Graphite Bull Resource Soars 345%, IGO Commits $5.35M to Copper Wolf JV

Graphite Bull Project Expansion

Buxton Resources Limited (ASX: BUX) has delivered a significant upgrade to its Graphite Bull Project in Western Australia, announcing a 345% increase in contained graphite to 2.25 million tonnes at a 7% Total Graphitic Carbon (TGC) cut-off. Notably, 40% of this resource is now classified as Indicated, reflecting enhanced confidence in the deposit's continuity and economic potential.

The updated Mineral Resource Estimate (MRE), prepared by ERM, highlights an average mineralisation thickness of approximately 45 metres over a 1.65-kilometre strike length. This expansion follows extensive drilling campaigns and geophysical surveys conducted over 2023 and 2024, complemented by ongoing metallurgical testwork with key industry partners BTR and Dorfner Anzaplan GmbH. BTR's expanded downstream testing, including spheronization and battery-grade evaluations, is expected to yield results by July 2025, potentially advancing the project’s pathway to commercialisation.

Copper Wolf JV Advances with IGO's Increased Stake

In Arizona, Buxton’s Copper Wolf Project continues to progress under the joint venture with IGO Limited, where Buxton holds 49% and IGO 51%, with an option for IGO to increase its interest to 70%. During the quarter, IGO formally notified Buxton of its intention to commence Stage 2 earn-in by committing AUD 5.35 million in exploration and development expenditure. This investment follows successful Stage 1 activities, including drilling programs that intersected substantial porphyry copper-molybdenum mineralisation, with assays such as 405.38 metres at 0.35% copper and 0.05% molybdenum.

Buxton retains 100% ownership of adjacent tenure areas with promising basement exposures, offering potential for further discoveries at shallower depths. The JV structure includes a Right of First Refusal for IGO on Buxton’s non-JV tenure, underscoring the strategic importance of the project within one of the world’s most prolific copper belts.

Upcoming Drilling and Project Developments

Looking ahead, Buxton has appointed contractors for earthworks and drilling at its Centurion Project, targeting a large-scale Iron Oxide Copper Gold (IOCG) deposit in the Great Sandy Desert. Drilling is scheduled to commence in June 2025, following receipt of heritage clearances and an Exploration Incentive Scheme grant of up to AUD 220,000.

Meanwhile, the Madman Project in the Little Sandy Desert has secured Programme of Work approvals, with new exploration and miscellaneous license applications lodged. Buxton has also completed logistical reconnaissance and engaged local stakeholders to facilitate upcoming exploration activities.

Corporate and Financial Position

On the corporate front, Buxton appointed Gervaise Heddle as Chair of the Board during the quarter, succeeding interim Non-Executive Director Sam Wright, who remains as Company Secretary. The company reported a cash balance of approximately AUD 0.66 million at quarter-end, with exploration expenditure of AUD 0.198 million focused primarily on the Graphite Bull Project.

Subsequent to the quarter, Buxton successfully completed a $3.0 million placement at $0.025 per share to professional and sophisticated investors. The capital raise is earmarked to fund ongoing project assessments and drilling programs at Centurion and Madman, scheduled for Q2 and Q3 2025 respectively, bolstering Buxton’s capacity to advance its diverse portfolio.

Broader Exploration Portfolio

Buxton continues to advance multiple projects across Western Australia and Arizona, including the Narryer Project targeting magmatic Ni-Cu-PGE sulphides, the Matrix manganese project in Arizona with an earn-in agreement to 100% ownership, and the Shogun and Royale Projects in the Paterson region focusing on nickel-copper-cobalt and copper-gold-molybdenum mineralisation respectively. The company is actively negotiating heritage agreements and securing exploration licenses to support these initiatives.

In the West Kimberley JV with IGO, recent drilling at the Dogleg prospect has intersected high-grade massive and semi-massive nickel-copper-cobalt sulphides, though follow-up electromagnetic surveys have yet to identify extensions. IGO is preparing for the 2025 field season, maintaining momentum in this promising region.