# LEL: Notice of General Meeting to Approve Spin-Out - 20 Nov 2026 Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/lel-notice-of-general-meeting-to-approve-spin-out-20-nov-2026--42472eba-34da-4e13-91c9-5b40c45a4481 Original source: https://www.asx.com.au/asx/v2/statistics/displayAnnouncement.do?display=pdf&idsId=03155230 Publisher: asx Original announcement: 2026-10-21T03:40:00.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-10-21T04:09:09.486Z Atlas analysis updated: 2026-10-21T04:09:09.486Z - Company: LE MINERALS LIMITED - Ticker: LEL - Exchange: ASX - Region: Queensland - Primary commodity: Graphite - Secondary commodities: Vanadium, Gold, Copper, Lithium - Document categories: Agreement transaction, Other, Resource update, Metallurgy - Extracted: 2026-10-21 04:09:10 UTC Narrative sentiment: 0.20 · Bullish ## Minestarters Atlas summary LE Minerals Limited is seeking shareholder approval for the spin-out and sale of its wholly-owned subsidiary, Axon Graphite Pty Ltd, to M Battery Materials Limited \(MBM\) for A$20 million in cash and scrip. This transaction will see LE Minerals divest its graphite projects, allowing it to focus on its gold-copper and lithium projects, while retaining a significant shareholding in MBM. The spin-out is conditional on MBM's successful IPO and involves a complex in-specie distribution of MBM shares to LE Minerals shareholders, subject to escrow and tax considerations. Reasoning: LE Minerals is seeking shareholder approval for a material corporate transaction involving the spin-out and sale of its graphite assets to MBM, which will then undertake an IPO. This strategic move aims to streamline LE Minerals' focus while providing shareholders with continued exposure to the graphite sector, albeit with complexities related to the share distribution and tax implications. - Positive factor: Divestment of non-core graphite assets allows LE Minerals to focus on its gold-copper and lithium projects. - Positive factor: LE Minerals shareholders will retain exposure to the graphite assets through a significant shareholding in the new entity, MBM. - Positive factor: The transaction reduces LE Minerals' capital expenditure and development risk associated with the graphite projects. - Negative factor: The in-specie distribution of MBM shares to LE Minerals shareholders is subject to complex escrow conditions and unresolved tax implications, potentially causing delays and uncertainty. - Negative factor: Shareholders may face adverse tax consequences from the in-specie distribution, and the inability to sell escrowed shares could create liquidity issues. - Negative factor: LE Minerals will lose direct ownership and control over the graphite projects, hedging its exposure to potential future operating revenues from these assets. Low confidence — this extraction should be reviewed alongside the original source. Facts used in scoring: 10 ## Classification and evidence **Spin-Out Transaction** Polarity: positive Story-specific tag Definition: No canonical definition is currently available. Why it applies: The document details the proposed spin-out and sale of Axon Graphite Pty Ltd to M Battery Materials Limited. Evidence · text > NOTICE OF GENERAL MEETING AND EXPLANATORY STATEMENT Time and date of Meeting: 11:30 am \(Perth time\) on Friday, 20 November 2026 Place of Meeting: LE Minerals Limited Boardroom, Level 28 1 Spring Street Perth, Western Australia This document is important and requires your immediate attention. It is recommended that Shareholders read this document in full and if there is any matter that you do not understand, you should contact your licensed financial adviser, accountant, stockbroker, solicitor or other professional adviser for advice. This Notice of General Meeting and Explanatory Statement is dated 21 October 2026. A Proxy Form is enclosed or has otherwise been provided to you Please read this Notice of Meeting carefully. If you are unable to attend the Meeting please complete and return the Proxy Form in accordance with the specified directions. The Chair of the Meeting will vote open proxies received in favour of Resolution 1 considered at the General Meeting. The Chair will call a poll on voting on Resolution 1. For personal use only LE MINERALS LIMITED ABN 94 647 135 108 20 November 2026\| GENERAL MEETING \| 1 CONTENTS CORPORATE DIRECTORY IMPORTANT NOTICES 2 BOARD William M. Johnson Executive Chairman NOTICE OF GENERAL MEETING 4 Farooq Khan Executive Director Victor P.H. Ho Executive Director EXPLANATORY STATEMENT 1. Spin-Out of Axon Graphite Pty Ltd 5 COMPANY SECRETARY 2. Ordinary Resolution 1 – Approve Spin-Out 14 of Axon Graphite **Shareholder Approval Required** Polarity: neutral