Key Point Summary: Mineralized host felsic dyke at the Quinlan Zone has been intercepted in 100% of holes drilled to date, with multiple near-surface, high-grade drilling intercepts including 29.31 metres at 2.20 g/t Au from 35.00 metres, including 0.99 metres at 11.42 g/t Au from 57.01 metres; 3.35 m at 14.48 g/t Au from 77.25 m, including 0.65 m at 72.53 g/t Au from 77.25 metres.

Visible gold (VG) has been identified in 10 of 30 Quinlan drill holes logged to date in 2025, with detailed lithological logging ongoing. High-resolution ground-penetrating radar (GPR) survey suggests possible untested geological continuity of Quinlan to north-northeast (NNE), with processing ongoing.

“The 2025 drill program at Toogood has been a resounding success, with every hole at Quinlan intercepting the mineralized felsic dyke and those with assays returning multiple near-surface, high-grade gold intervals,” stated Colin Smith, CEO. “These results confirm strong continuity along strike and at depth, with new geophysics pointing to expansion potential well beyond the current 350-metre drill-tested extent. With assays pending from more than half of the program, we are just beginning to realize the scale of this discovery opportunity.”

The 2025 drill campaign at Toogood was designed to systematically test for expansions and continuity of Quinlan while advancing district-scale targeting across the broader land package.

To date, assays have been received for holes 25TG001 to 014, with results pending for holes 25TG015 to 033. Visible gold (VG has been identified in 10 of the 30 holes drilled at Quinlan in 2025, with detailed core logging on-going.

The 2025 drill program was completed safely, on budget, and on schedule. A total of 2,000 metres were drilled in 33 diamond drill holes, distributed as follows:

Quinlan: Step-outs and delineation drilling confirmed mineralization along 350 metres of strike and 100 metre vertical depth, with multiple holes delivering near-surface, high-grade gold intercepts.

Regional Targets: Initial drilling at the Mélange Contact targeted a never-before-tested, 18 km-long district-scale lithological boundary, logging ongoing.

Geophysics Integration: Results from a high-resolution GPR survey suggest untested strike potential extending to the NNE of prior drilling at Quinlan (processing ongoing).

Initial Highlights Drill Holes – 25TG014: 29.31 metres at 2.20 g/t Au from 35.00 metres, including 0.99 metres at 11.42 g/t Au from 57.01 metres.

Includes an additional shallower interval of mineralized felsic dyke (possible splay), returning 5.33 metres at 1.32 g/t Au from 22.04 metres.

25TG014 was designed to test for continuity along strike to the south-southwest (SSW) of prior drilling, and successfully returned broad, high-grade gold mineralization.

Mineralization remains fully open along strike to the SSW, and represents a high priority drilling trend for future programs.

Hole 25TG014 was followed up at depth by drill holes 25TG015 (same pad), 25TG030 (down-dip pad) and 25-TG-031 (down-dip pad) – all assays pending.

25TG010: 3.35 metres at 14.48 g/t Au from 77.25 metres, including 0.65 metres at 72.53 g/t Au from 77.25 metres.

Confirms the presence of exceptionally high-grade shoots within the mineralized felsic dyke. Hole 25TG010 was designed to test for down-dip continuity to the east-southeast (ESE) of prior drilling, and successfully returned a high-grade intercept at depth.

No Quinlan drill holes exist to the ESE of 25TG010, and further step-outs down-dip represents a compelling drill target for future programs.

Hole 25TG013: 5.78 metres at 3.33 g/t Au from 10.51, including 1.49 metres at 10.55 g/t Au from 10.51 metres.

Hole 25TG013 was designed to test for continuity along strike to the south-southwest (SSW) of prior drilling, and successfully demonstrated strong near-surface continuity of high-grade mineralization, approximately 30 metres up-dip from 25TG014.

Mineralization remains fully open along strike to the SSW and represents a high priority drilling trend for future programs.

Quinlan represents a robust example of structurally hosted dyke-related gold mineralization within the Exploits Subzone. Together with analogous felsic dykes mapped elsewhere on the property, Quinlan provides a compelling focal point for ongoing exploration and discovery across the Toogood Gold Project.

The company has entered into a financial advisory agreement dated September 22, 2025 for Canaccord Genuity Corp. to provide financial advisory services in consideration for an advisory fee satisfied by the issuance of 1,000,000 common shares, subject to TSXV approval.  The shares will be subject to a two-year escrow agreement.

Toogood Gold is focused on the discovery and development of high-grade gold deposits in Newfoundland. The company’s flagship asset, the district scale (118 km²) Toogood Gold Project, is located on New World Island within the highly prospective Exploits Subzone – a structurally complex and underexplored district known for significant recent gold discoveries.

The project’s inaugural drill program in 2022 yielded a high-grade, at surface gold discovery, intercepting visible gold in 15 of 19 core holes, with mineralization remaining open in all directions. The Toogood Gold Project is accessible via paved highway and hosts extensive development infrastructure including electrical lines, water and proximity to tidewater.

Combined with EXIM’s US$325 million letter of intent announced in October, 2024, for the company’s planned advanced graphite materials facility in Ohio, the company said EXIM indications of support for Graphite One’s U.S. supply chain strategy now stand at US$895 million.

In its latest press release, Graphite One said the LOI states: “Based on the preliminary information submitted, EXIM would be able to consider financing up to US$570 million of the U.S. export contract. Please note that based on the OECD Arrangement for Export Credits and EXIM Bank guidelines, this transaction is eligible for a maximum repayment term of 10 years. We trust that this Letter of Interest, coupled with the quality of U.S. products and services, will make a compelling case for U.S. procurement.”

On Tuesday, Graphite One shares were active on the news, rising 6.85% or $0.05 to 78 cents. The shares trade in a 52-week range of $1.14 and 64 cents.

Graphite One aims to become a vertically integrated American supplier, capable of mining graphite from its Graphite Creek Property. The Graphite One project plan includes an advanced graphite material and battery anode manufacturing plant located in Warren, Ohio. The plan also includes a recycling facility to be located in Ohio.

Envisioned as a vertically-integrated enterprise to mine, process and manufacture high-grade Coated Spherical Graphite (CSG), the Graphite One project would increase the North American supply of high purity CSG that meets or exceeds current requirements for electric vehicle battery anodes, and other critical applications at a time when demand for graphite is skyrocketing, the company has said.

“EXIM’s extension of its LOI to our company validates Graphite One’s strategy to develop a 100% U.S.-based advanced graphite minerals supply chain,” said Graphite One President and CEO Anthony Huston. “The announcement follows the recent acceptance of our Graphite Creek project as a ΓÇÿcovered project’ under the Federal FAST-41 Permitting Dashboard and, along with G1’s two Department of Defense grants under the Defense Production Act and from the Defense Logistics Agency, underscores the U.S. Government’s keen understanding of the urgency to end the United States’ 100% dependence on foreign sources of graphite supply.”

“Against a backdrop of China’s ongoing dominance over global graphite production, the EXIM LOI further indicates that this transaction may be eligible for special consideration under Section 402 of EXIM’s 2019 reauthorization, which directs EXIM to take steps to mitigate the competitive impact of export support provided by the People’s Republic of China and other covered countries for opportunities such as this one and/or to advance the comparative leadership of the United States in Transformational Export Areas,” Graphite One said..

GI expects to submit a formal application to EXIM under both LOIs in 2026.

Coordinated Plan Establishes Graphite Creek Permitting Timeline at 13.5 Months

G1’s listing on the FAST-41 Dashboard Aligns with the Presidential Critical Mineral Executive Orders calling for “Immediate Measures to Increase American Mineral Production” and “Unleashing Alaska’s Extraordinary Resource Potential”

Graphite One Inc. (TSXV: GPH) (OTCQX: GPHOF) (“Graphite One“, the “Company“, or “G1”), is pleased to announce that the Company’s Graphite Creek project (the “Project“) – the upstream anchor for G1’s complete U.S.-based advanced graphite supply chain (“Graphite Creek“)- has completed the FAST-41 60-day Coordinated Project Plan (“CPP“) process, with the resulting plan for reviews, authorizations and timeline posted on the FAST-41 Federal Dashboard, which can be accessed here.

Graphite One’s project is the first Alaskan mining project to be listed on the FAST-41 Dashboard.

“The ability to coordinate with all participating federal agencies involved in our permitting, develop a transparent plan for the process and post that plan publicly is a testament to the FAST-41 process and the predictability and transparency it provides,” said Anthony Huston, CEO of Graphite One. “With President Trump’s Critical Mineral and Alaska Executive Orders, Graphite One is positioned at the leading edge of a domestic Critical Mineral renaissance that will power transformational applications from energy and transportation to AI infrastructure and national defense.”

FAST-41 CPP:

Established pursuant to Title 41 of the Fixing America’s Surface Transportation Act (FAST-41), the CPP is a concise plan for coordinating public and agency participation in, and completion of, any required federal environmental reviews and authorizations for the Project. The CPP is developed by the lead/facilitating agency, in consultation with each coordinating and participating agency. FAST-41 encourages lead/facilitating agencies to have preliminary engagement with project sponsors when developing CPPs.

