ITech Minerals : Campoona Spherical Graphite Project Concentrate

ASX RELEASE

21 April 2022

BOARD & MANAGEMENT

Glenn Davis - Chair Michael Schwarz - MD Gary Ferris - NED Jarek Kopias - Co Sec

CAPITAL STRUCTURE

Ordinary Shares Issued 96.1M

Options Issued 3.0M

CONTACT

Address:

Level 3, 170 Greenhill Rd PARKSIDE SA 5063

Email:[e-mail]:www.itechminerals.com.auTelephone: [phone]

Location - Eyre Peninsula Project, South

Australia

Contact:

Michael Schwarz Managing Director

E:[e-mail]

Ph: [phone]

W:www.itechminerals.com.au

Or

Gavan H Farley

Director - Corporate Advisory Novus Capital

Mob: [phone] Main: [phone]

E:[e-mail]

CAMPOONA SPHERICAL GRAPHITE PROJECT ACHIEVES >94% GRAPHITE CONCENTRATE FOR

PSG FEEDSTOCK

• • Metallurgical tests have achieved high purity fine flake graphite suitable for purified spherical graphite (PSG) production

  • o Average purity of greater than 94% total graphitic carbon (TGC) with estimated recoveries of ~84%

  • o >98% of graphite concentrates are less than 150 m (small flake size) which is used for PSG production

• • Results were achieved through conventional graphite flotation process (non-chemical, non-thermal) with potential for improvement from on-going test work

• • Campoona's metallurgical properties compare favourably to early test work at Renascor's Siviour Deposit just 40km to the south

• • Bulk sample production (50 kg) for PSG test work is now underway

• • Planning progressing for resource expansion drilling at the Lacroma Graphite Prospect north of Campoona

iTech Minerals Ltd (ASX: ITM, iTech or Company) has achieved a significant milestone at the Campoona Spherical Graphite Project with the production of a >94% TGC concentrate and recoveries of ~84% using an industry standard flotation circuit.

Figure 1. QEMSCAN image of flake graphite

"These results confirm the potential for Campoona to produce a high-quality graphite concentrate suitable for the high growth lithium-ion battery sector. On-going test work will aim to establish an environmentally friendly spherical graphite production process which can be used to add significant value to the Campoona graphite concentrate"

Managing Director Mike Schwarz

Figure 2. Location of graphite deposits and prospects - Eyre Peninsula, South Australia

iTech continues to build its portfolio of critical minerals projects with the production of a high-quality graphite concentrate from a bulk sample (600 kg) of run-of-mine (ROM) graphite ore, delivered to ANZAPLAN in Germany. ANZAPLAN has completed the first stage of metallurgical test work to produce purified spherical graphite for use in the anodes of Lithium-Ion (Li-ion) batteries using a low-cost, eco-friendly processing route with a smaller environmental footprint. This collaboration is building on test work completed by Archer Materials between 2015-2019, where Archer successfully produced battery-grade graphite using a traditional hydrofluoric-acid process.

The Campoona Graphite Project contains a JORC 2012 graphite Mineral Resource of 8.55 Mt @ 9.0% Total Graphitic Carbon (TGC), a granted mining lease and approved multipurpose licences for processing infrastructure and groundwater extraction. iTech is currently investigating the best pathway to produce "green graphite", including the use of abundant renewable energy available in South Australia.

Metallurgical Results

The current metallurgical test program for Campoona has reached a significant milestone with the production of a high-quality >94% flake graphite concentrate, from Campoona, with an estimated recovery of ~84%. This result gives iTech the confidence to pursue a graphite concentrate, for use as a PSG feedstock, with a cost-effective and conventional flow sheet design that doesn't rely on chemical or thermal purification.

The test work was undertaken on bulk sample (600 kg) of run-of-mine (ROM) graphite ore collected from reverse circulation and diamond drilling at the Campoona Central Deposit. The drill holes were located within areas representative of low strip ratio mineralisation of prime economic interest.

Table 1 shows the flake size distribution that was achieved while focussing on a concentrate suitable to produce purified spherical graphite (PSG). Spheroidization of graphite flakes typically uses the small to fine flakes which means >98% of the sample is suitable for PSG production without additional processing steps.