Story-specific tag Definition: No canonical definition is currently available. Why it applies: The document explicitly states that shareholder approval is required for the proposed spin-out under ASX Listing Rule 11.4.1\(b\). Evidence · text > As paragraph \(a\) above does not apply, Shareholder approval is required under paragraph \(b\) above for the Proposed Graphite Sale. This General Meeting has therefore been called to seek Shareholder approval for the Company to complete the Proposed Graphite Sale for the purposes of ASX Listing Rule 11.4.1\(b\) \(under paragraph \(b\) above\). **In-Specie Distribution** Polarity: neutral Story-specific tag Definition: No canonical definition is currently available. Why it applies: The company plans to distribute 75% of the MBM Consideration Shares to its shareholders via an in-specie distribution. Evidence · text > The Company has agreed \(under the Axon Graphite SPA\) to seek Shareholder approval and, if granted, implement the In-Specie Distribution for 75% of the Consideration Shares after the completion of the ASX imposed escrow period \(refer Section 1.9.1\). **Escrow Conditions** Polarity: negative Story-specific tag Definition: No canonical definition is currently available. Why it applies: The Consideration Shares and those distributed in-specie will be subject to ASX-imposed escrow periods of up to 24 months. Evidence · text > Consideration Shares issued to LE Minerals \(as a promoter\), related parties and their associates will be subject to the standard 24-month escrow period from Quotation of MBM; and \(b\) distributed to the Company’s Shareholders under the proposed In-Specie Distribution \(other than those held by promoters, related parties and their associates\) will be subject to escrow for 12 months from the date of issue, consistent with the applicable escrow treatment under Category 4, Appendix 9 of the Listing Rules. **Tax Implications Unresolved** Polarity: negative Story-specific tag Definition: No canonical definition is currently available. Why it applies: The company is not yet able to advise on the specific tax consequences of the sale or the in-specie distribution, and is engaging with the ATO for clarification. Evidence · text > The Company is not presently able to advise the specific tax consequences arising. Where appropriate and applicable, a provision for taxation will be estimated by LE Minerals in the financial statements of the Company lodged on ASX following completion. **Non-Core Asset Divestment** Polarity: positive Story-specific tag Definition: No canonical definition is currently available. Why it applies: The spin-out allows LE Minerals to divest its graphite assets and focus on its other projects. Evidence · text > The Directors have determined that the securitisation of the Company’s Graphite Assets into MBM will provide the best means of commercially exploiting and attracting strategic financial and technical support to potentially develop the combined graphite assets into a larger-scale vertically-integrated mine to Battery Anode Material \(BAM\) product manufacturing business and provide exposure to a dedicated battery materials company focused on developing and supplying minerals and materials that are critical to the global energy transition. **JORC Compliant** Polarity: positive Story-specific tag Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: All reported mineral resource estimates for the Burke, Mt Dromedary, and Corella Graphite Projects are stated to be in accordance with the JORC Code. Evidence · text > Mineral Resource Estimates \(MREs\), Exploration Targets, Explorations Results and metallurgical and other test work results disclosed in this Explanatory Statement are in accordance with the JORC Code. **Historical Estimate Only** Polarity: negative Story-specific tag Definition: Estimate pre-dates or does not comply with current JORC/NI 43-101 standards — requires verification drilling. Why it applies: The mineral resource estimates for Burke, Mt Dromedary, and Corella are references to prior announcements and are not new updates in this document. Evidence · text > The information in this document that relates to Mineral Resources in relation to the Burke and Corella Graphite Projects is extracted from the following ASX market announcements made by LE Minerals Limited dated: • 16 June 2023 entitled "Maiden Corella Graphite Mineral Resource Delivers Doubling of Graphite Inventory" • 5 April 2023 entitled "Burke Graphite Mineral Resource Upgrade Delivers Significant Increases in Size and Confidence" **Stale Estimate** Polarity: negative Story-specific tag Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: The effective dates for the