Buxton Resources Advances Key Projects Amid $3M Capital Raise and JV Shift

Exploration Momentum Builds Across Multiple Fronts

Buxton Resources Limited (ASX – BUX) has delivered a robust quarterly update for the period ending 30 June 2025, showcasing tangible advancement in its diverse mineral exploration projects. The company has completed earthworks at its flagship Centurion Project in Western Australia's Great Sandy Desert, setting the stage for a maiden drilling campaign targeting a large-scale Iron Oxide Copper Gold (IOCG) system. This initiative follows extensive heritage clearances and the securing of an Exploration Incentive Scheme grant, underscoring Buxton's methodical approach to unlocking the project's potential.

Meanwhile, at the Madman Project in the Little Sandy Desert, Buxton has finalized a heritage survey, with results expected imminently. This survey is a critical precursor to planned drilling activities, supported by a separate government grant. The project’s magnetic anomaly bears resemblance to notable discoveries in the Paterson Province, hinting at promising exploration upside.

Graphite Bull Project Advances with Industry Validation

Buxton’s Graphite Bull Project continues to gain momentum, with a major international anode manufacturer conducting and expanding downstream qualification testwork. The recent results, announced post-quarter, confirm the high quality of graphite concentrate and ore samples, reinforcing the project's commercial viability. The updated Mineral Resource Estimate, released earlier this year, significantly expanded the resource base to 20.7 million tonnes at 10.8% total graphitic carbon, with a notable 40% now classified as Indicated Resources. This milestone enhances the project's attractiveness for future development.

Strategic JV Changes and Project Portfolio Expansion

In a notable strategic development, IGO Limited has formally withdrawn from the Fraser Range Joint Venture, returning full ownership of the tenements and a substantial geophysical and drilling dataset to Buxton. This shift allows Buxton to independently pursue exploration opportunities in this prospective region, which has a history of magnetite discoveries and significant drilling data.

On the Copper Wolf Project in Arizona, where Buxton holds a 49% interest alongside IGO’s 51%, IGO continues to plan follow-up geophysical surveys and drilling, aiming to delineate high-grade porphyry copper-molybdenum mineralisation. Buxton also retains 100% ownership of adjacent tenure with basement exposures that may host shallower mineralisation, positioning the company well for future exploration success.

Financial Position and Corporate Activity

Buxton successfully completed a $3 million capital raising at $0.025 per share during the quarter, bolstering its cash reserves to approximately AUD 2.7 million as of 30 June 2025. Exploration expenditure totaled AUD 0.681 million, primarily allocated to earthworks at Centurion and heritage surveys at Madman, alongside ongoing project generation efforts. The company maintains disciplined fiscal management, with corporate and administrative costs aligning with expectations.

Buxton also continues to advance permitting and approvals for its Matrix manganese project in Arizona, with a maiden drilling program pending regulatory clearance. Additional project generation work has led to new exploration license applications in Western Australia, reflecting Buxton’s commitment to expanding its portfolio.