Quarterly Activities and Cashflow Report 30 June 2023

SUMMARY:

Drilling has been completed at the Sugarloaf Graphite Prospect, on the Eyre Peninsula, South Australia

Best results from the 17 drillholes include:

• SLRC23-017 – 27m @ 7.7% TGC from 8m and 13m @ 26.1% TGC from 73m
• SLRC23-010 – 13m @ 17.2% TGC from 42m
• SLRC23-011 – 48m @ 7.2% TGC from 5m and 49m @ 16.1% TGC from 68m
• SLRC23-016 – 29m @ 9.4% TGC from 23m including 17m @ 13.1% TGC from 28m
• SLRC23-014 – 44m @ 12.3% TGC from 74m
• SLRC23-013 – 59m @ 9.4% TGC from 7m

Drilling now demonstrates thick, high-grade mineralisation from surface to over 100m depth and extends the strike of drilled mineralisation from 2km to over 4.3km

Drilling continues at the Lacroma Graphite Prospect on the Eyre Peninsula, South Australia

Significant high grade graphite assays from the first 16 drillholes on the first traverse at Central Lacroma include:

• LARC23-005 – 28m @ 8.7% TGC from 39m o LARC23-001 – 37m @ 9.0% TGC from 65m
• LARC23-002 – 37m @ 8.4% TGC from 109m o LARC23-004 – 21m @ 8.6% TGC from 139m
• LARC23-006 – 4m @ 9.5% TGC from 36m

Thicker graphite assays from Central Lacroma include:

• LARC23-005 – 91m @ 6.0% TGC from 4m
• LARC23-004 – 76m @ 7.1% TGC from 19m
• LARC23-001 – 69m @ 7.6% TGC from 38m

Mineralisation extends ~200m across strike, from surface to >150m deep, strikes NNW-SSE and dips 450 to the east, with a true thickness of ~ 60m of 6-7% TGC with a 25m thick high-grade core of 8-9% TGC.