• Buxton Resources Limited (‘BUX’) (‘Buxton’) is seeking to raise A$2M via a single tranche placement at A$0.085 per share.

• Buxton will issue one (1) free attaching option (‘Option’) for every two (2) New Shares issued pursuant to the Placement. The Options will be exercisable at A$0.16, each with an expiry two (2) years from issuance and will be listed and issued subject to ASX listing requirements and shareholder approval.

• IGO Limited (ASX.IGO), subject to any necessary shareholder or ASX approval, will commit to participate in the Placement and subsequently a SPP Shortfall or ‘Top-up Placement’ to increase its shareholding from 17.98% to 19.9%. The participation in the initial Placement will be for a quantum of c. A$700,000.

• IGO will also reserve the right to appoint a director to the Buxton Board, subject to shareholder approval.

• Board and Management will participate in the capital raise to the extent of their entitlement under the SPP.

• The company will also launch a non-underwritten, Share Purchase Plan (‘SPP’) to eligible investors to raise an additional A$1M on the same terms. The offer will be subject to shareholder approval and be made via a prospectus.

• Buxton has mandated Evolution Capital to act as Sole Lead Manager.

The offer price represents a:

• 15.0% discount to Last Close
• 18.4% discount to the 5 day VWAP

Buxton Resources has confirmed that funds from the Placement will be applied towards:

• A c. 10,000m+ program (both RC and Diamond) at Graphite Bull;
• Preparation across the broader portfolio – Copper and Nickel Projects.
• General working capital and costs of the offer.

Buxton Resources Ltd (BUX.ASX) has a diverse portfolio of under-explored projects in Graphite, Copper, and Nickel across Australia and America. The company holds a free option on four joint ventures (JVs) with IGO, which are earning in 51-90%, with IGO being Buxton's largest shareholder.

Key Projects and Highlights

Copper Wolf – Arizona (IGO JV)

• Historical resource: 108Mt @ 0.8% Cu (JORC 2004 inferred resource)
• Non-JORC historical estimate: 388Mt @ 0.83% Cu
• Recent drilling results:
  • 84m @ 0.86% CuEq
  • 405m @ 0.70% CuEq
• Wolverine Prospect:
  • Cluster of magnetic anomalies with Cu-Mo bearing porphyry dykes
  • Permits received for drilling from BLM

Graphite Bull Project, Gascoyne Region, WA (100% owned)

• Current resource: 4Mt @ 16.2% TGC
• Recent drilling:
  • 33m @ 18.7% TGC
  • 32m @ 17.7% TGC
  • 5m @ 24.5% TGC
  • 18m @ 16.2% TGC
• Exploration to recommence in June for a significant resource upgrade
• Metallurgical testwork achieved > 99% TGC via HF-free purification process

West Kimberley (IGO 80%)

• Recent exploration results:
  • 2.85m of semi-massive sulphides: 13.24m @ 4.35% Ni, 0.34% Cu
  • 6.57m of massive sulphides: 2.89m @ 4.17% Ni, 0.83% Cu

Centurion Project – West Arunta (100% owned)

• Heritage Agreements in place for planned drilling
• Targeting Cu-Au and Nb-REE mineralisation
• Received Exploration Incentive Scheme grants up to $220,000

Matrix Manganese Project – Arizona (100% owned)

• Brownfields exploration project covering 12 km²
• Adjacent to RecycLiCo's Artillery Peak Project
• Drilling to commence in Q3 2024 to test manganese mineralisation extensions

Buxton Resources Ltd continues to expand its exploration efforts and aims for significant advancements across its projects in the coming years.