Mr. Don Baxter reports

APPLIED GRAPHITE ANNOUNCES CLOSING OF FIRST TRANCHE OF FINANCING

Applied Graphite Technologies Corp. has completed the first tranche of a non-brokered private placement offering of 7,733,334 common shares at a price of six cents per share for gross proceeds of approximately $464,000.

Existing insiders of Applied Graphite participated in the offering. Participation by insiders of Applied Graphite in the offering constituted a related-party transaction as defined under Multilateral Instrument 61-101 (Protection of Minority Security Holders in Special Transactions). The issuance of securities is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 on the basis that the fair market value of the insiders' participation in the offering, as determined in accordance with MI 61-101, did not exceed 25 per cent of the company's market capitalization.

All securities issued are subject to a four-month hold period under applicable securities laws in Canada, which expires on Nov. 22, 2025.

The net proceeds of the offering will be used by Applied Graphite for project development and general working capital purposes.

About Applied Graphite Technologies Corp.

Applied Graphite Technologies is developing the Queens mine complex in Sri Lanka. The QMC is on private land in the heart of the vein graphite district, with historical workings and vein graphite outcrops. Vein graphite is naturally high grade (greater-than-95-per-cent carbon content in the ground) and does not require primary processing. Testing of vein graphite in lithium-ion-battery anodes has shown very high capacities, performing better than synthetic graphite. Natural vein graphite has a far superior environmental, social and governance footprint than synthetic, and is cheaper without compromising performance.

The technical information in this news release has been prepared by Don Baxter, PEng, a qualified person as defined in National Instrument 43-101 (Standards of Disclosure for Mineral Projects).

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