Buxton Resources Ltd. update shareholders on progress at Buxton's 100% owned Graphite Bull project, Gascoyne Region, WA. Preliminary results from "sighter" 2023 flotation tests in Perth have easily exceeded the >95% TGC commercial graphite concentrate benchmark, a first for Graphite Bull. Key outcomes tabulated below; these are outstanding results by any measure.

Results to date, all from one master sample, reflect the wide-ranging experimental nature of this work, focused initially on demonstrating high-grade concentrate production from Graphite Bull material. This has now been achieved. Previous (2015) flotation work never reached more than 92% TGC in concentrate due to a focus on maintaining Flake size.

Current work is ongoing, with final results expected in March. Importantly, conventional flotation recoveries of well over 85% into 95% TGC concentrate have now been demonstrated, a critical commercial milestone in the development of Graphite Bull. These are interim results from non-optimised open-circuit sighter or calibration tests, not necessarily applicable to large-scale production.

Battery Limits Pty Ltd. (BL) and Independent Metallurgical Operations Pty Ltd. (IMO) have been engaged to manage this testwork in a collaborative approach, fast-tracking evaluation of Graphite Bull material for suitability as feedstock to Purified Spherical Graphite (PSG) production. Buxton is confident further improvements will be made as work progresses. This is the first flotation testwork at Graphite Bull since 2015 and is also the first work specific to PSG production for Li-ion battery anodes.

Work consists of conventional graphite flotation processing, without either chemical or thermal purification.