Kibaran Resources : Exceptional Results from European Customers

21 MARCH 2019

Exceptional Results from European Customer

Qualification Programme

New high purity graphite market opportunity for

Highlights

• • Recent testing ofproducts by prospective European partners confirms opportunity to secure additional carbon product market demand

• • Global high purity natural graphite market currently estimated at US$600 million per annum, underpinned by new investment in battery, electrical conductivity and thermal management applications

• • Additional demand from high purity graphite product customers expected to accelerate development of the firstmanufacturing facility

• • German test plant demonstratesprocess consistently produces high purity graphite products from a range of flake and spherical graphite feedstocks

• • Engineering studies for construction of a 20,000 tonnemanufacturing facility to be completed by April

Kibaran Resources Limited (Kibaran or the Company) (ASX: KNL) is pleased to provide an update on its European product development and qualification program.

Recent testing undertaken by leading European carbon product groups has delivered exceptional results, confirming that thepurification process can successfully produce premium quality, very high purity graphite for use in a range of technologically advanced applications that demand outstanding conductivity.

This positive outcome strengthens the competitive positioning of thepurification process and will support the Company's plans to accelerate the establishment of the firstmanufacturing facility.

The test work is an extension to the spherical graphite pilot plant program conducted during 2018 that focussed on the high growth lithium-ion battery market and confirms the opportunity forto capture additional demand in the high purity graphite market. German industrial organisations are technical leaders in this market, which includes batteries, conductive coatings, powdered metals, synthetic diamonds, carbon brushes and expanded polystyrene insulation.

Importantly the testing showed that the physical properties of the high purity graphite products are not changed by thepurification process, as typically occurs when using other methods. Critical properties such as specific surface area, oxidation resistance, bulk and tap density remain consistent both before and after thepurification.

The testing provides additional evidence of the flexibility and efficiency of theprocess to cost-effectively purify a range of natural graphite feedstock materials for the manufacture of high purity products.

Kibaran Resources Limited	ABN: 15 117 330 757	Managing Director	Media: Paul Armstrong
Level 1/18 Richardson Street	E:[e-mail]	Andrew Spinks	Read Corporate
West Perth WA 6005	www.kibaranresources.com	T: [phone]	T: [phone]

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Parties undertaking the product testing program wish to remain confidential due to the commercially sensitive nature of their operations and include European organisations that are considering potentialjoint-development arrangements with Kibaran. Bulk samples have now been requested by these parties to complete further assessments on the high purityproducts within a production environment in conjunction with discussions on potential offtake and investment.

Expansion of German Facility

The new batch plant in Germany has been successfully commissioned and is consistently producing high quality spherical graphite to support prospective customer and partner testing programs.

Results to date indicate an average yield of at least 50%, a narrow particle size distribution range (to ensure adequate separation of oversize and undersize material) and a 1 kg/litre tap density that achieves the strict quality requirements for leading carbon product and battery material manufacturers.

Spheronizing unit at the Germanfacility.

Laser particle sizer chart showing the narrow particle size distribution ofspherical graphite.

Microscopic pictures ofspherical graphite, with the round shape of the individual particles clearly visible, as well as the uniform particle size distribution in the sample, both key criteria for high quality spherical graphite.

For further information, please contact:

INVESTORS	MEDIA
Andrew Spinks	Paul Armstrong
Managing Director	Read Corporate
T: [phone]	T: [phone]

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