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Reserves & Resources

Mineral Resources

A 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves” ("JORC Code") compliant Mineral Resource estimate using a 5% Total Graphitic Carbon ("TGC") cut-off has been determined by Snowden Optiro ("Snowden") and Ore Reserves estimate using 7.2% TGC cut-off grade has been determined also by Snowden.

Graphite Mineral Resource

As at 31 December 2022 (5% TGC cut-off grade)
ClassificationTonnes (Mt)TGC (%)
ATIVA+MUALIA32312.4
Measured2217.0
Indicated11812.4
Inferred18311.8
MEPICHE71211.2
Measured--
Indicated12113.6
Inferred59110.7
STOCKPILES1.411.1
Measured--
Indicated1.411.1
Inferred--
TOTAL1,03611.6
Measured2217.0
Indicated24013.0
Inferred77411.0
As at 31 December 2021 (3% TGC cut-off grade)
ClassificationTonnes (Mt)TGC (%)
ATIVA+MUALIA63810.0
Measured2317.5
Indicated25510.2
Inferred3609.3
MEPICHE78310.6
Measured--
Indicated12313.4
Inferred66010.1
STOCKPILES--
Measured--
Indicated--
Inferred--
TOTAL1,42210.3
Measured2317.5
Indicated37811.2
Inferred1,0209.8

Explanation of material changes:

The 2022 Balama Mineral Resource is based on an updated pit shell approach and a revised TGC cut-off grade that demonstrates Reasonable Prospects for Eventual Economic Extraction ("RPEEE") using reasonable economic and technical assumptions. Components of the Balama Mineral Resource have been re-estimated using new data and stockpiles are included within the 2022 Balama Mineral Resource.

Ore Reserves

As at 31 December 2022 (7.2% TGC cut-off grade)
ClassificationTonnes (Mt)TGC (%)Graphite (Mt)
ATIVA+MUALIA55.517.99.9
Proved---
Probable55.517.99.9
MEPICHE53.414.98.0
Proved---
Probable53.414.98.0
STOCKPILES1.411.10.2
Proved---
Probable1.411.10.2
TOTAL110.316.418.0
Proved---
Probable110.316.418.0
As at 31 December 2021 (7.2% TGC cut-off grade)
ClassificationTonnes (Mt)TGC (%)Graphite (Mt)
ATIVA+MUALIA59.116.910.0
Proved---
Probable59.116.910.0
MEPICHE47.014.46.8
Proved---
Probable47.014.46.8
STOCKPILES0.99.30.1
Proved---
Probable0.99.30.1
TOTAL107.015.716.8
Proved---
Probable107.015.716.8

Explanation of material changes:

The 2022 Balama Ore Reserve was updated for mining depletion in 2022, with resulting inventory stockpiling, and incorporates optimisation of pit shells adopted for the 2022 Balama Mineral Resource.

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