Kasiya's Graphite Suitable for Expandable Markets

Metallurgical Composite Sample:

The sample was a composite of multiple hand anger drill samples drilled in 2022 and 2023. Dilling of these samples was within the Kingfisher pit. Clusters of holes were drilled in eight locations.

Block 15 Site 1 - PT15BLK00143 - PT15BLK00152 (Hole ID: NSPT0017 - refer ASX Announcement dated 15/03/2022)

Block 15 Site 2 - PT15BLK00125 - PT15BLK00142 (Hole ID: KYAC0149 - refer ASX Announcement dated 30/01/2023)

Block 15 Site 3 - PT15BLK00103 - PT15BLK00124 (Hole ID: KYAC0142 - refer ASX Announcement dated 30/01/2023)

Block 15 Site 4 - PT15BLK00075 - PT15BLK00094, PT15BLK00124, PT15BLK00134 (Hole ID: KYAC0025 - refer ASX Announcement dated 8/09/2022)

Block 15 Site 5 - PT15BLK00061 - PT15BLK00074, PT15BLK00099 - PT15BLK00102, PT15BLK00106 - PT15BLK00108 (Hole ID: KYAC0088 - refer ASX Announcement dated 26/10/2022)

Block 15 Site 6 - PT15BLK00035 - PT15BLK00060, PT15BLK00076 - PT15BLK00077, PT15BLK00095 - PT15BLK00098, PT15BLK00114 - PT15BLK00117 (Hole ID: KYAC0090 - refer ASX Announcement dated 26/10/2022)

Block 15 Site 7 - PT15BLK00013 - PT15BLK00014, PT15BLK00022 - PT15BLK00034 (Hole ID: KYAC0091 - refer ASX Announcement dated 26/10/2022)

Block 14 Site 8 - PT15BLK00003 - PT15BLK00012, PT15BLK00015 - PT15BLK00021, PT15BLK00036 - PT15BLK00039 (Hole ID: KYAC0079 - refer ASX Announcement dated 26/10/2022)

All samples within the pit shell were added to the composite resulting in a sample of 15,766kg.

Samples were processed separately for the eight locations through Sovereign's Malawi metallurgical laboratory.

The following workflow was used to generate a pre-concentrate graphite feed:

·       Wet screen at 2mm to remove oversize

·       Dry screen at 1mm to remove oversize

·       Wet screen at 600µm

·       Wet screen at 45µm to remove -45µm material

·       Pass +45µm -600µm (fine sand) fraction over laboratory wet shaking table to produce a heavy mineral concentrate, light middling and wet table tailings which is the graphite concentrate.

·       The +45µm -600µm (fine sand) graphite concentrate and <1000µm >600µm screen fraction were combined to provide flotation feed. The >1000µm fraction was not included.

·       Flotation was performed at Maelgwyn in Johannesburg.

·       Fine and coarse gravity tailing samples contain approximately 75%-80% of the graphite present in the feed sample. The majority of the graphite lost is contained in the -45µm fines.

Placer Consulting (Placer) Resource Geologists have reviewed Standard Operating Procedures (SOPs) for the collection of HA and PT drill samples and found them to be fit for purpose.

Drilling and sampling activities are supervised by a suitably qualified Company geologist who is present at all times. All bulk 1-metre drill samples are geologically logged by the geologist at the drill site.

The primary metallurgical composite sample is considered representative for this style of mineralisation.

HA drilling was used to obtain samples. The bulk metallurgical sample was a composite of selected samples from routine resource drilling.

Existing rutile and graphite exploration results were used to determine the 1-metre intervals suitable to contribute to the two bulk sample composites.

Hand-auger drilling is completed with 75mm diameter enclosed spiral bits with 1-metrelong steel rods.  Each 1m of drill sample is collected into separate sample bags and set aside.  The auger bits and flights are cleaned between each metre of sampling to avoid contamination.  

Placer has reviewed SOPs for hand-auger drilling and found them to be fit for purpose and support the resource classifications as applied to the MRE.

