Ann: Exploration Update - Diamond Drilling at Central Target, page-6

In the material that DUN provided in their 16 March press release the resistivity values could be either massive sulphides or graphite. They have found graphite and some sulphides, they talk massive graphite. Figure 3: "Disseminated pyrite in massive graphite".

I was reading a WA DMIRS paper on graphite in WA and the Albany Fraser Orogen has lots of known deposits. I know IG6 have the Springdale resource west of Esperance, and there is Munglinup in that area too. Also NE of Central is the Fraser Range and Buningonia graphite prospects. IGO are looking for similar outcomes to DUN and their Fraser Range Oregon prospect https://www.igo.com.au/site/exploration/fraser-range-project has some similar themes to central .... with them finding graphite and sulphides when looking for Cu Ni sulphides. They explain an MLEM anomaly through conductive pyrrhotite-graphite-magnetite.

Could graphite and sulphides (Pyrite) be the source of the conductivity anomaly? Graphite is worth something. I personally have done OK on Graphite shares in recent times. But is the depth too much for an economic graphite resource. I know that RNUs Siviour and IG6's Springdale and other Eyre peninsular prospects are relatively shallow and would be open cut extraction and I know. Or is the grade too low? We would only know from the assays, but Sivour is 7.5% TGC and Springdale 6% TGC but has high grade zone at 17.5%.

So would graphite be that bad on outcome?