The CPP contains:

• A list of, and roles and responsibilities for, all entities with environmental review or authorization responsibilities for the Project.
• A permitting timetable that includes intermediate and final completion dates for action by each agency on any federal environmental review or authorization required for the Project, and to the maximum extent practicable, the dates by which State permits, reviews and approvals must be made.
• A discussion of potential avoidance, minimization, and mitigation strategies, if required by applicable law and known.
• Plans and a schedule for public and tribal outreach and coordination, to the extent required by applicable law.

Graphite One’s domestic supply chain is planned to produce graphite concentrate from the Graphite Creek deposit North of Nome, Alaska and Anode Active Material at a facility to be constructed in Warren, Ohio, subject to financing.

FAST-41 status follows publication of Graphite One’s Feasibility Study (“FS“) filed on April 23, 2025, which, with the support of the Department of Defense Production Act (DPA) award, was completed 15 months ahead of schedule. The annual graphite concentrate capacity of the Graphite Creek Mine in the FS was increased from that in the 2022 Pre-Feasibility Study (“PFS“) – from 53,000 tpy to 175,000 tpy while maintaining a 20-year mine life. Measured plus Indicated Resources increased to 322% of the PFS resource. The FS, effective March 25, 2025, projects a post-tax internal rate of return of 27%, using an 8% discount rate, with a net present value of $5.03 billion and a payback period of 7.5 years.

FAST-41 streamlines the permitting process by providing improved timeliness and predictability by establishing publicly posted timelines and procedures for federal agencies, reducing unpredictability in the permitting process. FAST-41 also provides issue resolution mechanisms, while the federal permitting dashboard allows all project stakeholders and the general public to track a project’s progress, including periods for public comment.

The filing of the FAST-41 CPP received support from the following federal officials:

“As Alaska’s first Critical Mineral mining project on the FAST-41 Dashboard, Graphite One is blazing the trail for projects that contribute not only to the American economy but to our national security,” said AlaskaGovernor Mike Dunleavy. “In the 21st Century, the wealth of nations – their ability to provide opportunities for their people, their ability to remain safe in a dangerous world – depends on access to the resources that power our technologies. For our nation, the message is clear: There is no path forward to American Energy Dominance without the minerals, metals and natural gas resources Alaska has in abundance.”

“I thank the Permitting Council for recognizing the strategic importance of the Graphite One project and for moving quickly to add it to the FAST-41 dashboard-the first Alaskan mining project on the dashboard,” said AlaskaSenator Lisa Murkowski. “As China continues to restrict the United States’ supply of critical minerals, it is crucial for Graphite One to advance without delay. This is North America’s largest deposit of natural graphite, foundational to any effort to rebuild our domestic supply chains, and we now have a concrete timeline of 13.5 months for federal agencies to bring it through the permitting process.”

“FAST-41 is designed to provide speed, transparency, and accountability for all groups involved in permitting and approving projects like those offered by Graphite One, and it’s encouraging to see G1 complete this process within the allotted 60 day window,” said Nick Begich, Congressman for All Alaska. “Domestic supply chains for critical minerals are cornerstone requirements for domestic production and national security. G1 is blazing a trail for additional efforts of this kind – demonstrating how we can work across governmental jurisdictions to unlock the full potential of Alaska for the benefit of all Americans.”

“Graphite Creek is critical to achieving President Trump’s energy dominance agenda and is exactly the kind of project that can benefit from the transparency and accountability that comes with FAST-41,” said Emily Domenech, Executive Director, Federal Permitting Improvement Steering Council (FPISC). “Our team worked with federal agencies to develop an efficient and responsible permitting timetable, and we are ready to partner with Graphite One to get this project to construction.”

Graphite One’s Complete U.S.-Based Supply Chain Strategy

The Project is planned as an integrated business operation to produce lithium-ion battery anode materials and other graphite products for the U.S domestic market on a commercial scale using primarily natural graphite from Alaska. The Project combines the operation of an advanced graphite manufacturing facility to be located in Warren Ohio, subject to financing, with the supply of natural flake graphite from the Company’s proposed Graphite Creek Mine in Alaska. The resources associated with the Company’s Alaska State mining claims were cited by the U.S. Geological Survey in January 2022 as America’s largest natural graphite deposit¹, and in 2023, “as among the largest in the world.” This precedes the FS-verified deposit amount increase. The Company entered into a non-binding letter of interest with the EXIM Bank in September 2024 for a potential $325 million loan to fund the Ohio manufacturing facility.

┬╣https://www.usgs.gov/data/graphite-deposits-united-states

About the Permitting Council and FAST-41

Established in 2015 by Title 41 of FAST-41, the Permitting Council is a federal agency charged with improving the transparency and predictability of the federal environmental review and authorization process for certain critical infrastructure projects. The Permitting Council is comprised of the Permitting Council Executive Director, who serves as the Council Chair; 13 federal agency Council members (including deputy secretary-level designees of the Secretaries of Agriculture, Army, Commerce, Interior, Energy, Transportation, Defense, Homeland Security, and Housing and Urban Development, the Administrator of the Environmental Protection Agency, and the Chairs of the Federal Energy Regulatory Commission, Nuclear Regulatory Commission, and the Advisory Council on Historic Preservation); and the Chair of the White House Council on Environmental Quality and the Director of the Office of Management and Budget.

The Permitting Council coordinates federal environmental reviews and authorizations for projects that seek and qualify for FAST-41 coverage. FAST-41 covered projects are entitled to comprehensive permitting timetables and transparent, collaborative management of those timetables on the Federal Permitting Dashboard. FAST-41 covered projects may be in the energy production, electricity transmission, energy storage, surface transportation, aviation, ports and waterways, water resource, broadband, pipelines, manufacturing, mining, carbon capture, semiconductors, artificial intelligence and machine learning, high-performance computing and advanced computer hardware and software, quantum information science and technology, data storage and data management, and cybersecurity sectors.

The Permitting Council also serves as a federal center for permitting excellence, supporting federal efforts to improve infrastructure permitting including and beyond FAST-41 covered projects to the extent authorized by law, including activities that promote or provide for the efficient, timely, and predictable completion of environmental reviews and authorizations for federally-authorized infrastructure projects.

About Graphite One Inc.

GRAPHITE ONE INC. continues to develop its Graphite One Project (the “Project“), with the goal of becoming an American producer of high grade anode materials that is integrated with a domestic graphite resource. The Project is proposed as a vertically integrated enterprise to mine and process natural graphite, and to manufacture artificial and natural graphite anode materials primarily for the lithiumΓÇÉion electric vehicle battery and energy storage markets.

On Behalf of the Board of Directors

“Anthony Huston” (signed)

For more information on Graphite One Inc., please visit the Company’s website, www.GraphiteOneInc.com

On X @GraphiteOne

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Note Regarding Forward-Looking Statements

All statements in this release, other than statements of historical facts, including those related to the Fast 41 listing and the anticipated impact of the FAST-41 status, any statements related to the planned production of any mineral reserves and resources, the construction of the Warren, Ohio facility, and events or developments that the Company intends, expects, plans, or proposes are forward-looking statements. Generally, forwardΓÇÉlooking information can be identified by the use of forwardΓÇÉlooking terminology such as “proposes”, “expects”, “is expected”, “scheduled”, “estimates”, “projects”, “plans”, “is planning”, “intends”, “assumes”, “believes”, “indicates”, “to be” or variations of such words and phrases that state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. The Company cautions that there is no certainty that the Fast 41 listing will impact the Company as set forth in this press release, that the Graphite Creek Project produces the minerals set out in the FS or that the facility will be built in Warren, Ohio. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, continuity of mineralization, uncertainties related to the ability to obtain necessary permits, licenses and title and delays due to third party opposition, changes in government policies regarding mining and natural resource exploration and exploitation, and continued availability of capital and financing, and general economic, market or business conditions. Readers are cautioned not to place undue reliance on this forward-looking information, which is given as of the date it is expressed in this press release, and the Company undertakes no obligation to update publicly or revise any forward-looking information, except as required by applicable securities laws. For more information on the Company, investors should review the Company’s continuous disclosure filings that are available at www.sedarplus.ca.

The units consist of one common share and one-half of one common share purchase warrant priced at 90 cents per unit. Each warrant will entitle the holder to acquire one common share for $1.25 per share for 12 months following closing, which is expected to occur on August 8, 2025.

Graphite One has granted the underwriting agents an option to purchase, or arrange for the purchase, of up to an additional 15% of the units at the issue price and otherwise on the same terms and conditions of the units. That option can be exercised, in whole or in part, at any time up to 48 hours prior to the closing date.

Graphite One shares were active on the news, easing 19.6% or 22 cents to 90 cents. The shares trade in a 52-week range of $1.14 and 64 cents.

