Buxton Resources Limited provided an update for its 100% owned Graphite Bull project (formerly known as Yalbra) located in Western Australia. Recently completed metallurgical development work in Perth on diamond core from Graphite Bull has produced graphite concentrates grading from 99.2% to 99.8% C. This equals or exceeds the 99.4% C concentrate grade achieved by previous more complex process testwork in Canada. Importantly, every stage of this new, much simplified process is well proven technology using "off the shelf" components.

Following changes in the graphite market, earlier in 2022 Buxton commissioned new metallurgical process development work, focused on product purity and process cost, rather than Flake size. Since about 2020, demand for high purity natural graphite product as feedstock for lithium- ion battery anode manufacture has risen significantly, as have prices. That production process includes grinding of graphite down to 2 microns (0.002 mm) before shaping into spheres 12-20 microns in diameter, for significant value-add.

Flake size in concentrate is not relevant to this growing market. This major encouragement in Graphite Bull economics has driven a re-start of project work. Hydrological, Heritage and ground Geophysical EM surveys will commence within the month.

Scoping studies on possible operations and site hydrogeology have already enabled application for two new Miscellaneous Licenses, for road access (297 Ha) and Water Search (4,313 Ha). Recent conductivity testing of 2014 core indicates both ground and down-hole EM will work well to de- risk drilling. An ambitious infill and extensional RC and diamond drilling program commencing as soon as geophysical and Heritage surveys are concluded will upgrade confidence in, and expand, the existing Inferred Resource of 4.0 Mt @ 16.1% TGC.

Further metallurgical sample will be obtained, with geotechnical, groundwater and other technical, environmental and permitting investigations also progressed. Buxton looks forward to providing shareholders with regular progress updates on this initiative over coming months.