Mr. Anthony Huston reports

GRAPHITE ONE ENTERS INTO MARKET-MAKING SERVICES AGREEMENT

Graphite One Inc., subject to regulatory approval, has entered into a market-making services agreement with Independent Trading Group (ITG) Inc., to provide market-making services in accordance with TSX Venture Exchange policies and applicable laws. ITG will trade common shares of the company on the TSX-V with the objective of maintaining a reasonable market and improving the liquidity of the company's shares.

Under the agreement, ITG will receive compensation of $5,000 per month, payable monthly in advance. The agreement is for an initial term of one month and automatically renews for one-month periods unless either party provides written notice of termination to the other party 30 days prior to the end of the additional term. There are no performance obligations contained in the agreement and ITG will not receive shares, stock options or any other form of equity in the company as compensation. ITG and the company are arm's-length parties, and ITG and its principals do not currently own or have any interest, directly or indirectly, in the securities of the company, however, ITG and its clients may acquire an interest in the securities of the company in the future.

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.

We seek Safe Harbor.