International Graphite - More high-grade graphite at Mason Bay, Springdale Graphite Project

8 June 2023

HIGHLIGHTS

-          Assays received for next 24 reverse circulation (RC) drill holes at the Mason Bay exploration target - ~2km east of the existing Springdale Graphite Project mineral resource.

-          Standout results[i] include:

-          11m @ 11.7% Total Graphitic Carbon (“TGC”) from 57m downhole including 1m @ 23.0% TGC from 63m downhole (SGRC0086).

-          9m @ 5.0% TGC from 42m downhole including 1m @ 21.3% TGC from 43m downhole (SGRC0090).

-          24m @ 7.2% TGC from 72m downhole (SGRC0093).

-          23m @ 8.7% TGC from 77m downhole (SGRC0094).

-          12m @ 12.6% TGC from 41m downhole including 1m @ 20.7% TGC from 43m downhole (SGRC0096).

-          9m @ 10.3% TGC from 43m downhole (SGRC0097)

-          6m @ 20.7% TGC from 14m downhole including 4m @ 25.9% TGC from 15m downhole (SGRC0098).

-          11m @ 18% TGC from 28m downhole including 4m @ 23.9% TGC from 29m downhole (SGRC0098).

-          7m @ 9.4% TGC from 12m downhole (SGRC0104).

-          18m @ 6.6% TGC from 34m downhole (SGRC0106).

-          25m @ 11.4% TGC from 68m downhole (SGRC0106).

-          A total of 5,056m drilled at Mason Bay, average hole depth 84m.

-          Results from 39 of 60 RC holes at Mason Bay now received.

-          Mason Bay is the fourth discovery at the Springdale Graphite Project and one of seven high priority exploration targets identified by AEM survey.

-          20,465m drilled at Springdale since June 2022 including 12 diamond and 261 RC infill and exploration holes.

-          Assays for the balance of the resource and exploration drilling program are due to be received by mid-July with a new resource estimate to be published soon after.

International Graphite Managing Director and CEO Andrew Worland said: “The latest assay results from Mason Bay continue to excite us. It’s clear that the more we drill following the AEM image (refer Figure 2) the more graphite we can expect to find.

This is our fourth discovery at Springdale. Assays for the balance of the resource and exploration drilling program are due to be received by mid-July with a new resource estimate to be published soon after.

As reported in February 2023[ii], flotation tests on sample composites from Mason Bay produced high grade graphite concentrate at excellent recoveries with ‘fines’ size highly amendable to micronising.

We expect future drilling will continue adding to the Springdale resource base. Areas, comparable in size to the existing identified mineral resource, remain to be investigated.

The continued exploration success at Springdale gives us great confidence that sufficient mineral resource will be available across our tenement package to host a long life mine and support our integrated mine-to-market graphite operation in Western Australia.”

Drill collar data from drilling with assay results is shown below in Table 1 and significant intercepts are shown in Table 2. Figures 3-5 show graphite mineralisation in cross section from the areas highlighted in Figure 2.

Figure 1: Location of International Graphite projects

Figure 2: Airborne electromagnetic survey (AEM) image showing conductive material in relation to resource areas and new targets at the Springdale Graphite Project.

Figure 3: Cross-section 1 showing the multiple graphite zones intersected.

Figure 4: Cross-section 2 showing the multiple graphite zones intersected

Figure 5: Cross-section 3 showing the multiple graphite zones intersected

Table 1: Drill Collar Data for this release at Mason Bay area (GDA94 MGAz51)

Table 2: Significant Graphite Intervals

Note: Intercepts widths are downhole, calculated with a minimum of 1 metre of internal waste using a 1% TGC cut-off. Including intercepts widths are downhole, calculated with a minimum of 1 metre of internal waste using a 20% TGC cut-off.

Table 3: Springdale Graphite Existing Mineral Resource Estimate Summary (JORC 2012)

This announcement has been authorised for release by the Board of International Graphite Limited.

Andrew Worland

Managing Director CEO

Competent Persons Statement

The information in this announcement which relates to exploration targets, exploration results or mineral resources is based on information compiled by Mr. Darren Sparks. Mr. Sparks is the Principal Consultant and fulltime employee of OMNI GeoX Pty Ltd. He is a member of the Australian Institute of Geoscientists (“AIG”). Mr. Sparks has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’ (the JORC Code). Mr. Sparks consents to the inclusion of the information in this announcement in the form and context in which it appears.

The Competent Person confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement and, in the case of estimates of Mineral Resources, that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed. The form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcement.

The information in this document that relates to metallurgical test work managed by Battery Limits Pty Ltd (BL) is based on, and fairly represents, information and supporting documentation reviewed by Mr David Pass, who is a Member of The Australasian Institute of Mining and Metallurgy (AusIMM). Mr Pass is a fulltime employee of BL, who has been engaged by International Graphite Ltd to provide metallurgical consulting services. Mr Pass 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.

About International Graphite

International Graphite is an emerging supplier of processed graphite products, including battery anode material, for the global electric vehicle and renewable energy markets. The Company is developing a sovereign Australian ‘mine to market’ capability, with integrated operations wholly located in Western Australia. The Company intends to build on Australia’s reputation for technical excellence and outstanding ESG performance with future mining and graphite concentrate production from its 100% owned Springdale Graphite Project and commercial scale downstream processing at Collie. International Graphite is listed on the Australian Securities Exchange (ASX: IG6) and Tradegate and Frankfurt Stock Exchange (FWB: H99, WKN: A3DJY5) and is a member of the European Battery Alliance (EBA250) and European Raw Minerals Alliance (ERMA).

For more information please contact:

Robert Hodby

CFO/Company Secretary

[email protected]

+61 407 770 183

Marie Howarth

Media and Communication

[email protected]

+61 412 111 962

Link to the original news:

https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02674251-6A1153341?access_token=83ff96335c2d45a094df02a206a39ff4

[i] All metres and TGC are rounded to 1 decimal point.

[ii] Refer ASX release dated 21 February 2023