Burke \(April 2023\), Corella \(June 2023\), and Mt Dromedary \(September 2024\) resource estimates are more than two years old relative to the document date \(October 2026\). Evidence · text > The information in this document that relates to Mineral Resources in relation to the Burke and Corella Graphite Projects is extracted from the following ASX market announcements made by LE Minerals Limited dated: • 16 June 2023 entitled "Maiden Corella Graphite Mineral Resource Delivers Doubling of Graphite Inventory" • 5 April 2023 entitled "Burke Graphite Mineral Resource Upgrade Delivers Significant Increases in Size and Confidence" **High Recovery** Polarity: positive Story-specific tag Definition: Recovery at or above the exceptional band for the commodity and processing route. Why it applies: Metallurgical test work on the Burke Deposit achieved over 85% recovery for graphite using standard flotation. Evidence · text > achieved key objectives of grade \(>95% TGC\) and recovery \(>85%\) using standard flotation and regrind milling technology; **Pilot Scale Complete** Polarity: positive Story-specific tag Definition: Pilot or demonstration plant testing completed under continuous operation. Why it applies: The metallurgical test work for the Burke Deposit included comprehensive flowsheet development and BAM test work by BGRIMM and ProGraphite GmbH. Evidence · text > The Beijing General Research Institute of Mining and Metallurgy \(BGRIMM\) in China has completed a comprehensive flowsheet development metallurgical test work program on a ~one \(1\) tonne representative sample of graphite from the Burke Deposit recovered from diamond core drilling \(undertaken in January 2023\) to assess and develop an optimised flake concentrator flowsheet, with key results as follows14: **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: the document describes a mill\_cil route \("concentrator"\) ## Extracted facts Stored fact records: 8. Some facts used in scoring do not have a stored record. ## Resource Estimates (6) ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/lel-notice-of-general-meeting-to-approve-spin-out-20-nov-2026--42472eba-34da-4e13-91c9-5b40c45a4481#fact-resource-facts-2) Mt Dromedary Graphite Project · graphite Historical result Needs review: historical\_restatement #### Identity - Project: Mt Dromedary Graphite Project - Commodity: graphite - Region: australia\_qld - Reported Region: Queensland - Ticker: LEL #### Resource scope - Estimate type: resource - Reporting standards: jorc - Resource group id: resource:17414d6291e0e508071c - Deposit or zone: Mt Dromedary Deposit #### Resource Data - Category: indicated - Tonnes: 8300000 - Grade: 15.2 - Grade Unit: % TGC - Contained Metal: 1260 - Contained Unit: kt - Cutoff Grade: 5 - Cutoff Unit: % TGC #### Prior Estimate - Resource Date: 2024-09-10 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2024-09-10T00:00:00.000Z #### Dates - Event date: 2026-10-21T00:00:00.000Z Reasoning: The Mt Dromedary Indicated Mineral Resource is substantial and high-grade, but it is a historical estimate and part of the assets being divested by LE Minerals. - Positive factor: The Mt Dromedary Deposit has a significant Indicated Mineral Resource, indicating a good level of geological confidence. - Positive factor: The grade of 15.2% TGC is high for graphite deposits, suggesting good economic potential. - Negative factor: This is a historical estimate, and its effective date is over two years old, raising concerns about data currency. - Negative factor: The resource is part of the assets being spun out, so LE Minerals will no longer have direct ownership. Evidence · text > Mt Dromedary Deposit - total JORC Indicated and Inferred Graphite Mineral Resource of 12.7Mt graphite at 14.5% Total Graphitic Carbon \(TGC\), for a total 1.83Mt of contained graphite4; \(a\) the Mt Dromedary Deposit - total JORC Indicated and Inferred Mineral Resource of 12.7Mt graphite at 14.5% TGC, for a total 1.83Mt of contained graphite4; \(b\) the Burke Deposit – total JORC Indicated and Inferred Mineral Resource of 9.1Mt graphite at 14.4% TGC, for 1.31Mt of contained graphite5; and \(c\) the Corella Deposit – total JORC Inferred Mineral Resource of 13.5Mt graphite at 9.5% TGC, for 1.28Mt of contained graphite.6 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.1 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/lel-notice-of-general-meeting-to-approve-spin-out-20-nov-2026--42472eba-34da-4e13-91c9-5b40c45a4481#fact-resource-facts-3) Mt Dromedary Graphite Project · graphite Historical result Needs review: historical\_restatement #### Identity - Project: Mt Dromedary Graphite Project - Commodity: graphite - Region: australia\_qld - Reported Region: Queensland - Ticker: LEL #### Resource scope - Estimate type: resource - Reporting standards: jorc - Resource group id: resource:8cc8dfd39e3f39e75c90 - Deposit or zone: Mt Dromedary Deposit #### Resource Data - Category: inferred - Tonnes: 4300000 - Grade: 13.2 - Grade Unit: % TGC - Contained Metal: 570 - Contained Unit: kt - Cutoff Grade: 5 - Cutoff Unit: % TGC #### Prior Estimate - Resource Date: 2024-09-10 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2024-09-10T00:00:00.000Z #### Dates - Event date: 2026-10-21T00:00:00.000Z Reasoning: The Mt Dromedary Inferred Mineral Resource contributes to the project's overall scale but carries lower confidence and is a historical estimate for assets being divested. - Positive factor: The Inferred Mineral Resource adds to the overall potential of the Mt Dromedary Deposit. - Negative factor: This is a historical estimate, and its effective date is over two years old, raising concerns about data currency. - Negative factor: Inferred resources have lower geological confidence and cannot support economic studies alone. - Negative factor: The resource is part of the assets being spun out, so LE Minerals will no longer have direct ownership. Evidence · text > Mt Dromedary Deposit - total JORC Indicated and Inferred Graphite Mineral Resource of 12.7Mt graphite at 14.5% Total Graphitic Carbon \(TGC\), for a total 1.83Mt of contained graphite4; \(a\) the Mt Dromedary Deposit - total JORC Indicated and Inferred Mineral Resource of 12.7Mt graphite at 14.5% TGC, for a total 1.83Mt of contained graphite4; \(b\) the Burke Deposit – total JORC Indicated and Inferred Mineral Resource of 9.1Mt graphite at 14.4% TGC, for 1.31Mt of contained graphite5; and \(c\) the Corella Deposit – total JORC Inferred Mineral Resource of 13.5Mt graphite at 9.5% TGC, for 1.28Mt of contained graphite.6 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.1 years before this release ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/lel-notice-of-general-meeting-to-approve-spin-out-20-nov-2026--42472eba-34da-4e13-91c9-5b40c45a4481#fact-resource-facts-4) Burke Graphite Project · graphite Historical result Needs review: historical\_restatement #### Identity - Project: Burke Graphite Project - Commodity: graphite - Region: australia\_qld - Reported Region: Queensland - Ticker: LEL #### Resource scope - Estimate type: resource - Reporting standards: jorc - Resource group id: resource:a6a9de53fb122c3dcaca - Deposit or zone: Burke Deposit #### Resource Data - Category: indicated - Tonnes: 4500000 - Grade: 14.7 - Grade Unit: % TGC - Contained Metal: 670 - Contained Unit: kt - Cutoff Grade: 5 - Cutoff Unit: % TGC #### Prior Estimate - Resource Date: 2023-04-05 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-04-05T00:00:00.000Z #### Dates - Event date: 2026-10-21T00:00:00.000Z Reasoning: The Burke Indicated Mineral Resource is substantial and high-grade, but it is a historical estimate and part of the assets being divested by LE Minerals. - Positive factor: The Burke Deposit has a significant Indicated Mineral Resource with a high graphite grade, indicating good geological confidence and economic potential. - Negative factor: This is a historical estimate, and its effective date is over three years old, raising concerns about data currency. - Negative factor: The resource is part of the assets being spun out, so LE Minerals will no longer have direct ownership. Evidence · text > Burke Graphite Deposit - total JORC Indicated and Inferred Mineral Resource of 9.1Mt at 14.4% TGC, for 1.31Mt of contained graphite5; ▪ Indicated Mineral Resource of 4.5Mt at 14.7% TGC for 670kt of contained graphite; and ▪ Inferred Mineral Resource of 4.5Mt at 14.2% TGC for 640kt of contained graphite. #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.5 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/lel-notice-of-general-meeting-to-approve-spin-out-20-nov-2026--42472eba-34da-4e13-91c9-5b40c45a4481#fact-resource-facts-5) Burke Graphite Project · graphite Historical result Needs review: historical\_restatement #### Identity - Project: Burke Graphite Project - Commodity: graphite - Region: australia\_qld - Reported Region: Queensland - Ticker: LEL #### Resource scope - Estimate type: resource - Reporting standards: jorc - Resource group id: resource:9ab59d456aeaf0fbc95d - Deposit or zone: Burke Deposit #### Resource Data - Category: inferred - Tonnes: 4500000 - Grade: 14.2 - Grade Unit: % TGC - Contained Metal: 640 - Contained Unit: kt - Cutoff Grade: 5 - Cutoff Unit: % TGC #### Prior Estimate - Resource Date: 2023-04-05 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-04-05T00:00:00.000Z #### Dates - Event date: 