Graphite One aims to become a vertically integrated American supplier, capable of mining graphite from its Graphite Creek Property. The Graphite One project plan includes an advanced graphite material and battery anode manufacturing plant located in Warren, Ohio. The plan also includes a recycling facility to be located in Ohio.

Envisioned as a vertically-integrated enterprise to mine, process and manufacture high-grade Coated Spherical Graphite (CSG). The Graphite One project would increase the North American supply of high purity CSG that meets or exceeds current requirements for electric vehicle battery anodes, and other critical applications at a time when demand for graphite is skyrocketing.

The Graphite Creek property, located on the Seward Peninsula in Western Alaska about 60 kilometres north of Nome, is estimated to hold America’s highest grade large flake graphite deposit, with proven and probable reserves of 71.2 million tonnes of 5.0% Cg.

The company released the results of a bankable feasibility study in April 2025. With support from the U.S. Department of Defense, the annual graphite concentrate capacity of the Graphite Creek mine in the feasibility study was increased from 53,000 tonnes per year in a 2022 pre-feasibility study to 175,000 tonnes per year, while maintaining a 20-year mine-life.

The study envisions the first 48,000 tonnes per year of commercial anode active material (AAM) production by 2028, startup of the Graphite Mine in 2030 and 169,000 tonnes. The phased development strategy aims to reduce upfront capital and aligns spending with project milestones.

The company envisages an owner-operated, year-long truck and shovel operation with four active mining areas.

Gordana Slepcev, CEO, President, and Director, stated: “We are excited to see that world leaders are focusing on what matters most and obviously, critical minerals and materials come to the forefront of global agendas. Canada has the potential to lead the world and establish its own security and trading position based on the minerals needed for the tech and energy transition, and specifically for graphite, deemed one of the six priority minerals in Canada. These macro trends will positively position developers like Lomiko and create value for shareholders, stakeholders and rightsholders, and all Canadians as it will boost economic development.”

Industry Update: The context for Canadian graphite and investors is strong as it positions itself for global leadership. In the article DeepDive: “A new strategy for resilient global leadership in natural resources and manufacturing”, published on June 24, Canada’s resource potential for graphite is indicated as “8th largest producer and reserves”. This underlines the importance of the G7 Statement by the Government of Canada: “This will include anticipating critical minerals shortages, coordinating responses to deliberate market disruption, and diversifying and onshoring, where possible, mining, processing, manufacturing, and recycling.” The Canadian government has also indicated that G7 countries and their allies will form a “critical minerals production alliance” to stockpile and develop materials.

According to the Government of Canada website, China holds the largest reserves of graphite, followed by Brazil and Mozambique, with these three countries collectively accounting for 63% of the world’s graphite reserves.

Lomiko has been steadfast in its vision to advance its project to Feasibility Studies and provide an important additional source of Canadian graphite to the North American supply chain and compete globally. Graphite has many industrial uses, including battery and energy storage applications. The research at hand focuses on many industrial applications, especially developing anode material for use in batteries. Pre-feasibility studies involve numerous studies conducted by third-party independent experts, with the majority located in Quebec.

Corporate update – Bourier: The company entered into an agreement with Critical Elements Lithium Corp. [TSXV: CRE; OTCQX: CRECF; FSE: F12] dated July 2, 2025, whereby the company will dispose of its 49% interest in the Bourier property in consideration for $30,000 cash. The board of directors approved the agreement and its terms.

The Bourier project site is located near Nemaska Lithium and Critical Elements south-east of the Eeyou Istchee James Bay territory, northern Quebec, which consists of 203 claims for a total ground position of 10,252.20 hectares (102.52 km²), in Canada’s lithium triangle near the James Bay region of Quebec that has historically housed lithium deposits and mineralization trends. Three years of exploration have yielded no significant results in lithium, gold, or base metals and the board of directors has agreed that graphite and its early-stage antimony project in Newfoundland are a better use of the company’s resources.

The company further advises that it will not continue payments to be listed on the OTCQX.

The company holds mineral interests in its La Loutre graphite development in southern Quebec. The La Loutre project site is within the Kitigan Zibi Anishinabeg (KZA) First Nation’s territory. The KZA First Nation is part of the Algonquin Nation, and the KZA traditional territory is situated within the Outaouais and Laurentides regions.ΓÇï Located 180 km northwest of Montreal, the property consists of one large, continuous block with 76 mineral claims totaling 4,528 hectares (45.3 km²).

The property is underlain by rocks from the Grenville Province of the Precambrian Canadian Shield. The Grenville was formed under conditions that were very favorable for the development of coarse-grained, flake-type graphite mineralization from organic-rich material during high-temperature metamorphism.

Lomiko Metals published an updated Mineral Resource Estimate (MRE) in a NI 43-101 Technical Report and Mineral Resource Estimate Update for the La Loutre Project, prepared by InnovExplo on May 11, 2023, which estimated 64.7 million tonnes of Indicated Mineral Resources averaging 4.59% Cg per tonne for 3.0 million tonnes of graphite, a tonnage increase of 184%. Indicated Mineral Resources increased by 41.5 million tonnes as a result of the 2022 drilling campaign, from 17.5 million tonnes in 2021 MRE with additional Mineral resources reported down-dip and within marble units resulted in the addition of 17.5 million tonnes of Inferred Mineral Resources averaging 3.51% Cg per tonne for 0.65 million tonnes of contained graphite; and the additional 13,107 metres of infill drilling in 79 holes completed in 2022 combined with the refinement of the deposit and structural models contributed to the addition of most of the Inferred Mineral Resources to the Indicated Mineral Resource category, relative to the 2021 Mineral Resource Estimate.

The company also holds interests in seven early-stage projects in southern Quebec, including Ruisseau, Tremblant, Meloche, Boyd, Dieppe, North Low and Carmin, covering 328 claims in total on 7 early-stage projects covering 18,622 hectares in the Laurentian region of Quebec and within KZA territory.

The graphite portfolio consists of 328 claims in total on seven early-stage projects covering 18,622 hectares in southern Quebec. Ruisseau – grades up to 27.9% carbon graphite (% Cg) from four distinct high grade mineralized zones that are over 3km long: Meloche – grades up to 13.3% Cg from two distinct mineralized clusters; Tremblant – grades up to 11.6% Cg from numerous, widespread spot anomalies; and Dieppe – grades up to 6.82% Cg from numerous, widespread spot anomalies and a distinct mineralized cluster.

Boyd – 8 samples grades range from 5.61% Cg to 17.10 %Cg with all samples above 5.00% Cg.

In addition to La Loutre, Lomiko has acquired claims in The Yellow Fox Property is located approximately 10 km southwest of the Town of Glenwood NL, and south of the Trans-Canada Highway. The property occurs within NTS map sheets 02D/14 and 15 with excellent access along several logging and skidder roads originating from Glenwood. The main Yellow Fox showing is located in the central part of License 027536M, 5km from the western end of Gander Lake.

This property is on the same trend as the past-producing antimony mine Beaver Brook, which is located 25km southwest of the property. Yellow Fox is an early-stage exploration property prospective in antimony, gold, and silver where historic works returned samples anomalous in gold (Au), antimony (Sb), lead (Pb), zinc (Zn), and silver (Ag). Trenching exposed the rocks, resulting in grab samples to 59.43 g/t Au, 11.10% Sb, 7.00% Zn, 72.90 g/t Ag, and 5.50% Pb in arsenopyrite-stibnite veins within altered monzogranite.

G1’s Graphite Creek Project first Alaska mining project to be listed on FAST-41 Transparency Dashboard, and one of six mining projects overall

Graphite One Inc. (TSX-V: GPH; OTCQX: GPHOF) (“Graphite One“, “G1” or the “Company“), welcomes the U.S. Government’s leveraging of the Fixing America’s Surface Transportation Act, known as “FAST-41,” to streamline the permitting process for critical resource and infrastructure projects as it works to implement the March 20, 2025 Executive Order “Immediate Measures to Increase Domestic Mineral Production.”

G1 has been cited in recent news coverage as a developer of one of six mining projects to be listed on the FAST-41 Permitting Dashboard, administered by the Federal Permitting Improvement Steering Council (“Permitting Council”). The Company announced its move into the FAST-41 permitting process’s 60-day period to develop Graphite Creek’s Coordinated Project Plan (“CPP”) and detailed permitting timetable earlier this week.

The Washington Examiner quotes Emily Domenech, “the newly appointed head of the {Permitting} CouncilΓǪ” describing its role as “a ‘sherpa’ for businesses seeking to initiate projects. My goal would be to move as many projects to construction in the first two years of the Trump Administration as is humanly possible”.

The Fast-41 Federal Permitting Dashboard and related announcements can be accessed here.

“The Administration’s use and expansion of the FAST-41 program demonstrates its commitment to move expeditiously to bolster U.S. domestic critical mineral supply chains,” said Graphite One CEO Anthony Huston. “We are proud to be the first Alaskan mining project listed on the Federal Permitting Dashboard. We believe that this emphasis on streamlining the permitting process will expedite our efforts to establish a vertically integrated domestic supply chain for graphite as the United States is faced with the growing demand and global market volatility.”

