Reflex Advanced Materials Corp. announced that geologic exploration of the Ruby Graphite project was initiated during the fall of 2022. The Ruby Graphite project covers approximately 2,000 acres and 96 federal lode mining claims located in Beaverhead County, Montana, U.S.A. The Company secured an option to acquire 100% ownership in the Project in September 2022.

Reflex contracted Ethos Geological (“Ethos”) of Bozeman, Montana to lead the exploration effort, identify potential graphite-bearing areas, and develop a geological model of the stratigraphy and structure. Ethos' geologic investigations suggest that the Project geology formed from an ancient marine sequence of muds, silts and carbonates; that extensive algal mats were known to be present in this Archean environment aged more than 2.5 billion years ago; and that these sedimentary rocks were likely the source of carbon for the vein and flake graphite mineralization produced during metamorphism and later hydrothermal alteration. In addition, Ethos' geological investigations suggest variability of the carbon within the host sedimentary rocks likely accounts for the concentration of graphite at the Ruby Project, whereas historic and present mine sites throughout the greater region encounter talc with only minor accompanying graphite.

Over the course of the initial geologic work conducted from August to November, Ethos performed the following studies: Detailed geological field mapping; Sampling of the various rock types at 25 locations and submitted these for chemical fingerprinting to support lithology and structure mapping; Soil survey, collecting 201 samples at 25-m spacing along three lines, analyzed for pH and geochemistry for identification of lithology changes across the property; Detailed photogrammetry and elevation modeling conducted with an unmanned aerial vehicle (UAV or drone); Using a GEM-2 Ski by Geophex Ltd., a multifrequency electromagnetic (EM) handheld survey tool, acquired approximately 100 line-km of surface EM data at 200 m spacing; and Contracted KLM Geoscience LLC to conduct an Induced Potential (IP) survey along three lines, each approximately 1,500 m long at 50-m dipole spacing, for identifying potential graphite-bearing intervals by searching for electrically conductive and chargeable anomalies. he Project is located at the southwest portion of the Ruby Range mountains in southwestern Montana, approximately 14 miles (22 km) southeast of the town of Dillon, Montana. The Ruby Graphite project area consists of a combination of private and public lands totaling 1,945 acres (787 hectares) and includes 96 lode mining claims with a total size of 1,764 ac (714 ha).

The Federal mining claims provide the rights to explore, mine and extract minerals from the lands.