Update to Reflex Advanced Materials Corp Initial Drill Program at Ruby Graphite Project - Seite 2

Figure 1: Map of Ruby Graphite Project with Drill Hole placements

The drilling proceeded from the existing Ground Hog mine workings along a northeast trend toward the Bird’s Nest graphite mines.  The S21, B04 and B03 drill pads showed the best and most consistent visual mineralization.  The host rock is a sequence of marble, calc silicate, gneiss and schist, with lesser pegmatite and amphibolite.

The drilling program was designed to test one of the several conductivity anomalies identified during the Company’s GEM-2 and IP geophysical surveys conducted during 2022 (see March 2, 2023 news release), plus a heliborne TDEM survey flown earlier in the 2023 exploration season (see June 20th, 2023 news release) and a more recent MaxMin survey conducted by Big Sky Geophysics.

Figure 2 presents a photograph of one of the visibly richest graphite-bearing intervals from drill hole RG23‑010.  Note the centimeters-thick vein graphite as well as a mottled-appearing zone which is thought to be ‘clotty’ graphite likely resulting from biotite or possible garnet replacement.  There is also abundant disseminated flake graphite observed throughout this core.  This is an example of the three most common types of mineralization within a 3m interval.

Note that the general descriptions presented here are based on geologist’s visual observations and all assays are still pending.  Figure 2 shows some of the best observed mineralization; other holes or drill pads show less visible mineralization.

All mineralized sections of core are currently being sawed in half, and one half will be sent to ALS analytical laboratory for determination of graphite content, specific gravity, and multi-element analysis of selected intervals.  Due to the late start of the 2023 drilling program, it is unlikely that analytical results will be returned before Q1 2024.  Concurrently, the drill data, surface geologic mapping, geophysical surveys and limited information available from the historical Ground Hog workings are being used to create a 3D model, and ultimately a preliminary assessment of the quantity of graphite.  However, an NI 43‑101 compliant resource estimate is not expected from this maiden drilling phase of the project.