Graphite One’s inclusion on the Federal Permitting list follows the recent announcement that the Company has entered into a second non-binding supply agreement for anode active materials (“AAM”) with Lucid Group, Inc. (NASDAQ: LCID), a manufacturer of advanced electric vehicles, marking another significant step towards establishing a fully domestic graphite supply chain to meet market demands and enhance U.S. industry and national defense.

The Company had published its feasibility study prepared in accordance with National Instrument 43-101 earlier this spring, which with the support of Defense Production Act Title III funding, was completed 15 months ahead of schedule and showed a tripling of the Company’s proven and probable reserves.

Added Huston: “The momentum we are currently generating to end more than three decades of zero domestic graphite production could not come at a better time. With China’s control over graphite materials higher than even the stranglehold it has over Rare Earth production, and Beijing no stranger to weaponizing its leverage, the time to act is now. Between greater predictability and accountability for our project via the Fast-41 program, our new non-binding supply agreement with Lucid and a tripled resource at Graphite Creek, we are well-positioned to move forward.”

Graphite One’s Supply Chain Strategy

With the United States currently 100 percent import dependent for synthetic and natural graphite, Graphite One is developing a complete U.S.-based, advanced graphite supply chain solution anchored by the Graphite Creek deposit, recognized by the US Geological Survey as the largest graphite deposit in the U.S. “and among the largest in the world.” The Graphite One Project plan includes building an advanced graphite material and battery anode material manufacturing plant located in Warren, Ohio. The plan also includes a recycling facility to reclaim graphite and the other battery materials, to be co-located at the Ohio site, the third link in Graphite One’s circular economy strategy.

About Graphite One Inc.

GRAPHITE ONE INC. continues to develop its Graphite One Project (the “Project”), with the goal of becoming an American producer of high grade anode materials that is integrated with a domestic graphite resource. The Project is proposed as a vertically integrated enterprise to mine, process and manufacture high grade anode materials primarily for the lithium-ion electric vehicle battery market.

On Behalf of the Board of Directors

“Anthony Huston” (signed)

For more information on Graphite One Inc., please visit the Company’s website, www.GraphiteOneInc.com or contact:

On X (FormerlyTwitter) @Graphite One

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

All statements in this release, other than statements of historical facts, including those related to the Fast 41 listing and the anticipated impact of the FAST-41 status, any statements related to the planned production of any mineral reserves and resources, the construction of the Warren, Ohio facility, and events or developments that the Company intends, expects, plans, or proposes are forward-looking statements. Generally, forward–looking information can be identified by the use of forward–looking terminology such as “proposes”, “expects”, “is expected”, “scheduled”, “estimates”, “projects”, “plans”, “is planning”, “intends”, “assumes”, “believes”, “indicates”, “to be” or variations of such words and phrases that state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. The Company cautions that there is no certainty that the Fast 41 listing will impact the Company as set forth in this press release, that the Graphite Creek Project produces the minerals set out in the FS or that the facility will be built in Warren, Ohio. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, continuity of mineralization, uncertainties related to the ability to obtain necessary permits, licenses and title and delays due to third party opposition, changes in government policies regarding mining and natural resource exploration and exploitation, and continued availability of capital and financing, and general economic, market or business conditions. Readers are cautioned not to place undue reliance on this forward-looking information, which is given as of the date it is expressed in this press release, and the Company undertakes no obligation to update publicly or revise any forward-looking information, except as required by applicable securities laws. For more information on the Company, investors should review the Company’s continuous disclosure filings that are available at www.sedarplus.ca.

G1 enters Permitting Phase as Presidential Critical Mineral Executive Order calls for “Immediate Measures to Increase American Mineral Production” and “Unleashing Alaska’s Extraordinary Resource Potential”

Graphite One Inc. (TSXV: GPH) (OTCQX: GPHOF) (“Graphite One”, the “Company”, or “G1”), is pleased to announce that the Company’s Graphite Creek project – the upstream anchor for G1’s complete U.S.-based advanced graphite supply chain (“Graphite Creek“)- has been accepted as a “covered project” onto the FAST-41 Permitting Dashboard. Graphite One’s project is the first Alaskan mining project to be listed on the FAST-41 Dashboard.

“The approval of Graphite Creek as FAST-41’s first Alaskan mining project is a major step for G1 and our complete U.S.-based supply chain strategy,” said Anthony Huston, CEO of Graphite One. “With President Trump’s Critical Mineral and Alaska Executive Orders, Graphite One is positioned at the leading edge of a domestic Critical Mineral renaissance that will power transformational applications from energy and transportation to AI infrastructure and national defense.”

Graphite One’s domestic supply chain is planned to produce graphite concentrate from the Graphite Creek deposit North of Nome, Alaska and Anode Active Material at a facility to be constructed in Warren, Ohio, subject to financing (the “Project“).

FAST-41 status follows publication of Graphite One’s Feasibility Study (“FS“) on April 23, 2025, which, with the support of the Department of Defense Production Act (DPA) award, was completed 15 months ahead of schedule. The annual graphite concentrate capacity of the Graphite Creek Mine in the FS was increased from that in the 2022 Pre-Feasibility Study (“PFS“) – from 53,000 tpy to 175,000 tpy while maintaining a 20-year mine life. Measured plus Indicated Resources increased to 322% of the PFS resource. The FS projects a post-tax internal rate of return of 27%, using an 8% discount rate, with a net present value of $5.03 billion and a payback period of 7.5 years.

FAST-41 streamlines the permitting process by providing improved timeliness and predictability by establishing publicly posted timelines and procedures for federal agencies, reducing unpredictability in the permitting process. FAST-41 also provides issue resolution mechanisms, while the federal permitting dashboard allows all project stakeholders and the general public to track a project’s progress, including periods for public comment.

The action drew strong support from Alaska’s leading public officials:

“America’s dependency on foreign minerals and metals is a drag on our economy and a danger to our national security,” said Alaska Governor Mike Dunleavy. “As the largest natural graphite deposit in the nation, adding Graphite Creek to the FAST-41 Permitting Dashboard sends a strong signal that Alaska is key to U.S. Critical Mineral development.”

“Graphite One’s addition to the FAST-41 permitting dashboard is yet another indication that this project is a national priority of strategic importance,” said Senator Lisa Murkowski. “There is no question that developing the largest natural graphite deposit in all of North America is far better for our economy, security, and competitiveness than importing the entirety of our supply from unstable nations like Mozambique. I thank the Trump administration for adding Graphite One to the dashboard and look forward to the day this project comes online.”

“I want to congratulate Graphite One, which has achieved this milestone thanks to funding from the Defense Production Act, something I have been working on relentlessly in the Senate since the project’s inception,” said Senator Dan Sullivan. “This project has the potential to open up our state’s abundant reserves of critical minerals and metals, which would also be very significant for our country’s national security. We must end America’s dependence on China for critical minerals, like graphite, resources that are necessary for alternative energy and sources and critical defense technologies. Thankfully, President Trump understands our state’s great potential, and is determined to help unleash our vast resources and create good paying jobs to Alaskans. Graphite One’s FAST-41 status is great news for our state and our country.”

“Securing our supply chains for critical minerals is a core priority and requires a whole of government approach.” said Alaska Congressman Nick Begich. “Our national security, sovereignty, and continued self-determination require that we take action, and Graphite One is leading the way.”

Graphite One’s Complete U.S.-Based Supply Chain Strategy

The Project is planned as an integrated business operation to produce lithium-ion battery anode materials and other graphite products for the U.S domestic market on a commercial scale using primarily natural graphite from Alaska. The Project combines the operation of an advanced graphite manufacturing facility to be located in Warren Ohio with the supply of natural flake graphite from the Company’s proposed Graphite Creek Mine in Alaska. The resources associated with the Company’s Alaska State mining claims were cited by the U.S. Geological Survey in January 2022 as America’s largest natural graphite deposit¹, and in 2023, “as among the largest in the world.” This precedes the FS-verified deposit amount increase. The Ohio manufacturing facility received a $325M Letter of Interest from the EXIM Bank in September 2024.

¹ https://www.usgs.gov/data/graphite-deposits-united-states

About the Permitting Council and FAST-41

Established in 2015 by Title 41 of the Fixing America’s Surface Transportation Act (FAST-41), the Permitting Council is a federal agency charged with improving the transparency and predictability of the federal environmental review and authorization process for certain critical infrastructure projects. The Permitting Council is comprised of the Permitting Council Executive Director, who serves as the Council Chair; 13 federal agency Council members (including deputy secretary-level designees of the Secretaries of Agriculture, Army, Commerce, Interior, Energy, Transportation, Defense, Homeland Security, and Housing and Urban Development, the Administrator of the Environmental Protection Agency, and the Chairs of the Federal Energy Regulatory Commission, Nuclear Regulatory Commission, and the Advisory Council on Historic Preservation); and the Chair of the White House Council on Environmental Quality and the Director of the Office of Management and Budget.

