The geology of the project area comprises metamorphic rocks of the Xixano Complex, dated at 735 Ma. Lithologies include schists, mica-schists and psammites, of granulite and upper amphibolite metamorphic grade. The graphite mineralisation is mostly contained in stratiform graphitic schists. The flake size of the graphite is up to 4mm. The strike of the mineralised lithologies at Balama is generally north east. The layering of lithologies to the east at Balama East is disrupted by the emplacement of a granite intrusion.

The mineralisation interpretation extends over a strike length of 1,050 m and 1,450m at Balama West and Balama East, respectively. The mineralisation is open to the west, east and north.

Mining at Balama Central will be completed with standard truck and excavator methods. Drill and blast of the fresh material will be required.

Pit designs for Lennox and Byron were based on Whittle pit optimisations for each deposit considering project specific unit costs, prices, recoveries and geotechnical inputs. The pit optimisations were constrained within the limits of the Indicated Resources for each deposit. The current design for the Lennox pit extends to a depth of approximately 90m, whilst the current design for Byron pit extends to a depth of approximately 135m deep. Each pit will have a single waste dump, located to the east of each excavation. Pit ramps will be oriented to ensure that both ore and waste haulage distances are minimized. Long-term ore stockpiles will be located between each pit and the ROM pad.

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