The configuration of drilling and nature of materials encountered results in negligible sample loss or contamination. 

Samples are assessed visually for recoveries. Overall, recovery is good. Drilling is ceased when recoveries become poor generally once the water table has been encountered.

Auger drilling samples are actively assessed by the geologist onsite for recoveries and contamination.

The Company's trained geologists supervise auger drilling on a 1 team 1 geologist basis and are responsible for monitoring all aspects of the drilling and sampling process.

No bias related to preferential loss or gain of different materials has occurred.

All individual 1-metre auger intervals are geologically logged, recording relevant

data to a set template using company codes.

All logging includes lithological features and estimates of basic mineralogy. Logging is generally qualitative.

100% of samples are geologically logged.

Not applicable - no core drilling conducted.

Primary individual 1-metre samples from all HA and PT holes drilled are sun dried, homogenised and riffle split.

Metallurgical Composite Sample:

Full length of the Hand Auger Holes were processed in total 15,767kg.

Graphite concentrate sent to Maelgwyn was ~4800kg

The sample preparation techniques and QA/QC protocols are considered appropriate for the nature of this test-work.

The sampling best represents the material in situ.

The sample size is considered appropriate for the nature of the test-work.

Metallurgical Composite Sample:

The following workflow was used to generate a graphite product;

o    Rougher graphite flotation

o    Polishing grind of rougher graphite concentrate

o    Primary cleaner flotation milled rougher concentrate

o    Attrition milling of primary cleaner concentrate

o    Secondary cleaning of attritioned primary cleaner concentrate

o    Attrition milling of secondary cleaner concentrate

o    Tertiary cleaner flotation of attritioned secondary cleaner concentrate

o    Final concentrate dewatering, drying and sizing

Acceptable levels of accuracy and precision have been established. No handheld methods are used for quantitative determination.

Acceptable levels of accuracy and precision have been established in the preparation of the bulk sample composites.

No drilling intersections are being reported.

All data was collected initially on paper logging sheets and codified to the Company's templates. This data was hand entered to spreadsheets and validated by Company geologists.

A Trimble R2 Differential GPS is used to pick up the collars. Daily capture at a registered reference marker ensures equipment remains in calibration.

No downhole surveying is completed. Given the vertical nature and shallow depths of the holes, drill hole deviation is not considered to significantly affect the downhole location of samples.

WGS84 UTM Zone 36 South.

DGPS pickups are considered to be high quality topographic control measures.

Metallurgical Composite Sample: The hand-auger holes contributing to this metallurgical were selected from pit area Kingfisher and broadly represent early years of mining as contemplated in the OPFS (Approximately the first three years).

It is deemed that these holes should be broadly representative of the mineralisation style in the general area.

Not applicable, no Mineral Resource or Ore Reserve estimations are covered by new data in this report. 

Metallurgical Composite Sample:

The sample was composited as described under Sampling Techniques in this Table.

No bias attributable to orientation of sampling has been identified.

All holes were drilled vertically as the nature of the mineralisation is horizontal. No bias attributable to orientation of drilling has been identified.

Samples are stored in secure storage from the time of drilling, through gathering, compositing and analysis.  The samples are sealed as soon as site preparation is complete.  

A reputable international transport company with shipment tracking enables a chain of custody to be maintained while the samples move from Malawi to Johannesburg. Samples are again securely stored once they arrive and are processed at Maelgwyn. 

Graphite concentrate samples were shipped to German laboratories using a reputable international transport company with shipment tracking to enable a chain of custody to be maintained while the samples moved from Johannesburg to Germany. Concentrate samples are securely stored once they arrive and are processed in Germany.

At each point of the sample workflow the samples are inspected by a company representative to monitor sample condition. Each laboratory confirms the integrity of the samples upon receipt.  

It is considered by the Company that industry best practice methods have been employed at all stages of the exploration.

Malawi Field and Laboratory visits have been completed by Richard Stockwell in May 2022. A high standard of operation, procedure and personnel was observed and reported.