The Permitting Council coordinates federal environmental reviews and authorizations for projects that seek and qualify for FAST-41 coverage. FAST-41 covered projects are entitled to comprehensive permitting timetables and transparent, collaborative management of those timetables on the Federal Permitting Dashboard. FAST-41 covered projects may be in the energy production, electricity transmission, energy storage, surface transportation, aviation, ports and waterways, water resource, broadband, pipelines, manufacturing, mining, carbon capture, semiconductors, artificial intelligence and machine learning, high-performance computing and advanced computer hardware and software, quantum information science and technology, data storage and data management, and cybersecurity sectors.

The Permitting Council also serves as a federal center for permitting excellence, supporting federal efforts to improve infrastructure permitting including and beyond FAST-41 covered projects to the extent authorized by law, including activities that promote or provide for the efficient, timely, and predictable completion of environmental reviews and authorizations for federally-authorized infrastructure projects.

Qualified Person

Jason Todd, with Barr Engineering Co. is the primary qualified person for the Feasibility Study incorporated in the NI 43-101 technical report that is available under the Company’s SEDAR+ profile at www.sedarplus.ca and the Company’s website. Mr. Todd is a Qualified Person as defined under 43-101 and has reviewed and approved the technical content of this release.

About Graphite One Inc.

GRAPHITE ONE INC. (TSXΓÇÉV: GPH; OTCQX: GPHOF) continues to develop its Graphite One Project (the “Project“), with the goal of becoming an American producer of high grade anode materials that is integrated with a domestic graphite resource. The Project is proposed as a vertically integrated enterprise to mine, process and manufacture high grade anode materials primarily for the lithiumΓÇÉion electric vehicle battery market.

On Behalf of the Board of Directors

“Anthony Huston” (signed)

For more information on Graphite One Inc., please visit the Company’s website, www.GraphiteOneInc.com

On X @GraphiteOne

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Note Regarding Forward-Looking Statements

All statements in this release, other than statements of historical facts, including those related to the Fast 41 listing and the anticipated impact of the FAST-41 status, any statements related to the planned production of any mineral reserves and resources, the construction of the Warren, Ohio facility, and events or developments that the Company intends, expects, plans, or proposes are forward-looking statements. Generally, forwardΓÇÉlooking information can be identified by the use of forwardΓÇÉlooking terminology such as “proposes”, “expects”, “is expected”, “scheduled”, “estimates”, “projects”, “plans”, “is planning”, “intends”, “assumes”, “believes”, “indicates”, “to be” or variations of such words and phrases that state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. The Company cautions that there is no certainty that the Fast 41 listing will impact the Company as set forth in this press release, that the Graphite Creek Project produces the minerals set out in the FS or that the facility will be built in Warren, Ohio. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, continuity of mineralization, uncertainties related to the ability to obtain necessary permits, licenses and title and delays due to third party opposition, changes in government policies regarding mining and natural resource exploration and exploitation, and continued availability of capital and financing, and general economic, market or business conditions. Readers are cautioned not to place undue reliance on this forward-looking information, which is given as of the date it is expressed in this press release, and the Company undertakes no obligation to update publicly or revise any forward-looking information, except as required by applicable securities laws. For more information on the Company, investors should review the Company’s continuous disclosure filings that are available at www.sedarplus.ca.

Russia plans to increase the production of graphite in years to come, that will take place through more active development of some of the country’s largest fields and the discovery of new ones.

As part of the plans is the development of Taiginskoye flake graphite deposit, one of Russia’s largest graphite fields, which is located in the Chelyabinsk Region, and which is being developed by a local Quarry LLC.

At present up to 89% of natural graphite production in Russia accounted for Taiginskoye field, while the remaining 11% came for the Kureyskoye amorphous graphite deposit (Krasnoyarsk Region), which is being developed by Krasnoyarskgrafit JSC.

At the same a further increase of production is expected to be achieved by the development of the Soyuznoye deposit, which is another major graphite field in Russia. It is located in the Jewish Autonomous Region and has the capacity of 40,000 tons of natural graphite per year. At present, the Far Eastern Graphite LLC enterprise is preparing for the industrial development of the Topolikhinsky section of the Soyuznoye deposit, the reserves of which are estimated at 12.4 million tons (48.2% of the total reserves of the Russian Federation).

At the same time, the Russian government continues a search of investors for a number of other domestic graphite fields. Among them are the Noginsk amorphous graphite deposit (Krasnoyarsk Krai), which is characterized by a high graphite content in its ores (79.6%), as well as three crystalline graphite deposits: Murzinskoye (Sverdlovsk Oblast), Bezymyannoye (Irkutsk Oblast), and Nadezhdinskoye (Yakutia).

Still, according to earlier statements made by Anatoly Nikitin, executive director of the association “NP “Mining Industrialists of Russia”, the biggest hopes of Russia in its graphite sector are related with Soyuznoye field.

Anatoly Nikitin comments:

“In terms of production potential, Soyuznoye ranks second in the world with reserves of 120 million tons, and a mineral content of almost 15%. Its graphite reserves will be enough for almost 300 years”.

According to him, the field has already been connected to the power grid, and the construction of the infrastructure necessary for the start of production has been completed at the quarry. The launch of production is scheduled for 2026, while the total investment volume is estimated at 9 billion rubles.

Most of future output from Soyuznoye will be sent for exports. That will be important, given the recently imposed restrictions on the supplies of graphite and other critical minerals to the global market by China.

In the meantime, the Russian government, from its side, plans to provide support to domestic graphite miners.

According to recent statements of Alexander Temnov, Deputy Director of the Department of State Policy and Regulation in Geology and Subsoil Use of the Russian Ministry of Natural Resources and Environment, that involves the introduction of licensing of critical deposits, the development of preferential regimes for companies involved in graphite mining and processing activities and stimulation of domestic graphite demand.

As Temnov has also added, Russian graphite miners and processors should use the experience of China, where local manufacturers (which overall number exceeds 70 enterprises, providing almost 70% of the global supply of graphite), in recent years have consolidated their position and developed the common rules of a game. That ensured their active development in both global and domestic markets.

Temnikov continued:

“As for Russian manufacturers, so far, they have not yet been able to present a clear development program. There are certain ideas, developments, but we have not yet seen any systemic work that would deserve our attention also in terms of state co-funding. We will probably have to formulate it together”.

It is expected, successful implementation of these plans will allow Russian graphite producers to completely meet the domestic demand for graphite and to increase its exports.

In recent years Russia has significantly reduced its graphite exports, which declined from 4,000-5,000 tons per year in the last decade to only 1000-1500 tonnes at present. In contrast, imports have significantly increased and amounted to about 5,000 tonnes. The main exporter of natural graphite in Russia is Taiginsky GOK.

7.3 Year Payback on Integrated Project

With Defense Production Act Title III Funding, the Feasibility Study was completed 15 months ahead of schedule

Graphite One Enters Permitting Phase as Presidential Critical Mineral Executive Order calls for “Immediate Measures to Increase American Mineral Production” and “Unleashing Alaska’s Extraordinary Resource Potential”

Graphite One Inc. (TSXV: GPH) (OTCQX: GPHOF) (“Graphite One“, “G1“, or the “Company“), is pleased to announce the results and the filing of its National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101“) technical report relating to the Feasibility Study (the “FS“) for the Company’s U.S. Based Anode Active Material Supply Chain Project.

In this news release, all dollar amounts are in United States dollars (“$“) and all units of mass are in metric tonnes (“t“).

• The Company’s U.S. supply chain is planned to produce graphite concentrate from the Graphite Creek deposit North of Nome, Alaska and Anode Active Material (“AAM“) at a facility proposed to be constructed in Ohio (the “STP“), subject to financing (collectively, the “Project“).
• With support from the Department of Defense’s Defense Production Act (“DPA“) Title III funding, the annual graphite concentrate capacity of the Graphite Creek Mine in the FS was increased from that in the 2022 Pre-Feasibility Study (“PFS“) – from 53,000 tpy to 175,000 tpy while maintaining a 20-year mine life.
• Proven and Probable Reserve tripled (317%) from the reserve disclosed in the PFS.
• Measured plus Indicated Resource tripled (322%) from the resource disclosed in the PFS.
• Resource estimates are based on drilling just 12% of the graphite mineralized zone.
• The FS envisions: the first 48,000 tpy of commercial AAM production by 2028, startup of the Graphite Creek Mine in 2030 and 169,000 tpy of AAM production by 2031.
• The phased development strategy reduces upfront capital and aligns spending with Project milestones.
• Estimated pre-tax internal rate of return (“IRR“) of 30%, with a pre-tax net present value (“NPV“) of $6.4 billion using an 8% discount rate, and a payback period of 7.3 years.
• Estimated post-tax IRR of 27%, with an estimated post-tax NPV of $5.0 billion, using an 8% discount rate, and a payback period of 7.5 years.

