Table: Section 1 – Sampling Techniques and Data

Criteria	JORC Code explanation	Commentary
Sampling techniques	Nature and quality of sampling (eg cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down-hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling.	The 125 kg metallurgical sample was collected from three Buxton diamond drillholes and is a composite of PQ and HQ half core from YBRD020 (HQ 88-115m), YBRD016 (PQ 90-100m) and YBDD002 (HQ 134-115m).
	Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used.
	Aspects of the determination of mineralisation that are Material to the Public Report. In cases where ‘industry standard’ work has been done this would be relatively simple (e.g. ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other cases, more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (e.g. submarine nodules) may warrant disclosure of detailed information.
Drilling techniques	Drill type (e.g., core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (e.g. core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc).	The metallurgical sample was composited from core samples recovered from diamond drilling.
Drill sample recovery	Method of recording and assessing core and chip sample recoveries and results assessed.	Buxton undertook geotechnical logging at the time of drilling. The interval weighted average recovery of 93% was recorded for all recovery logged core intervals within the metallurgical sample. No relationship between sample recovery and grade has been identified.
	Measures taken to maximise sample recovery and ensure representative nature of the samples.
	Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.
Logging	Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies.	All Buxton drill holes are geologically logged by qualified and experienced geologists, recording relevant data to a set template to metre intervals. All logging included lithological features, mineral assemblages, mineralisation percentages and basic graphite characteristics, all qualitative by nature.
	Whether logging is qualitative or quantitative in nature. _Core(or costean, channel, etc) photography. _
	The total length and percentage of the relevant intersections logged.
	If core, whether cut or sawn and whether quarter, half or all core taken.

PO Box 661 Suite 1, First Floor T. 08-9380 6063 www.buxtonresources.com.au Nedlands WA 6009 14-16 Rowland Street E. info@buxtonresources.com.au Subiaco WA 6008

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Sub-sampling techniques and sample preparation	If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry.	All material used for the metallurgical sample were selected from half-core samples of previously sawn diamond drill core. These intervals selected for the metallurgical sample represent a combination of Resource Domains 10, 40 and 50 which contribute 100% of the Inferred tonnes to the 2014 Resource. The metallurgical sample was also selected to provide a bulk sample which approximated the average grade of the Resource. The sample totalled 125.1 kg at grade of 16.8% TGC as assayed by Independent Metallurgical Operations (IMO) and Intertek This matched expectations and the 2014 Resource grade of 4.0 Mt at a Total Graphitic Carbon grade of 16.2% (see ASX announcement 24thOctober 2014). Based on grade, location, lithologies, oxidation states and mineralogy the metallurgical sample is considered representative of the known Resource. Sample preparation is consistent with industry best practice and appropriate for the analysis being undertaken. See ASX announcement 24 October 2014 for further information relevant to the historic drillingcampaigns.
	For all sample types, the nature, quality and appropriateness of the samplepreparation technique.
	Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples.
	Measures taken to ensure that the sampling is representative of the in-situ material collected, including for instance results for field duplicate/second-half sampling.
	Whether sample sizes are appropriate to the grain size of the material being sampled.
Quality of assay data and laboratory tests	The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total.	See ASX announcement 24 October 2014 for information relevant to the laboratory test work undertaken during previous drilling campaigns.
	For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc.	Not applicable for this release.
	Nature of quality control procedures adopted (eg standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (ie lack of bias) and precision have been established.	These Preliminary Results are reported as interim information during a work program still being documented. Two previous sets of testwork from one sample, managed by two consultants, running in parallel through two different metallurgical facilities and two different analytical facilities, all well-credentialled leading practitioners in their fields, gives Buxton great confidence in the quality of work and results, including for this third tranche of testwork Battery Limits used ALS Metallurgy and ALS Analytical. IMO is using Metallurgy and Intertek. See ASX announcement 24 October 2014 for information relevant to the QA procedures undertaken during previous drillingcampaigns.
Verification of sampling and assaying	The verification of significant intersections by either independent or alternative company personnel.	Not applicable for this release.
	The use of twinned holes.	Not applicable for this release. See ASX announcement 24 October 2014 for information related to the use of twinned holes during the historic drilling campaigns.
	Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols.	Drillhole data was hand entered to spreadsheets, imported to a Microsoft Access Database and then validated by company geologists using GIS and 3D visualisation software.

