Greywolf Graphite Project Update

Greywolf Graphite Project: Preliminary Field Visits Confirm MTA Results and Define Outcrop Extent

Spil Madencilik LTD
(21 April 2025)

Spil Madencilik is pleased to provide an update on the Greywolf Graphite Project located near Gölmet and Kutluca villages in Bozkurt, Kastamonu, Türkiye. Following prior desktop evaluations based on published data and geological maps, field teams have now completed site visits and sample collection to verify historical findings.

SUMMARY

A historical prospecting program (dated 2008) conducted by the General Directorate of Mineral Research and Exploration (MTA) included trenching, mineralogical and petrographic sampling, as well as detailed geological mapping at 1:5000 scale across a 37 km² area. Spil Madencilik teams have now confirmed the locations of those trenches and re-visited the primary zones to observe the extent of graphite-bearing outcrops.

Extensive outcrop exposures were observed at surface, and samples were collected to further confirm MTA’s results. The field visit confirms that graphite and semigraphite occurrences are widespread and aligned with mapped structures and lithological boundaries of the Akgöl Formation.

HIGHLIGHTS

· Rmax values (graphite maturity index) up to 9.04% (Sample KG-5); multiple samples over 9%

· Fixed Carbon content up to 7.19% C in dry samples (Sample KG-1); typical range between 5.6% and 7.19%

· Graphite contents of 8%–13% in key samples (e.g., KG-4, KG-5, KG-7)

· Microcrystalline graphite textures (grain size 10–15 microns)

· Graphite mineralization occurs within Akgöl Formation, enhanced by Kastamonu Jurassic granite intrusions

· Observed mineralogical associations include clay minerals, calcite, pyrite, and iron hydroxides

NEXT STEPS

· Laboratory confirmation of collected samples

· Review and validation of historical MTA trench and lab data.

COMMENTARY

"Having worked in graphite exploration and development for nearly two decades, we understand both the opportunities and challenges associated with this mineral,” said Sait Uysal, Founder of Spil Madencilik.

“The initial observations at Greywolf are encouraging, and the MTA’s work provides a solid foundation for further evaluation. However, we are approaching this project with caution—graphite occurrences in Türkiye, while promising, are often geologically complex and may not be suitable for all industrial or high-end applications. Our next steps will be focused on systematically validating the quality, scale, and potential processing pathways to determine the most suitable path forward"