“Our Feasibility Study represents a major milestone for G1 on our path to production and validates the efforts we’ve made with the Department of Defense’s DPA Title III support to complete our FS 15 months ahead of schedule, while tripling the size of our Graphite Creek resource,” said Anthony Huston, CEO of Graphite One. “With President Trump’s Critical Mineral and Alaska Executive Orders, Graphite One is positioned to be at the leading edge of a domestic Critical Mineral renaissance that will power transformational applications from energy and transportation to AI infrastructure and national defense.”

The FS was prepared by Barr Engineering Co. with assistance from various independent technical consultants. The effective date of the FS is March 25, 2025, and a NI 43-101 technical report relating to the FS will be filed on the Company’s SEDAR+ profile at www.sedarplus.ca and on the Company’s website.

The Project is planned as an integrated business operation to produce lithium-ion battery anode materials and other graphite products for the U.S domestic market on a commercial scale using primarily natural graphite from Alaska. The Project combines the operation of the STP, an advanced graphite manufacturing facility to be located in Ohio, with the supply of natural flake graphite from the Company’s proposed Graphite Creek Mine in Alaska (the “Mine“). The resources associated with the Company’s Alaska State mining claims were cited by the U.S. Geological Survey in January 2022 as America’s largest natural graphite deposit[1], and in 2023, “as among the largest in the world.” This statement is prior to the increased resource amount verified by G1 in the FS.

Reduced Capital Risk Development Strategy

The Project is planned to be implemented with a capital risk reduction strategy that develops the Ohio STP in seven 25,000 tpy modules while the Mine completes permitting and construction. This modular approach allows for capital expenditures to be deployed progressively, in line with each phase of development, significantly reducing the upfront capital to $607 million, including $121 million of contingency for the first 25,000 tpy module. Each subsequent module is estimated to cost $552 million, including contingency. As a result, the Company expects to achieve 50,000 tpy of commercial natural graphite production by 2028 and 175,000 tpy by 2031, one year after the Mine is expected to begin production, subject to various conditions. Manufacturing would begin with purchased natural graphite until the Mine’s graphite production is available.

“We will now enter the permitting process with a production rate triple what we projected just over two years ago. Our proven and probable reserve and contained graphite tripled from the reserve and contained graphite disclosed in the PFS. And all of this is based on FS level resource drilling results from just 12% of the 15.3 km (9.5 mile) long graphite mineralized zone as defined by geophysics and wide spaced drilling (see Figure 1),” Mr. Huston noted.

¹ https://www.usgs.gov/data/graphite-deposits-united-states

Summary of FS Economics

Tables 1 and 2 present a summary of the estimated FS economic results.

Table 1: Summary of Estimated FS Economic Results

Table 2: Summary of Estimated Operating Costs

The Project’s post-tax IRR includes the estimated effects of Advanced Manufacturing Tax Credits provided under U.S. Internal Revenue Code Section 45X for qualifying anode active material and critical mineral production.

Based on the FS’s updated graphite reserve estimate, the Mine’s life for the purposes of the FS would be 20 years. The FS assumes the STP’s operational life is 22 years based on its startup with purchased graphite and continued operation with graphite from the Mine.

The STP would produce a targeted average of 256,500 tpy of graphite/carbon products. About 169,000 tpy would be AAM, 25,000 tpy purified graphite products, and 31,000 tpy of unpurified graphite and carbon products. The non-AAM products would serve industrial and defense industry based sectors.

The AAM products are:

• CPN: Coated, spherical natural graphite;
• BAN: Blended natural and artificial graphites;
• SPN: Secondary particle natural graphite; and
• SPC: Secondary particle composite.

Based on the FS assumptions, the average price of all products over the STP’s life is estimated at $7,843 per tonne. Product forecasts and prices have been developed based on numerous graphite market reports commissioned by or purchased by the Company, combined with the Company’s internal information. The long-term market forecast is based on Benchmark Mineral Intelligence’s various Q4 2024 price forecasts.

The estimated capital costs with their respective contingencies are summarized in Table 1.

Secondary Treatment Plant

The STP is designed to produce lithium-ion battery AAM on a commercial scale for the U.S. domestic market using natural graphite from Alaska as soon as it is available. At full capacity, it requires about 89.3 hectares (220 acres) of land, consists of 88 buildings, and would target to produce 256,500 tonnes of manufactured graphite and carbon products annually. The products are grouped into battery AAMs, specialty purified graphite products, traditional unpurified graphite products, carbon raiser, and coke reject. The products are manufactured from natural graphite concentrate, artificial graphite, artificial graphite precursors, coke, and pitch. Key components of the manufacturing process are the purification of natural graphite and graphitization of artificial graphite precursors in high temperature, electrically heated furnaces. The STP’s planned location is in Ohio to access both its relatively lower power rates, its skilled workforce, and location relative to potential customers.

Permitting, final design, and construction of the first 50,000 tpy of STP natural graphite capacity is expected to take three years. Modular build out of the total 175,000 tpy facility is expected to take about four more years depending on funding and customer demand.

The STP, at full capacity (Table 3), is designed to produce 169,000 tpy of AAM for the electric vehicle and energy storage battery markets; 25,000 tpy of purified, sized material for the speciality graphite market; and 31,000 tpy of unpurified and carbon products for the traditional graphite market. Total annual production is anticipated to be 256,500 tonnes based on the expected annual production capacity.

Table 3: STP Targeted Products and Estimated Prices

┬╣Artificial graphite AAM prices include equivalent of 48.7% tariff. Natural graphite AAM prices include equivalent of 20% tariff.

Graphite Creek Mine

The Mine would produce an average of 175,000 tpy of graphite concentrate for the projected 20-year mine life. The deposit would be mined with conventional open pit mining methods including drilling, blasting, loading, and hauling. The strip ratio in the FS plan is 3.2:1 with an ore variable cut-off grade of 2-3% graphitic carbon and an average head grade of 5.2% graphitic carbon. The pit would be mined in five phases over a period of 20 years. One year of pre-stripping would occur prior to the start-up of the process facility. Ore will be hauled to a process facility to be built adjacent to the pit. Run of mine waste would be comingled with dewatered process tails and placed in waste dumps.

The process facility would process an average of 10,000 tpd for 365 days per year. The flowsheet design is based on metallurgical test work conducted at SGS Canada Inc.’s facilities at Lakefield, Ontario. The flowsheet consists of a jaw crusher that feeds a semiautogenous grinding circuit. After grinding, the ore is subjected to a series of seven flotation and three regrind steps. The flotation/regrind steps are designed to recover the graphite at its largest possible flake size while still maintaining a concentrate with a graphitic carbon grade of greater than 95%. The graphite concentrate would be filtered and dried on site. The dried concentrate would be shipped by barge from Nome, Alaska to the STP in Ohio during the annual shipping season. The tails from the flotation circuit would be dewatered, comingled with the waste rock, and placed in a lined waste storage facility. Any drainage from the lined waste storage facility would be treated through a water treatment plant prior to discharge.

Risk Assessment and Mitigation

The risks and uncertainties identified for the Project are generally described in the Company’s 2024 Annual Management’s Discussion and Analysis statements filed on April 11, 2025 on the Company’s SEDAR+ profile at www.sedarplus.ca. These cover the Project’s financial, mining, processing, operating, market, and regulatory risks, all of which are common with similar projects.

Section 25.5 of the FS identifies Project risks specific to the Mine and STP during the construction and operational phases and outlines possible mitigation actions.

Mineral Resources and Reserves

The Graphite Creek property (the “Property“) is located on the Seward Peninsula, Alaska about 37 miles (60 km) north of Nome. G1’s deposit is entirely on State land. The Property comprises 23,680 acres (9,600 hectares) of State of Alaska mining claims. The claim block consists of 176 claims, of which 163 are wholly owned by Graphite One (Alaska) Inc. and 13 are leased to Graphite One (Alaska) Inc. The graphite mineral zone is exposed on the surface and strikes East/Northeast along the North Face of the Kigluaik Mountains. The FS Pit and Mineral Reserve footprint represents just 1.2 miles (1.9 km) of the 9.5 miles (15.3 km) long electromagnetic anomaly (Figure 1).

Figure 1: FS Pit Versus PFS Pit Superimposed on Electromagnetic Survey Anomaly

Through 2022, 2023 and 2024, 90 holes have been drilled in the resource area for a total of 13,482 meters of drilling. The resource database consists of 22,806 assays. The resource remains open down dip, and along strike to the East and West.

The Mineral Resource estimate for Graphite Creek was updated with data through the 2024 drilling program. The methodology used was the same as that described in the PFS. A lower cut-off grade of 2% was used for the 2022 and 2024 resource. The FS Mineral Resource estimate for Graphite Creek is presented in Table 4 and is as of March 25, 2025.

Table 4: 2024 Feasibility Study Mineral Resource Estimate 2.0% Cg Cutoff Grade²

The 2023-2024 drilling program focused on converting Inferred Resources into Measured and Indicated, to allow annual graphite production to be increased in the FS. A comparison of the PFS and FS mineral resources can be seen in Table 5.

