Oar Resources Limited provided the following update on its wholly owned Oakdale Graphite Project ("the Project") located on the Eyre Peninsula in South Australia. The Company has undertaken a detailed assessment of the Oakdale Project, which has included a review of the previous Scoping Study and JORC Resource completed at the Project and a recent site visit to the Project, which incorporated an assessment of drill core from previous drilling conducted by OAR. The outcomes of this review have been highly positive, and, in conjunction with the bullish prevailing supply and demand metrics in the graphite market, and considerable potential to grow the scale of the Resources, have provided OAR with the confidence to re-commence exploration and other project enhancing work at the Oakdale Graphite Project.

The Oakdale Graphite Project is listed as a `critical minerals project' by the Federal Government and has been subject to previous extensive drilling by OAR, totalling 330 air core and 11 diamond drill holes over a total of 19,124 metres. This drilling delivered excellent results and resulted in the definition of an initial combined Indicated and Inferred JORC Resource of 13.47Mt @ 3.3% Total Graphite Content (TGC) including 6.31Mt @ 4.7% TGC3, which formed the basis of the previous Oakdale Scoping Study. The original Scoping Study showed an estimated flotation concentrate grade of >90% TGC, and amongst other outcomes, `highlights the robust economic nature of the Oakdale Graphite Project'.

OAR's previous work at the Project established that the oxidised soft graphitic clays within the existing Resource may be amenable to being cheaply and readily mined within a shallow open-pit without drilling and blasting.