2026-10-21T00:00:00.000Z Reasoning: The Burke Inferred Mineral Resource contributes to the project's overall scale but carries lower confidence and is a historical estimate for assets being divested. - Positive factor: The Inferred Mineral Resource adds to the overall potential of the Burke Deposit. - Negative factor: This is a historical estimate, and its effective date is over three years old, raising concerns about data currency. - Negative factor: Inferred resources have lower geological confidence and cannot support economic studies alone. - Negative factor: The resource is part of the assets being spun out, so LE Minerals will no longer have direct ownership. Evidence · text > Burke Graphite Deposit - total JORC Indicated and Inferred Mineral Resource of 9.1Mt at 14.4% TGC, for 1.31Mt of contained graphite5; ▪ Indicated Mineral Resource of 4.5Mt at 14.7% TGC for 670kt of contained graphite; and ▪ Inferred Mineral Resource of 4.5Mt at 14.2% TGC for 640kt of contained graphite. #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.5 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/lel-notice-of-general-meeting-to-approve-spin-out-20-nov-2026--42472eba-34da-4e13-91c9-5b40c45a4481#fact-resource-facts-6) Corella Graphite Project · graphite Historical result Needs review: historical\_restatement #### Identity - Project: Corella Graphite Project - Commodity: graphite - Region: australia\_qld - Reported Region: Queensland - Ticker: LEL #### Resource scope - Estimate type: resource - Reporting standards: jorc - Resource group id: resource:90af937178307c9cbaa0 - Deposit or zone: Corella Deposit #### Resource Data - Category: inferred - Tonnes: 13500000 - Grade: 9.5 - Grade Unit: % TGC - Contained Metal: 1.28 - Contained Unit: mt - Cutoff Grade: 5 - Cutoff Unit: % TGC #### Prior Estimate - Resource Date: 2023-06-16 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-06-16T00:00:00.000Z #### Dates - Event date: 2026-10-21T00:00:00.000Z Reasoning: The Corella Inferred Mineral Resource is a significant historical estimate for assets being divested, but its entirely Inferred classification indicates lower confidence. - Positive factor: The Corella Deposit has a substantial Inferred Mineral Resource, adding to the overall graphite inventory. - Negative factor: This is a historical estimate, and its effective date is over three years old, raising concerns about data currency. - Negative factor: The resource is entirely in the Inferred category, which has the lowest geological confidence and cannot support economic studies alone. - Negative factor: The resource is part of the assets being spun out, so LE Minerals will no longer have direct ownership. Evidence · text > the Corella Deposit – total JORC Inferred Mineral Resource of 13.5Mt graphite at 9.5% TGC, for 1.28Mt of contained graphite.6 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.3 years before this release ### area between and outside the existing Burke and Mt Dromedary Graphite Deposits [Link to this fact](https://atlas-staging.minestarters.com/news/lel-notice-of-general-meeting-to-approve-spin-out-20-nov-2026--42472eba-34da-4e13-91c9-5b40c45a4481#fact-resource-facts-7) Burke/Mt Dromedary Graphite Projects · graphite Historical result Needs review: historical\_restatement #### Identity - Project: Burke/Mt Dromedary Graphite Projects - Commodity: graphite - Region: australia\_qld - Reported Region: Queensland - Ticker: LEL #### Resource scope - Estimate type: resource - Reporting standards: jorc - Resource group id: resource:80ca971425cb1397eddf - Deposit or zone: area between and outside the existing Burke and Mt Dromedary Graphite Deposits #### Resource Data - Grade Unit: % TGC - Contained Unit: t #### Prior Estimate - Resource Date: 2026-05-27 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2026-05-27T00:00:00.000Z #### Dates - Event date: 2026-10-21T00:00:00.000Z Reasoning: The exploration target highlights potential for growth in the graphite assets being spun out, but it is conceptual and carries inherent geological uncertainty. - Positive factor: The exploration target indicates significant potential for additional graphite resources in the area between the existing deposits. - Negative factor: This is a conceptual exploration target, not a mineral resource, and its economic viability is uncertain. - Negative factor: The target is based on historical drilling and is part of the assets being divested by LE Minerals. Evidence · text > An Exploration Target has been determined for the area between and outside the existing Burke and Mt Dromedary Graphite Deposits, based on the intercepted \(graphitic schist\) geology logged from drill holes completed and assay results