PO Box 661 Suite 1, First Floor T. 08-9380 6063 www.buxtonresources.com.au Nedlands WA 6009 14-16 Rowland Street E. info@buxtonresources.com.au Subiaco WA 6008

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	Discuss any adjustment to assay data.	No adjustments to assay data have been made.
Location of data points	Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation.	Not applicable for this release. See ASX announcement 24 October 2014 for information relevant to the historic drilling campaigns.
	Specification of the grid system used.	All surface surveying was completed using a handheld GPS to MGA94/Zone 50 Southgrid system.
	Quality and adequacy of topographic control.	See ASX announcement 24 October 2014 for information relevant to the historic drilling campaigns.
Data spacing and distribution	Data spacing for reporting of Exploration Results.	The metallurgical sample was derived from three Buxton diamond drillholes, located centrally and towards the eastern end of the 2014 Resource extent. The metallurgical sample is a composite of the three Resource Domains (10, 40 & 50) that contributed to the 2014 Resource. See ASX announcement 24 October 2014 for comments on drill spacing and compositing undertaken during the historic drillingcampaigns.
	Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimationprocedure(s) and classifications applied.
	Whether sample compositing has been applied.
Orientation of data in relation to geological structure	Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type.	The metallurgical sample represents a composite of three intervals totalling a 54m intersection through the known resource that was selected to minimise any orientation bias that may have been introduced during drilling.
	If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.
Sample security	The measures taken to ensure sample security.	Graphite Bull drill core has been under Buxton’s stewardship since drilling in 2014. Core and samples were packaged and stored in secure storage from the time of collection through to submission. Buxton staff collected the composite sample from core in March 2023 and personally couriered it to IMO’s Metallurgy lab in Welshpool. Best practice methods were employed by the laboratory upon receipt.
Audits or reviews	The results of any audits or reviews of sampling techniques and data.	CSA conducted a field review of the sampling techniques and data collection methods in 2014 when the last drilling campaign was conducted. It was considered by CSA at that time that Buxton’s sampling techniques and data acquisition procedures were acceptable for JORC 2014 compliant resource estimation.

JORC Table: Section 2 – Reporting of Exploration Results

Criteria	JORC Code explanation	Commentary
Mineral tenement and land tenure status	Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings.	BUX have a 100% interest in exploration license E09/1985. A 0.75% Gross Revenue Royalty was granted under a Tenement Sale Agreement dated 31 March 2016, between Montezuma Mining Company Ltd (“Montezuma”) and Buxton Resources Limited. This royalty is currently held by Electric Royalties Ltd (TSXV:ELEC & OTCQB:ELECF).
	The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area.	The tenement is in good standing with DMIRS and there are no known impediments for exploration on this tenement.
Exploration done by other parties	Acknowledgment and appraisal of exploration by other parties.	Numerous exploration parties have held portions of the area covered by BUX tenure previously. The only

PO Box 661 Suite 1, First Floor T. 08-9380 6063 www.buxtonresources.com.au Nedlands WA 6009 14-16 Rowland Street E. info@buxtonresources.com.au Subiaco WA 6008

