The Pathakada Graphite Project occurs within a 7km2 Exploration Licence (EL/219) located 40km southeast of Colombo. It represents the Company’s principal focus following the discovery of a major new vein graphite deposit at Conductor 1 whilst drill testing a series of electromagnetic anomalies.

The Pathakada Graphite Project occurs within a 7km2 Exploration Licence (EL/219) located 40km southeast of Colombo. It represents the Company’s principal focus following the discovery of a major new vein graphite deposit at Conductor 1 whilst drill testing a series of electromagnetic anomalies.

In March 2019, following the drilling of 43 diamond holes over a 200 x 200m area, a maiden JORC (2012) Mineral Resource Estimate (MRE) of 400,340 tonnes at 79.1 TGC was estimated for the Conductor 1 Deposit at Pathakada. The mineralisation occurs as multiple sheeted veins with both steep and shallow orientations hosted within charnockitic gneiss, biotite-hornblende gneiss and garnet sillimanite gneiss of the Highland and Wanni Complexes, and occurs along the western limb of a district scale fold that has a northwest trending axial trace. Currently infill and extensional resource drilling is being completed over the Conductor 1 Deposit. This drilling has not only confirmed the continuity between holes of the existing resource but has intersected new and wider veins at depth

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Whilst graphite mineralisation remains open in all directions an updated MRE is due to be completed in early 2020, which will likely establish a long-term mineral inventory for the Pathakada Project.

Additionally, less than 700 metres along strike to the northwest of the Conductor 1 Deposit a similarly large and deep-seated EM anomaly (Conductor 2) has previously only been tested by a single shallow diamond hole.

This drill hole intersected multiple graphite vein sets with a combined thickness in excess of 6 metres. At the completion of the Conductor 1 resource drilling, a new drill program will be planned to test Conductor 2.

Development Studies

Infrastructure including roads, rail, port, water and power facilities are all close to the Project.

Metallurgical characterisation test work was conducted on core by Nagrom Mineral Processors in Perth, which was representative of the Pathakada deposit. This campaign highlighted that via a simple crush grind and floatation flowsheet that the high grade run of mine (~79% TGC) material can be upgraded to a 96+% TGC with a 98+% recovery.

An internal Feasibility Study is currently underway. This work will include an updated MRE, metallurgical test work, geotechnical modelling and underground stope design, mining layouts, plant flowsheets and design, water balance, power, infrastructure and services, environment and community investigations, health and safety systems and final economic evaluation. These studies will be completed and reported during 2020.

A “Path to Production” schedule provides the development timelines for development studies, marketing and commissioning of Pathakada operation over the next 12-18 months.

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The Pathakada Graphite Project occurs within a 7km2 Exploration Licence (EL/219) located 40km southeast of Colombo. It represents the Company’s principal focus following the discovery of a major new vein graphite deposit at Conductor 1 whilst drill testing a series of electromagnetic anomalies.

In March 2019, following the drilling of 43 diamond holes over a 200 x 200m area, a maiden JORC (2012) Mineral Resource Estimate (MRE) of 400,340 tonnes at 79.1 TGC was estimated for the Conductor 1 Deposit at Pathakada. The mineralisation occurs as multiple sheeted veins with both steep and shallow orientations hosted within charnockitic gneiss, biotite-hornblende gneiss and garnet sillimanite gneiss of the Highland and Wanni Complexes, and occurs along the western limb of a district scale fold that has a northwest trending axial trace

Currently infill and extensional resource drilling is being completed over the Conductor 1 Deposit. This drilling has not only confirmed the continuity between holes of the existing resource but has intersected new and wider veins at depth. Whilst graphite mineralisation remains open in all directions an updated MRE is due to be completed in early 2020, which will likely establish a long-term mineral inventory for the Pathakada Project.

Additionally, less than 700 metres along strike to the northwest of the Conductor 1 Deposit a similarly large and deep-seated EM anomaly (Conductor 2) has previously only been tested by a single shallow diamond hole. This drill hole intersected multiple graphite vein sets with a combined thickness in excess of 6 metres. At the completion of the Conductor 1 resource drilling, a new drill program will be planned to test Conductor 2.

Development Studies

Infrastructure including roads, rail, port, water and power facilities are all close to the Project.

Metallurgical characterisation test work was conducted on core by Nagrom Mineral Processors in Perth, which was representative of the Pathakada deposit. This campaign highlighted that via a simple crush grind and floatation flowsheet that the high grade run of mine (~79% TGC) material can be upgraded to a 96+% TGC with a 98+% recovery.

An internal Feasibility Study is currently underway. This work will include an updated MRE, metallurgical test work, geotechnical modelling and underground stope design, mining layouts, plant flowsheets and design, water balance, power, infrastructure and services, environment and community investigations, health and safety systems and final economic evaluation. These studies will be completed and reported during 2020.

A “Path to Production” schedule provides the development timelines for development studies, marketing and commissioning of Pathakada operation over the next 12-18 months.

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