Mr. Troy Grant reports

ELCORA RECEIVES TWO MORE MANGANESE ORE ORDERS FROM NEW CLIENTS, WITH REPEAT ORDERS EXPECTED

Elcora Advanced Materials Corp. has secured two more orders for a total of 1,500 metric tons of 37-per-cent-plus manganese ore. The orders are for high-quality manganese ore and are set to be delivered by the end of July, 2023, hence securing sales revenue for the second month in a row.

The new orders represent another significant milestone for Elcora as it continues to expand its customer base and strengthen its position as a leading supplier of high-quality materials. The company's commitment to quality, sustainability and customer service has earned it a reputation as a trusted supplier of materials across various industries.

"We are delighted to receive these new orders for our manganese ore from new customers," said Troy Grant, chief executive officer of Elcora Advanced Materials. "This order underscores our commitment to delivering high-quality materials, and we are honoured to be a trusted supplier to our clients."

Elcora's manganese ore is of high quality, with available purity between 37 per cent and 44 per cent. The company's quality control process ensures that the ore is prepared to meet the exacting standards of its customers.

"We are proud of the trust that our customers have placed in us and our ability to deliver high-quality materials on time," said Mr. Grant. "We are confident that these orders will be the start of a long-term partnership with these new clients, and we anticipate repeat orders in the future."

The manganese ore index for equivalent 37-per-cent Mn grade currently trades at about $2.97 (U.S.) per dry metric tonne unit (or approximately $110 (U.S.)/ton) FOB (free on board) Port Elizabeth. Elcora aims to sell as close as possible to the index whilst allowing for natural price adjustments as it develops the asset to compete with established supply sources of equivalent grade.

About Elcora Advanced Materials Corp.

Elcora was founded in 2011 and has been structured to become a vertically integrated battery material company. Elcora can process, refine and produce battery-related minerals and metals. As part of the vertical integration strategy, Elcora has developed a cost-effective process to purify high-quality battery metals and minerals that are commercially scalable. This combination means that Elcora has the tools and resources for vertical integration of the battery mineral and metal industry.

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