International Graphite Limited announced the results of a further 10 reverse circulation (RC) exploration holes from drilling at the Springdale Graphite Project ("Springdale" or the "Project"), near Hopetoun and 25km south of Ravensthorpe in Western Australia. Over 6,000 metres of mineral resource and exploration drilling have been completed at Springdale since June 2022. The drilling aims to upgrade the existing Springdale Mineral Resource Estimate from inferred to indicated status (currently 15.6Mt at 6.0% TGC, including a high-grade component of 2.6Mt at 17.5% TGC).

It also aims to expand the mineral resource inventory through exploration drilling in areas highlighted by an airborne electromagnetic geophysical ("AEM") survey undertaken in 2019. The ten RC holes outlined in this release target anomalies to the south of the Springdale Mineral Resource. Springdale South is the third discovery from International Graphite's drilling, following identification of Springdale Far West and Springdale Central in September and October 2022 respectively.

A further 39 RC drill holes have now been completed at exploration target SDE_1. Visual graphite mineralisation was identified in December 2022 and assays for that drilling are expected to be received in February.