I've used Boelube when I worked building 747s. No silocone, or wax.
The paste worked good to first coat the bit, then when the heat melted it and started to smoke, I would re-dip the bit in the cup of paste let it cool a second then rinse and repeat. I could drastically extend the life of the bit and get a quality hole ( every hole was checked with a gauge to pass QA).
Product description
Boelube is a specially formulated lubricant patented by Boeing Aerospace. Use it on drill bits, reamers, saw blades, taps & dies, boring tools, and any other application where smooth cutting action is required. The application of a small amount of Boelube, which is consumed in the metalworking process, will greatly improve tool life, surface finish, and hole quality. High film strength and lubricity and unique polar properties are the key to its ability to provide superior lubrication. Recommended for use on aluminum, titanium, inconel, stainless steel, graphite, composites, kevlar, and wood. Can also be used with other ferrous and non-ferrous metals. Completely non-toxic, non-irritating and biodegradable.
Non-corrosive, non-flammable, chemically stable and free of halogens, heavy metals, suflur, phosporous, silicone, petroleum and paraffin wax.
https://www.amazon.com/Aircraft-Supply-Boelube-Paste-Medium/dp/B005VR9R6U