Mr. Anthony Huston reports

GRAPHITE ONE AWARDED US$4.7 MILLION CONTRACT BY U.S. DEPARTMENT OF DEFENSE'S DEFENSE LOGISTICS AGENCY TO DEVELOP GRAPHITE-BASED FOAM FIRE SUPPRESSANT

Graphite One Inc. has received a $4.7-million (U.S.) contract from the U.S. Department of Defense's Defense Logistics Agency (DLA) to develop a graphite and graphene-based foam fire suppressant as an alternative to incumbent PFAS (per- and polyfluoroalkyl substances) fire-suppressant materials, as required by U.S. law.

"Graphite One is pleased to begin work on this Defense Logistics Agency project, which responds to the legally mandated requirement to develop a new alternative to long-standing foam fire suppressants which are known to have toxic impacts on human health and the environment," said Anthony Huston, president and chief executive officer of Graphite One. "This DLA contract underscores the importance of graphite for innovative technology applications beyond the renewable energy markets -- an important part of Graphite One's advanced graphite materials strategy."

Graphite One will execute the DLA project with Vorbeck Materials Corp. of Maryland, under the terms of the G1-Vorbeck teaming agreement announced on June 19, 2023.

Vorbeck CEO John Lettow stated: "Vorbeck is excited to work with Graphite One to develop new and safer alternatives for the existing PFAS fire suppressants for the DLA. Vorbeck's strong experience in creating new formulations based on graphite and graphene should enable us to move rapidly toward a successful solution that will have significant supply chain, safety and environmental benefits for the country."

Graphite One's supply chain strategy

With the United States currently 100 per cent import dependent for natural graphite, Graphite One is planning to develop a complete U.S.-based, advanced graphite supply chain solution anchored by the Graphite Creek resource. The Graphite One project plan includes an advanced graphite material and battery anode manufacturing plant expected to be sited in Washington State integrated with the development of the Graphite Creek property. The plan includes a recycling facility to reclaim graphite and the other battery materials, to be co-located at the Washington State site, the third link in Graphite One's circular economy strategy.

About Graphite One Inc.

Graphite One continues to develop its Graphite One project to become 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 anode materials primarily for the lithium-ion electric vehicle battery market. As set forth in the company's 2022 prefeasibility study, graphite mineralization mined from the company's Graphite Creek property, situated on the Seward peninsula about 60 kilometres north of Nome, Alaska, would be processed into concentrate at an adjacent processing plant. Natural and artificial graphite anode materials and other value-added graphite products would be manufactured from the concentrate and other materials at the company's proposed advanced graphite materials manufacturing facility expected to be located in Washington State. The company intends to make a production decision on the project upon the completion of a feasibility study.

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