Table 1. Final concentrate size analysis

iTech believes that Campoona has the potential to produce a high-quality and cost-competitive flake graphite concentrate suitable to produce PSG for use in the lithium-ion battery sector.

The Company is confident that on-going optimisation test-work will continue to improve concentrate grade and recoveries.

Next Steps

The first two stages of a 7-stage test work program are now complete.

• • Review of historical test work data - completed

• • Development of a beneficiation process (flake graphite) - completed, this announcement

• • Flake graphite sample production (50 kg) - underway

• • Screening of alternative (non-HF) chemical purification routes

• • Optimisation of chemical purification

• • Spherical graphite sample production (2 kg)

• • Confirmation of purification of spherical graphite

Production of a 50 kg bulk sample is now underway. Once complete the chemical purification and spherical graphite sample production stages will commence. Results are expected in late August 2022.

Resource Expansion Program

The Campoona Graphite Project contains a JORC 2012 graphite Mineral Resource of 8.55 Mt @ 9.0%. iTech has the opportunity to significantly expand its global graphite resources at the Lacroma Graphite Prospect which occurs approximately 30 km to the north of Campoona on EL6643. iTech Minerals owns 100% of the graphite rights on EL6643.

Lacroma corresponds to a prominent Electro-Magnetic (EM) signature that has a potential strike extent of over 12 kilometres. Initial drilling at Lacroma recorded very wide intercepts of graphite (60m @ 6.8% TGC)1. Lacroma graphite, like the graphite at Campoona Shaft and Central Campoona, is high crystalline fine flake graphite. Metallurgical test work undertaken by Archer Materials (ASX: AXE or Archer) in 2015 showed that a 98.6% TGC concentrate using the same conventional flotation and leaching conditions as for the Campoona Deposits1. This suggests that the same processing circuit planned by iTech could also use graphite ore from Lacroma.

iTech is currently planning a substantial drilling program to test the full 12 km extent of the Lacroma EM anomaly. Further drilling at Lacroma has the potential to support a substantial Mineral Resource upgrade.

Figure 3. Location of graphite deposits and prospects with airborne electromagnetic image on EL6643 - Eyre

Peninsula, South Australia

Area	Resource Category	Tonnes (Mt)	Graphitic Carbon (%)	Contained Graphite (t)
Campoona Shaft	Measured	0.32	12.7	40,600
Indicated	0.78	8.2	64,000
Inferred	0.55	8.5	46,800
Central Campoona	Indicated	0.22	12.3	27,100
Inferred	0.30	10.3	30,900
Wilclo South	Inferred	6.38	8.8	561,400
Combined	Total Resource	8.55	9.0	770,800

Table 2. Mineral Resource Estimate, Campoona Graphite Project - Eyre Peninsula, South Australia

For further information please contact the authorising officer Michael Schwarz:

Michael Schwarz, FAusIMM, AIG

Managing Director

E:[e-mail] Ph: [phone]

W:www.itechminerals.com.au

Or

Gavan H Farley

Director - Corporate Advisory

Novus Capital

Mob: [phone]

Main: [phone]

E:[e-mail]

COMPETENT PERSON STATEMENT

The information which relates to exploration results is based on and fairly represents information and supporting documentation compiled by Michael Schwarz. Mr Schwarz has sufficient experience, which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking, to qualify as a Competent Person as defined in the 2012 edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves' (the

JORC Code). Mr Schwarz is a full-time employee of iTech Minerals Ltd and is a member of the Australian Institute of Geoscientists and the Australian Institute of Mining and Metallurgy. Mr Schwarz consents to the inclusion of the information in this report in the form and context in which it appears.

The Company confirms that it is not aware of any new information or data that materially affects the estimates of Mineral Resources in this release and that all material assumptions and technical parameters underpinning the estimates continue to apply and have not changed.

The information contained in this report, relating to metallurgical results, is based on, and fairly and accurately represent the information and supporting documentation prepared by Damian Connelly. Mr Connelly is a full-time employee of METS Engineering who are a Contractor to iTech, and a Fellow of The Australasian Institute of Mining and Metallurgy. Mr Connelly has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration, and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Exploration Targets, Mineral Resources and Ore Reserves. Mr

Connelly consents to the inclusion in the report of the matters based on the results in the form and context in which they appear.