The Woxna Graphite Project comprises four exploitation concessions (146.71 ha) over the Kringelgruvan (Kringel), Gropabo, Mattsmyra and Mansberg graphite deposits.

The local geology for all four of the Woxna Graphite deposits has been reported in this technical document in support of the re-estimation of the Woxna Graphite Mineral Resources in totality. However, for the purposes of the PEA, the Kringel graphite deposit local geology is summarised as follows:

• the mineralisation is hosted by a sequence of steeply dipping metasedimentary and metavolcanic units metamorphosed to sillimanite grade and intruded by igneous units ranging from alkali pegmatite to granite;
• the local geology within the exploitation area is dominated by steeply-dipping, calcareous quartz-rich meta-tuff, with interbedded metasedimentary units and cross-cutting pegmatite;
• trace to massive graphite mineralisation in two discrete tabular zones is developed in association with pegmatitic intrusions;
• the mineralisation is tabular in shape, and occurs late in the structural history, postdating and crosscutting any remnant tectonised and metamorphosed lithologies;
• the graphite is considered hydrothermal/metasomatic in nature; and
• the Kringel deposit area has variable cover of 2 m to 15 m of Quaternary age glacial moraine.

Mineralisation - Kringel
Generally, graphite is developed as an accessory mineral as laminated aggregates disper ........

The mine design, scheduling and costing for the Woxna Mine was undertaken by independent mining specialist MPlan. The selection of the most appropriate and cost effective method of mining was based on both historical information, the characteristics of the mineralisation and testwork results. A Basis of Design (BoD) was prepared which provides an effective tool to clearly present the 2021 decisions, assumptions and specifications that were used to develop the mining scenario for Kringel deposit at the Woxna Mine.

The Kringel deposit geometry combined with a relatively flat topography favours surface mining methods which was the historical method of mineralisation extraction. Different mining methods were considered, and two approaches were used to rank the mining methods and to evaluate their technical feasibility and relevance, namely the University of British Columbia (UBC) method and the Nicholas method. The top-ranking method proved to be surface mining at the planned mining production rate objective of 160 kt RoM per annum delivered to the primary crusher or RoM pad stockpiles. The reference point at which RoM is defined is at the point where the RoM is delivered to the Woxna Concentrator, i.e. primary crusher or RoM pad stockpiles.

The life of mine (LoM) is 15-years, and the life of project (LoP) is 19-years with the Woxna Concentrator feed from stockpiles in the last few years. A RoM graphite grade of 10.2% C on average over the first 15-years of ........

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The basis for the design of the Woxna Concentrator and associated VAP (process design) is the beneficiation of:
• 160,000 tpa of RoM with a grade of approximately 9.2% C by flotation to produce-
• an average of approximately 14,730 tpa of graphite concentrate, grading 92.3% C at the Woxna Concentrator on the mine site, which is then-,

fed to the VAP which will produce an average of approximately 6,604 tpa battery grade Coated Spherical Purified Graphite (CSPG) at 99.95% C and an average of approximately 7,479 tpa micronized (by jet mill) graphite at a grade of 93% C.

The Woxna Concentrator product will undergo several beneficiation stages through the VAP to result in the final CSPG. Sequentially these stages are spheronization to produce ‘curled’ flakes of graphite; followed by thermal purification and finally coating of the purified, spheronized flakes with additional carbon to produce graphite suitable for use in battery anodes.

The envi ........