Ann: Exploration Update - Graphite Bull Project, page-29

I don't think a CR in the next 3-6months TBH. Most of BUX's exploration in entirely free-carried.
Post #:65050852 from Nov gives a good state of play of the BUX situation.

"Graphite bull 4mT @16.2% TGC
-EM survey in Dec
-Extension drilling Q1 2023
-Upgrade resouce Q2 2023
-Met-work on-going targeting PSD feedstock results due Q1/Q2
-Ming studies H2 2023

Copper wolf
-108mT a 0.8% Cu or 0.94% Cu Eq (JORC). Non-Jorc estimate 388mT 0.83% Cu
-Source porphyries yet to be intersected
-IGO spends 5M over next 3years to take 70% Ownership
-diamond drilling Q1 2023

Narryer
-IGO spend 3M over next 3 years
-EM due Dec 2022
-Drilling target Q1 2023

West Kimberley and Fraser range - 20% and 10% Bux ownership and free-carried with IGO funding exploration.

100% owned tenements going through some drill target definition
Shogun
Royale
Lateron

Centurion
-100% bux with TKM earning in 75%
-Located north west of the WA1 Nb-REE discovery
-TKM sinking diamond drilling in 2023 to test a target

Lots to like in the shorter and longer term.
Importantly capital structure is very tight with low expenditure expected with most items being funded by others.

Very good value for 11.5m EV.
IGO major holders already at ~19% so they've got skin in the game now. Any major discovery BUX can get a large re-rate and yet costs them nothing.

Favourable results on the graphite project or copper wolf are the bigger short term re-rate opportunities."

Looking forward to the drilling at the graphite project which due to this EM has potential and probability to greatly increase in size. These are some of the grades they were hitting. close to 30% TGC at end of hole



Now the recent EM survey is suggesting that you're only drilling 150m into 1500m+ of extension.
And we thought it was only 450m long along strike but actually 2300m.



Post #:60036011 has my info relating to our Copper Wolf project. This is a significant porphyry systems not explored with modern techniques.



For context that's 25-30Bn USD in ground value. The game changer is can we discover significant resources above or below current known resources such that it makes a step change in the potential economic viability. Buxton current research states that they believe the main feeder system is below. IGO now 75% earn-in to fund future exploration and BUX gets a 25% free-carry on a potential global scale copper resource in arizona. Final planning and access permits for the first diamond drill hole in more than 30 years to commence in Q1 2023

Lots to like...

SF2TH