Buxton Resources (ASX:BUX) strengthens commercial potential with successful Graphite Bull testwork qualification

Buxton Resources (ASX:BUX) has achieved an important milestone at its flagship Graphite Bull project, with leading anode manufacturer BTR New Material Group successfully qualifying Graphite Bull ore for use in their complete ore-to-anode production process.

This development highlights the quality of the high-grade graphite resource located in Western Australia’s Gascoyne region.

With graphite playing a central role in the accelerating demand for lithium-ion batteries, Graphite Bull is well placed to contribute meaningfully to future supply, particularly as the market faces projected shortages of natural graphite.

In this Q&A, CEO Martin Moloney addresses some of the key investor questions around the significance of this milestone, the market outlook, and the strategic direction Buxton Resources are taking to unlock the full value of Graphite Bull and our broader graphite portfolio.

This qualification demonstrates that Graphite Bull material meets the technical requirements needed to supply BTR’s industrial-scale anode production process.

Through extensive testwork, including flotation concentrate production and downstream processing into Coated Purified Spheronised Graphite (CPSG), the material was shown to meet the necessary electrochemical performance standards for battery applications.

“Buxton Resources has achieved a major milestone for its Graphite Bull project, with BTR New Material Group, the world’s largest anode manufacturer, successfully qualifying Graphite Bull ore for their entire ore-to-anode production process.”

With BTR holding over 25 percent of global anode market share and supplying industry leaders like CATL, Samsung, and Panasonic, this validation significantly enhances the commercial standing of our project and positions us for future engagement with strategic partners.

Graphite Bull is ideally positioned to benefit from the forecast structural supply deficit in the natural graphite market. Independent analysis indicates that demand for natural flake graphite will far exceed supply by 2035, with prices expected to rise substantially in the years ahead.

“The Graphite Bull project currently has a JORC (2012) compliant Inferred Resource of 20.73 Mt @ 10.8 % Total Graphitic Carbon above a 7% TGC cut-off grade (ASX 17/02/2025).”

Our large scale, high-grade resource combined with positive metallurgical results supports the potential for a long life operation.

This makes Graphite Bull an attractive source of supply at a time when the global battery industry is actively seeking secure and sustainable sources of graphite.

Graphite Bull’s location in Western Australia offers several strategic benefits that align with current shifts in battery supply chains.

As countries seek to reduce reliance on Chinese supply and comply with emerging trade policies, the importance of projects located in Tier 1 jurisdictions with Free Trade Agreement status has increased significantly.

Our proximity to Asia’s expanding battery manufacturing hubs, including BTR’s new Indonesian anode facility, strengthens our relevance as a future supplier.

The project’s location not only offers operational stability but also supports alignment with key global policy and environmental requirements.

Our focus now turns to progressing commercial discussions while continuing to grow and de-risk the project.

The successful qualification by BTR provides a strong platform to explore potential offtake agreements and strategic partnerships.

At the same time, we remain committed to increasing the confidence and scale of the resource through additional exploration and metallurgical refinement.

These next steps are designed to ensure Buxton is well prepared to meet both immediate and future market opportunities as demand for graphite continues to grow.

How does the recent discovery at the Blackhawk Project fit into Buxton’s broader graphite strategy?

The discovery of the Blackhawk graphite system adds depth to Buxton’s graphite strategy by providing an additional exploration asset within the same mineral province.

Located approximately 100 kilometres south of Graphite Bull, Blackhawk offers potential for future resource growth and diversification.

Together, these projects position Buxton to deliver a scalable supply of high quality graphite to the market, reinforcing our focus on building a long term, multi asset presence in the critical minerals sector.

“S&P Global have a bullish outlook for natural flake graphite market over the medium and longer terms with forecast prices to rise as a supply deficit develops.”

At Buxton Resources, we remain committed to advancing high-grade critical minerals projects that support the global transition to clean energy.

The successful qualification of Graphite Bull ore by BTR marks a key step forward, confirming both the technical and commercial viability of the project.

With demand for natural graphite forecast to grow significantly, we are well positioned to play an important role in supporting the battery materials supply chain.

We look forward to keeping our shareholders updated as we continue to build momentum and progress the next stages of development.

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