received from the 2025/2026 in-fill resource development drilling program:7 Exploration Target Ranges Tonnes \(Mt\) Grade \(TGC %\) Contained Graphite \(Mt\) 23.2 - 46.5 12 - 16 2.8 -7.4 Clarification Statement: The Exploration Target’s potential quantity and grade is conceptual in nature, there has been insufficient exploration to estimate a Mineral Resource, and it is uncertain if further exploration will result in the estimation of a Mineral Resource. #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ## Metallurgical Results (2) ### flotation [Link to this fact](https://atlas-staging.minestarters.com/news/lel-notice-of-general-meeting-to-approve-spin-out-20-nov-2026--42472eba-34da-4e13-91c9-5b40c45a4481#fact-metallurgical-facts-8) Burke Graphite Project · graphite Historical result Needs review: historical\_restatement #### Identity - Project: Burke Graphite Project - Commodity: graphite - Region: australia\_qld - Reported Region: Queensland - Ticker: LEL #### Test Work - Program Status: detailed - Test Type: flotation - Processing Route: flotation and regrind milling #### Recovery - Recovery: 85 % - Recovery Basis: actual\_test - Conc. Grade: 95 - Conc. Grade Unit: % TGC #### Lab - Laboratory: Beijing General Research Institute of Mining and Metallurgy #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-05-23T00:00:00.000Z #### Dates - Event date: 2026-10-21T00:00:00.000Z Reasoning: Historical metallurgical test work on the Burke Graphite Project demonstrated excellent recovery and concentrate grade using conventional methods, which is a positive for the divested assets. - Positive factor: High recovery and concentrate grade achieved using standard, proven flotation technology, indicating good processability. - Positive factor: The test work was comprehensive and completed by a reputable laboratory, providing confidence in the results. - Negative factor: This is historical test work, and the assets are being divested by LE Minerals. - Negative factor: The results are from 2023, so they are not new information. Evidence · text > The Beijing General Research Institute of Mining and Metallurgy \(BGRIMM\) in China has completed a comprehensive flowsheet development metallurgical test work program on a ~one \(1\) tonne representative sample of graphite from the Burke Deposit recovered from diamond core drilling \(undertaken in January 2023\) to assess and develop an optimised flake concentrator flowsheet, with key results as follows14: \(a\) achieved key objectives of grade \(>95% TGC\) and recovery \(>85%\) using standard flotation and regrind milling technology; #### Tags used in scoring **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: processing\_route matches the flotation signal ### spheronising and purification [Link to this fact](https://atlas-staging.minestarters.com/news/lel-notice-of-general-meeting-to-approve-spin-out-20-nov-2026--42472eba-34da-4e13-91c9-5b40c45a4481#fact-metallurgical-facts-9) Burke Graphite Project · graphite Historical result Needs review: historical\_restatement #### Identity - Project: Burke Graphite Project - Commodity: graphite - Region: australia\_qld - Reported Region: Queensland - Ticker: LEL #### Test Work - Program Status: detailed - Test Type: spheronising and purification - Processing Route: BAM production #### Recovery - Conc. Grade: 99.97 - Conc. Grade Unit: % TGC SPG #### Lab - Laboratory: ProGraphite GmbH #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-11-27T00:00:00.000Z #### Dates - Event date: 2026-10-21T00:00:00.000Z Reasoning: Historical BAM test work on Burke graphite successfully produced battery-grade SPG, confirming its suitability for the battery market, which is a strong positive for the divested assets. - Positive factor: Successful production of high-purity \(99.97% TGC\) spherical purified graphite \(SPG\) suitable for battery anode material. - Positive factor: The test work defined process flowsheet requirements and design criteria, advancing the project towards feasibility. - Negative factor: This is historical test work, and the assets are being divested by LE Minerals. - Negative factor: The results are from 2023, so they are not new information. Evidence · text > ProGraphite GmbH in Germany has completed spheronising and purification test work on ~15kg of 95.6% TGC graphite concentrate produced by BGRIMM - house pilot plant15 using graphite from the Burke Deposit. This BAM test work has defined16: \(a\) the process flowsheet requirements to produce a high purity 99.97% TGC SPG product, which will be suitable as feedstock for the battery anode production process; ## How Atlas produces this analysis Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.