Table 5: Mineral Resource Comparison – 2024 FS vs 2023 PFS³

*Measured + Indicated

┬▓Footnotes:

a) Mineral Resource Statement is effective, March 25, 2025

b) Mineral Resources are inclusive of Mineral Reserves. Mineral Resources that are not Mineral Reserves have not demonstrated economic viability. There is no certainty that any part of a Mineral Resource will ever be converted into Reserves.

c) Inferred Mineral Resources represent material that is considered too speculative to be included in economic evaluations. Additional trenching and/or drilling will be required to convert Inferred Mineral Resources to Indicated or Measured Mineral Resources. It cannot be assumed that all or any part of the inferred resources will ever be upgraded to a higher resource category.

The 2024 Mineral Reserve estimate consists of 71.219 Mt of Proven and Probable material at an average diluted grade of 5.22% graphite, yielding 3.7 Mt of contained graphite. A variable cut_–off grade between 2%-3% was used in calculating the proven/probable reserve. Table 6 shows the FS Mineral Reserve estimate for Graphite Creek as of March 25, 2025.

Table 6: Graphite Creek Feasibility Study Mineral Reserve Estimate³

The FS Mineral Reserve estimate and contained graphite are 71.22 Mt and 3.7 Mt, respectively, an increase of 48.72 Mt and 2.46 Mt over the reserve and contained graphite disclosed in the PFS. A comparison of the PFS versus FS Mineral Reserve estimate can be seen in Table 7.

Table 7: Mineral Reserve Comparison – 2024 FS vs 2022 PFS

*Proven + Probable

┬│Mineral Reserve Footnotes:

a) Mineral Reserves follow CIM definitions and are effective as of March 25, 2025.

b) The Mineral Reserves are inclusive of mining dilution and ore loss.

c) Mineral Reserves are estimated using a raised variable cut-off of 2.0% Cg – 3.0% Cg which is required to maximize secondary treatment production. The economic value is calculated based on a net average Graphite Price of US$1,200/t (including transport & treatment charges), 3.5% – 8.0% royalty, and a mill recovery of 90%.

d) The final pit design contains an additional 17.4 Mt of Measured and Indicated resources between the raised cut-off grade (3.0% Cg) and the economic cut-off grade (2.0% Cg) at an average grade of 2.4% Cg. These resources have been treated as waste in the final mine production schedule.

e) The final pit design contains an additional 40.4 Mt of Inferred resources above the economic cut-off grade (2.0% Cg) at an average grade of 3.9% Cg. Inferred Mineral Resources are considered too speculative geologically to have economic considerations applied to them that would enable them to be categorized as Mineral Reserves, and there is no certainty that any part of the Inferred Resources could be converted into Mineral Reserves.

f) Tonnages are rounded to the nearest 1,000 t, graphite grades are rounded to two decimal places. Tonnage measurements are in metric units.

g) Totals may not add due to rounding.

Qualified Persons and NI 43-101 Technical Report

The FS for the Project is incorporated in a NI 43-101 technical report that is available under the Company’s SEDAR+ profile at www.sedarplus.ca and the Company’s website. The affiliation and areas of responsibility for each of the independent Qualified Persons (as defined under NI 43-101) are as follows (“QPs“):

The QPs for this news release are Robert Retherford, P.Geo. and Jason Todd, QP. Mr. Retherford has reviewed this news release and verified that it accurately represents the geology and resource estimate that is stated. Mr. Todd reviewed the overall content.

Data Verification

During the course of their work, the QPs have validated the data that each used in the formulation of the resource estimate and FS findings. This includes such items as: site inspections, core sampling and assays, laboratory test work, core logs, environmental and community factors, metallurgical test work, taxation and royalties, and surveys. Both existing and new data that was collected through the course of the study were validated and used by the various QPs to inform their work. Details regarding the data used and quality assurance and quality control procedures that were employed by each QP in the preparation of the resource estimate and FS will be included in the FS as well as further definition on the precise roles, qualifications, and responsibilities of each QP.

Non-IFRS Financial Measures

The Company has included certain non-IFRS financial measures in this news release, such as Initial Capital Costs and Sustaining Capital Costs, which are not defined under IFRS and do not have a standardized meaning prescribed by IFRS. As a result, these measures may not be comparable to similar measures reported by other companies. Each of these measures used are intended to provide additional information to the user and should not be considered in isolation or as a substitute for measures prepared in accordance with IFRS.

Certain Non-IFRS financial measures used in this news release are defined below.

• Initial Capital Costs: Initial capital costs include the upfront capital investment required for mine construction and related infrastructure capital costs in Alaska and the construction of the STP in Ohio State.
• Sustaining Capital Costs: Sustaining capital is the ongoing capital investment to sustain and maintain mining, processing and graphite production infrastructure including but not limited to mining, production of graphite products, on-site development, and closure costs.
• Total Capital Costs: Total Capital Costs are the sum of Initial Capital Costs and Sustaining Capital Costs.

About Graphite One Inc.

GRAPHITE ONE INC. (GPH: TSXΓÇÉV; GPHOF: OTCQX) continues to develop its Graphite One Project (the “Project”), with the goal of becoming an American producer of high grade anode materials that is integrated with a domestic graphite resource. The Project is proposed as a vertically integrated enterprise to mine, process and manufacture high grade anode materials primarily for the lithiumΓÇÉion electric vehicle battery market.

On Behalf of the Board of Directors

“Anthony Huston” (signed)

For more information on Graphite One Inc., please visit the Company’s website, www.GraphiteOneInc.com

On X @GraphiteOne

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Note Regarding Forward-Looking Statements

This news release includes certain “forward-looking information” and “forward-looking statements” (collectively, “forward-looking statements”) within the meaning of applicable Canadian securities legislation. Generally, forwardΓÇÉlooking information can be identified by the use of forwardΓÇÉlooking terminology such as “proposes”, “expects”, or “is expected”, “scheduled”, “estimates”, “projects”, “intends”, “assumes”, “believes”, “indicates” or variations of such words and phrases that state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”.

Forward-looking statements in this news release relate to future events or future performance and reflect current estimates, predictions, expectations or beliefs regarding future events and include, but are not limited to, statements with respect to: (i) the estimated amount and grade of Mineral Resources and Mineral Reserves at the Mine; (ii) the results of the FS and the FS representing a viable development option for the Project; (iii) construction of the Mine and STP and related actions; (iv) the merits of the Project and the potential for the Project to become when in production one of America’s largest natural graphite operations and anode material producers;(v) estimates of the capital costs of constructing facilities and bringing a mine and graphite manufacturing plant into production, of sustaining capital and the duration of financing payback periods; (vi) the estimated amount of future production, both produced and recovered by the Mine and produced and sold at the STP; (vii) the availability and future purchase of electricity, graphite feedstock, precursors and reagents; (viii) life of Mine and life of STP estimates and estimates of operating costs and total costs, net cash flow, net present value and economic returns from an operating mine and graphite manufacturing plant constructed for the Project; (ix) investigation of opportunities to improve the economics of the Mine and STP and the success of any such opportunities; and * the completion of additional optimization studies on the Project in advance of, or in connection with, a FS.

All forward-looking statements are based on the Company’s current beliefs as well as various assumptions made by them and information currently available to them. The most significant assumptions are set forth above, but generally these assumptions include: (i) the presence of and continuity of minerals at the Mine at estimated grades; (ii) the geotechnical, hydrological, hydrogeological, and metallurgical characteristics conforming to sampled results; (iii) the capacities and durability of various pieces of machinery and equipment; (iv) the availability of electricity, STP feedstock, personnel, machinery and equipment at estimated prices and within the estimated delivery times; (v) currency exchange rates; (vi) the graphite and anode materials sales prices, US tariffs, and exchange rates assumed; (vii) appropriate discount rates applied to the cash flows in the economic analysis; (viii) tax rates and royalty rates applicable to the Project; (ix) the availability of acceptable financing under assumed structure and costs; * the anticipated performance of mined graphite in concentrating processes and STP feedstock in the graphite product manufacturing processes; (xi) reasonable contingency requirements; (xii) success in realizing proposed operations; (xiii) receipt of permits and other regulatory approvals on acceptable terms; and (xiv) the fulfillment of environmental assessment commitments and arrangements with local communities.

Although the Company’s management considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect. Many forward-looking statements are made assuming the correctness of other forward-looking statements, such as statements of net present value and internal rates of return, which are based on most of the other forward-looking statements and assumptions herein. The cost information is also prepared using current values, but the time for incurring the costs will be in the future and it is assumed costs will remain stable over the relevant period.

Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, continuity of mineralization, uncertainties related to the ability to obtain necessary permits, licenses and title and delays due to third party opposition, changes in government policies regarding mining and natural resource exploration and exploitation, and continued availability of capital and financing, and general economic, market or business conditions.

Readers are cautioned not to place undue reliance on this forward-looking information, which is given as of the date it is expressed in this news release, and the Company undertakes no obligation to update publicly or revise any forward-looking information, except as required by applicable securities laws. For more information on the Company, investors should review the Company’s continuous disclosure filings that are available at www.sedarplus.ca.

