International Graphite Limited has received outstanding results from the first two metallurgical tests on graphite samples from recent drilling at the Springdale Graphite Project, in Western Australia. The samples are from a new exploration target SDE_1, located just 2km from the existing Springdale mineral resource. Laboratory results from the new Springdale East samples are consistent with previous metallurgical testwork on samples taken from within the existing mineral resource estimate.

The independent flotation tests results show that: Graphite concentrates of >97% TGC can be produced using conventional flotation. The result exceeds the typical benchmark of 95% TGC. The flotation concentrate exhibited consistent grade distribution within size fractions.

The concentrates produced were "fine", at less than 75 micron, and considered to be highly amenable to micronising. Micronised graphite is widely used in industrial applications as well as being the first step in downstream processing of battery anode material. Impurities were low with silica <1.0%.

Tests were carried out by ALS-Metallurgy Pty Ltd.'s laboratory in Perth under the management of BatteryLimits Pty Ltd. The first "sighter" test BF2369 focussed on concentrate grade performance. The second test BF2380 aimed to improve recoveries while maintaining concentrate grade. In the second test graphite recovery improved by an impressive 12.0% to 93.7%, with only a 0.3% reduction in concentrate grade to a still impressive 97.1%, well above the benchmark 95% grade.