		substantive historical exploration was by Carpentaria Exploration Company in the 1970s. No other parties were involved in the exploration program that generated data used in this release. 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 SW margin of the Capricorn Orogen. The known graphitic mineralisation occurs as lenses in graphitic paragneiss assigned to the Quartpot Pelite. This unit has been interpreted to have been deposited between 2000 Ma and 1985 Ma in a fore-arc setting to the Dalgaringa continental margin arc (part of the Glenburgh Terrain), and subsequently deformed between 1965–1950 Ma during the Glenburgh Orogeny within the Errabiddy Shear Zone which represents the suture between the colliding Pilbara–Glenburgh and Yilgarn Cratons. All units at Graphite Bull show evidence for metamorphism in the amphibolite to granulite facies, with the production of voluminous leucosomes and leucogranites within the pelitic lithologies Not applicable. Not applicable. All drillholes results have been previously reported All drillholes have been drilled approximately perpendicular to the strike of the mineralisation.
		substantive historical exploration was by Carpentaria Exploration Company in the 1970s. No other parties were involved in the exploration program that generated data used in this release.
Geology	Deposit type, geological setting and style of mineralisation.	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 SW margin of the Capricorn Orogen. The known graphitic mineralisation occurs as lenses in graphitic paragneiss assigned to the Quartpot Pelite. This unit has been interpreted to have been deposited between 2000 Ma and 1985 Ma in a fore-arc setting to the Dalgaringa continental margin arc (part of the Glenburgh Terrain), and subsequently deformed between 1965–1950 Ma during the Glenburgh Orogeny within the Errabiddy Shear Zone which represents the suture between the colliding Pilbara–Glenburgh and Yilgarn Cratons. All units at Graphite Bull show evidence for metamorphism in the amphibolite to granulite facies, with the production of voluminous leucosomes and leucogranites within the pelitic lithologies
Drill hole Information	A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes:	Not applicable.
	o_easting and northing of the drill hole collar_
	o_elevation or RL (Reduced Level – elevation above sea_ level in metres) of the drill hole collar
	o_dip and azimuth of the hole_
	o_down hole length and interception depth_
	o_hole length_
	If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case.
Data aggregation methods	In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (e.g. cutting of high grades) and cut-off grades are usually Material and should be stated.	Not applicable. All drillholes results have been previously reported
	Where aggregate intercepts incorporate short lengths of high grade results and longer lengths of low grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail.
	The assumptions used for any reporting of metal equivalent values should be clearly stated.
Relationship between mineralisation widths and intercept lengths	These relationships are particularly important in the reporting of Exploration Results.	All drillholes have been drilled approximately perpendicular to the strike of the mineralisation.
	If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported.
	If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (eg ‘down hole length, true width not known’).

T. 08-9380 6063 www.buxtonresources.com.au E. info@buxtonresources.com.au

PO Box 661 Suite 1, First Floor Nedlands WA 6009 14-16 Rowland Street Subiaco WA 6008

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Diagrams	Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported. These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views.	See text and figures in body of release.
Balanced reporting	Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.	This document is reporting interim headline results. Metallurgical data by nature consists of complex matrices of inter-linked results, the reporting of which in full would diminish the quality and clarity of communication. Final results will be reported in more detail as warranted.
Other substantive exploration data	Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.	The metallurgical sample was delivered by BUX to IMO/Metallurgy in Perth on 21 March 2023. IMO crushed and blended the sample to 100% passing 3.35 mm, conducted head assays and prepared splits for subsequent test work.. The aim of this work is to identify optimal conventional graphite flotation processing pathways through to a >95% TGC concentrate, and to produce >15 kg of >95% TGC concentrate. No chemical or thermal purification is involved. These sighter or calibration tests – all from the one master sample - are experimenting with numerous parameters including grind sizes, grind media, regrind protocols, cleaning circuits, reagents, stirring, flow rates, fluid densities, etc.
Further work	The nature and scale of planned further work (e.g. tests for lateral extensions or depth extensions or large-scale step-out drilling).	See text and figures in body of release.
	Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.	Not applicable.

PO Box 661 Suite 1, First Floor T. 08-9380 6063 www.buxtonresources.com.au Nedlands WA 6009 14-16 Rowland Street E. info@buxtonresources.com.au Subiaco WA 6008