Cautionary Note to United States Investors

This news release has been prepared in accordance with the requirements of the securities laws in effect in Canada, which differ from the requirements of U.S. securities laws. Unless otherwise indicated, all resource and reserve estimates included in this news release have been prepared in accordance with NI 43-101 and the Canadian Institute of Mining, Metallurgy, and Petroleum 2014 Definition Standards on Mineral Resources and Mineral Reserves. NI 43-101 is a rule developed by the Canadian Securities Administrators which establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. Canadian standards, including NI 43-101, differ significantly from the requirements of the SEC, and mineral resource and reserve information contained herein may not be comparable to similar information disclosed by U.S. companies. In particular, and without limiting the generality of the foregoing, the term “resource” does not equate to the term “reserves”. Under U.S. standards, mineralization may not be classified as a “reserve” unless the determination has been made that the mineralization could be economically and legally produced or extracted at the time the reserve determination is made. The SEC’s disclosure standards normally do not permit the inclusion of information concerning “measured mineral resources”, “indicated mineral resources” or “inferred mineral resources” or other descriptions of the amount of mineralization in mineral deposits that do not constitute “reserves” by U.S. standards in documents filed with the SEC. Investors are cautioned not to assume that any part or all of mineral deposits in these categories will ever be converted into reserves. U.S. investors should also understand that “inferred mineral resources” have a great amount of uncertainty as to their existence and great uncertainty as to their economic and legal feasibility. Under Canadian rules, estimated “inferred mineral resources” may not form the basis of feasibility or other economic studies. Investors are cautioned not to assume that all or any part of an “inferred mineral resource” exists, is economically or legally mineable, or will ever be upgraded to a higher resource category. Disclosure of “contained ounces” in a resource is permitted disclosure under Canadian regulations; however, the SEC normally only permits issuers to report mineralization that does not constitute “reserves” by SEC standards as in-place tonnage and grade without reference to unit measures. The requirements of NI 43-101 for identification of “reserves” are also not the same as those of the SEC, and reserves reported by the Company in compliance with NI 43-101 may not qualify as “reserves” under SEC standards. Accordingly, information concerning mineral deposits set forth herein may not be comparable with information made public by companies that report in accordance with U.S. standards.

The company said the offering will consist of units to be issued at a price of US$1.12 per unit, each of which will consist of one common share and one transferable common share purchase warrant. Each warrant will entitle the holder to purchase one common share at a price of US$1.40 at any time for 18 months following the date of issue. Net proceeds raised from the offering will be used to advance the company’s refinery project site in Tamiskaming Shores, Ont., and for general corporate purposes.

The announcement comes after Electra Battery announced the receipt of a letter of intent for proposed funding of $20 million that could be used to support construction of the refinery. The letter of intent, which was agreed to back in January 27, 2025, was provided to the company by the Canadian Federal Government is non binding. It expresses an interest and intent to work towards completing a final term sheet but does not constitute a binding agreement.

Electra shares eased 5.5% or 10 cents to $1.70. The shares trade in a 52-week range of $3.80 snf $1.60.

Electra, a company previously known as First Cobalt Corp, has pledged to supply LGES with 3,000 tonnes cobalt contained in a cobalt sulfate product in 2025 and a further 4,000 tonnes in each of the following years through 2009, for a total of 19,000 tonnes under an agreed pricing mechanism. That material will be supplied from a cobalt sulfate refinery located in Temiskaming Shores, near the Sudbury, Ont., Nickel Basin.

The refinery is currently under construction and also running a plant-scale black mass recycling trial to recover high value elements contained in expired lithium-ion batteries, including lithium, nickel, cobalt, manganese, and graphite. Electra recently said results from its plant-scale trial have met or exceeded results achieved previously in the lab setting. Electra anticipates commercialization of its black mass recycling capabilities in 2024, pending completion of funding commitments.

First Cobalt acquired the facility three years ago when it bought US Cobalt Inc. for about $150 million.

As part of the deal, First Cobalt also picked up the Iron Creek Cobalt property in Idaho, one of only two advanced primary cobalt resource projects in the U.S., and a potential future source of feed for the Ontario refinery.

After recent talks with potential customers in the auto and battery manufacturing sector, First Cobalt elected to expand the refinery into a Battery Metals Park capable of supplying a variety of materials for the electric vehicle market.

At full capacity, Electra’s battery materials park could produce enough cobalt sulfate to supply up to 15 million electric vehicles annually and process 2,500 tonnes of black mass materials per annum.

Effective immediately, the company said oversight of all operations, including the company’s Lac des Iles graphite mine will be consolidated under Maximillian Meier, Vice-President, Operations and Engineering. NGC Battery Materials. Meier will assume the role of Interim Chief Operating Officer, succeeding Kirsty Liddicoat, who is returning to Australia after two years with Northern Graphite.

In parallel, the company is consolidating all sales functions under Michael Grimm, President of NGC Battery Materials, who has been appointed Chief Sales Officer. The move ensures a unified approach to serving traditional industrial customers and to pursuing expanding opportunities in markets for anode material for lithium-ion batteries as well as next generation battery chemistries.

“Thes adjustments reflect our broader strategy to flatten the organization, reduce complexity and enhance our ability to respond swiftly to the damands of a rapidly evolving market,” said Northern Graphite CEO Hugues Jacquemin.

On Monday, Northern Graphite shares eased 11.1% or $0.015 to 12 cents and trade in a 52-week range of 21 cents and $0.045.

Northern Graphite recently announced plans to pause operations at its Lac des Iles (LDI) processing facility in order to complete repairs and maintenance and enable the mill to increase throughput to meet growing demand for natural graphite sourced outside China.

The shutdown began on November 2, 2024\, with production estimated to resume on January 6, 2025. The company said it will seek to mitigate any disruptions by supplying customers from existing inventories and from third parties.

“In order to ensure increased, stable production in 2025 and beyond that can keep up with the rising market demand, we have decided to move forward the time frame for a maintenance and repair shutdown,” said Jacquemin. “Lac des Iles has the potential to produce more and for longer than anticipated when we acquired the mine in 2022, and we need to prepare as we look to open a new pit and increase throughput at the mill.”

The company said growing output from the cornerstone LDI mine is critical to its strategy as it works toward becoming a vertically integrated, mine to market supplier to traditional downstream customers and to the emerging market for battery anode material (BAM) as well as the next generation of solid-state battery chemistries. The company moved the LDI plant to a seven-day-a-week schedule in April of this year, boosting output by 59% over subsequent months, and plans to increase output further after the plan reopens in January.

The company’s mining division was recently running operational scenarios to open a new pit after a successful 2023 drilling campaign and a new resource estimate showed potential to significantly extend the mine life of LDI. The company is also planning a second drilling program with the goal of further expanding resources to increase production.

The shares are expected to begin trading on the TSX on January 20, 2025, under the ticker symbol NOU. In conjunction with the graduation to the TSX, the common shares will be voluntarily delisted from the TSX Venture Exchange at the market close on January 17, 2025.

“This migration underscores our relevance in the North American battery and electric vehicle sector and our commitment to generating value for our shareholders and stakeholders,” said Nouveau Monde founder, President and CEO Eric Desaulniers. “Aligning with our business plan, this listing is set to enhance our visibility and credibility in the capital market, enabling us to attract strategic institutional and retail investors to our story,” he said.

The shares edged higher on the news, rising 0.98% or $0.03 to $3.10. The shares trade in a 52-week range of $4.14 and $1.70.

Nouveau Monde is an integrated company developing responsible mining and advanced manufacturing operations to supply the global economy with carbon-neutral active anode material to power EV and renewable energy storage systems.

The company was in the news recently when it announced a US$50 million equity investment by Canada Growth Fund and the Government of Quebec via its Investissement Quebec (IQ) in the company to continue advancement and development towards commercial operations, subject to regulatory approvals.

As the company prepares for a final investment decision regarding the Phase-2 Matawinie Mine and Becancour Battery Material Plant in Quebec, the investment aims to facilitate progress on detailed engineering, orders of long-lead items and support critical path activities.

Nouveau Monde’s Matawinie graphite mining project is located in Saint-Michel-des-Saints, Que., approximately 150 kilometres north of Montreal. The company recently signed an impact and benefits agreement with the Atikamekw First Nation of Manawan. “With this agreement, the Manawan Atikamekw give their consent to the Matawinie mining project, which aims to responsibly valorize graphite by Nouveau Monde, in a way that respects the environment and provides direct benefits to the First Nation.

The company is actively progressing toward the finalization of an updated feasibility study for its integrated Phase-2 Matawinie Mine and Becancour Battery Materials plant to optimize production parameters, engineering and cost projections; the updated results are expected early in the first quarter of 2025.

It said ongoing project financing activities for Phase 2 include expressions of interest for approximately $1.4 billion, consisting of potential lenders and, anchor customers and institutional equity investors.

The company is also seeking eligibility to a refundable investment tax credit from the Canadian government, estimated at about $350 million for the Phase-2 facilities.